Document:

Exhibit 4.8 

 

EXECUTION
VERSION

 

 

 WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.,

as Depositor

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Master Servicer

 

LNR
PARTNERS, LLC,

as Special Servicer

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Trustee,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

as Operating Advisor and as Asset Representations Reviewer

  

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of December 1, 2019

 

 

 

Commercial
Mortgage Pass Through Certificates

Series 2019-C54

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	ARTICLE
    I
	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	Defined Terms	6
	Section 1.02	Certain Calculations	114
	 	 	 
	ARTICLE
    II
	 
	CONVEYANCE
    OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.01	Conveyance of Mortgage Loans	116
	Section 2.02	Acceptance by Trustee	123
	Section 2.03	Representations, Warranties and Covenants of
    the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and
    Breaches of Representations and Warranties	128
	Section 2.04	Execution of Certificates; Issuance of Lower-Tier
    Regular Interests	144
	Section 2.05	Creation of the Grantor Trust	145
	 
	ARTICLE
    III
	 
	ADMINISTRATION
    AND SERVICING OF THE TRUST FUND
	 	 	 
	Section 3.01	Administration of the Mortgage Loans, the Serviced
    Companion Loans, and REO Properties	145
	Section 3.02	Collection of Mortgage Loan Payments	152
	Section 3.03	Collection of Taxes, Assessments and Similar
    Items; Servicing Accounts	158
	Section 3.04	The Collection Account, the Lower-Tier REMIC
    Distribution Account, the Upper-Tier REMIC Distribution Account, the Companion Distribution Account, the Interest Reserve
    Account, the Gain-on-Sale Reserve Account and the Excess Interest Distribution Account	163
	Section 3.05	Permitted Withdrawals from the Collection Account,
    the Distribution Accounts and the Companion Distribution Account	170
	Section 3.06	Investment of Funds in the Collection Account,
    REO Account and Loss of Value Reserve Fund	180
	Section 3.07	Maintenance of Insurance Policies; Errors and
    Omissions and Fidelity Coverage	182
	Section 3.08	Enforcement of Due-on-Sale Clauses; Assumption
    Agreements	188
	Section 3.09	Realization Upon Defaulted Loans and Companion
    Loans	193
	Section 3.10	Trustee and Certificate Administrator to Cooperate;
    Release of Mortgage Files	196
	Section 3.11	Servicing Compensation	197

  

     -i-

     

    

  

	Section 3.12	Inspections; Collection of
    Financial Statements; Delivery of Reports	204
	Section 3.13	Access to Certain Information	210
	Section 3.14	Title to REO Property; REO Account	224
	Section 3.15	Management of REO Property	225
	Section 3.16	Sale of Defaulted Loans and REO Properties	228
	Section 3.17	Additional Obligations of Master Servicer and
    Special Servicer	234
	Section 3.18	Modifications,	237
	Section 3.19	Transfer of Servicing Between the Master Servicer
    and the Special Servicer; Recordkeeping; Asset Status Report	248
	Section 3.20	Sub-Servicing Agreements	255
	Section 3.21	Interest Reserve Account	259
	Section 3.22	Directing Certificateholder and Operating Advisor
    Contact with Master Servicer and Special Servicer	259
	Section 3.23	Controlling Class Certificateholders, Directing
    Certificateholder; Certain Rights and Powers of Directing Certificateholder	260
	Section 3.24	Intercreditor Agreements	263
	Section 3.25	Rating Agency Confirmation	266
	Section 3.26	The Operating Advisor	267
	Section 3.27	Companion Paying Agent	276
	Section 3.28	Serviced Companion Noteholder Register	277
	Section 3.29	Certain Matters Relating to the	277
	Section 3.30	[RESERVED]	280
	Section 3.31	Resignation Upon Prohibited Risk Retention Affiliation	280
	Section 3.32	Litigation Control	280
	Section 3.33	Delivery of Excluded Information to the Certificate
    Administrator	283
	 
	ARTICLE
    IV
	 
	DISTRIBUTIONS
    TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.01	Distributions	284
	Section 4.02	Distribution Date Statements; CREFC®
    Investor Reporting Packages; Grant of Power of Attorney.	294
	Section 4.03	P&I Advances	300
	Section 4.04	Allocation of Realized Losses	304
	Section 4.05	Appraisal Reduction Amounts; Collateral Deficiency
    Amounts	305
	Section 4.06	Grantor Trust Reporting	309
	Section 4.07	Investor Q&A Forum; Investor Registry; and
    Rating Agency Q&A Forum and Document Request Tool	310
	Section 4.08	Secure Data Room	314
	 
	ARTICLE
    V
	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	315

  

     -ii-

     

    

  

	Section 5.02	Form and Registration	315
	Section 5.03	Registration of Transfer and Exchange of Certificates	319
	Section 5.04	Mutilated, Destroyed, Lost or Stolen Certificates.	328
	Section 5.05	Persons Deemed Owners	328
	Section 5.06	Access to List of Certificateholders’
    Names and Addresses; Special Notices	329
	Section 5.07	Maintenance of Office or Agency	330
	Section 5.08	Appointment of Certificate Administrator	330
	Section 5.09	[RESERVED]	331
	Section 5.10	Voting Procedures	331
	 
	ARTICLE
    VI
	 
	THE DEPOSITOR,
    THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE DIRECTING CERTIFICATEHOLDER
	 	 	 
	Section 6.01	Representations, Warranties and Covenants of
    the Master Servicer, Special Servicer, the Operating Advisor and the Asset Representations Reviewer	332
	Section 6.02	Liability of the Depositor, the Master Servicer,
    the Operating Advisor, the Special Servicer and the Asset Representations Reviewer	338
	Section 6.03	Merger, Consolidation or Conversion of the Depositor,
    the Master Servicer, the Operating Advisor, the Special Servicer or the Asset Representations Reviewer	338
	Section 6.04	Limitation on Liability of the Depositor, the
    Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Other	340
	Section 6.05	Depositor, Master Servicer and Special Servicer
    Not to Resign	346
	Section 6.06	Rights of the Depositor in Respect of the Master
    Servicer and the Special Servicer	346
	Section 6.07	The Master Servicer and the Special Servicer
    as Certificate Owner	347
	Section 6.08	The Directing Certificateholder	347
	Section 6.09	Knowledge of	354
	 
	ARTICLE
    VII
	 
	SERVICER
    TERMINATION EVENTS
	 	 	 
	Section 7.01	Servicer Termination Events; Master Servicer
    and Special Servicer Termination	354
	Section 7.02	Trustee to Act; Appointment of Successor	362
	Section 7.03	Notification to Certificateholders	364
	Section 7.05	Trustee as Maker of Advances	365

 

     -iii-

     

    

 

	ARTICLE
    VIII
	 
	CONCERNING
    THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of the Trustee and the Certificate Administrator	366
	Section 8.02	Certain Matters Affecting the Trustee and the
    Certificate Administrator	367
	Section 8.03	Trustee and Certificate Administrator Not Liable
    for Validity or Sufficiency of Certificates or Mortgage Loans	369
	Section 8.04	Trustee or Certificate Administrator May Own
    Certificates	370
	Section 8.05	Fees and Expenses of Trustee and Certificate
    Administrator; Indemnification of Trustee and Certificate Administrator	370
	Section 8.06	Eligibility Requirements for Trustee and Certificate
    Administrator	371
	Section 8.07	Resignation and Removal of the Trustee and Certificate
    Administrator	372
	Section 8.08	Successor Trustee or Certificate Administrator	374
	Section 8.09	Merger or Consolidation of Trustee or Certificate
    Administrator	375
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	375
	Section 8.11	Appointment of Custodians	376
	Section 8.12	Representations and	377
	Section 8.13	Provision of Information to Certificate Administrator,
    Master Servicer and Special Servicer	378
	Section 8.14	Representations and	378
	Section 8.15	Compliance with the PATRIOT Act	379
	 
	ARTICLE
    IX
	 
	TERMINATION
	 	 	 
	Section 9.01	Termination upon Repurchase or Liquidation of
    All Mortgage Loans	380
	Section 9.02	Additional Termination Requirements	383
	 
	ARTICLE
    X
	 	 
	ADDITIONAL REMIC PROVISIONS
	 	 	 
	Section 10.01	REMIC Administration	384
	Section 10.02	Use of Agents	388
	Section 10.03	Depositor, Master Servicer and Special Servicer
    to Cooperate with Certificate Administrator	388
	Section 10.04	Appointment of REMIC Administrators	388
	 
	ARTICLE
    XI
	 
	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 11.01	Intent of the Parties; Reasonableness	389
	Section 11.02	Succession; Subcontractors	390

 

     -iv-

     

    

 

	Section 11.03	Filing Obligations	392
	Section 11.04	Form 10-D and Form ABS-EE Filings	393
	Section 11.05	Form 10-K Filings	397
	Section 11.06	Sarbanes-Oxley Certification	400
	Section 11.07	Form 8-K Filings	401
	Section 11.08	Form 15 Filing	403
	Section 11.09	Annual Compliance Statements	404
	Section 11.10	Annual Reports on Assessment of Compliance with
    Servicing Criteria	405
	Section 11.11	Annual Independent Public Accountants’
    Attestation Report	407
	Section 11.12	Indemnification	409
	Section 11.13	Amendments	411
	Section 11.14	Regulation AB Notices	411
	Section 11.15	Certain Matters Relating to the Future Securitization
    of the Serviced Pari Passu Companion Loans	412
	Section 11.16	Certain Matters Regarding Significant Obligors.	417
	Section 11.17	Impact of Cure Period	417
	ARTICLE
    XII
	 
	THE ASSET
    REPRESENTATIONS REVIEWER
	Section 12.01	Asset Review	418
	Section 12.02	Payment of Asset Representations Reviewer Fees
    and Expenses; Limitation of Liability	424
	Section 12.03	Resignation of the Asset Representations Reviewer	425
	Section 12.04	Restrictions of the Asset Representations Reviewer	425
	Section 12.05	Termination of the Asset Representations Reviewer	425

 

	ARTICLE
    XIII
	 
	MISCELLANEOUS
    PROVISIONS
	 	 	 
	Section 13.01	Amendment	429
	Section 13.02	Recordation of Agreement; Counterparts	433
	Section 13.03	Limitation on Rights of Certificateholders	434
	Section 13.04	Governing Law; Submission to Jurisdiction;	435
	Section 13.05	Notices	435
	Section 13.06	Severability of Provisions	441
	Section 13.07	Grant of a Security Interest	441
	Section 13.08	Successors and Assigns; Third Party Beneficiaries	442
	Section 13.09	Article and Section Headings	442
	Section 13.10	Notices to the Rating Agencies	442

 

     -v-

     

    

 

	EXHIBITS	 
	 	 
	EXHIBIT A-1	Form of Certificate (Other than Class R
    and Class V Certificates)
	EXHIBIT A-2	Form of Class R Certificate
	EXHIBIT A-3	Form of Class V Certificate
	EXHIBIT B	Mortgage Loan Schedule
	EXHIBIT C	Form of Investment Representation Letter
	EXHIBIT D-1	Form of Transferee Affidavit for Transfers of
    Class R Certificates
	EXHIBIT D-2	Form of Transferor Letter for Transfers of Class R
    Certificates
	EXHIBIT D-3	Form of Transferee Certificate for Transfers
    of Risk Retention Certificates
	EXHIBIT D-4	Form of Transferor Certificate for Transfers
    of Risk Retention Certificates
	EXHIBIT E	Form of Request for Release
	EXHIBIT F-1	Form of ERISA Representation Letter Regarding
    ERISA Restricted Certificates
	EXHIBIT F-2	Form of ERISA Representation Letter Regarding
    Class R and Class V Certificates
	EXHIBIT G	Form of Distribution Date Statement
	EXHIBIT H	Form of Omnibus Assignment
	EXHIBIT I	Form of Transfer Certificate for Rule 144A
    Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate during Restricted Period
	EXHIBIT J	Form of Transfer Certificate for Rule 144A
    Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	EXHIBIT K	Form of Transfer Certificate for Temporary Regulation
    S Book-Entry Certificate to Rule 144A Book-Entry Certificate during Restricted Period
	EXHIBIT L	Form of Transfer Certificate for Temporary Regulation
    S Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period
	EXHIBIT M	Form of Transfer Certificate for Non-Book Entry
    Certificate to Temporary Regulation S Book-Entry Certificate
	EXHIBIT N	Form of Transfer Certificate for Non-Book Entry
    Certificate to Regulation S Book-Entry Certificate
	EXHIBIT O	Form of Transfer Certificate for Non-Book Entry
    Certificate to Rule 144A Book-Entry Certificate
	EXHIBIT P-1A	Form of Investor Certification for Non-Borrower
    Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1B	Form of Investor Certification for Non-Borrower
    Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1C	Form of Investor Certification for Borrower
    Party (for Persons other than the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1D	Form of Investor Certification for Borrower
    Party (for the Directing Certificateholder and/or a Controlling Class Certificateholder)
	EXHIBIT P-1E	Form of Notice of Excluded Controlling Class Holder
	EXHIBIT P-1F	Form of Notice of [Excluded Loan][Excluded Controlling
    Class Holder] to Certificate Administrator
	EXHIBIT P-1G	Form of Certification of the Directing Certificateholder
	EXHIBIT P-2	Form of Certification for NRSROs
	EXHIBIT P-3	Online Market Data Provider Certification

 

 

     -vi-

     

    

  

	EXHIBIT Q	Custodian Certification/Exception
    Report
	EXHIBIT R-1	Form of Power of Attorney by Trustee for Master
    Servicer
	EXHIBIT R-2	Form of Power of Attorney by Trustee for Special
    Servicer
	EXHIBIT S	Initial Serviced Companion Noteholders
	EXHIBIT T	Form of Notice for Non-Serviced Mortgage Loan
	EXHIBIT U	Form of Notice and Certification Regarding Defeasance
    of Mortgage Loan
	EXHIBIT V	Form of Operating Advisor Annual Report
	EXHIBIT W	Form of Notice from Operating Advisor Recommending
    Replacement of Special Servicer
	EXHIBIT X	Form of Confidentiality Agreement
	EXHIBIT Y	Form Certification to be Provided with Form 10-K
	EXHIBIT Z-1	Form of Certification to be Provided to Depositor
    by Certificate Administrator
	EXHIBIT Z-2	Form of Certification to be Provided to Depositor
    by Master Servicer
	EXHIBIT Z-3	Form of Certification to be Provided to Depositor
    by Special Servicer
	EXHIBIT Z-4	Form of Certification to be Provided to Depositor
    by Trustee
	EXHIBIT Z-5	Form of Certification to be Provided to Depositor
    by Operating Advisor
	EXHIBIT Z-6	Form of Certification to be Provided to Depositor
    by Custodian
	EXHIBIT Z-7	Form of Certification to be Provided to Depositor
    by Asset Representations Reviewer
	EXHIBIT AA	Servicing Criteria to be Addressed in Assessment
    of Compliance
	EXHIBIT BB	Additional Form 10-D Disclosure
	EXHIBIT CC	Additional Form 10-K Disclosure
	EXHIBIT DD	Form 8-K Disclosure Information
	EXHIBIT EE	Additional Disclosure Notification
	EXHIBIT FF	Initial Sub-Servicers
	EXHIBIT GG	Servicing Function Participants
	EXHIBIT HH	Form of Annual Compliance Statement
	EXHIBIT II	Form of Report on Assessment of Compliance with
    Servicing Criteria
	EXHIBIT JJ	CREFC® Payment Information
	EXHIBIT KK	Form of Notice of Additional Indebtedness
	EXHIBIT LL	[RESERVED]
	EXHIBIT MM	Additional Disclosure Notification (Accounts)
	EXHIBIT NN	Form of Notice of Purchase of Controlling Class Certificate
	EXHIBIT OO	Form of Asset Review Report by the Asset Representations
    Reviewer
	EXHIBIT PP	Form of Asset Review Report Summary
	EXHIBIT QQ	Asset Review Procedures
	EXHIBIT RR	Form of Certification to Certificate Administrator
    Requesting Access to Secure Data Room
	EXHIBIT SS	Form of Notice of [Additional Delinquent Loan][Cessation
    of Delinquent Loan][Cessation of Asset Review Trigger]
	EXHIBIT TT	Form of Certificate Administrator Receipt in
    Respect of the Risk Retention Certificates
	 	 
	SCHEDULES	 
	 	 
	SCHEDULE 1	Mortgage Loans With Additional Debt

 

     -vii-

     

    

 

	SCHEDULE 2	Class A-SB Planned Principal
    Balance Schedule
	SCHEDULE 3	Designated Escrows and Reserves

 

     -viii-

     

    

 

This
Pooling and Servicing Agreement is dated and effective as of December 1, 2019, between Wells Fargo Commercial Mortgage Securities,
Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

The
Depositor intends to sell commercial 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 Trust to be created hereunder, the primary assets of which will be a pool of commercial mortgage
loans.  As provided herein, the Certificate Administrator shall elect or shall cause an election to be made to treat designated
portions of the Trust (exclusive of the Excess Interest and the proceeds thereof in the Excess Interest Distribution Account)
for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC”
and the “Lower-Tier REMIC”, and each a “Trust REMIC” as described herein).

 

In
addition, the parties intend that the portion of the Trust Fund consisting of the Class V Specific Grantor Trust Assets shall
be classified as a trust under Section 301.7701-4 of the income tax regulations and that the holders of the Class V Certificates
shall be treated as the owners of the trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”). 
Solely for tax purposes, the Class V Certificates shall represent undivided beneficial interests in the Class V Specific
Grantor Trust Assets.  As provided herein, the Certificate Administrator shall take all actions expressly required hereunder
to ensure that the portion of the Trust Fund consisting of the Grantor Trust maintains its classification as a trust beneficially
owned by the holders of the Class V Certificates and not be treated as part of either Trust REMIC.

 

The
REMIC structure set forth in this Preliminary Statement is intended to cause all of the cash flow from the Mortgage Loans to flow
through to the Upper-Tier REMIC as cash flow on REMIC regular interests, without creating any shortfall, actual or potential (other
than for credit losses), to any REMIC regular interest issued hereunder.  To the extent that any party hereto believes the
structure to diverge from such intention (without implying any duty of any such party to identify any such ambiguity), the party
or parties identifying the subject defect or ambiguity in this Agreement shall notify the other parties hereto, whereupon the
Depositor, the Certificate Administrator and the Tax Administrator shall use commercially reasonable efforts to rectify or resolve
the subject defect or ambiguity to accomplish the intended result without Certificateholder approval (but with guidance of counsel),
including, to the extent necessary, making any amendments in accordance with Section 13.01(a) of this Agreement, but
subject to any conditions in Section 13.01.  The other parties hereto agree to reasonably cooperate with the
Depositor, the Certificate Administrator and the Tax Administrator in connection with any amendment to this Agreement in furtherance
of the foregoing.

 

The
Depositor intends to sell the Certificates to the Underwriters and the Initial Purchasers.

 

     

     

    
 

LOWER-TIER
REMIC

 

The
Lower-Tier REMIC will hold the Mortgage Loans (exclusive of entitlement to any Excess Interest and the Excess Interest Distribution
Account) and will issue the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4, Class LAS, Class LB,
Class LC, Class LD, Class LERR, Class LFRR, Class LGRR and Class LHRR Uncertificated Interests (the
“Lower-Tier Regular Interests”), which will evidence the “regular interests” in the Lower-Tier
REMIC created hereunder.  The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole
Class of “residual interests” in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented
by the Class R Certificates.

 

The
following table sets forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier
Regular Interests and the Class LR Interest:

 

	Class Designation
                                         

	 

	Interest
                                         Rate 

	 

	Original
                                         Lower-Tier 

Principal Amount 

	Class LA1

	 

	(1)

	 

	$13,445,000

	 
	Class LA2

	 

	(1)

	 

	$25,365,000

	 
	Class LASB

	 

	(1)

	 

	$21,614,000

	 
	Class LA3

	 

	(1)

	 

	$151,000,000

	 
	Class LA4

	 

	(1)

	 

	$257,455,000

	 
	Class LAS

	 

	(1)

	 

	$46,050,000

	 
	Class LB

	 

	(1)

	 

	$31,817,000

	 
	Class LC

	 

	(1)

	 

	$32,654,000

	 
	Class LD

	 

	(1)

	 

	$19,090,000

	 
	Class LERR

	 

	(1)

	 

	$17,751,000

	 
	Class LFRR

	 

	(1)

	 

	$18,420,000

	 
	Class LGRR

	 

	(1)

	 

	$6,698,000

	 
	Class LHRR

	 

	(1)

	 

	$28,468,471

	 
	Class LR

	 

	None(2)

	 

	None

	 

 

 

	(1)

	The
                                         interest rate for each Class of Lower-Tier Regular Interests on any Distribution
                                         Date will be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

	(2)

	The
                                         Class LR Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or Notional Amount, will not bear interest and will not be entitled to distributions
                                         of Prepayment Premiums or Yield Maintenance Charges.  Any Available Funds remaining
                                         in the Lower-Tier REMIC Distribution Account after distributing the Lower-Tier Distribution
                                         Amount will be deemed distributed to the Class LR Interest and shall be payable
                                         to the Holders of the Class R Certificates.

 

UPPER-TIER
REMIC

 

The
Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class D, Class E-RR,
Class F-RR, Class G-RR and Class H-RR regular interests.  Each such regular interest will be represented by,
and have the same Pass-Through Rate and Certificate Balance or Notional Amounts as, the Class of Certificates bearing the
same Class designation as set forth in the chart below.  The Upper-Tier REMIC shall also issue the

 

     -2-

     

    
 

uncertificated
Class UR Interest, which is the sole Class of “residual interests” in the Upper-Tier REMIC for purposes
of the REMIC Provisions and is represented by the Class R Certificates.

 

THE
CERTIFICATES

 

The
following table (and related paragraphs) sets forth the designation, the initial pass-through rate and the aggregate initial principal
amount (the “Original Certificate Balance”) or Notional Amount (the “Original Notional Amount”),
as applicable, for each Class of Certificates:

 

	Class of
                                         Certificates 

	 

	Approximate
                                         Initial 

Pass-Through Rate 

	 

	Original
                                         Certificate

Balance or Notional

Amount 

	Class A-1
                                         Certificates

	 

	2.12000%

	 

	$13,445,000

	Class A-2
                                         Certificates

	 

	3.00800%

	 

	$25,365,000

	Class A-SB
                                         Certificates

	 

	3.06300%

	 

	$21,614,000

	Class A-3
                                         Certificates

	 

	2.89200%

	 

	$151,000,000

	Class A-4
                                         Certificates

	 

	3.14600%

	 

	$257,455,000

	Class X-A
                                         Certificates

	 

	0.97210%(1)

	 

	$468,879,000(2)

	Class X-B
                                         Certificates

	 

	0.37600%(1)

	 

	$110,521,000(2)

	Class X-D
                                         Certificates

	 

	1.49560%(1)

	 

	$19,090,000(2)

	Class A-S
                                         Certificates

	 

	3.44900%

	 

	$46,050,000

	Class B
                                         Certificates

	 

	3.67100%

	 

	$31,817,000

	Class C
                                         Certificates

	 

	3.81000%

	 

	$32,654,000

	Class D
                                         Certificates

	 

	2.50000%

	 

	$19,090,000

	Class E-RR
                                         Certificates

	 

	3.99560%

	 

	$17,751,000

	Class F-RR
                                         Certificates

	 

	3.99560%

	 

	$18,420,000

	Class G-RR
                                         Certificates

	 

	3.99560%

	 

	$6,698,000

	Class H-RR
                                         Certificates

	 

	3.99560%

	 

	$28,468,471

	Class R
                                         Certificates

	 

	None(3)

	 

	       N/A     

	Class V
                                         Certificates

	 

	None(4)

	 

	       N/A    

 

 

	(1)

	The
                                         Pass-Through Rate for the Class X-A, Class X-B, and Class X-D Certificates
                                         will be calculated in accordance with the definition of “Class X-A Pass-Through
                                         Rate”, “Class X-B Pass-Through Rate” and “Class X-D
                                         Pass-Through Rate”, respectively.

 

	(2)

	None
                                         of the Class X-A, Class X-B and Class X-D Certificates will have a Certificate
                                         Balance; rather, such Classes will accrue interest as provided herein on the Class X-A
                                         Notional Amount, the Class X-B Notional Amount and the Class X-D Notional Amount,
                                         as applicable.

 

	(3)

	The
                                         Class R Certificates will not have a Certificate Balance or a Notional Amount, bear
                                         interest or be entitled to distributions of Prepayment Premiums or Yield Maintenance
                                         Charges.  Any Available Funds remaining in the Upper-Tier REMIC Distribution Account,
                                         after all required distributions under this Agreement have been made to each Class of
                                         Regular Certificates will be deemed distributed to the Class UR Interest and shall
                                         be payable to the Holders of the Class R Certificates.

 

	(4)

	The
                                         Class V Certificates represent interests in the Grantor Trust only and have the
                                         characteristics described below.

 

     -3-

     

    
 

THE
GRANTOR TRUST

 

The
Class V Certificates shall represent undivided beneficial interests in the Grantor Trust consisting of the Class V Specific
Grantor Trust Assets, as described herein. The Class V Certificates will not have a Certificate Balance or Notional Amount
or bear interest and the holders of the Class V Certificates will not be entitled to any distributions of Prepayment Premiums
or Yield Maintenance Charges. As provided herein, the Certificate Administrator shall not take any actions that would cause the
portion of the Trust Fund consisting of the Grantor Trust to (i) lose its classification as a trust beneficially owned by
the holders of the Class V Certificates or (ii)  be treated as part of any Trust REMIC.

 

As
of the close of business on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all
payments of principal due on or before such date, whether or not received, equal to $669,827,472.

 

WHOLE
LOANS

 

The
Trust includes several Mortgage Loans each of which is part of a whole loan structure secured by the same Mortgaged Property. 
The Whole Loans relating to the Trust are the whole loans secured by the Mortgaged Properties identified in the following table. 
The table also lists, for each Whole Loan, the type of the Whole Loan, the Non-Serviced PSA (if any), the type of Companion Loan(s),
the Servicing Shift Control Note (if any), and the Non-Serviced Primary Servicing Fee Rate (if any).

 

	Mortgaged
                                         Property Name

	Whole
                                         Loan Type

	Non-Serviced
                                         PSA (if any)

	Companion
                                         Loan Type

	Servicing
                                         Shift Control Note (if any)

	Non-Serviced
                                         Primary Servicing Fee Rate (if any)

	The
                                         Tower at Burbank

	Non-Serviced
                                         Whole Loan

	(1)

	Pari
                                         Passu

	N/A

	0.00250%
                                         per annum

	Planet
                                         Self Storage Portfolio

	Non-Serviced
                                         Whole Loan

	(2)

	Pari
                                         Passu

	N/A

	0.00250%
                                         per annum

	Phoenix
                                         Industrial Portfolio II

	Non-Serviced
                                         Whole Loan

	(3)

	Pari
                                         Passu

	N/A

	0.00125%
                                         per annum

	Global
                                         Payments, Inc.

	Serviced
                                         Whole Loan

	N/A

	Pari
                                         Passu

	N/A

	N/A

	NMR
                                         Pharmacy Portfolio

	Serviced
                                         Whole Loan

	N/A

	Pari
                                         Passu

	N/A

	N/A

	Washington
                                         Avenue Portfolio

	Non-Serviced
                                         Whole Loan

	(4)

	Pari
                                         Passu

	N/A

	0.00250%
                                         per annum

	CIRE
                                         Equity Retail & Industrial Portfolio

	Non-Serviced
                                         Whole Loan

	(5)

	Pari
                                         Passu

	N/A

	0.00895%
                                         per annum

 

	(1)

	The
                                         subject Whole Loan will be serviced under that certain pooling and servicing agreement,
                                         dated and effective as of September 1, 2019, among Morgan
                                         Stanley Capital I Inc., as depositor, Wells Fargo Bank,
                                         National Association, as general master servicer, Midland Loan Services, a Division of
                                         PNC Bank, National Association, as general special servicer, National Cooperative Bank,
                                         N.A., as NCB master servicer and as NCB special servicer, Wells Fargo Bank, National
                                         Association, as certificate administrator, Wilmington Trust, National Association, as
                                         trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations
                                         reviewer, as from time to time amended, supplemented or modified, relating to
                                         the issuance of the  BANK 2019-BNK20, Commercial
                                         Mortgage Pass-Through Certificates, Series 2019-BNK20.

 

	(2)

	The
                                         subject Whole Loan will be serviced under that certain pooling and servicing agreement,
                                         dated and effective as of November 1, 2019, among Wells Fargo Commercial Mortgage Securities,
                                         Inc., as depositor, Wells Fargo 

 

     -4-

     

    
 

Bank,
National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer,
Wells Fargo Bank, National Association, as certificate administrator, Wilmington Trust, National Association, as trustee, and
Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, as from time to time amended, supplemented
or modified, relating to the issuance of the WFCM 2019-C53, Commercial Mortgage Pass-Through Certificates, Series 2019-C53.

 

	(3)

	The
                                         subject Whole Loan will be serviced under that certain pooling and servicing agreement,
                                         dated and effective as of October 1, 2019, among UBS Commercial Mortgage Securitization
                                         Corp., as depositor, Wells Fargo Bank, National Association, as master servicer, Rialto
                                         Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as
                                         certificate administrator, Wilmington Trust, National Association, as trustee, and Pentalpha
                                         Surveillance LLC, as operating advisor and as asset representations reviewer, as from
                                         time to time amended, supplemented or modified, relating to the issuance of the UBS Commercial
                                         Mortgage Trust 2019-C17, Commercial Mortgage Pass-Through Certificates, Series 2019-C17.

 

	(4)

	The
                                         subject Whole Loan will be serviced under that certain pooling and servicing agreement,
                                         dated and effective as of November 1, 2019, among GS Mortgage
                                         Securities Corporation II, as depositor, Midland Loan
                                         Services, a Division of PNC Bank, National Association, as master servicer, LNR Partners,
                                         LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator
                                         and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset
                                         representations reviewer, as from time to time amended, supplemented or modified,
                                         relating to the issuance of the GS Mortgage Securities Trust
                                         2019-GSA1, Commercial Mortgage Pass-Through Certificates, Series 2019-GSA1.

 

	(5)

	The
                                         subject Whole Loan will be serviced under that certain pooling and servicing agreement,
                                         dated and effective as of August 1, 2019, among Citigroup Commercial Mortgage Securities
                                         Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
                                         as master servicer, Midland Loan Services, a Division of PNC Bank, National Association,
                                         as a special servicer, Pacific Life Insurance Company, solely with respect to the Woodlands
                                         Mall Loan Combination, as a special servicer, Trimont Real Estate Advisors, LLC, solely
                                         with respect to The Centre Loan Combination, as a special servicer, Pentalpha Surveillance
                                         LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate
                                         administrator, and Wilmington Trust, National Association, as trustee, as from time to
                                         time amended, supplemented or modified, relating to the issuance of the Benchmark 2019-B12
                                         Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12.

 

With
respect to any Whole Loan, each of the Mortgage Loan and the Pari Passu Companion Loan(s) are pari passu with each
other to the extent provided in the related Intercreditor Agreement, and any AB Subordinate Companion Loan is generally subordinate
to the related Mortgage Loan and any Pari Passu Companion Loan(s) to the extent provided in the related Intercreditor Agreement. 
Each Serviced Whole Loan will be serviced and administered in accordance with this Agreement and the related Intercreditor Agreement. 
Each Non-Serviced Whole Loan will be serviced and administered in accordance with the related Non-Serviced PSA and the related
Intercreditor Agreement.

 

The
Companion Loans are not part of the Trust Fund, but are each secured by the applicable Mortgage that secures the related Mortgage
Loan that is part of the Trust Fund.  Amounts attributable to any Companion Loan will not be part of the Trust Fund, and
(except to the extent that such amounts are payable or reimbursable to any party to this Agreement) will be owned by the related
Companion Holders.

 

     -5-

     

    
  

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

 

ARTICLE
I

DEFINITIONS

 

Section
1.01          Defined Terms.  Whenever used in this Agreement, including
in the Preliminary Statement, the following capitalized terms, unless the context otherwise requires, shall have the meanings
specified in this Article.

 

“10-K
Filing Deadline”:  As defined in Section 11.05(a).

 

“15Ga-1
Notice”:  As defined in Section 2.02(g).

 

“15Ga-1
Repurchase Request”:  As defined in Section 2.02(g).

 

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

 

“17g-5
Information Provider’s Website”:  The 17g-5 Information Provider’s Internet website, which shall
initially be located within the Certificate Administrator’s Website (initially “www.ctslink.com”), under the
“NRSRO” tab on the page relating to this transaction.

 

“30/360
Mortgage Loans”:  The Mortgage Loans indicated as such in the Mortgage Loan Schedule.

 

“AB
Control Appraisal Period”:  With respect to a Serviced AB Whole Loan, a “Control Appraisal Period”
or equivalent term under the related Intercreditor Agreement.  For the avoidance of doubt, there are no Serviced AB Whole
Loans related to the Trust.

 

“AB
Intercreditor Agreement”:  Any Intercreditor Agreement by and among the holder of an AB Subordinate Companion Loan
and the holder of the related Mortgage Loan, relating to the relative rights of such holders of the related AB Whole Loan, as
the same may be amended in accordance with the terms thereof.

 

“AB
Modified Loan”:  Any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this
definition any Non-Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto)
pursuant to the related Non-Serviced PSA) due to a modification thereto that resulted in the creation of an A/B note structure
(or similar structure) and as to which the new junior note(s) did not previously exist or the principal amount of the new junior
note(s) was previously part of either an A note held by the Trust or the original unmodified Mortgage Loan and (2) as to
which an Appraisal Reduction Amount is not in effect.

 

“AB
Mortgage Loan”:  A senior “A note” that is part of an AB Whole Loan and which is a Mortgage Loan that
is part of the Trust Fund.

 

“AB
Mortgaged Property”:  The Mortgaged Property which secures the related AB Whole Loan.

 

     -6-

     

    
  

“AB
Subordinate Companion Loan”:  With respect to any AB Whole Loan, the related companion loan evidenced by the related
promissory note made by the related Mortgagor and secured by the Mortgage on the related AB Mortgaged Property, which is not included
in the Trust and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the related
Mortgage Loan documents and as provided in the related Intercreditor Agreement.  For the avoidance of doubt, there are no
AB Subordinate Companion Loans related to the Trust as of the Closing Date.

 

“AB
Whole Loan”:  A Whole Loan that consists of a Mortgage Loan and a related AB Subordinate Companion Loan and may
include one or more Pari Passu Companion Loans.  The AB Whole Loans related to the Trust as of the Closing Date are the Whole
Loans described in the table under the heading “Whole Loans” in the Preliminary Statement hereto as having a “Companion
Loan Type” of “Pari Passu and Subordinate” or “Subordinate”.  For the avoidance of doubt, there
are no AB Whole Loans related to the Trust as of the Closing Date.

 

“Accelerated
Mezzanine Loan Lender”:  A mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure
or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan.

 

“Acceptable
Insurance Default”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced
Whole Loan, a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related
Mortgagor to maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk
casualty insurance policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part
of the related Mortgagor to maintain with respect to the related Mortgaged Property insurance coverage with respect to damages
or casualties caused by terrorist or similar acts upon terms not materially less favorable than those in place as of the Closing
Date, in each case as to which default the Master Servicer and the Special Servicer may forbear taking any enforcement action,
provided that the Master Servicer (with respect to a Non-Specially Serviced Loan) or the Special Servicer (with respect
to a Specially Serviced Loan) has determined (i) prior to the occurrence and continuance of a Control Termination Event, with
the consent of the Directing Certificateholder and (ii) after a Control Termination Event has occurred and is continuing, but
prior to the occurrence and continuance of a Consultation Termination Event, after non-binding consultation with the Directing
Certificateholder (in each case, other than with respect to any Mortgage Loan that is an Excluded Loan as to such party) (or,
in each case, with respect to a Serviced AB Whole Loan, and prior to any related AB Control Appraisal Period, with the consent
of the related Serviced AB Whole Loan Controlling Holder to the extent required under the related Intercreditor Agreement), in
its reasonable judgment, based on inquiry consistent with the Servicing Standard, that either (a) such insurance is not available
at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties similar
to the related Mortgaged Property and located in or around the region in which such related Mortgaged Property is located, or
(b) such insurance is not available at any rate; provided, however, that the Directing Certificateholder (or,
with respect to a Serviced AB Whole Loan, the Serviced AB Whole Loan Controlling Holder prior to any AB Control Appraisal Period
to the extent required under the related Intercreditor Agreement) will not have more than thirty (30) days to respond to
the Master Servicer’s or the Special Servicer’s, as applicable, request for such consent or consultation, as applicable;
provided, further, that upon the Master Servicer’s or the Special

 

     -7-

     

    
 

Servicer’s,
as applicable, determination consistent with the Servicing Standard, that exigent circumstances do not allow the Master Servicer
or the Special Servicer, as applicable, to consult with the Directing Certificateholder or any applicable Serviced AB Whole Loan
Controlling Holder, as applicable, the Master Servicer or the Special Servicer, as applicable, is not required to do so. 
The Master Servicer (at its own expense) and the Special Servicer (at the expense of the Trust Fund) shall be entitled to rely
on insurance consultants in making the determinations described above.

 

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

 

“Actual/360
Mortgage Loans”:  The Mortgage Loans, to the extent indicated as such in the Mortgage Loan Schedule.

 

“Additional
Debt”:  With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender
under such Mortgage Loan that is secured by the related Mortgaged Property as of the Closing Date as set forth on Schedule 1
hereto, as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu
loan documents (including any Intercreditor Agreement or subordination agreement).

 

“Additional
Disclosure Notification”:  The form of notification to be included with any Additional Form 10-D Disclosure,
Additional Form 10-K Disclosure or Form 8-K Disclosure Information which is attached hereto as Exhibit EE.

 

“Additional
Exclusions”:  Exclusions in addition to those customarily found in the insurance policies for mortgaged properties
similar to the Mortgaged Properties on or prior to September 11, 2001.

 

“Additional
Form 10-D Disclosure”:  As defined in Section 11.04(a).

 

“Additional
Form 10-K Disclosure”:  As defined in Section 11.05(a).

 

“Additional
Repurchase Obligor”:  With respect to each Mortgage Loan Purchase Agreement, any Person (other than the related
Mortgage Loan Seller) that is required under such Mortgage Loan Purchase Agreement to perform the obligations of the related Mortgage
Loan Seller described in Section 2.03(b), in each case, to the extent set forth in such Mortgage Loan Purchase Agreement.

 

“Additional
Servicer”:  Each Affiliate of the Master Servicer, the Special Servicer or any Mortgage Loan Seller that services
any of the Mortgage Loans and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer, who
services 10% or more of the Mortgage Loans by unpaid principal balance as of any date of determination pursuant to Article XI.

 

“Administrative
Cost Rate”:  As of any date of determination and with respect to each Mortgage Loan, a per annum rate
equal to the sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate (which fee rate accounts for the Trustee Fee),
the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property
Royalty

 

     -8-

     

    
 

License
Fee Rate and, in the case of each Non-Serviced Mortgage Loan, the related Non-Serviced Primary Servicing Fee Rate.

 

“Advance”: 
Any P&I Advance or Servicing Advance.

 

“Adverse
REMIC Event”:  As defined in Section 10.01(f).

 

“Affected
Party”:  As defined in Section 7.01(b).

 

“Affected
Reporting Party”:  As defined in Section 11.12.

 

“Affiliate”: 
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person.  For the purposes of this definition, “control” when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

“Affirmative
Asset Review Vote”:  As defined in Section 12.01(a).

 

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

 

“Anticipated
Repayment Date”:  With respect to any ARD Loan, the date upon which such ARD Loan commences accruing interest at
the Revised Rate.

 

“Applicable
Laws”:  As defined in Section 8.15.

 

“Applicable
Fitch Permitted Investment Rating”:  (A) in the case of such investments with maturities of thirty (30) days or
less, the short-term debt obligations of which are rated at least “F1” by Fitch or the long-term debt obligations
of which are rated at least “A” by Fitch, and (B) in the case of such investments with maturities of more than thirty
(30) days, the short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations of which
are rated at least “AA-” by Fitch.

 

“Applicable
KBRA Permitted Investment Rating”:  (A) in the case of such investments with maturities of 90 days or less, the
short-term debt obligations of which are rated of at least “K3” or the long-term obligations of which are rated at
least “BBB-” and (B) in the case of such investments with maturities greater than 90 days but not more than one year,
the short-term debt obligations of which are rated of at least “K1” or the long-term obligations of which are rated
at least “A-” (in each case, if then rated by KBRA).

 

“Applicable
S&P Permitted Investment Rating”:  (A) in the case of such investments with maturities of sixty (60) days or
less, the short term obligations of which are rated at least “A-1” by S&P, and (B) in the case of such investments
with maturities of more than sixty (60) days, the short term obligations of which are rated “A-1+” by S&P (or
at least “A-1” by S&P, if the long term obligations of which are rated at least “AA-” by S&P).

 

     -9-

     

    
 

“Applicable
State and Local Tax Law”:  For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax
laws of the State of New York; and (b) such other state or local tax laws whose applicability shall have been brought to
the attention of the Trustee and the Certificate Administrator by either (i) an Opinion of Counsel delivered to it, or (ii) written
notice from the appropriate taxing authority as to the applicability of such state or local tax laws.

 

“Appraisal”: 
An appraisal prepared by an appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged Property
is located and which satisfies the Interagency Appraisal and Evaluation Guidelines jointly issued by The Office of the Comptroller
of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC),
and the National Credit Union Administration (NCUA) relating to real estate appraisals and evaluations used to support real
estate-related financial transactions, as amended from time to time.  Any Appraisal ordered by the Master Servicer or Special
Servicer shall be performed by an Independent MAI-designated appraiser.

 

“Appraisal
Reduction Amount”:  For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan),
Serviced Companion Loan, or Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated
by the Special Servicer (prior to the occurrence and continuance of a Consultation Termination Event and only with respect to
any Mortgage Loan or Whole Loan other than an Excluded DCH Loan) in consultation with the Directing Certificateholder, and, after
the occurrence and during the continuance of a Control Termination Event, in consultation with the Directing Certificateholder
(only with respect to a Mortgage Loan or Whole Loan other than an Excluded DCH Loan) and the Operating Advisor and, after the
occurrence and during the continuance of a Consultation Termination Event, in consultation with the Operating Advisor, as of the
first Determination Date that is at least ten (10) Business Days following the date on which the Special Servicer receives
an Appraisal (together with information requested by the Special Servicer from the Master Servicer in accordance with this Agreement
that is in the possession of the Master Servicer and reasonably necessary to calculate the Appraisal Reduction Amount) or conducts
a valuation described below, equal to the excess of (a) the Stated Principal Balance of that Mortgage Loan or the Stated
Principal Balance of the applicable Serviced Whole Loan over (b) the excess of (i) the sum of (A) 90% of the Appraised
Value of the related Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with
respect to any Mortgage Loan (together with any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced
Whole Loan, as the case may be, with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which
shall be paid by the Master Servicer as an Advance) or (2) by an internal valuation performed by the Special Servicer (or
at the Special Servicer’s election, by one or more MAI appraisals obtained by the Special Servicer) with respect to any
Mortgage Loan (together with any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced Whole Loan, as
the case may be, with an outstanding principal balance less than $2,000,000, minus, with respect to any Appraisals, such downward
adjustments as the Special Servicer may make (without implying any obligation to do so) based upon its review of the Appraisal
and any other information it deems relevant; and (B) all escrows, letters of credit and reserves in respect of such Mortgage
Loan or Serviced Whole Loan, as applicable, as of the date of calculation over (ii) the sum of, as of the Due Date occurring
in the month of the date of determination, (A) to the extent not previously advanced by the Master Servicer or the Trustee,
all unpaid interest due on such Mortgage Loan or Serviced Whole Loan, as the case may be, at a per annum rate equal
to its

 

     -10-

     

    
 

Mortgage
Rate (and, with respect to any Serviced AB Whole Loan, any accrued and unpaid interest on the related AB Subordinate Companion
Loan, as applicable), (B) all P&I Advances on the related Mortgage Loan and all Servicing Advances on the related Mortgage
Loan or Serviced Whole Loan, as applicable, not reimbursed from proceeds of such Mortgage Loan or Serviced Whole Loan, as applicable,
and interest thereon at the Reimbursement Rate in respect of such Mortgage Loan or Serviced Whole Loan, as applicable, and (C) all
currently due and unpaid real estate taxes, assessments, insurance premiums, ground rents, unpaid Special Servicing Fees and all
other amounts due and unpaid (including any capitalized interest whether or not then due and payable) with respect to such Mortgage
Loan or Serviced Whole Loan, as the case may be (which taxes, premiums, ground rents and other amounts have not been the subject
of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable); provided, however, that
without limiting the Special Servicer’s obligation to order and obtain such Appraisal or perform such valuation, if the
Special Servicer has not obtained an Appraisal or performed such valuation, as applicable, referred to above within sixty (60) days
of the Appraisal Reduction Event (or with respect to the Appraisal Reduction Events set forth in clauses (i) and (vi)
of the definition of Appraisal Reduction Event, within one hundred twenty (120) days (in the case of clause (i))
or ninety (90) days or one hundred twenty (120) days, as applicable (in case of clause (vi)) after the initial
delinquency for the related Appraisal Reduction Event), the Appraisal Reduction Amount shall be deemed to be an amount equal to
25% of the current Stated Principal Balance of the related Mortgage Loan or Serviced Whole Loan, as applicable, until such time
as such appraisal or valuation referred to above is received by the Special Servicer and the Appraisal Reduction Amount is calculated
as of the first Determination Date that is at least ten (10) Business Days thereafter.  Within sixty (60) days
after the Appraisal Reduction Event, the Special Servicer shall order and use reasonable efforts to receive an Appraisal (the
cost of which shall be paid by the Master Servicer as a Servicing Advance); provided, further, however, that
with respect to an Appraisal Reduction Event as set forth in clause (i) of the definition of Appraisal Reduction Event,
the Special Servicer shall order and use reasonable efforts to receive such Appraisal within the one hundred twenty (120) day
period set forth in such clause (i), and with respect to an Appraisal Reduction Event as set forth in clause (vi)
of the definition of Appraisal Reduction Event, the Special Servicer shall order and use reasonable efforts to receive such
Appraisal within the ninety (90) day period or one hundred twenty (120) day period, as applicable, set forth in such
clause (vi); provided, further, however, that in no event shall the Special Servicer be required
to order any such Appraisal prior to the conclusion of such sixty (60), ninety (90), or one hundred twenty (120) day period,
as applicable, and in each case, the related Appraisal shall be promptly delivered in electronic format by the Special Servicer
to the Master Servicer, the Operating Advisor, the Directing Certificateholder (but only prior to the occurrence and continuance
of a Consultation Termination Event), the Certificate Administrator and the Trustee.  In connection with any Appraisal Reduction
Amount, the Master Servicer shall provide the Special Servicer with the information as set forth in Section 4.05(c)
within four (4) Business Days of its receipt of any such request.  The Master Servicer shall not calculate Appraisal
Reduction Amounts.

 

With
respect to any Appraisal Reduction Amount calculated for purposes of determining the existence and identity of the Controlling
Class pursuant to Section 4.05(a), the Appraised Value for the related Mortgaged Property determined in connection
with clause (b)(i)(A)(1) or clause (b)(i)(A)(2) of the first paragraph of this definition shall be determined
on an “as-is” basis.

 

     -11-

     

    
 

Notwithstanding
anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan or the related REO Property
will be reduced to zero as of the date on which Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from
the Trust or as otherwise set forth in Section 4.05(d).

 

Any
Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan and allocable to the related Non-Serviced Mortgage Loan shall
be calculated by the applicable party under and in accordance with and pursuant to the terms of the applicable Non-Serviced PSA,
and the Master Servicer, the Special Servicer and the Certificate Administrator are entitled to conclusively rely on such calculation.

 

“Appraisal
Reduction Event”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion
Loan, and Serviced Whole Loan, the earliest of (i) one hundred twenty (120) days after an uncured delinquency (without
regard to the application of any Grace Period), other than any uncured delinquency in respect of a Balloon Payment, occurs in
respect of such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable, (ii) the date on which a
reduction in the amount of Periodic Payments on such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable,
or a change in any other material economic term of such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable
(other than an extension of the Maturity Date), becomes effective as a result of a modification of such Mortgage Loan or Serviced
Companion Loan or Serviced Whole Loan, as applicable, by the Special Servicer, (iii) thirty (30) days after the date
on which a receiver has been appointed for the Mortgaged Property, (iv) thirty (30) days after the date on which a Mortgagor
or the tenant at a single tenant property declares bankruptcy (and the bankruptcy petition is not otherwise dismissed within such
time), (v) sixty (60) days after the date on which an involuntary petition of bankruptcy is filed with respect to a
Mortgagor if not dismissed within such time, (vi) ninety (90) days after an uncured delinquency occurs in respect of
a Balloon Payment with respect to such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable, except
where a refinancing is anticipated within one hundred twenty (120) days after the Maturity Date of the Mortgage Loan or Serviced
Companion Loan or Serviced Whole Loan, as applicable, in which case one hundred twenty (120) days after such uncured delinquency,
and (vii) immediately after such Mortgage Loan or Serviced Companion Loan or Serviced Whole Loan, as applicable, becomes
an REO Loan; provided that the thirty (30) day period referenced in clause (iii) and clause (iv)
shall not apply if the related Mortgage Loan is a Specially Serviced Loan; provided, further, however,
that an Appraisal Reduction Event shall not occur at any time when the aggregate Certificate Balances of all Classes of Subordinate
Certificates have been reduced to zero.  The Special Servicer shall notify the Master Servicer, the Directing Certificateholder,
and the Operating Advisor, or the Master Servicer shall notify the Special Servicer and the Operating Advisor, as applicable,
promptly upon such Person having notice or knowledge of the occurrence of any of the foregoing events.  The obligation to
obtain an Appraisal following the occurrence of an Appraisal Reduction Event shall be subject to the provisions of Section 4.05.

 

“Appraisal
Review Period”:  As defined in Section 4.05(b)(ii).

 

“Appraised-Out
Class”:  As defined in Section 4.05(b)(i).

 

     -12-

     

    
  

“Appraised
Value”:  (i) With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property), the appraised
value thereof as determined by the most recent Appraisal of the Mortgaged Property securing the related Mortgage Loan, Serviced
Whole Loan, or Serviced AB Whole Loan, as applicable, and (ii) with respect to a Non-Serviced Mortgaged Property, the appraised
value allocable thereto, as determined pursuant to the applicable Non-Serviced PSA.

 

“Arbitration
Rules”:  As defined in Section 2.03(n)(i).

 

“Arbitration
Services Provider”:  As defined in Section 2.03(n)(i).

 

“ARD
Loan”:  Any Mortgage Loan that is identified on the Mortgage Loan Schedule as having an Anticipated Repayment Date
and Revised Rate.

 

“Argentic”: 
Argentic Real Estate Finance LLC, a Delaware limited liability company, or its successor-in-interest.

 

“ASR
Consultation Process”:  As defined in Section 3.19(d).

 

“Asset
Representations Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, and its successors-in-interest.

 

“Asset
Representations Reviewer Asset Review Fee”:  As defined in Section 12.02(b).

 

“Asset
Representations Reviewer Fee”:  As defined in Section 12.02(a).

 

“Asset
Representations Reviewer Fee Rate”:  As defined in Section 12.02(a).

 

“Asset
Representations Reviewer Termination Event”:  As defined in Section 12.05(a).

 

“Asset
Representations Reviewer Upfront Fee”:  As defined in Section 12.02(a).

 

“Asset
Review”:  A review of the compliance of each Delinquent Loan with certain representations and warranties of the
applicable Mortgage Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit QQ
hereto.

 

“Asset
Review Notice”:  As defined in Section 12.01(a).

 

“Asset
Review Quorum”:  In connection with any solicitation of votes to authorize an Asset Review as described in Section 12.01(a),
the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all of the Certificates.

 

“Asset
Review Report”:  As defined in Section 12.01(b)(viii), a report setting forth the findings and conclusions
of an Asset Review substantially in the form attached hereto as Exhibit OO.

 

     -13-

     

    
 

“Asset
Review Report Summary”:  As defined in Section 12.01(b)(viii), a summary report setting forth the conclusions
of an Asset Review Report substantially in the form attached hereto as Exhibit PP.

 

“Asset
Review Standard”:  The performance by the Asset Representations Reviewer of its duties under this Agreement in
good faith subject to the express terms of this Agreement.  All determinations or assumptions made by the Asset Representations
Reviewer in connection with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion
and judgment based on the facts and circumstances known to it at the time of such determination or assumption.

 

“Asset
Review Trigger”:  Any time when either (1) Mortgage Loans with an aggregate outstanding principal balance
of 25.0% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion
of any REO Loan in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent
Loans or (2) at least fifteen (15) Mortgage Loans are Delinquent Loans as of the end of the applicable Collection Period
and the outstanding principal balance of such Delinquent Loans in the aggregate constitutes at least 20.0% of the aggregate outstanding
principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan))
held by the Trust as of the end of the applicable Collection Period.

 

“Asset
Review Vote Election”:  As defined in Section 12.01(a).

 

“Asset
Status Report”:  As defined in Section 3.19(d).

 

“Assignment”
and “Assignments”:  Each as defined in Section 2.01(c).

 

“Assignment
of Leases”:  With respect to any Mortgaged Property, any assignment of leases, rents and profits or similar instrument
executed by the Mortgagor, assigning to the mortgagee all of the income, rents and profits derived from the ownership, operation,
leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged and delivered,
as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment
of Mortgage”:  With respect to any Mortgaged Property, an assignment of Mortgage without recourse, notice of transfer
or equivalent instrument, in recordable form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged
Property is located to reflect of record the assignment of the Mortgage, which assignment, notice of transfer or equivalent instrument
may be in the form of one or more blanket assignments covering Mortgages encumbering Mortgaged Properties located in the same
jurisdiction, if permitted by law and acceptable for recording.

 

“Assumed
Scheduled Payment”:  For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced
Mortgage Loan) that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or
making P&I Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal
portion of the Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the
constant payment required by the related

 

     -14-

     

    
 

Mortgage
Note or the original amortization schedule of such Mortgage Loan (as calculated with interest at the related Mortgage Rate), if
applicable, assuming such Balloon Payment has not become due, after giving effect to any reduction in the principal balance thereof
occurring in connection with a modification of such Mortgage Loan in connection with a default or bankruptcy (or similar proceeding),
and (b) interest on the Stated Principal Balance of such Mortgage Loan or REO Loan (excluding, for purposes of determining
P&I Advances, the portion allocable to any related Companion Loan) at the applicable Mortgage Rate (net of interest at the
Servicing Fee Rate and the related Non-Serviced Primary Servicing Fee Rate, if applicable).

 

“Authenticating
Agent”:  The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating
Agent pursuant to Section 5.02(a), in each case in its capacity as authenticating agent, or if any successor authenticating
agent is appointed pursuant to Section 5.02(a), such successor authenticating agent.

 

“Available
Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)          
the aggregate amount of all cash received on the Mortgage Loans (in the case of a Non-Serviced Mortgage Loan, only to the extent
received by the Trust pursuant to the related Non-Serviced PSA and/or the related Non-Serviced Intercreditor Agreement) (including
the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.05(g) of this Agreement)
and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to be deposited by
the Master Servicer pursuant to Section 3.17(a)) on deposit in the Collection Account (in each case, exclusive of any amount
on deposit in or credited to any portion of the Collection Account that is held for the benefit of the Serviced Companion Noteholders)
as of the close of business on the related P&I Advance Date, exclusive of (without duplication):

 

(i)      
all Periodic Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Collection
Period, excluding interest relating to payments prior to, but due after, the Cut-off Date;

 

(ii)     
all unscheduled Principal Prepayments (together with any related payments of interest allocable to the period following the related
Due Date for the related Mortgage Loan), Liquidation Proceeds, Insurance and Condemnation Proceeds and other unscheduled recoveries,
in each case, received subsequent to the related Determination Date (or, with respect to voluntary Principal Prepayments for each
Mortgage Loan with a Due Date occurring after the related Determination Date, subsequent to the related Due Date) allocable to
the Mortgage Loans;

 

(iii)    
(A) all amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (xviii),
inclusive, and (xxi) of Section 3.05(a); (B) all amounts payable or reimbursable to any Person from the
Lower-Tier REMIC Distribution Account pursuant to clauses (ii) through (vii), inclusive, of Section
3.05(b); and (C) any Net Investment Earnings contained therein;

 

     -15-

     

    
  

(iv)   
with respect to the Actual/360 Mortgage Loans and any Distribution Date occurring in (1) each February or (2) any January
in a year that is not a leap year (in each case, unless the related Distribution Date is the final Distribution Date), an amount
equal to one (1) day of interest on the Stated Principal Balance of such Mortgage Loan as of the Due Date in the month preceding
the month in which such Distribution Date occurs at the related Mortgage Rate to the extent such amounts are Withheld Amounts
and are on deposit in the Collection Account;

 

(v)    
all Excess Interest allocable to the Mortgage Loans (which is separately distributed to the Class V Certificates, as described
in Section 4.01(j));

 

(vi)   
all Prepayment Premiums and Yield Maintenance Charges allocable to the Mortgage Loans;

 

(vii)  
all amounts deposited in the Collection Account in error; and

 

(viii) 
any Penalty Charges allocable to the Mortgage Loans;

 

(b)          
if and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account
allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.14(c);

 

(c)          
the aggregate amount of any Compensating Interest Payments made by the Master Servicer in respect of the Mortgage Loans with respect
to such Distribution Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to the
Mortgage Loans and the Distribution Date (net of the related Certificate Administrator Fee, Operating Advisor Fee, Asset Representations
Reviewer Fee and CREFC® Intellectual Property Royalty License Fee with respect to the Mortgage Loans for which
such P&I Advances are made) pursuant to Section 4.03 or Section 7.05;

 

(d)          
with respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution
Date is the final Distribution Date), the Withheld Amounts remitted to the Lower-Tier REMIC Distribution Account pursuant to Section
3.21(b); and

 

(e)          
the Gain-on-Sale Remittance Amount for such Distribution Date.

 

Notwithstanding
the investment of funds held in the Collection Account pursuant to Section 3.06, for purposes of calculating the Available
Funds, the amounts so invested shall be deemed to remain on deposit in such accounts.

 

“Balloon
Mortgage Loan”:  Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification
entered into as of the Closing Date provides for an amortization schedule for such Mortgage Loan or Companion Loan extending beyond
its Maturity Date.

 

     -16-

     

    
  

“Balloon
Payment”:  With respect to any Balloon Mortgage Loan, as of any date of determination, the Periodic Payment payable
on the Maturity Date of such Balloon Mortgage Loan.

 

“Bankruptcy
Code”:  The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base
Interest Fraction”:  As defined in Section 4.01(e).

 

“Book-Entry
Certificate”:  Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower
Party”:  A borrower, a Mortgagor, a manager of a Mortgaged Property, an Accelerated Mezzanine Loan Lender, or any
Borrower Party Affiliate.

 

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

 

“Borrower-Related
Party”:  As defined in Section 3.32(a).

 

“Breach”: 
With respect to any Mortgage Loan, a breach of any representation or warranty with respect to such Mortgage Loan set forth in
Section 4(b) of the related Mortgage Loan Purchase Agreement.

 

“BSPRT”: 
Benefit Street Partners Realty Trust, Inc., a Maryland corporation, or its successor-in-interest.

 

“BSPRT
Finance”:  BSPRT CMBS Finance, LLC, a Delaware limited liability company, or its successor-in-interest.

 

“Business
Day”:  Any day other than a Saturday, a Sunday or a day on which banking institutions in Florida, Maryland, North
Carolina, New York, California or the city and state in which the Corporate Trust Office of the Trustee or the Certificate Administrator,
or the principal place of business or principal commercial mortgage loan servicing office of the Master Servicer or the Special
Servicer is located, or the New York Stock Exchange or the Federal Reserve System of the United States of America are authorized
or obligated by law or executive order to remain closed.

 

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

 

     -17-

     

    
 

“Certificate”: 
Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2019-C54, as executed and delivered by
the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent.

 

“Certificate
Administrator”:  Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any
successor certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator
appointed hereunder.  Wells Fargo Bank, National Association shall perform the certificate administrator role through its
Corporate Trust Services division.

 

“Certificate
Administrator Fee”:  The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s
activities under this Agreement; provided that the Certificate Administrator Fee includes the Trustee Fee, and the Certificate
Administrator shall pay the Trustee Fee to the Trustee.

 

“Certificate
Administrator Fee Rate”:  The Certificate Administrator Fee shall be equal to the product of the rate equal to
0.01090% per annum and the Stated Principal Balance of the related Mortgage Loan (calculated in the same manner as
interest is calculated on the related Mortgage Loan) or REO Loan (other than the portion of an REO Loan related to any Companion
Loan) as of the preceding Distribution Date.  The Certificate Administrator Fee includes the Trustee Fee.

 

“Certificate
Administrator’s Website”:  The Certificate Administrator’s Internet website, which shall initially
be located at “www.ctslink.com”.

 

“Certificate
Balance”:  With respect to any Class of Principal Balance Certificates, (i) on or prior to the first
Distribution Date, an amount equal to the Original Certificate Balance of such Class of Principal Balance Certificates as
specified in the Preliminary Statement hereto and (ii) as of any date of determination after the first Distribution Date,
the Certificate Balance of such Class of Principal Balance Certificates on the Distribution Date immediately prior to such
date of determination (determined as adjusted pursuant to Section 1.02(iii)).

 

“Certificate
Factor”:  With respect to any Class of Certificates (other than the Class R and Class V Certificates),
as of any date of determination, a fraction, expressed as a decimal carried to at least eight (8) places, the numerator of
which is the then-related Certificate Balance or Notional Amount, and the denominator of which is the related Original Certificate
Balance.

 

“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 the Depository or on the books of a Depository Participant or on the books of an indirect participating
brokerage firm for which a Depository Participant acts as agent.

 

“Certificate
Register” and “Certificate Registrar”:  The register maintained and registrar appointed pursuant
to Section 5.03(a).

 

“Certificateholder”
or “Holder”:  The Person in whose name a Certificate is registered in the Certificate Register or any
beneficial owner thereof; provided, however, that

 

     -18-

     

    
 

solely
for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate registered
in the name of or beneficially owned by the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any
Excluded Special Servicer), the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller, a Mortgagor,
a Borrower Party or any Affiliate of any of such Persons shall be deemed not to be outstanding (provided that notwithstanding
the foregoing, any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed
to be outstanding as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan;
and provided, further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate
thereof shall not be deemed to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related
Excluded Special Servicer Loan), and the Voting Rights to which it is entitled shall not be taken into account in determining
whether the requisite percentage of Voting Rights necessary to effect any such consent, approval, waiver or take any such action
has been obtained; provided, however, that the foregoing restrictions shall not apply in the case of the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless such consent, approval or
waiver sought from such party would in any way increase its compensation or limit its obligations in the named capacities hereunder
or waive a Servicer Termination Event or trigger an Asset Review (with respect to an Asset Review and any Mortgage Loan Seller,
solely with respect to any related Mortgage Loan subject to the Asset Review); provided, further, that so long as
there is no Servicer Termination Event with respect to the Master Servicer or the Special Servicer, as applicable, the Master
Servicer or the Special Servicer or any such Affiliate thereof, as applicable, shall be entitled to exercise such Voting Rights
with respect to any issue which could reasonably be believed to adversely affect such party’s compensation or increase
its obligations or liabilities hereunder; and provided, further, that such restrictions shall not apply to (i) the
exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage Loan Seller’s rights, if any, or
any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor Certification in which it has
certified as to the existence of certain policies and procedures restricting the flow of information between it and the Depositor,
the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.  The Trustee and
the Certificate Administrator shall each be entitled to request and rely upon a certificate of the Master Servicer, the Special
Servicer or the Depositor in determining whether a Certificate is registered in the name of an Affiliate of such Person. 
All references herein to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners
as they may indirectly exercise such rights through the Depository and the Depository Participants, except as otherwise specified
herein; provided, however, that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder”
only the Person in whose name a Certificate is registered in the Certificate Register.  The Trustee shall be the Holder of
the Lower-Tier Regular Interests for the benefit of the Certificateholders.

 

“Certificateholder
Quorum”:  The Holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account
the application of Realized Losses and, other than with respect to the termination of the Asset Representations Reviewer, the
application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of
all Principal Balance Certificates on an aggregate basis.

 

     -19-

     

    

 

“Certificateholder
Repurchase Request”:  As defined in Section 2.03(k)(i).

 

“Certification
Parties”:  As defined in Section 11.06.

 

“Certification
Party”:  Any one of the Certification Parties.

 

“Certifying
Person”:  As defined in Section 11.06.

 

“Certifying
Servicer”:  As defined in Section 11.09.

 

“Class”: 
With respect to any Certificates or the Lower-Tier Regular Interests, all of the Certificates bearing the same alphabetical (and,
if applicable, numerical) Class designation and each designated Lower-Tier Regular Interest.

 

“Class A
Certificate”:  Any Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-S
Certificate.

 

“Class A-1
Certificate”:  A Certificate designated as “Class A-1” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-1
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to 2.12000%.

 

“Class A-2
Certificate”:  A Certificate designated as “Class A-2” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-2
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to 3.00800%.

 

“Class A-3
Certificate”:  A Certificate designated as “Class A-3” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-3
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to 2.89200%.

 

“Class A-4
Certificate”:  A Certificate designated as “Class A-4” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-4
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to 3.14600%.

 

“Class A-S
Certificate”:  A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions. 

 

     -20-

     

    

 

“Class A-S
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the lesser of
(i) 3.44900% and (ii) the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class A-SB
Certificate”:  A Certificate designated as “Class A-SB” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-SB
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to 3.06300%.

 

“Class A-SB
Planned Principal Balance”:  With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule 2 hereto relating to the Class A-SB Certificates.

 

“Class B
Certificate”:  A Certificate designated as “Class B” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class B
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the lesser of
(i) 3.67100% and (ii) the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class C
Certificate”:  A Certificate designated as “Class C” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class C
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the lesser of
(i) 3.81000% and (ii) the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class D
Certificate”:  A Certificate designated as “Class D” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class D
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to 2.50000%.

 

“Class E-RR
Certificate”:  A Certificate designated as “Class E-RR” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class E-RR
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class F-RR
Certificate”:  A Certificate designated as “Class F-RR” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

 

     -21-

     

    

 

 

“Class F-RR
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class G-RR
Certificate”:  A Certificate designated as “Class G-RR” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class G-RR
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class H-RR
Certificate”:  A Certificate designated as “Class H-RR” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class H-RR
Pass-Through Rate”:  With respect to any Distribution Date, a per annum rate equal to the Weighted
Average Net Mortgage Rate for such Distribution Date.

 

“Class LA1
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LA2
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LA3
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LA4
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LAS
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LASB
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

     -22-

     

    
 

“Class LB
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LC
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LD
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LERR
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto. 

“Class LFRR
                                         Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier
                                         REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier
                                         Principal Amount and per annum rate of interest set forth in the Preliminary
                                         Statement hereto.

 

“Class LGRR
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LHRR
Uncertificated Interest”:  An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset
of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth
in the Preliminary Statement hereto.

 

“Class LR
Interest”:  The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

 

“Class R
Certificate”:  A Certificate designated as “Class R” on the face thereof in the form of Exhibit
A-2 hereto, and evidencing the sole Class of “residual interests” in each Trust REMIC for purposes of the
REMIC Provisions.

 

“Class UR
Interest”:  The uncertificated residual interest in the Upper-Tier REMIC, represented by the Class R Certificates.

 

“Class V
Certificate”: A Certificate designated as “Class V” on the face thereof in the form of Exhibit A-3
hereto, and evidencing undivided beneficial ownership of the Class V Specific Grantor Trust Assets.

 

     -23-

     

    

 

“Class V
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of the Excess Interest received on or prior
to the related Determination Date, related amounts in the Excess Interest Distribution Account and the proceeds thereof.

 

“Class X
Certificates”:  The Class X-A, Class X-B and Class X-D Certificates, as the context may require.

 

“Class X-A
Certificate”:  A Certificate designated as “Class X-A” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-A
Notional Amount”:  As of any date of determination, the aggregate of the Certificate Balances of the Class A
Certificates (other than the Class A-S Certificates).

 

“Class X-A
Pass-Through Rate”:  The Pass-Through Rate for Class X-A Certificates for any Distribution Date will equal
the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted
average of the Pass-Through Rates on the Class A Certificates (other than the Class A-S Certificates) for such Distribution
Date, weighted on the basis of their respective Certificate Balances immediately prior to the Distribution Date.  The Pass-Through
Rate applicable to the Class X-A

Certificates
for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-B
Certificate”:  A Certificate designated as “Class X-B” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-B
Notional Amount”:  As of any date of determination, the aggregate of the Certificate Balances of the Class A-S,
Class B and Class C Certificates.

 

“Class X-B
Pass-Through Rate”:  The Pass-Through Rate for Class X-B Certificates for any Distribution Date will
equal the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over
(b) the weighted average of the Pass-Through Rates on the Class A-S, Class B and Class C Certificates for
such Distribution Date, weighted on the basis of their respective aggregate Certificate Balances immediately prior to the
Distribution Date.  The Pass-Through Rate applicable to the Class X-B Certificates for the initial Distribution
Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-D
Certificate”:  A Certificate designated as “Class X-D” on the face thereof, in the form of Exhibit
A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-D
Notional Amount”:  As of any date of determination, the Certificate Balances of the Class D Certificates.

 

“Class
X-D Pass-Through Rate”:  The Pass-Through Rate for Class X-D Certificates for any Distribution Date will equal
the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through
Rate of the Class D Certificates for such Distribution Date.  The Pass-Through Rate applicable to the Class X-D

 

     -24-

     

    

 

Certificates
for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

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

 

“Clearstream”: 
Clearstream Banking, société anonyme or any successor thereto.

 

“Closing
Date”:  December 3, 2019.

 

“CMBS”: 
Commercial mortgage-backed securities.

 

“Code”: 
The Internal Revenue Code of 1986, as amended from time to time, and applicable final or temporary regulations of the U.S. Department
of the Treasury issued pursuant thereto.

 

“Collateral
Deficiency Amount”  With respect to any AB Modified Loan as of any date of determination, an amount, calculated
by the Special Servicer (with respect to any AB Modified Loans that are not Non-Serviced Mortgage Loans) or the Master Servicer
(with respect to any AB Modified Loans that are Non-Serviced Mortgage Loans) equal to the excess of (i) the Stated Principal
Balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu notes included
therein), over (ii) the sum of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan)
(x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the
extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control
of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor
at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the
related Mortgaged Property or Mortgaged Properties (provided that in the case of a Non-Serviced Mortgage Loan, the amounts
set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the
Master Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding
clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination.  The
Special Servicer (with respect to any AB Modified Loans that are Non-Serviced Mortgage Loans), the Master Servicer (with respect
to any AB Modified Loans that are not Non-Serviced Mortgage Loans), the Operating Advisor and the Certificate Administrator shall
be entitled to conclusively rely on the Master Servicer’s or the Special Servicer’s, as the case may be, calculation
or determination of any Collateral Deficiency Amount.

 

“Collection
Account”:  A segregated custodial account or accounts created and maintained by the Master Servicer pursuant
to Section 3.04(a) on behalf of the Trustee for the benefit of the Certificateholders, which shall be entitled
“Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as
Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage
Pass-Through Certificates, Series 2019-C54, Collection Account”.  Any such account or accounts shall be an
Eligible Account.  Subject to the related Intercreditor Agreement and taking into account that each Companion Loan is
subordinate or pari passu, as

 

     -25-

     

    
 

applicable,
to the related Serviced Mortgage Loan to the extent set forth in the related Intercreditor Agreement, the subaccount described
in the second paragraph of Section 3.04(b) that is part of the Collection Account shall be for the benefit of the
Serviced Companion Noteholders, to the extent funds on deposit in such subaccount are attributed to such Companion Loans and shall
not be an asset of the Trust, any Trust REMIC or the Grantor Trust.

 

“Collection
Period”:  With respect to any Distribution Date and any Mortgage Loan or Companion Loan, the period commencing
on the day immediately succeeding the Due Date for such Mortgage Loan or Companion Loan occurring in the month preceding the month
in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan or Companion Loan had
a Due Date in such preceding month and ending on and including the Due Date for such Mortgage Loan or Companion Loan occurring
in the month in which that Distribution Date occurs.  Notwithstanding the foregoing, in the event that the last day of a
Collection Period is not a Business Day, any Periodic Payments received with respect to the Mortgage Loans or Companion Loan relating
to such Collection Period on the Business Day immediately following such day shall be deemed to have been received during such
Collection Period and not during any other Collection Period.

 

“Commission”: 
The Securities and Exchange Commission.

 

“Companion
Distribution Account”:  With respect to any Serviced Companion Loan, the separate account created and maintained
by the Companion Paying Agent pursuant to Section 3.04(b) and held on behalf of the Serviced Companion Noteholders,
which shall be entitled “Wells Fargo Bank, National Association, as Companion Paying Agent, for the benefit of the Serviced
Companion Noteholders of the Serviced Companion Loans, relating to the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial
Mortgage Pass-Through Certificates, Series 2019-C54, Companion Distribution Account”.  The Companion Distribution Account
shall not be an asset of the Trust, any Trust REMIC or the Grantor Trust, but instead shall be held by the Companion Paying Agent
on behalf of the Serviced Companion Noteholders.  Any such account shall be an Eligible Account.  Notwithstanding the
foregoing, if the Master Servicer and the Companion Paying Agent are the same entity, the Companion Distribution Account may be
the subaccount referenced in the second paragraph of Section 3.04(b).

 

“Companion
Holders”:  Each of the holders of record of any Companion Loan.

 

“Companion
Loan”:  A mortgage loan that is not included in the Trust Fund but is part of a Whole Loan that includes a Mortgage
Loan.

 

“Companion
Loan Rating Agency”:  Any NRSRO rating any class of Serviced Pari Passu Companion Loan Securities.

 

“Companion
Paying Agent”:  With respect to the Serviced Companion Loans, if any, the Master Servicer in its role as Companion
Paying Agent appointed pursuant to Section 3.27.

 

“Compensating
Interest Payment”:  An aggregate amount as of any Distribution Date equal to the lesser of (i) the aggregate
amount of Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the
Mortgage Loans (other

 

     -26-

     

    
 

than
Non-Serviced Mortgage Loans) and any related Serviced Pari Passu Companion Loans (in each case other than any Specially Serviced
Loan or any Mortgage Loan or related Serviced Pari Passu Companion Loan on which the Special Servicer allowed a prepayment on
a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) that portion
of the Master Servicer’s Servicing Fees for such Distribution Date that is, in the case of each Mortgage Loan (other than
any Non-Serviced Mortgage Loans), Serviced Pari Passu Companion Loan and REO Loan for which Servicing Fees are being paid to the
Master Servicer for such Collection Period, calculated at a rate of 0.00250% per annum, (B) all Prepayment Interest
Excesses received by the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than the Non-Serviced
Mortgage Loans) (and, so long as a Serviced Whole Loan is serviced hereunder, any related Serviced Pari Passu Companion Loan)
subject to such prepayment and (C) to the extent earned on voluntary principal prepayments, net investment earnings payable
to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to
the Mortgage Loans (other than the Non-Serviced Mortgage Loans) or any related Serviced Pari Passu Companion Loan, as applicable, subject
to such prepayment.  In no event will the rights of the Certificateholders to the offset of the aggregate Prepayment Interest
Shortfalls be cumulative.  However, if a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan as a result
of the Master Servicer’s allowing the related Mortgagor to deviate (a “Prohibited Prepayment”) from
the terms of the related Mortgage Loan documents regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage
Loan, (W) subsequent to a default under the related Mortgage Loan documents or if the Mortgage Loan is a Specially Serviced
Loan, (X) pursuant to applicable law or a court order or otherwise in such circumstances where the Master Servicer is required
to accept such Principal Prepayment in accordance with the Servicing Standard, (Y)(i) at the request or with the consent of the
Special Servicer or, (ii) so long as no Control Termination Event has occurred and is continuing, and only with respect to Mortgage
Loans other than Excluded DCH Loans, at the request or with the consent of the Directing Certificateholder or (Z) in connection
with the payment of any Insurance and Condemnation Proceeds), then for purposes of calculating the Compensating Interest Payment
for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate
amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (i) above
in connection with such Prohibited Prepayments.  For the avoidance of doubt, any portion of a Compensating Interest Payment
attributable to a Serviced Whole Loan shall be allocated among the related Mortgage Loan and the related Serviced Pari Passu Companion
Loan(s), pro rata, in accordance with their respective principal balances.

 

“Consultation
Termination Event”:  At any date at which no Class of Control Eligible Certificates exists where such Class’s
aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without
regard to the application of any Cumulative Appraisal Reduction Amounts; provided that no Consultation Termination Event
may occur with respect to the Loan-Specific Directing Certificateholder related to a Servicing Shift Whole Loan and the term “Consultation
Termination Event” shall not be applicable to the Loan-Specific Directing Certificateholder related to such Servicing Shift
Whole Loan; provided, further, that a Consultation
Termination Event shall be deemed not continuing in the event that the Certificate Balances of the Certificates other than the
Control Eligible Certificates have been reduced to zero as a result of principal payments on the Mortgage Loans.

 

     -27-

     

    
 

“Consumer
Price Index for All Urban Consumers”:  The “Consumer Price Index for All Urban Consumers” as published
by the U.S. Department of Labor.

 

“Control
Eligible Certificates”:  Any of the Class E-RR, Class F-RR, Class G-RR and Class H-RR Certificates.

 

“Control
Termination Event”:  The occurrence of the Certificate Balance of the Class E-RR Certificates (taking into
account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in
accordance with Section 4.05(a)) being reduced to less than 25% of the Original Certificate Balance of such Class;
provided that no Control Termination Event may occur with respect to the Loan-Specific Directing
Certificateholder related to a Servicing Shift Whole Loan and the term “Control Termination Event” shall not be applicable
to the Loan-Specific Directing Certificateholder related to such Servicing Shift Whole Loan; provided,
further, that a Control Termination Event shall not be deemed continuing in the
event that the Certificate Balances of the Certificates other than the Control Eligible Certificates have been reduced to zero
as a result of principal payments on the Mortgage Loans.

 

“Controlling
Class”:  As of any date of determination, the most subordinate Class of Control Eligible Certificates then
outstanding that has an aggregate Certificate Balance as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable
to such Class in accordance with Section 4.05(a), at least equal to 25% of the Original Certificate Balance of
that Class; provided, however, that if at any time the Certificate Balances of the Certificates other than the Control
Eligible Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then
the Controlling Class shall be the most subordinate Class among the Control Eligible Certificates that has a Certificate
Balance greater than zero without regard to any Cumulative Appraisal Reduction Amounts.  The Controlling Class as of
the Closing Date will be the Class H-RR Certificates.

 

“Controlling
Class Certificateholders”:  Each Holder (or Certificate Owner, if applicable) of a Certificate of the
Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto. 
The Depositor, the Trustee, the Master Servicer, the Special Servicer or the Operating Advisor may from time to time request
(the cost of which being an expense of the Trust) that the Certificate Administrator provide a list of the Holders (or
Certificate Owners, if applicable) of the Controlling Class and the Certificate Administrator shall promptly provide
such list without charge to such Depositor, Trustee, Master Servicer, Operating Advisor or Special Servicer, as
applicable.  The Trustee, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to rely
on any such list so provided.

 

“Conveyed
Property”:  As defined in Section 2.01(a).

 

“Corporate
Trust Office”:  The principal corporate trust office of the Trustee and the Certificate Administrator 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 Agreement is located (i) with respect to Certificate transfers and surrenders, at 600 South
4th Street, 7th Floor, MAC N9300-070, Minneapolis, Minnesota 55479; (ii) with respect to the Trustee
at 1100 North Market Street, Wilmington, Delaware 19890, Attention:  CMBS Trustee WFCM 2019-

 

     -28-

     

    
 

C54;
and (iii) for all other purposes, to the Certificate Administrator at 9062 Old Annapolis Road, Columbia, Maryland 21045,
Attention:  Corporate Trust Services (CMBS), WFCM Commercial Mortgage Securities Trust 2019-C54.

 

“Corrected
Loan”:  Any Specially Serviced Loan that has become current and remained current for three (3) consecutive
Periodic Payments (for such purposes taking into account any modification or amendment of the related Mortgage Loan or Companion
Loan, as applicable, whether by a consensual modification or in connection with a bankruptcy, insolvency or similar proceeding
involving the Mortgagor), and (provided that no other Servicing Transfer Event has occurred with respect to such Mortgage
Loan or Companion Loan during such preceding three (3) months, no additional event of default is foreseeable in the reasonable
judgment of the Special Servicer and no other event or circumstance exists that causes such Mortgage Loan or Companion Loan, as
applicable, to otherwise constitute a Specially Serviced Loan) the servicing of which the Special Servicer has returned to the
Master Servicer pursuant to Section 3.19(a).

 

“CREFC®”: 
The Commercial Real Estate Finance Council®, or any successor organization reasonably acceptable to the Certificate
Administrator, the Master Servicer, the Special Servicer and, prior to the occurrence and continuance of a Control Termination
Event, the Directing Certificateholder.

 

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

 

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

 

“CREFC®
Bond Level File”:  The data file in the “CREFC® Bond Level File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”:  The data file in the “CREFC® Collateral Summary File”
format substantially in the form of and containing the information called for therein, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Comparative Financial Status Report”:  The monthly report in “Comparative Financial Status Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of

 

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such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Delinquent Loan Status Report”:  The monthly report in the “Delinquent Loan Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Financial File”:  The data file in the “CREFC® Financial File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

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

 

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

 

“CREFC®
Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”:  The monthly report in the
“Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report” format substantially in the form of
and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information
as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”:  With respect to each Mortgage Loan and REO Loan (other than
the portion of an REO Loan related to any Companion Loan) and for any Distribution Date, the amount accrued during the related
Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance
of such Mortgage Loan or REO Loan as of the close of business on the Distribution Date in such Interest Accrual Period; provided
that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related
interest payment due or deemed due on the related Mortgage Loan or REO Loan is computed and shall be prorated for partial periods. 
For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed payable by the
Master Servicer from the Lower-Tier REMIC.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”:  With respect to each Mortgage Loan and REO Loan, a rate
equal to 0.00050% per annum.

 

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

 

     -30-

     

    
 

“CREFC® Investor
Reporting Package”:  The collection of reports specified by the CREFC® from time to time as
the “CREFC® Investor Reporting Package.”  As of the Closing Date, the
CREFC® Investor Reporting Package contains eight electronic files ((1) CREFC® Loan Setup
File, (2) CREFC® Loan Periodic Update File, (3) CREFC® Property File,
(4) CREFC® Bond Level File, (5) CREFC® Collateral Summary File,
(6) CREFC® Financial File, (7) CREFC® Special Servicer Loan File and (8)
CREFC® Schedule AL File) and nine surveillance reports ((1) CREFC® Servicer Watch List,
(2) CREFC® Delinquent Loan Status Report, (3) CREFC® REO Status Report,
(4) CREFC® Comparative Financial Status Report, (5) CREFC® Historical Loan
Modification/Forbearance and Corrected Mortgage Loan Report, (6) CREFC® Operating Statement
Analysis Report, (7) CREFC® NOI Adjustment Worksheet, (8) CREFC® Loan Level
Reserve/LOC Report and (9) with respect to Mortgage Loans that have a Companion Loan, as applicable, the
CREFC® Total Loan Report).  In addition, the CREFC® Investor Reporting Package shall
include the CREFC® Advance Recovery Report.  In addition, the CREFC® Investor Reporting
Package shall include the following eleven templates:  (1) CREFC® Appraisal Reduction Template,
(2) CREFC® Servicer Realized Loss Template, (3) CREFC® Reconciliation of Funds
Template, (4) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template,
(5) CREFC® Historical Liquidation Loss Template, (6) CREFC® Interest
Shortfall Reconciliation Template, (7) CREFC® Servicer Remittance to Certificate Administrator Report,
(8) CREFC® Significant Insurance Event Report, (9) CREFC® Loan Modification Report,
(10) CREFC® Loan Liquidation Report and (11) CREFC® REO Liquidation Report. 
The CREFC® Investor Reporting Package shall be substantially in the form of, and containing the information
called for in, the downloadable forms of the “CREFC® IRP” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional
information or reports as may from time to time be approved by the CREFC® for commercial mortgage-backed
securities transactions generally.  For the purposes of the production of the CREFC® Comparative
Financial Status Report by the Master Servicer or the Special Servicer of any such report that is required to state
information for any period prior to the Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may
conclusively rely (without independent verification), absent manifest error, on information provided to it by the Mortgage
Loan Sellers or by the related Mortgagor or (x) in the case of such a report produced by the Master Servicer, by the
Special Servicer (if other than the Master Servicer or an Affiliate thereof) and (y) in the case of such a report
produced by the Special Servicer, by the Master Servicer (if other than the Special Servicer or an
Affiliate thereof).

 

“CREFC®
License Agreement”:  The License Agreement, in the form set forth on the website of CREFC®
on the Closing Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”:  The monthly report in the “CREFC® Loan Level Reserve/LOC
Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or
such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally.

 

“CREFC®
Loan Liquidation Report”:  A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Liquidation Report” available and effective from time to time on the CREFC®
Website, or such other form for the

 

     -31-

     

    
 

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

 

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

 

“CREFC®
Loan Periodic Update File”:  The data file in the “CREFC® Loan Periodic Update File”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Loan Setup File”:  The data file in the “CREFC® Loan Setup File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
NOI Adjustment Worksheet”:  The worksheet in the “NOI Adjustment Worksheet” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Operating Statement Analysis Report”:  The report in the “Operating Statement Analysis Report”
format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Property File”:  The data file in the “CREFC® Property File” format substantially
in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

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

 

“CREFC®
REO Liquidation Report”:  A report substantially in the form of, and containing the information called for
in, the downloadable form of the “REO Liquidation Report” available and effective from time to time on the CREFC®
Website, or such other form for the

 

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

 

“CREFC®
REO Status Report”:  The monthly report in the “REO Status Report” format substantially in the
form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such
information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Schedule AL File”: A data file in the “Schedule AL File” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may
be approved from time to time by the CREFC® for commercial mortgage securities transactions generally; provided
that the Depositor shall confirm in writing to the Master Servicer and the Certificate Administrator that any change to such
“Schedule AL File” format complies with all requirements of Item 1125 of Regulation AB.

 

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

 

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

 

“CREFC®
Servicer Watch List”:  A monthly report, as of each Determination Date, including and identifying each Non-Specially
Serviced Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time by the
CREFC® in the “CREFC® Servicer Watch List” format substantially in the form of and
containing the information called for therein for the Mortgage Loans, or such other form (including other portfolio review guidelines)
for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally.

 

“CREFC®
Significant Insurance Event Report”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Significant Insurance Event Report” available and effective from time to time
on the CREFC® Website.

 

“CREFC® Special
Servicer Loan File”:  The data file in the “CREFC® Special Servicer Loan
File” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or
such other form for the presentation of such information as may be approved from time to time by the CREFC®
for commercial mortgage securities transactions generally.

 

“CREFC®
Total Loan Report”:  A monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Total Loan Report” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may
from time to time be

 

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adopted
by the CREFC® for commercial mortgage-backed securities transactions and is reasonably acceptable to the Master
Servicer.

 

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

 

“Cross-Over
Date”:  The Distribution Date on which the Certificate Balances of the Subordinate Certificates have all previously
been reduced to zero as a result of the allocation of Realized Losses to such Certificates.

 

“Crossed
Mortgage Loan Group”:  With respect to (i) any mortgage loan that consists of more than one commercial mortgage
loan, the underlying group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or
more individual mortgage loans that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and
cross-defaulted mortgage loans.  For the avoidance of doubt, there are no Crossed Mortgage Loan Groups related to the Trust.

 

“Crossed
Underlying Loan”:  With respect to any Crossed Mortgage Loan Group, a mortgage loan that is cross-collateralized
and cross-defaulted with one or more other mortgage loans within such Crossed Mortgage Loan Group.  For the avoidance of
doubt, there are no Crossed Underlying Loans related to the Trust.

 

“Crossed
Underlying Loan Repurchase Criteria”:  With respect to any Crossed Mortgage Loan Group as to which one or more
(but not all) of the Crossed Underlying Loans therein are affected by a Material Defect (the Crossed Underlying Loan(s) in such
Crossed Mortgage Loan Group affected by such Material Defect, for purposes of this definition, the “affected Crossed Underlying
Loans” and the other Crossed Underlying Loan(s) in such Crossed Mortgage Loan Group, for purposes of this definition, the
“remaining Crossed Underlying Loans”) (i) the debt service coverage ratio for all the remaining Crossed Underlying
Loans for the four most recently reported calendar quarters preceding the repurchase or substitution shall not be less than the
least of (a) 0.10x below the debt service coverage ratio for the Crossed Mortgage Loan Group (including the affected Crossed
Underlying Loan(s)) set forth in Annex A-1 to the Prospectus, (b) the debt service coverage ratio for the Crossed Mortgage
Loan Group (including the affected Crossed Underlying Loan(s)) for the four preceding calendar quarters preceding the repurchase
or replacement and (c) 1.25x, (ii) the loan-to-value ratio for all the remaining Crossed Underlying Loans determined
at the time of repurchase or substitution based upon an Appraisal obtained by the Special Servicer at the expense of the related
Mortgage Loan Seller shall not be greater than the greatest of (a) the loan-to-value ratio, expressed as a whole number percentage
(taken to one decimal place), for the entire Crossed Mortgage Loan Group, (including the affected Crossed Underlying Loan(s))
set forth in Annex A-1 to the Prospectus plus 10%, (b) the loan-to-value ratio, expressed as a whole number percentage
(taken to one decimal place), for the entire such Crossed Mortgage Loan Group, including the affected Crossed Underlying Loan(s)
at the time of repurchase or substitution, and (c) 75%, (iii) the related Mortgage Loan Seller, at its expense, shall
have furnished the Trustee and the Certificate Administrator with an Opinion of Counsel that any modification relating to the
repurchase or substitution of a Crossed Underlying Loan shall not cause an Adverse REMIC Event, (iv) the related Mortgage
Loan Seller causes the affected Crossed Underlying Loan to become not cross-collateralized and cross-defaulted with the

 

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remaining
related Crossed Underlying Loans prior to such repurchase or substitution or otherwise forbears from exercising enforcement rights
against the Primary Collateral for any Crossed Underlying Loan(s) remaining in the Trust (while the Trust forbears from exercising
enforcement rights against the Primary Collateral for the Mortgage Loan removed from the Trust) and (v) (other than with
respect to any Excluded DCH Loan) unless a Control Termination Event has occurred and is continuing, the Directing Certificateholder
shall have consented to the repurchase or substitution of the affected Crossed Underlying Loan, which consent shall not be unreasonably
withheld, conditioned or delayed.

 

“Cumulative
Appraisal Reduction Amount”:  As of any date of determination and for any Mortgage Loan, an amount equal to the
sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral
Deficiency Amount then in effect.  The Master Servicer and the Certificate Administrator shall be entitled to conclusively
rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount with respect to
a Mortgage Loan (other than a Non-Serviced Mortgage Loan).  With respect to a Non-Serviced Mortgage Loan, the Special Servicer
and the Certificate Administrator shall be entitled to conclusively rely on the applicable Non-Serviced Special Servicer’s
calculation or determination of any Appraisal Reduction Amount with respect to such Non-Serviced Mortgage Loan and on the Master
Servicer’s calculation or determination of any Collateral Deficiency Amount with respect to any such Non-Serviced Mortgage
Loan that is an AB Modified Loan.

 

“Cure/Contest
Period”:  As defined in Section 12.01(b)(vii).

 

“Custodial
Exception Report”:  As defined in Section 2.02(b).

 

“Custodian”: 
A Person who is at any time appointed by the Trustee pursuant to Section 8.11 as a document custodian for the Mortgage
Files, which Person shall not be the Depositor, any of the Mortgage Loan Sellers or (except to the extent Wells Fargo Bank, National
Association is the Custodian) an Affiliate of any of them.  The Certificate Administrator shall be the initial Custodian. 
Wells Fargo Bank, National Association will perform its duties as Custodian hereunder through its Document Custody division.

 

“Cut-off
Date”:  With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in December 2019, or with
respect to any Mortgage Loan that has its first Due Date in January 2020, the date that would have otherwise been the related
Due Date in December 2019.

 

“Cut-off
Date Balance”:  With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan, as
of the Cut-off Date, after application of all payments of principal due on or before such date, whether or not received.

 

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

 

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of
DBRS herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Default
Interest”:  With respect to any Mortgage Loan or Companion Loan and any Collection Period, all interest accrued
in respect of such Mortgage Loan or Companion Loan during such Collection Period provided for in the related Mortgage Note or
Mortgage as a result of a default (exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate
accrued on the unpaid principal balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

“Defaulted
Loan”:  A Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan (i) that is delinquent
at least sixty (60) days in respect of its Periodic Payments (other than a Balloon Payment) or delinquent in respect of its
Balloon Payment, if any; provided that in respect of a Balloon Payment, if the related Mortgagor has provided the Master
Servicer or Special Servicer, as applicable with documentation reasonably satisfactory in form and substance to the Master Servicer
or the Special Servicer, as applicable (and the Master Servicer or Special Servicer, as applicable, will be required to promptly
forward such documentation to the Directing Certificateholder), which provides that a refinancing of such Mortgage Loan or sale
of the related Mortgaged Property will occur within 120 days after the date on which such Balloon Payment will become due, then
such Mortgage Loan or Serviced Whole Loan will not be considered a Defaulted Loan unless and until such Balloon Payment is delinquent
at least one hundred twenty (120) days; and, in any case, such delinquency is to be determined without giving effect to any Grace
Period permitted by the related Mortgage or Mortgage Note and without regard to any acceleration of payments under the related
Mortgage and Mortgage Note or (ii) as to which the Special Servicer has, by written notice to the related Mortgagor, accelerated
the maturity of the indebtedness evidenced by the related Mortgage Note.  For the avoidance of doubt, a defaulted Companion
Loan does not constitute a “Defaulted Loan”.

 

“Defeasance
Accounts”:  As defined in Section 3.18(j).

 

“Defect”: 
As defined in Section 2.02(f).

 

“Deficient
Exchange Act Deliverable”:  With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant
and Additional Servicer retained by it (other than an Initial Sub-Servicer), any item (x) regarding such party, (y) prepared
by such party or any registered public accounting firm, attorney or other agent retained by such party to prepare such information
and (z) delivered by or on behalf of such party pursuant to the delivery requirements under Article XI of this
Agreement that does not conform to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder.

 

“Deficient
Valuation”:  With respect to any Mortgage Loan or Serviced Whole Loan, as applicable, a valuation by a court of
competent jurisdiction of the related Mortgaged Property in an amount less than the then outstanding principal balance of such
Mortgage Loan or Serviced Whole Loan which valuation results from a proceeding initiated under the Bankruptcy Code.

 

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“Definitive
Certificate”:  Any Certificate in definitive, fully registered form without interest coupons.  Initially the
Risk Retention Certificates, the Class R and Class V Certificates and any Certificate issued pursuant to Section
5.02(c) and Section 5.02(d) shall be Definitive Certificates.  For the avoidance of doubt, any Risk Retention
Certificate shall at all times during the Transfer Restriction Period be a Definitive Certificate.

 

“Delinquent
Loan”:  A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or
Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period.

 

“Denomination”: 
With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face
thereof, (b) set forth on a schedule attached thereto or (c) in the case of any beneficial interest in a Book-Entry
Certificate, the interest of the related Certificate Owner in the applicable Class of Certificates as reflected on the books
and records of the Depository or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate
Balance or initial Notional Amount, as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”: 
Wells Fargo Commercial Mortgage Securities, Inc., a North Carolina corporation, or its successor in interest.

 

“Depository”: 
DTC, or any successor Depository hereafter named.  The nominee of the initial Depository for purposes of registering those
Certificates that are to be Book-Entry Certificates, is Cede & Co.  The Depository shall at all times be a “clearing
corporation” as defined in Section 8-102(3) of the UCC of the State of New York and a “clearing agency”
registered pursuant to the provisions of Section 17A of the Exchange Act.

 

“Depository
Participant”:  A broker, dealer, bank or other financial institution or other Person for whom from time to time
the Depository effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Designated
Intercreditor Agreement”:  As defined in the definition of “Intercreditor Agreement”.

 

“Designated
Site”:  The website to which Diligence Files are uploaded as designated by the Depositor to the Mortgage Loan Sellers.

 

“Determination
Date”:  With respect to any Distribution Date, the eleventh (11th) day of each calendar month (or, if the
eleventh (11th) calendar day of that month is not a Business Day, then the next Business Day), commencing in January 2020.

 

“Diligence
File”:  With respect to each Mortgage Loan or Companion Loan, if applicable, collectively the following documents
in electronic format:

 

(a)          
A copy of each of the following documents:

 

(i)      
the Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank and

 

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further
showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note has been lost, an affidavit
to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy of the Mortgage Note and
an indemnity properly assigned and endorsed to the Trustee);

 

(ii)     
the Mortgage, together with a copy of any intervening Assignments of Mortgage, in each case, with evidence of recording indicated
thereon or certified to have been submitted for recording (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)    
any related Assignment of Leases and of any intervening Assignments (if such item is a document separate from the Mortgage), in
each case, with evidence of recording indicated thereon or certified to have been submitted for recording (if in the possession
of the applicable Mortgage Loan Seller);

 

(iv)   
all modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms
or provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(v)    
the policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or,
if such policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy
that has been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding
escrow instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

(vi)   
any UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan
Seller;

 

(vii)  
any Intercreditor Agreement relating to permitted debt of the Mortgagor, including any intercreditor agreement relating to a Serviced
Whole Loan;

 

(viii) 
any loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;

 

(ix)   
any ground lease, related ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

 

(x)    
any property management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xi)   
any franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with
respect to any franchise agreement, comfort letter or similar agreement, any assignment of such

 

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agreements
or any notice to the franchisor of the transfer of a Mortgage Loan or Serviced Whole Loan;

 

(xii)  
any lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiii) 
any related mezzanine intercreditor agreement;

 

(xiv) 
all related environmental reports; and

 

(xv)  
all related environmental insurance policies;

 

(b)               
a copy of any engineering reports or property condition reports;

 

(c)               
other than with respect to a hospitality property (except with respect to tenanted commercial space within a hospitality property),
copies of a rent roll;

 

(d)               
for any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;

 

(e)               
a copy of all legal opinions (excluding attorney-client communications between the related Mortgage Loan Seller or an Affiliate
thereof, and its counsel that are privileged communications or constitute legal or other due diligence analyses), if any, delivered
in connection with the closing of the related Mortgage Loan;

 

(f)                
a copy of all Mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance
policies (to the extent not previously included as part of this definition), if any, delivered in connection with the closing
of the related Mortgage Loan;

 

(g)               
a copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;

 

(h)               
for any Mortgage Loan that the related Mortgaged Property or Mortgaged Properties is leased to a single tenant, a copy of the
lease;

 

(i)                
a copy of the applicable Mortgage Loan Seller’s asset summary;

 

(j)                
a copy of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)               
a copy of all zoning reports;

 

(l)                
a copy of financial statements of the related Mortgagor;

 

(m)              
a copy of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

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(n)          
a copy of all UCC searches;

 

(o)          
a copy of all litigation searches;

 

(p)          
a copy of all bankruptcy searches;

 

(q)          
a copy of any origination settlement statement;

 

(r)           
a copy of the Insurance Summary Report;

 

(s)           
a copy of the organizational documents of the related Mortgagor and any guarantor;

 

(t)           
a copy of all escrow statements related to the escrow account balances as of the Mortgage Loan origination date;

 

(u)          
a copy of all related environmental reports that were received by the applicable Mortgage Loan Seller;

 

(v)          
a copy of any closure letter (environmental); and

 

(w)         
a copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties;

 

in
each case, to the extent that the related originator received such documents in connection with the origination of such Mortgage
Loan.  In the event any of the items identified above were not included in connection with the origination of such Mortgage
Loan (other than documents that would not be included in connection with the origination of the Mortgage Loan because such document
is inapplicable to the origination of a Mortgage Loan of that structure or type), the Diligence File shall include a statement
to that effect.  No information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents
or privileged or internal communications shall constitute part of the Diligence File.  It is generally not required to include
any of the same items identified above again if such items have already been included under another clause of the definition of
Diligence File, and the Diligence File shall include a statement to that effect.  The Mortgage Loan Seller may, without any
obligation to do so, include such other documents as part of the Diligence File that such Mortgage Loan Seller believes should
be included to enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided that
such documents are clearly labeled and identified.

 

“Directing
Certificateholder”:  With respect to (A) each Servicing Shift Mortgage Loan, the Directing Certificateholder
shall be the related Loan-Specific Directing Certificateholder and (B) each Mortgage Loan (other than the Servicing Shift Mortgage
Loans and any Excluded Loans), the initial Directing Certificateholder shall be Argentic Securities Income USA LLC, a Delaware
limited liability company.  Thereafter, with respect to the Mortgage Loans described in clause (B) above, the Directing Certificateholder
shall be the Controlling Class Certificateholder (or a representative thereof) selected by more than 50% of the Controlling
Class Certificateholders (by Certificate Balance, as determined by the Certificate Registrar) from time to time; provided,
however, that (i) absent that selection, or (ii) until a Directing Certificateholder is so selected or

 

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(iii) upon
receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Directing
Certificateholder is no longer designated, the Controlling Class Certificateholder that owns the largest aggregate Certificate
Balance of the Controlling Class (or a representative thereof) will be the Directing Certificateholder; provided,
however, that, in the case of this clause (iii), in the event that no one Holder owns the largest aggregate
Certificate Balance of the Controlling Class, then there will be no Directing Certificateholder until appointed in accordance
with the terms of this Agreement.  After the occurrence and during the continuance of a Control Termination Event, the Directing
Certificateholder described in clause (B) above shall only retain its consultation rights to the extent specifically
provided for herein.  After the occurrence and continuance of a Consultation Termination Event, there will be no Directing
Certificateholder as described in clause (B) above.  The Depositor shall promptly provide the name and contact
information for the initial Directing Certificateholder upon request of any party to this Agreement and any such requesting party
may conclusively rely on the name and contact information provided by the Depositor.  The Certificate Administrator and the
other parties hereto shall be entitled to assume that the identity of the Directing Certificateholder has not changed until such
parties receive written notice of a replacement of the Directing Certificateholder from a party holding the requisite interest
in the Controlling Class (as confirmed by the Certificate Registrar), or the resignation of the then-current Directing Certificateholder.

 

“Directing
Certificateholder Approval Process”:  As defined in Section 3.19(d).

 

“Directly
Operate”:  With respect to any REO Property (except with respect to a Non-Serviced Mortgaged Property), the furnishing
or rendering of services to the tenants thereof, that are not customarily provided to tenants in connection with the rental of
space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management
or operation of such REO Property, the holding of such REO Property primarily for sale to customers, the use of such REO Property
in a trade or business conducted by the Trust or on behalf of a Companion Holder or the performance of any construction work on
the REO Property other than through an Independent Contractor; provided, however, that an REO Property shall
not be considered to be Directly Operated solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes
rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or
capital expenditures with respect to such REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any
related Serviced Companion Loan (including any related REO Property), any compensation and other remuneration (including, without
limitation, in the form of commissions, brokerage fees, or rebates, or as a result of any other fee-sharing arrangement) received
or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust,
any Mortgagor, any manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Companion Loan and any purchaser
of any such Mortgage Loan or Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure
of any such Mortgage Loan or Serviced Companion Loan, the management or disposition of such REO Property, and the performance
by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement, other than (1) any

 

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Permitted
Special Servicer/Affiliate Fees and (2) any compensation to which the Special Servicer is entitled pursuant to Section 3.11
of this Agreement.

 

“Disclosure
Parties”:  As defined in Section 3.13(f).

 

“Discount
Rate”:  As defined in Section 4.01(e).

 

“Dispute
Resolution Consultation”:  As defined in Section 2.03(l)(iii).

 

“Dispute
Resolution Cut-off Date”:  As defined in Section 2.03(l)(i).

 

“Disqualified
Non-U.S. Tax Person”:  With respect to the Class R Certificates, any Non-U.S. Tax Person or its agent other
than (a) a Non-U.S. Tax Person that holds the Class R Certificates in connection with the conduct of a trade or business
within the United States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI
or (b) a Non-U.S. Tax Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally
recognized tax counsel to the effect that the transfer of the Class R Certificates to it is in accordance with the requirements
of the Code and the regulations promulgated thereunder and that such transfer of the Class R Certificates will not be disregarded
for federal income tax purposes.

 

“Disqualified
Organization”:  Any of (i) the United States, any State or 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 Freddie Mac, a majority of its board of directors is not selected
by such governmental unit), (ii) a foreign government, any international organization or any agency or instrumentality of
any of the foregoing, (iii) any organization which is exempt from the tax imposed by Chapter 1 of the Code (including
the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in
Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’ cooperatives
described in Section 521 of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
of the Code and (v) any other Person so designated by the Trustee or the Certificate Administrator based upon an Opinion
of Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate Administrator)
that the holding of an Ownership Interest in a Class R Certificate by such Person may cause either Trust REMIC to fail to
qualify as a REMIC at any time that the Certificates are outstanding 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
Accounts”:  Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account
and the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single
Eligible Account.

 

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“Distribution
Date”:  The fourth (4th) Business Day following each Determination Date, beginning in January 2020.  The initial
Distribution Date shall be January 17, 2020.

 

“Distribution
Date Statement”:  As defined in Section 4.02(a).

 

“Do
Not Hire List”:  The list, as may be updated at any time, provided by the Depositor to the Master Servicer, the
Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Asset Representations Reviewer, which
lists certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective
obligations under Article XI of this Agreement or as having failed to comply (after any applicable cure period) with
any similar Regulation AB reporting requirements under any other securitization transaction.  For the avoidance of doubt,
as of the Closing Date, no parties appear on the Do Not Hire List.

 

“Dodd-Frank
Act”:  The Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended from time to time.

 

“DTC”: 
The Depository Trust Company, a New York corporation.

 

“Due
Date”:  With respect to (i) any Mortgage Loan or Companion Loan, as applicable, on or prior to its Maturity
Date, the day of the month set forth in the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first
due, (ii) any Mortgage Loan or Companion Loan, as applicable, after the Maturity Date therefor, the day of the month set
forth in the related Mortgage Note on which each Periodic Payment on such Mortgage Loan or Companion Loan, as applicable, had
been scheduled to be first due, and (iii) any REO Loan, the day of the month set forth in the related Mortgage Note on which
each Periodic Payment on the related Mortgage Loan or Companion Loan, as applicable, had been scheduled to be first due.

 

“EDGAR”: 
As defined in Section 11.03.

 

“EDGAR-Compatible
Format”:  With respect to (a) the Initial Schedule AL File, the Initial Schedule AL Additional File, the CREFC®
Schedule AL File and the Schedule AL Additional File, XML format or such other format as mutually agreed to between the
Depositor, Certificate Administrator and the Master Servicer and (b) any report, file or document other than those listed in clause (a)
above, any format compatible with EDGAR, including HTML, Word or clean, searchable PDFs.

 

“Eligible
Account”:  Any of the following:  (i) a segregated account or accounts maintained with a federal or state
chartered depository institution or trust company (including the Trustee or the Certificate Administrator), (A) the long-term
deposit rating or long-term unsecured debt obligations or deposits of which are rated at least “A-” by S&P, if
the deposits are to be held in such account for thirty (30) days or more, and the short-term debt obligations or deposits of which
have a short-term rating of not less than “A-1” from S&P, if the deposits are to be held in such account for less
than thirty (30) days and (B) the long-term unsecured debt obligations or deposits of which are rated at least “A”
by Fitch (to the extent rated by Fitch), if the deposits are to be held in such account for less than thirty (30) days; (ii) an
account or accounts maintained with Wells Fargo Bank, National Association so long as Wells Fargo Bank, National Association’s
long-term unsecured debt rating shall be at least “BBB” from S&P and “A-” from Fitch (to the

 

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extent
rated by Fitch) (if the deposits are to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s
short-term deposit or short-term unsecured debt rating shall be at least “A 1” from S&P (or “A-2”
by S&P so long as the long-term unsecured debt obligations of such depository institution or trust company are rated no less
than “BBB” by S&P) and “F2” from Fitch (to the extent rated by Fitch) (if the deposits are to be held
in the account for thirty (30) days or less); (iii) such other account or accounts that, but for the failure to satisfy one
or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) and (ii) above,
with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set
forth in the applicable clause is not satisfied with respect to such account, which account may be an account maintained by or
with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; (iv) any other account or accounts
not listed in clauses (i) and (ii) above with respect to which a Rating Agency Confirmation has been obtained
from each and every Rating Agency and a confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25), which account may be an account
maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; or (v) a segregated
trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution
or trust company that has a long-term unsecured debt rating of at least “A-” from S&P (if the deposits are to
be held in the account for more than thirty (30) days) or a short-term unsecured debt rating of at least “A-1” from
S&P (if the deposits are to be held in the account for thirty (30) days or less) and that, in either case, has corporate
trust powers, acting in its fiduciary capacity, provided that any state chartered depository institution or trust company
is subject to regulation regarding fiduciary funds substantially similar to 12 C.F.R. § 9.10(b).  Eligible Accounts
may bear interest.  No Eligible Account shall be evidenced by a certificate of deposit, passbook or other similar instrument.

 

“Eligible
Asset Representations Reviewer”:  An entity that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, Fitch, KBRA, S&P, DBRS or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which any of Moody’s, Fitch, KBRA, S&P,
DBRS and Morningstar has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such
transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations
reviewer, as applicable, as the sole or material factor in such rating action, (b) can and will make the representations
and warranties set forth in Section 6.01(d), (c) is not (and is not affiliated (including Risk Retention Affiliated)
with) a Sponsor, a Mortgage Loan Seller, an originator, the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Certificateholder, a Third Party Purchaser or any of their respective Affiliates (including
Risk Retention Affiliates), (d) has not performed (and is not affiliated with any party hired to perform) any due diligence,
loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion
Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, a Third Party Purchaser,
any party to this Agreement, the Directing Certificateholder or any of their respective Affiliates, or have been paid any fees,
compensation or other remuneration by any of them in connection with

 

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any
such services, and (e) does not directly or indirectly, through one or more Affiliates or otherwise, own any interest in
any Certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial
interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Asset Representations
Reviewer (or as Operating Advisor, if applicable).

 

“Eligible
Operating Advisor”:  An entity (a) that is a special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has
not been a special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn
its rating or ratings of one or more classes of certificates for such transaction citing servicing or other relevant concerns
with the Operating Advisor in its capacity as the special servicer or operating advisor, as applicable, as the sole or a material
factor in such rating action; (b) that can and will make the representations and warranties of the Operating Advisor set
forth in Section 6.01(c) of this Agreement; (c) that is not (and is not affiliated (including Risk Retention
Affiliated) with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage
Loan Seller, the Directing Certificateholder, a Third Party Purchaser or a depositor, a trustee, a certificate administrator,
a master servicer or a special servicer with respect to the securitization of a Companion Loan, or any of their respective Affiliates
(including Risk Retention Affiliates); (d) that has not been paid by the Special Servicer or successor special servicer any
fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment or recommendation
for replacement of a successor special servicer to become a special servicer under this Agreement; (e) that (i) has
been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and
has at least five (5) years of experience in collateral analysis and loss projections and (ii) has at least five (5) years
of experience in commercial real estate asset management and experience in the workout and management of distressed commercial
real estate assets; and (f) that does not directly or indirectly, through one or more Affiliates or otherwise, own or have derivative
exposure in any interest in any Certificates, any Mortgage Loan, any Companion Loan or securities backed by a Companion Loan or
otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in fees from
its role as Operating Advisor and Asset Representations Reviewer (to the extent it also acts as the Asset Representations Reviewer).

 

“Enforcing
Party”:  The person obligated to or that elects pursuant to Section 2.03 to enforce the rights of the
Trust against the related Mortgage Loan Seller with respect to the Repurchase Request.

 

“Enforcing
Servicer”:  (a) With respect to a Specially Serviced Loan, the Special Servicer, and (b) with respect to a Non-Specially
Serviced Loan, (i) in the case of a Repurchase Request made by Special Servicer, the Directing Certificateholder or a Controlling
Class Certificateholder, the Master Servicer, and (ii) in the case of a Repurchase Request made by any person other than
the Special Servicer, the Directing Certificateholder or a Controlling Class Certificateholder, (A) prior to the Resolution
Failure relating to such Non-Specially Serviced Loan, the Master Servicer, and (B) from and after a Resolution Failure relating
to such Non-Specially Serviced Loan, the Special Servicer.

 

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“Environmental
Assessment”:  An “environmental site assessment” as such term is defined in, and meeting the criteria
of, the American Society of Testing Materials Standard Section E 1527-00, or any successor thereto.

 

“Environmental
Indemnity Agreement”:  With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

“ERISA”: 
The Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA
Plan”: As defined in Section 5.03(t).

 

“ERISA
Restricted Certificate”:  Any Certificate (other than a Class R or Class V Certificate) that does not
meet the requirements of Prohibited Transaction Exemption 96-22 (as such exemption may be amended from time to time) as of the
date of the acquisition of such Certificate by a Plan.  As of the Closing Date, each of the Class F-RR, Class G-RR
and Class H-RR Certificates is an ERISA Restricted Certificate.

 

“Escrow
Payment”:  Any payment received by the Master Servicer or the Special Servicer for the account of any Mortgagor
for application toward the payment of real estate taxes, assessments, insurance premiums, ground lease rents and similar items
in respect of the related Mortgaged Property, including amounts for deposit to any reserve account.

 

“Euroclear”: 
The Euroclear System or any successor thereto.

 

“Excess
Interest”:  With respect to each ARD Loan, interest accrued on such ARD Loan after the Anticipated Repayment Date
allocable to the Excess Rate, including all interest accrued thereon to the extent permitted by applicable law and the related
Mortgage Loan documents.  The Excess Interest shall not be an asset of either Trust REMIC, but rather shall be an asset of
the Grantor Trust.

 

“Excess
Interest Distribution Account”:  The trust account or accounts created and maintained as a separate account or
accounts (or as a subaccount of the Distribution Account) by the Certificate Administrator pursuant to Section 3.04(c),
which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2019-C54,
Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class V Certificates, Excess Interest Distribution Account”,
and which must be an Eligible Account (or a subaccount of an Eligible Account).  The Excess Interest Distribution Account
shall be held solely for the benefit of the Holders of the Class V Certificates.  The Excess Interest Distribution Account
shall not be an asset of either Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

“Excess
Modification Fee Amount”:  With respect to either the Master Servicer or the Special Servicer, any Corrected Loan
and any particular modification, waiver, extension or amendment with respect to such Corrected Loan that gives rise to the payment
of a Workout Fee, an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of the

 

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related
Mortgagor with respect to the related Mortgage Loan (including the related Serviced Companion Loan, if applicable, unless
prohibited under the related Intercreditor Agreement) and received and retained by the Master Servicer or the Special
Servicer, as applicable, as compensation within the prior twelve (12) months of such modification, waiver, extension or
amendment, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation
Fee.

 

“Excess
Modification Fees”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced
Whole Loan, the sum of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification,
waiver, extension or amendment of any of the terms of such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all
unpaid or unreimbursed additional expenses (including, without limitation, reimbursement of Advances and interest on Advances
to the extent not otherwise paid or reimbursed by the Mortgagor but excluding Special Servicing Fees, Workout Fees and Liquidation
Fees) outstanding or previously incurred on behalf of the Trust with respect to the related Mortgage Loan or Serviced Whole Loan,
as applicable, and reimbursed from such Modification Fees and (B) expenses previously paid or reimbursed from Modification
Fees as described in the preceding clause (A), which expenses have been recovered from the related Mortgagor or otherwise. 
With respect to each of the Master Servicer and the Special Servicer, the Excess Modification Fees collected and earned by such
Person from the related Mortgagor (taken in the aggregate with any other Excess Modification Fees collected and earned by such
Person from the related Mortgagor within the prior twelve (12) months of the collection of the current Excess Modification
Fees) will be subject to a cap of 1.0% of the outstanding principal balance of the related Mortgage Loan or Serviced Whole Loan,
as applicable, on the closing date of the related modification, extension, waiver or amendment (after giving effect to such modification,
extension, waiver or amendment) with respect to any Mortgage Loan or Serviced Whole Loan, as applicable.

 

“Excess
Prepayment Interest Shortfall”:  The aggregate of any Prepayment Interest Shortfalls resulting from any Principal
Prepayments made on the Mortgage Loans to be included in the Available Funds for any Distribution Date that are not covered by
the Master Servicer’s Compensating Interest Payment for the related Distribution Date and the portion of the compensating
interest payments allocable to any Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced Master Servicer.

 

“Excess
Rate”:  With respect to each ARD Loan, the excess of (i) the applicable Revised Rate over (ii) the applicable
Mortgage Rate, each as set forth in the Mortgage Loan Schedule.

 

“Exchange
Act”:  The Securities Exchange Act of 1934, as amended from time to time and the rules and regulations of the Commission
thereunder.

 

“Excluded
Controlling Class Holder”:  With respect to any Excluded Controlling Class Loan, the Directing Certificateholder
or any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded Controlling
Class Loan.  Promptly upon obtaining actual knowledge of the Directing Certificateholder or any Controlling Class Certificateholder
becoming an “Excluded Controlling Class Holder”, such Directing Certificateholder or Controlling Class Certificateholder,
as applicable, shall provide notice in the

 

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form
of Exhibit P-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate
Administrator, which notice shall be physically delivered in accordance with Section 13.05 of this Agreement and shall
specifically identify the Excluded Controlling Class Holder and the subject Excluded Controlling Class Loan.  Additionally,
any Excluded Controlling Class Holder shall also send to the Certificate Administrator a notice substantially in the form
of Exhibit P-1F hereto, which notice shall provide each of the CTSLink User ID associated with such Excluded Controlling
Class Holder, and which notice shall direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s
access to the Certificate Administrator’s Website as and to the extent provided in this Agreement.  As of the Closing
Date, there are no Excluded Controlling Class Holders related to the Trust.

 

“Excluded
Controlling Class Loan”:  Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination,
the Directing Certificateholder or (except for purposes of determining whether a Servicing Shift Mortgage Loan or Servicing Shift
Whole Loan is an Excluded Controlling Class Loan with respect to the related Loan-Specific Directing Certificateholder) any
Controlling Class Certificateholder is a Borrower Party.  For the avoidance of doubt, if a Mortgage Loan or Whole Loan
is not an Excluded Controlling Class Loan, such Mortgage Loan or Whole Loan is also not an Excluded DCH Loan.  As of
the Closing Date, there are no Excluded Controlling Class Loans related to the Trust.

 

“Excluded
DCH Loan”:  Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Directing
Certificateholder or (except for purposes of determining whether a Servicing Shift Mortgage Loan or Servicing Shift Whole Loan
is an Excluded DCH Loan with respect to the related Loan-Specific Directing Certificateholder)  the Holder of the majority
of the Controlling Class is a Borrower Party.  For the avoidance of doubt, any Excluded DCH Loan is also an Excluded
Controlling Class Loan.  As of the Closing Date, there are no Excluded DCH Loans related to the Trust.

 

“Excluded
Information”:  With respect to any Excluded Controlling Class Loan, any information solely related to such
Excluded Controlling Class Loan, which shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof),
inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any Excluded Special Servicer and
which may include any Operating Advisor reports delivered to the Certificate Administrator regarding the Special Servicer’s
net present value determination or any Appraisal Reduction Amount calculations delivered pursuant to Section 3.26(e),
and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination
that any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other information and reports designated as Excluded
Information by the Special Servicer, the Master Servicer or the Operating Advisor, as applicable, but in each case other than
information with respect to such Excluded Controlling Class Loan that is aggregated with information of other Mortgage Loans
at a pool level.  For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting
Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to any Excluded
Controlling Class Loan) and any Schedule AL Additional File shall not be considered “Excluded Information”. 
Each of the Master Servicer, the Special Servicer and the Operating Advisor shall deliver any Excluded Information to the Certificate
Administrator in accordance with Section 3.33.  For the avoidance of doubt, the Certificate Administrator’s
obligation to segregate any information delivered to it under the “Excluded Information” tab on

 

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the
Certificate Administrator’s Website shall be triggered solely by such information being delivered in the manner provided
in Section 3.26.

 

“Excluded
Loan”:  With respect to the Directing Certificateholder or the Holder of the majority of the Controlling Class,
any Excluded DCH Loan.  As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded
Special Servicer”:  With respect to any Excluded Special Servicer Loan, a replacement special servicer that is
not a Borrower Party and satisfies all of the eligibility requirements applicable to the Special Servicer set forth in Section 7.01(g). 
As of the Closing Date, there are no Excluded Special Servicers related to the Trust.

 

“Excluded
Special Servicer Information”:  With respect to any Excluded Special Servicer Loan, any information solely related
to such Excluded Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports,
Final Asset Status Reports (or summaries thereof), any Operating Advisor reports delivered to the Certificate Administrator regarding
an Excluded Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations delivered
pursuant to Section 3.26(e), and any Officer’s Certificates delivered by the Master Servicer or the applicable
Excluded Special Servicer supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance,
or such other information and reports designated as Excluded Special Servicer Information by the applicable Excluded Special Servicer,
the Master Servicer or the Operating Advisor, as applicable, in each case, other than information with respect to such Excluded
Special Servicer Loan(s) that is aggregated with information with respect to the other Mortgage Loans at a pool level.  For
the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC®
IRP) (other than the CREFC® Special Servicer Loan File relating to any Excluded Special Servicer Loan) and
any Schedule AL Additional File shall not be considered “Excluded Special Servicer Information”.

 

“Excluded
Special Servicer Loan”:  Any Mortgage Loan or Serviced Whole Loan with respect to which, as of any date of determination,
the Special Servicer obtains knowledge that it has become a Borrower Party.  For the avoidance of doubt, there are no Excluded
Special Servicer Loans related to the Trust as of the Closing Date.

 

“Extended
Cure Period”:  As defined in Section 2.03(b).

 

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

 

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

 

“Final
Asset Status Report”:  With respect to any Specially Serviced Loan, the final iteration of the related Asset Status
Report, together with such other data or supporting information provided by the Special Servicer to the Directing Certificateholder,
which does not include any communication (other than the related Asset Status Report) between the Special Servicer and Directing
Certificateholder with respect to such Specially Serviced Loan required to be delivered by the Special Servicer by the Initial
Delivery Date and any Subsequent Asset Status Report, in each case, in the form fully approved or deemed approved, if applicable,
by the Directing Certificateholder pursuant to the Directing Certificateholder Approval Process or following

 

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completion
of the ASR Consultation Process, as applicable.  For the avoidance of doubt, the Special Servicer may issue more than one
Final Asset Status Report with respect to any Specially Serviced Loan in accordance with the procedures described above. 
The Operating Advisor is only required to review Asset Status Reports delivered to it by the Special Servicer.  Each Final
Asset Status Report shall be labeled or otherwise communicated as being “final”.

 

“Final
Dispute Resolution Election Notice”:  As defined in Section 2.03(l)(iii).

 

“Final
Recovery Determination”:  A reasonable determination by the Special Servicer, in consultation with the Directing
Certificateholder if related to a Mortgage Loan other than an Excluded DCH Loan and made prior to the occurrence and continuance
of a Consultation Termination Event, with respect to any Defaulted Loan (and, if applicable, any defaulted Companion Loan) or
Corrected Loan or REO Property (other than a Mortgage Loan or REO Property, as the case may be, that was purchased by (i) any
of the Mortgage Loan Sellers pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement, (ii) the Special
Servicer or other person pursuant to Section 3.16(b), any Companion Holder or any mezzanine lender pursuant to Section 3.16
or (iii) the Master Servicer, the Special Servicer, the Holders of the Controlling Class, or the Holders of the Class R
Certificates pursuant to Section 9.01) that there has been a recovery of all Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenue and other payments or recoveries that, in the Special Servicer’s judgment, which judgment
was exercised without regard to any obligation of the Special Servicer to make payments from its own funds pursuant to Section 3.07(b),
will ultimately be recoverable.  With respect to all Mortgage Loans other than Excluded DCH Loans, prior to the occurrence
and continuance of any Control Termination Event, the Directing Certificateholder shall have ten (10) Business Days to review
and approve each such recovery determination by the Special Servicer; provided, however, that if the Directing Certificateholder
fails to approve or disapprove any recovery determination within ten (10) Business Days of receipt of the initial recovery
determination, such consent shall be deemed given.

 

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

 

“Form 8-K
Disclosure Information”:  As defined in Section 11.07.

 

“Form 15
Suspension Notification”:  As defined in Section 11.08.

 

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

 

“Gain-on-Sale
Entitlement Amount”:  With respect to each Distribution Date, the aggregate amount of (i) the sum of (a) the aggregate
portion of the Interest Distribution Amount for each Class of Regular Certificates that would remain unpaid as of the close
of business on such Distribution Date, and (b) the amount by which the Principal Distribution Amount exceeds the

 

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aggregate
amount that would actually be distributed on the Distribution Date in respect of such Principal Distribution Amount, and (ii)
any Realized Losses outstanding immediately after such Distribution Date, in each case, to the extent such amounts would occur
on such Distribution Date or would be outstanding immediately after such Distribution Date, as applicable, without the inclusion
of the Gain-on-Sale Remittance Amount as part of the definition of Available Funds.

 

“Gain-on-Sale
Proceeds”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage
Loan pursuant to the related Intercreditor Agreement) over (ii) the Purchase Price for such Mortgage Loan on the date on
which Liquidation Proceeds were received.  Gain-on-Sale Proceeds shall exclude any amounts allocated as a Yield Maintenance
Charge, Prepayment Premium, recovery of any late payment charges and default interest or recovery of any assumption fees and Modification
Fees pursuant to Section 3.02(a), Section 3.02(b) and Section 3.02(c).

 

“Gain-on-Sale
Remittance Amount”:  With respect to each Distribution Date, an amount equal to the lesser of (i) the amount on
deposit in the Gain-on-Sale Reserve Account on such Distribution Date, and (ii) the Gain-on-Sale Entitlement Amount.

 

“Gain-on-Sale
Reserve Account”:  A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Certificateholders,
which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2019-C54,
Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Gain-on-Sale Reserve Account”.  Any such account shall
be an Eligible Account or a subaccount of an Eligible Account.

 

“Grace
Period”:  The number of days before a payment default is an event of default under the related Mortgage Loan.

 

“Grantor
Trust”:  As defined in the Preliminary Statement.

 

“Ground
Lease”:  The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property
and any estoppels or other agreements executed and delivered by the ground lessor in favor of the lender under the Mortgage Loan.

 

“Hazardous
Materials”:  Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without
limitation, those so identified pursuant to CERCLA or any other federal, state or local environmental related laws and regulations,
and specifically including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas,
petroleum and petroleum products, urea formaldehyde and any substances classified as being “in inventory,” “usable
work in process” or similar classification which would, if classified as unusable, be included in the foregoing definition.

 

“Horizontal
Risk Retention Certificates”:  Individually and collectively the Class E-RR, Class F-RR, Class G-RR
and Class H-RR Certificates.

 

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“Impermissible
Risk Retention Affiliate”:  As defined in Section 3.31.

 

“Impermissible
TPP Affiliate”:  As defined in Section 3.31.

 

“Independent”: 
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of
the Commission’s Regulation S-X.  When used with respect to any specified Person, any such Person who (i) is
in fact independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the
Directing Certificateholder, the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together
with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer and all Affiliates thereof,
(ii) does not have any material direct financial interest in or any material indirect financial interest in any of the Trustee,
the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder, the
Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage
Loans)), the Operating Advisor, the Asset Representations Reviewer or any Affiliate thereof and (iii) is not connected with
the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder,
the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether alone or together with one or more other
Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer or any Affiliate thereof as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that
a Person shall not fail to be Independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the
Special Servicer, the Directing Certificateholder, the Companion Holders or any Affiliate thereof merely because such Person is
the beneficial owner of 1% or less of any Class of securities issued by the Trustee, the Certificate Administrator, the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder,
the Companion Holders or any Affiliate thereof, as the case may be, so long as such ownership constitutes less than 1% of the
total assets of such Person.  For the avoidance of doubt, the exception in the proviso above for ownership of 1% or less
of any Class of Certificates shall not apply with respect to the Operating Advisor or the Asset Representations Reviewer.

 

“Independent
Contractor”:  Either (i) any Person that would be an “independent contractor” with respect to
the Trust within the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that
the ownership test set forth in that Section shall be considered to be met by any Person that owns, directly or indirectly, 35%
or more of any Class of Certificates, or such other interest in any Class of Certificates as is set forth in an Opinion
of Counsel, which shall be at no expense to the Trustee, the Certificate Administrator, the Master Servicer, any Companion Holder
or the Trust, delivered to the Trustee, any Companion Holder, the Certificate Administrator and the Master Servicer), so long
as the Trust does not receive or derive any income from such Person and provided that the relationship between such Person
and the Trust is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that
neither the Master Servicer nor the Special Servicer shall be considered to be an Independent Contractor under the definition
in this clause (i) unless an Opinion of Counsel has been delivered to the Trustee and the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer or the Special Servicer) upon receipt by the
Trustee, the Certificate Administrator, the Operating Advisor and the Master Servicer of an Opinion of 

 

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Counsel,
which shall be at no expense to the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor or the
Trust, to the effect that the taking of any action in respect of any REO Property by such Person, subject to any conditions therein
specified, that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such REO Property to
cease to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or cause any
income realized in respect of such REO Property to fail to qualify as Rents from Real Property.

 

“Initial
Cure Period”:  As defined in Section 2.03(b).

 

“Initial
Delivery Date”:  As defined in Section 3.19(d).

 

“Initial
Purchasers”:  Wells Fargo Securities, LLC, UBS Securities LLC, Academy Securities, Inc. and Drexel Hamilton, LLC.

 

“Initial
Requesting Certificateholder”:  The first Certificateholder or Certificate Owner to deliver a Certificateholder
Repurchase Request as described in Section 2.03(k) with respect to a Mortgage Loan.  For the avoidance of doubt,
there may not be more than one Initial Requesting Certificateholder with respect to any Mortgage Loan.

 

“Initial
Schedule AL Additional File”: The data file prepared by or on behalf of the Depositor containing additional information
or schedules regarding data points in the Initial Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and
Item 601(b)(103) of Regulation S-K under the Securities Act and filed as Exhibit 103 to the Form ABS-EE incorporated by reference
into the Prospectus.

 

“Initial
Schedule AL File”: The data file(s) prepared by, or on behalf of, the Depositor and filed as Exhibit 102 and, if
applicable, Exhibit 103 to the Form ABS-EE incorporated by reference into the Prospectus.

 

“Initial
Sub-Servicer”:  With respect to each Mortgage Loan that is subject to a Sub-Servicing Agreement with the Master
Servicer as of the Closing Date, the Sub-Servicer under any such Sub-Servicing Agreement.  As of the Closing Date, each entity
listed on Exhibit FF is an Initial Sub-Servicer.

 

“Initial
Sub-Servicing Agreement”:  Any Sub-Servicing Agreement in effect as of the Closing Date.

 

“Inquiry”
and “Inquiries”:  As each is defined in Section 4.07(a).

 

“Institutional
Accredited Investor”:  An institutional investor which is an “accredited investor” within the meaning
of paragraphs (1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Act or any entity in which all of the equity
owners come within such paragraphs.

 

“Insurance
and Condemnation Proceeds”:  All proceeds paid under any Insurance Policy or in connection with the full or partial
condemnation of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the
related Mortgaged 

 

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Property
or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard (and
in the case of any Mortgage Loan with a related Companion Loan, to the extent that any portion of such proceeds are received by
the Master Servicer or Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations set forth
in the related Intercreditor Agreement) and the REMIC Provisions.

 

“Insurance
Summary Report”:  With respect to each Mortgage Loan, a report or other summary prepared either by the related
Mortgage Loan Seller or a third party insurance consultant on behalf of the related Mortgage Loan Seller that provides a summary
of all insurance policies covering the related Mortgaged Property(ies), identifying the insurance provider, applicable ratings
of each such provider and the amount of coverage and any applicable deductible.

 

“Insurance
Policy”:  With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy
or other insurance policy that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

 

“Intercreditor
Agreement”:  Each intercreditor agreement, co-lender agreement or other similar agreement between noteholders relating
to a Whole Loan described in the table and footnotes under the heading “Whole Loans” in the Preliminary Statement
hereto (each of such agreements, a “Designated Intercreditor Agreement”), and any intercreditor agreement entered
into in connection with the issuance to the direct or indirect equity holders in the Mortgagor of any existing mezzanine indebtedness
or any future mezzanine indebtedness permitted under the related Mortgage Loan documents.

 

“Interest
Accrual Amount”:  With respect to any Distribution Date and any Class of Regular Certificates, the amount
of interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class of Certificates on the
Certificate Balance or Notional Amount, as applicable, for such Class immediately prior to that Distribution Date. 
Calculations of interest for each Interest Accrual Period will be made on 30/360 basis.

 

“Interest
Accrual Period”:  For each Distribution Date, the calendar month prior to the month in which that Distribution
Date occurs.

 

“Interest
Distribution Amount”:  With respect to any Class of Regular Certificates for any Distribution Date, an amount
equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class of Certificates for such Distribution
Date and (ii) the Interest Shortfall, if any, with respect to such Class of Certificates for such Distribution Date,
less (B) any Excess Prepayment Interest Shortfall allocated to such Class of Certificates on such Distribution Date.

 

For
purposes of clause (B) above, the Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be
allocated to each Class of Regular Certificates in an amount equal to the product of (i) the amount of such Excess Prepayment
Interest Shortfall and (ii) a fraction, the numerator of which is the Interest Accrual Amount for such Class for such
Distribution Date and the denominator of which is the aggregate Interest Accrual Amounts for all Classes of Regular Certificates
for such Distribution Date.

 

“Interest
Reserve Account”:  The trust account or subaccount of the Distribution Account created and maintained by the Certificate
Administrator pursuant to Section 3.04(b)

 

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initially
in the name of “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial
Mortgage Pass-Through Certificates, Series 2019-C54, Interest Reserve Account”, into which the amounts set forth in Section 3.21
shall be deposited directly and which must be an Eligible Account or subaccount of an Eligible Account.

 

“Interest
Shortfall”:  With respect to any Distribution Date for any Class of Regular Certificates, the sum of (a) the
portion of the Interest Distribution Amount for such Class of Certificates remaining unpaid as of the close of business on
the preceding Distribution Date, and (b) to the extent permitted by applicable law, (i) other than in the case of Class X
Certificates, one month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class of
Certificates for the current Distribution Date and (ii) in the case of the Class X Certificates, one-month’s
interest on that amount remaining unpaid at the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Interested
Person”:  As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Certificateholder, any
Sponsor, any Borrower Party, any Independent Contractor engaged by the Special Servicer, or any known Affiliate of any of the
preceding entities.  With respect to a Whole Loan if it is a Defaulted Loan, the Depositor, the Master Servicer, the Special
Servicer (or any Independent Contractor engaged by the Special Servicer), or the trustee for the securitization of a Companion
Loan, and each related Companion Holder or its representative, any holder of a related mezzanine loan, or any known Affiliate
of any such party described above.

 

“Investment
Account”:  As defined in Section 3.06(a).

 

“Investment
Representation Letter”:  As defined in Section 5.03(e), a form of which is attached hereto as Exhibit C.

 

“Investor
Certification”:  A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A,
Exhibit P-1B, Exhibit P-1C or Exhibit P-1D to this Agreement or in the form of an electronic certification
contained on the Certificate Administrator’s Website (which may be a click-through confirmation), representing (i) that
such Person executing the certificate is a Certificateholder, the Directing Certificateholder (to the extent such Person is not
a Certificateholder), a beneficial owner of a Certificate, a prospective purchaser of a Certificate or a Companion Holder (or
any investment advisor, manager or other representative of the foregoing), (ii) that either (a) such Person is not a
Borrower Party, in which case such Person shall have access to all the reports and information made available to Certificateholders
via the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if
such Person is the Directing Certificateholder or a Controlling Class Certificateholder, such Person shall have access to
all the reports and information made available to Certificateholders via the Certificate Administrator’s Website hereunder
other than any Excluded Information as set forth herein or (2)  if such Person is not the Directing Certificateholder
or a Controlling Class Certificateholder, such Person shall only receive access to the Distribution Date Statements to Certificateholders
prepared by the Certificate Administrator, (iii) (other than with

 

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respect
to a Companion Holder) that such Person has received a copy of the final Prospectus and (iv) such Person agrees to keep any
Privileged Information confidential and will not violate any securities laws; provided, however, that any Excluded
Controlling Class Holder (i) shall be permitted to reasonably request and obtain in accordance with Section 4.02(f)
of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such
Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such
Excluded Controlling Class Holder via the Certificate Administrator’s Website on account of it constituting Excluded
Information) and (ii) shall be considered a Privileged Person for all other purposes, except with respect to its ability
to obtain information with respect to any related Excluded Controlling Class Loan.  The Certificate Administrator may
require that Investor Certifications be re-submitted from time to time in accordance with its policies and procedures and shall
restrict access to the Certificate Administrator’s Website to any mezzanine lender upon notice from any party to this Agreement
that such mezzanine lender has become an Accelerated Mezzanine Loan Lender.

 

“Investor
Q&A Forum”:  As defined in Section 4.07(a).

 

“Investor
Registry”:  As defined in Section 4.07(b).

 

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

 

“Late
Collections”:  With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior
to the related Determination Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise,
which represent late payments or collections of principal or interest due in respect of such Mortgage Loan, Whole Loan or Companion
Loan, as applicable (without regard to any acceleration of amounts due thereunder by reason of default), on a Due Date prior to
the immediately preceding Determination Date and not previously recovered.  With respect to any REO Loan, all amounts received
in connection with the related REO Property prior to the related Determination Date, whether as Insurance and Condemnation Proceeds,
Liquidation Proceeds, REO Revenues or otherwise, which represent late collections of principal or interest due or deemed due in
respect of such REO Loan or the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable (without regard to any
acceleration of amounts due under the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable, by reason of default),
on a Due Date prior to the immediately preceding Determination Date and not previously recovered.  The term “Late Collections”
shall specifically exclude Penalty Charges.  With respect to any Whole Loan, as used in this Agreement, Late Collections
shall refer to such portion of Late Collections to the extent allocable to the related Mortgage Loan or related Companion
Loan, as applicable, pursuant to the terms of the related Intercreditor Agreement.

 

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“Legal
Fee Reserve Account”:  The account created and maintained by the Certificate Administrator pursuant to Section 3.04(b),
in the name of the “Legal Fee Reserve Account”, into which the amounts set forth in Section 3.04(b) shall
be deposited directly and which must be an Eligible Account.

 

“Liquidation
Event”:  With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any
of the following events:  (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with
respect to such Mortgage Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller pursuant to
Section 5 of the related Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is purchased by the Special Servicer,
or by any Companion Holder or any mezzanine lender (as applicable) pursuant to Section 3.16 (and the related Intercreditor
Agreement, as applicable); (v) such Mortgage Loan is purchased by the Special Servicer, the Master Servicer, the Holders
of the majority of the Controlling Class or the Holders of the Class R Certificates pursuant to Section 9.01
or acquired by the Sole Certificateholder in exchange for its Certificates pursuant to Section 9.01; or (vi) such
Mortgage Loan is sold by the Special Servicer pursuant to the terms of this Agreement.

 

“Liquidation
Expenses”:  All customary, reasonable and necessary “out of pocket” costs and expenses incurred by
the Special Servicer in connection with a liquidation of any Specially Serviced Loan or REO Property (except with respect to a
Non-Serviced Mortgaged Property) pursuant to Section 3.16 (including, without limitation, legal fees and expenses,
committee or referee fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”:  A fee payable to (A) the Master Servicer with respect to each Mortgage Loan (other than a Non-Serviced Mortgage
Loan) with respect to which the Master Servicer acts as Enforcing Servicer and (B) the Special Servicer with respect to (x) each
Non-Specially Serviced Loan with respect to which the Special Servicer acts as Enforcing Servicer, (y) each Specially Serviced
Loan and (z) each REO Property (except with respect to a Non-Serviced Mortgaged Property) as to which the Master Servicer or the
Special Servicer, as applicable, obtains (i) a full, partial or discounted payoff from the related Mortgagor, (ii) any
Liquidation Proceeds or Insurance and Condemnation Proceeds (including with respect to the related Companion Loan, if applicable,
and, in any case, other than amounts for which a Workout Fee has been paid, or will be payable), or (iii) Loss of Value Payment
paid by the responsible party under the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan (and any related
Companion Loan, if applicable), equal to the product of the Liquidation Fee Rate and (1) the proceeds of such full, partial or
discounted payoff or other partial payment, or (2) the Liquidation Proceeds or Insurance and Condemnation Proceeds (net of
the related costs and expenses associated with the related liquidation) related to such liquidated Mortgage Loan or REO Property,
as the case may be; provided, however, that no Liquidation Fee shall be payable with respect to (a) the purchase
of any Specially Serviced Loan by the Special Servicer or any Affiliate thereof (except if such Affiliate purchaser is the Directing
Certificateholder or any Affiliate thereof; provided, however, that prior to a Control Termination Event, if the
Directing Certificateholder or an Affiliate thereof purchases any Specially Serviced Loan within ninety (90) days after
the Special Servicer delivers to the Directing Certificateholder for its approval the initial Asset Status Report with respect
to such Specially Serviced Loan, the Special Servicer will not be entitled to a Liquidation Fee in connection with such purchase
by the Directing

 

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Certificateholder
or its Affiliates), (b) any event described in clause (iv) of the definition of “Liquidation Proceeds”
(or any substitution in lieu of a repurchase) so long as such repurchase or substitution occurs prior to the termination of the
Extended Cure Period, (c) any event described in clauses (v), (vi) and (vii) of the definition
of “Liquidation Proceeds”, as long as, with respect to a purchase pursuant to clause (vi) of the definition
of “Liquidation Proceeds”, a purchase occurs within ninety (90) days of such holder’s purchase option
first becoming exercisable during that period prior to such Mortgage Loan becoming a Corrected Loan pursuant to the related Intercreditor
Agreement, (d) (x) a repurchase of a Serviced Companion Loan by the applicable Mortgage Loan Seller for a breach of
a representation or warranty or for a defective or deficient mortgage loan documentation under an Other Pooling and Servicing
Agreement within the time period (or extension thereof) provided for such repurchase or such repurchase occurs prior to the termination
of the extended resolution period provided therein or (y) a purchase of a Serviced Companion Loan by any applicable party
to the Other Pooling and Servicing Agreement pursuant to a clean-up call or similar liquidation of the Other Securitization, (e) if
a Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan solely because of a Servicing Transfer Event described
in clause (i) or (ii) of the definition of “Servicing Transfer Event”, Liquidation Proceeds are
received within ninety (90) days following the related Maturity Date as a result of such Mortgage Loan or Serviced Whole
Loan being refinanced or otherwise repaid in full (but, in the event that a Liquidation Fee is not payable due to the application
of any of clauses (a) through (e) above, the Special Servicer may still collect and retain a Liquidation
Fee and similar fees from the related Mortgagor to the extent provided for in, or not prohibited by, the related loan documents),
or (f) in connection with a Loss of Value Payment by a Mortgage Loan Seller if the applicable Mortgage Loan Seller makes such
Loss of Value Payment within the 90-day initial cure period or, if applicable, within the subsequent 90-day extended cure period;
provided that the Liquidation Fee with respect to any Mortgage Loan will be reduced by the amount of any Excess Modification
Fees paid by or on behalf of the related Mortgagor with respect to the related Mortgage Loan and any related Companion Loan, as
applicable, or REO Property and received by the Special Servicer as compensation within the prior twelve (12) months, but
only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Liquidation
Fee Rate”:  A rate equal to 1.00% with respect to any Mortgage Loan (and each related Serviced Companion Loan)
and REO Property; provided that if such rate would result in an aggregate Liquidation Fee less than $25,000, then the Liquidation
Fee Rate will be equal to such higher rate as would result in an aggregate Liquidation Fee equal to $25,000.

 

“Liquidation
Proceeds”:  Cash amounts received by or paid to the Master Servicer or the Special Servicer in connection with: 
(i) the liquidation (including a payment in full) of a Mortgaged Property or other collateral constituting security for a
Defaulted Loan or defaulted Companion Loan, if applicable, through a trustee’s sale, foreclosure sale, REO Disposition
or otherwise, exclusive of any portion thereof required to be released to the related Mortgagor in accordance with applicable
law and the terms and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment
obtained against a Mortgagor; (iii) any sale of (A) a Specially Serviced Loan pursuant to Section 3.16(a)
or (B) any REO Property pursuant to Section 3.16(b); (iv) the repurchase of a Mortgage Loan by the applicable
Mortgage Loan Seller pursuant to Section 5 of the related Mortgage Loan Purchase Agreement; (v) the purchase of a Specially
Serviced Loan or REO Property by the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer
or the Holders of the Class R 

 

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Certificates
pursuant to Section 9.01; (vi) the purchase of a Mortgage Loan or an REO Property by (a) the applicable
Subordinate Companion Holder or (b) the related mezzanine lender pursuant to Section 3.16 and the related Intercreditor
Agreement; or (vii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection Account
in accordance with Section 3.05(g) of this Agreement (provided that, for the purpose of determining the amount
of the Liquidation Fee (if any) payable to the Special Servicer or the Master Servicer in connection with such Loss of Value Payment,
the full amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the
Liquidation Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). 
With respect to any Whole Loan, as used in this Agreement, Liquidation Proceeds shall refer to such portion of Liquidation Proceeds
to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related
Intercreditor Agreement.

 

“Litigation
Control”:  As defined in Section 3.32.

 

“Loan-Specific
Directing Certificateholder”:  With respect to a Servicing Shift Whole Loan, the “Controlling Holder”,
the “Directing Certificateholder”, the “Directing Holder”, the “Directing Lender” or any analogous
concept set forth under the related Intercreditor Agreement.  Prior to the applicable Servicing Shift Date, a Loan-Specific
Directing Certificateholder with respect to the related Servicing Shift Whole Loan will be the holder of the related Servicing
Shift Control Note.  With respect to each Servicing Shift Whole Loan, on and after the applicable Servicing Shift Date, there
will be no Loan-Specific Directing Certificateholder under this Agreement.  For the avoidance of doubt, there are no Loan-Specific
Directing Certificateholders related to the Trust as of the Closing Date.

 

“Loss
of Value Payment”:  As defined in Section 2.03(b) of this Agreement.

 

“Loss
of Value Reserve Fund”:  The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(i) of this Agreement.  The Loss of Value Reserve Fund will be part
of the Trust Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier
Distribution Amount”:  As defined in Section 4.01(c).

 

“Lower-Tier
Principal Amount”:  With respect to any Class of Lower-Tier Regular Interests, (i) on or prior to the
first Distribution Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Preliminary
Statement hereto, and (ii) as of any date of determination after the first Distribution Date, an amount equal to the Certificate
Balance of the Class of Related Certificates on the Distribution Date immediately prior to such date of determination (determined
as adjusted pursuant to Section 1.02(iii)), and as set forth in Section 4.01(c)).

 

“Lower-Tier
Regular Interests”:  Any of the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4,
Class LAS, Class LB, Class LC, Class LD, Class LERR, Class LFRR, Class LGRR and Class LHRR
Uncertificated Interests.

 

“Lower-Tier
REMIC”:  One of two separate REMICs comprising a portion of the Trust Fund, which consist of the Mortgage Loans
(exclusive of Excess Interest) and the proceeds

 

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thereof,
any REO Property with respect thereto (or an allocable portion thereof, in the case of any Serviced Mortgage Loan), or the Trust’s
beneficial interest in the REO Property with respect to a Non-Serviced Whole Loan, such amounts as shall from time to time be
held in the Collection Account (other than with respect to any Companion Loan), the related portion of the REO Account, if any,
the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Lower-Tier REMIC Distribution Account, and all other properties
included in the Trust Fund that are not in the other Trust REMIC or the Grantor Trust, except for the Loss of Value Reserve Fund.

 

“Lower-Tier
REMIC Distribution Account”:  The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall
initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust,
National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust 2019-C54,
Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Lower-Tier REMIC Distribution Account”.  Any such account,
accounts or sub-accounts shall be an Eligible Account.

 

“LTV
Ratio”:  With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage,
the numerator of which is the scheduled principal balance of such Mortgage Loan, as of such date (assuming no defaults or prepayments
on such Mortgage Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAI”: 
Member of the Appraisal Institute.

 

“Major
Decision”:  As defined in Section 6.08(a).

 

“Major
Decision Reporting Package”:  As defined in Section 6.08(a).

 

“Master
Servicer”:  Wells Fargo Bank, National Association and its successors in interest or assigns, or any successor
thereto (as Master Servicer) appointed as provided herein.

 

“Master
Servicer Decision”:  As defined in Section 3.18(m).

 

“Master
Servicer Proposed Course of Action Notice”:  As defined in Section 2.03(k)(iv).

 

“Material
Defect”:  With respect to any Mortgage Loan, a Defect in any Mortgage File or a Breach, which Defect or Breach,
as the case may be, materially and adversely affects the value of such Mortgage Loan, the value of the related Mortgaged Property
or the interests of the Trustee or any Certificateholder therein or causes such Mortgage Loan to be other than a Qualified Mortgage.

 

“Maturity
Date”:  With respect to any Mortgage Loan, Whole Loan or Companion Loan, as of any date of determination, the date
on which the last payment of principal is due and payable under the related Mortgage Note, after taking into account all Principal
Prepayments received prior to such date of determination, but without giving effect to (i) any acceleration of the

 

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principal
of such Mortgage Loan, Whole Loan or Companion Loan by reason of default thereunder or (ii) any Grace Period permitted by
the related Mortgage Note.

 

“Mediation
Rules”:  As defined in Section 2.03(m)(i).

 

“Mediation
Services Provider”:  As defined in Section 2.03(m)(i).

 

“Merger
Notice”:  As defined in Section 6.03(b).

 

“Modification
Fees”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, any
and all fees with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term
of the Mortgage Loan documents and/or related Serviced Companion Loan documents (as evidenced by a signed writing) agreed to by
the Master Servicer or the Special Servicer, as applicable (other than all assumption fees, assumption application fees, consent
fees, defeasance fees, Special Servicing Fees, Liquidation Fees or Workout Fees).

 

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

 

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

 

“Mortgage”: 
With respect to any Mortgage Loan or Companion Loan, the mortgage(s), deed(s) of trust or other instrument(s) securing the related
Mortgage Note and creating a first mortgage lien on the fee and/or leasehold interest in the related Mortgaged Property.

 

“Mortgage
File”:  With respect to each Mortgage Loan or Companion Loan, if applicable, but subject to Section 2.01,
collectively the following documents:

 

(i)          the original Mortgage Note, endorsed on its face or by allonge to the Mortgage Note, without recourse, to “Pay to the order
of Wilmington Trust, National Association, as Trustee for the benefit of the registered holders of Wells Fargo Commercial Mortgage
Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, without recourse, representation or warranty”
or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another 

 

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prior holder, together with a copy of the Mortgage Note and an indemnity properly assigned and endorsed to the
Trustee);

 

(ii)        
the original or a copy of the Mortgage, together with an original or copy of any intervening Assignments of Mortgage, in
each case with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(iii)        an original Assignment of Mortgage in blank or in favor of “Wilmington Trust, National Association, as trustee for the benefit
of the registered holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series
2019-C54” (or in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or
similar capacity under the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject
to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable form
(or, if the related Mortgage Loan Seller is responsible for the recordation of that Assignment of Mortgage, a copy thereof certified
to be the copy of such Assignment of Mortgage submitted, or to be submitted, for recording);

 

(iv)       the original or a copy of any related Assignment of Leases and of any intervening Assignments (if such item is a document separate
from the Mortgage), with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(v)        an original Assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in blank or
in favor of “Wilmington Trust, National Association, as trustee for the benefit of the registered holders of Wells Fargo
Commercial Mortgage Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54”
(or in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or similar capacity
under the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders) and (subject to the completion
of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related
Mortgage Loan Seller is responsible for the recordation of that Assignment, a copy thereof certified to be the copy of such Assignment
submitted or to be submitted for recording);

 

(vi)       the original assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned
pursuant to clause (iii) or clause (v) above;

 

(vii)        originals or copies of all modification, consolidation, assumption, written assurance and substitution agreements in those instances
in which the terms or provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or
consolidated;

 

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(viii)      the original or a copy of the policy or certificate of lender’s title insurance (which may be in electronic form) issued
in connection with the origination of such Mortgage Loan, or, if such policy has not been issued or located, an irrevocable, binding
commitment (which may be a marked version of the policy that has been executed by an authorized representative of the title company
or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title
company) to issue such title insurance policy;

 

(ix)        any filed copies (bearing evidence of filing) or evidence of filing of any Uniform Commercial Code financing statements, related
amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(x)        
an original Assignment in favor of the Trustee of any financing statement executed and filed in favor of the applicable
Mortgage Loan Seller or an Affiliate thereof in the relevant jurisdiction (or, if the related Mortgage Loan Seller is
responsible for the filing of that Assignment, a copy thereof certified to be the copy of such Assignment submitted or to be
submitted for recording);

 

(xi)        the original or a copy of any intercreditor agreement relating to existing debt of the borrower, including any Intercreditor Agreement
relating to a Serviced Whole Loan, if applicable;

 

(xii)       the original or copies of any loan agreement, escrow agreement, security agreement or letter of credit relating to such Mortgage
Loan or Serviced Whole Loan;

 

(xiii)      the original or a copy of any ground lease, ground lessor estoppel, environmental insurance policy, environmental indemnity or
guaranty relating to such Mortgage Loan or Serviced Whole Loan;

 

(xiv)      the original or a copy of any property management agreement relating to such Mortgage Loan or Serviced Whole Loan;

 

(xv)       the original or a copy of any franchise agreements and comfort letters or similar agreements relating to such Mortgage Loan or
Serviced Whole Loan and, with respect to any franchise agreement, comfort letter or similar agreement, any assignment of such
agreements or any notice to the franchisor of the transfer of such Mortgage Loan or Serviced Whole Loan and/or request for the
issuance of a new comfort letter in favor of the Trustee, in each case as applicable;

 

(xvi)      the original or a copy of any lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xvii)     the original or a copy of any related mezzanine intercreditor agreement;

 

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(xviii)   
the original or a copy of all related environmental insurance policies; and

 

(xix)     
a list related to such Mortgage Loan indicating the related Mortgage Loan documents included in the related Mortgage File as of
the Closing Date (the “Mortgage Loan Checklist”);

 

provided,
however, that (a) whenever the term “Mortgage File” is used to refer to documents held by the Custodian,
such term shall not be deemed to include such documents and instruments required to be included therein unless they are actually
received by the Custodian, (b) if there exists with respect to any Crossed Mortgage Loan Group only one original or certified
copy of any document referred to in the definition of “Mortgage File” covering all of the Mortgage Loans in such Crossed
Mortgage Loan Group, then the inclusion of such original or certified copy in the Mortgage File for any of the Mortgage Loans
constituting such Crossed Mortgage Loan Group shall be deemed the inclusion of such original or certified copy in the Mortgage
File for each such Mortgage Loan, (c) to the extent that this Agreement refers to a “Mortgage File” for a Companion
Loan, such “Mortgage File” shall be construed to mean the Mortgage File for the related Mortgage Loan (except that
references to the Mortgage Note for a Companion Loan otherwise described above shall be construed to instead refer to a photocopy
of such Mortgage Note), (d) with respect to any Mortgage Loan that has a Serviced Companion Loan, the execution and/or recordation
of any Assignment in the name of the Trustee shall not be construed to limit the beneficial interest of the related Companion
Holder(s) in such instrument and the benefits intended to be provided to them by such instrument, it being acknowledged that (I) the
Trustee shall hold such record title for the benefit of the Trust as the holder of the related Mortgage Loan and the related Companion
Holder(s) collectively and (II) any efforts undertaken by the Trustee, the Master Servicer, or the Special Servicer on its
behalf to enforce or obtain the benefits of such instrument shall be construed to be so undertaken by the Trustee, the Master
Servicer or the Special Servicer for the benefit of the Trust as the holder of the applicable Mortgage Loan and the related Companion
Holder(s) collectively, (e) in connection with any Non-Serviced Mortgage Loan, the preceding document delivery requirements
will be met by the delivery by the applicable Mortgage Loan Seller of copies of the documents specified above (other than the
Mortgage Note and intervening endorsements evidencing such Mortgage Loan, with respect to which the original shall be required
or the requirements of clause (i) of the definition of “Mortgage File” shall otherwise be satisfied) including
a copy of the Mortgage securing the applicable Mortgage Loan and any assignments or other transfer documents referred to in clauses (iii),
(v), (vi), (vii), (ix) and (x) above as being in favor of the Trustee shall instead be in favor
of the applicable Non-Serviced Trustee and need only be in such form as was delivered to the applicable Non-Serviced Trustee or
a custodian on its behalf, and (f) so long as the Custodian is also the related Non-Serviced Custodian, in connection
with any Non-Serviced Mortgage Loan, any and all document delivery requirements with respect to the related Mortgage File (or
any portion thereof) set forth herein or in the related Mortgage Loan Purchase Agreement will be satisfied by the delivery, in
compliance with the terms of the related Non-Serviced PSA, by the applicable Mortgage Loan Seller of the documents specified above
(other than the Mortgage Note and intervening endorsements evidencing such Mortgage Loan or shall otherwise satisfy the requirements
of clause (i) of the definition of “Mortgage File”) to the custodian under the related Non-Serviced PSA
(in such form as was delivered to the custodian under the related Non-Serviced PSA); provided that (a) the Custodian
shall perform its duties under this Agreement (including, without limitation, Article II), and be liable to the other 

 

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parties
hereto, with respect to such Non-Serviced Mortgage Loan as if such documents were required to be delivered and included in the
Mortgage File and as if such Non-Serviced Custodian’s receipt of the documents contained in the related “mortgage
file” delivered under the related Non-Serviced PSA constituted delivery of those same documents to the Custodian under this
Agreement, (b) the Custodian shall not resign as the related Non-Serviced Custodian without giving at least thirty (30) days’
advance written notice of resignation to each other party hereto, and (c) if for any reason the Custodian shall resign as
Custodian hereunder or resign as the related Non-Serviced Custodian or shall otherwise no longer act as Custodian hereunder or
as the related Non-Serviced Custodian or shall otherwise be required to surrender possession of the related “mortgage file”
delivered under the related Non-Serviced PSA (including by reason of the Non-Serviced Companion Loan being removed from the related
securitization trust), the Custodian shall include the documents contemplated by clauses (ii) through (xix)
above in the Mortgage File for such Non-Serviced Whole Loan (to the extent such documents were delivered in connection with the
related Other Securitization) that shall be maintained by it or any successor custodian hereunder.

 

“Mortgage
Loan”:  Each of the mortgage loans (which, for the avoidance of doubt, includes each Crossed Mortgage Loan Group,
each of which, for the purposes of this Agreement, shall be treated as one Mortgage Loan, provided that each individual
Crossed Underlying Loan within any such Crossed Mortgage Loan Group shall not be included in this definition of Mortgage Loan)
transferred and assigned to the Trustee pursuant to Section 2.01 and to be held by the Trust.  As used herein,
the term “Mortgage Loan” includes the related Mortgage Note, Mortgage and other documents contained in the related
Mortgage File and any related agreements.  The term “Mortgage Loan” shall, as of any date of determination, include
any Qualified Substitute Mortgage Loan that has replaced a Mortgage Loan pursuant to Section 2.03 and exclude any
such replaced Mortgage Loan.  For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be part of a
“Mortgage Loan” or an asset of the Trust.

 

“Mortgage
Loan Checklist”:  As defined in the definition of “Mortgage File”.

 

“Mortgage
Loan Purchase Agreement”:  Each agreement between the Depositor and a Mortgage Loan Seller, relating to the transfer
of all of such Mortgage Loan Seller’s right, title and interest in and to the related Mortgage Loans.

 

“Mortgage
Loan Schedule”:  The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of the Trust
Fund, attached hereto as Exhibit B, as any such schedule may be amended from time to time in connection with a substitution
under Section 2.03 and in accordance with the relevant Mortgage Loan Purchase Agreement, and which list sets forth
the following information with respect to each Mortgage Loan so transferred:

 

(i)        
 the loan identification number (as specified in Annex A-1 to the Prospectus);

 

(ii)        
the Mortgagor’s name;

 

(iii)        the street address (including city, state, county and zip code) and name of the related Mortgaged Property;

 

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(iv)        the Mortgage Rate in effect at origination;

 

(v)        the Net Mortgage Rate in effect at the Cut-off Date;

 

(vi)       the original principal balance;

 

(vii)      the Cut-off Date Balance;

 

(viii)     the (a) original term to stated maturity or Anticipated Repayment Date, (b) remaining term to stated maturity or Anticipated
Repayment Date and (c) Maturity Date;

 

(ix) 
      the original and remaining amortization terms;

 

(x)  
      the amount of the Periodic Payment due on the first Due Date following the Cut-off Date;

 

(xi)       
the applicable Servicing Fee Rate;

 

(xii)
      whether the Mortgage Loan is a 30/360 Mortgage Loan or an Actual/360 Mortgage Loan;

 

(xiii)      whether such Mortgage Loan is secured by a fee simple interest in the related Mortgaged Property; by the Mortgagor’s leasehold
interest, and a fee simple interest, in the related Mortgaged Property; or solely by a leasehold interest in the related Mortgaged
Property;

 

(xiv)     
identifying any Mortgage Loans with which such Mortgage Loan is cross-defaulted or cross-collateralized;

 

(xv)
      the name of the related Mortgage Loan Seller;

 

(xvi)     
the name of the related Mortgage Loan sponsor;

 

(xvii)    
whether the related Mortgage Loan is secured by a letter of credit (and, if so, the amount of such letter of credit);

 

(xviii)    amount of any reserve or escrowed funds that were deposited at origination and any ongoing periodic deposit requirements;

 

(xix)      number of grace days;

 

(xx)
      the type of cash management agreement or lock-box agreement in place;

 

(xxi)      the general property type of the related Mortgaged Property;

 

(xxii)     whether such Mortgage Loan provides for defeasance and if so, the period during which defeasance may occur and the periods when
any Principal 

 

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Prepayments
must be accompanied by any Prepayment Premium or Yield Maintenance Charge;

 

(xxiii)   
the Anticipated Repayment Date, if applicable;

 

(xxiv)   
the Revised Rate of such Mortgage Loan, if any;

 

(xxv)     the number of units, rooms, pads or square feet with respect to each Mortgaged Property;

 

(xxvi)    the Administrative Cost Rate; and

 

(xxvii)   the Due Date.

 

Such
list may be in the form of more than one list, collectively setting forth all of the information required.

 

“Mortgage
Loan Seller”:  Each of (i)  Argentic Real Estate Finance LLC, a Delaware limited liability company, or its
successor in interest, (ii) Rialto Mortgage Finance, LLC, a Delaware limited liability company, or its successor in interest,
(iii) BSPRT CMBS Finance, LLC, a Delaware limited liability company, or its successor in interest, (iv) Wells Fargo Bank, National
Association, a national banking association, or its successor in interest, and (v) UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York, an Office of the Comptroller of the Currency regulated branch of a foreign
bank, or its successor in interest.

 

“Mortgage
Note”:  The original executed promissory note(s) evidencing the indebtedness of a Mortgagor under a Mortgage Loan
or Companion Loan, as the case may be, together with any rider, addendum or amendment thereto, or any renewal, substitution or
replacement thereof.

 

“Mortgage
Rate”:  With respect to:  (i) any Mortgage Loan (including the Non-Serviced Mortgage Loans) or related
Companion Loan on or prior to its Maturity Date, the annual rate at which interest is scheduled (in the absence of a default)
to accrue on such Mortgage Loan or related Companion Loan from time to time in accordance with the related Mortgage Note and applicable
law; or (ii) any Mortgage Loan or related Companion Loan after its Maturity Date, the annual rate described in clause (i)
above determined without regard to the passage of such Maturity Date.  For the avoidance of doubt, the Mortgage Rate
of any ARD Loan shall not be construed to include the related Excess Rate.

 

“Mortgaged
Property”:  The real property subject to the lien of a Mortgage.

 

“Mortgagor”: 
The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note and including in connection with any Mortgage Loan
that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner/payment guarantor/mortgagor
individually and collectively, as the context may require.

 

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“Net
Investment Earnings”:  With respect to the Collection Account, the Servicing Accounts or the REO Account or the
Companion Distribution Account for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the
amount, if any, by which the aggregate of all interest and other income realized during such period on funds relating to the Trust
held in such account, exceeds the aggregate of all losses, if any, incurred during such period in connection with the investment
of such funds in accordance with Section 3.06.

 

“Net
Investment Loss”:  With respect to the Collection Account, the Servicing Accounts or the REO Account or the Companion
Distribution Account for any period from any Distribution Date to the immediately succeeding P&I Advance Date, the amount
by which the aggregate of all losses, if any, incurred during such period in connection with the investment of funds relating
to the Trust held in such account in accordance with Section 3.06, exceeds the aggregate of all interest and other
income realized during such period on such funds.

 

“Net
Mortgage Rate”:  With respect to each Mortgage Loan (including a Non-Serviced Mortgage Loan) and any REO Loan (other
than the portion of an REO Loan related to any Companion Loan) as of any date of determination, a rate per annum equal
to the related Mortgage Rate then in effect (without regard to any increase in the interest rate of any ARD Loan after its respective
Anticipated Repayment Date), minus the related Administrative Cost Rate; provided, however, that for purposes
of calculating Pass-Through Rates, the Net Mortgage Rate for any Mortgage Loan will be determined without regard to any modification,
waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer, the Special Servicer,
a Non-Serviced Master Servicer or a Non-Serviced Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding
involving the related Mortgagor; provided, further, that for any Mortgage Loan that does not accrue interest on
the basis of a 360-day year consisting of twelve 30-day months, then, solely for purposes of calculating Pass-Through Rates and
the Weighted Average Net Mortgage Rate, the Net Mortgage Rate of such Mortgage Loan or for any one-month period preceding a related
Due Date will be the annualized rate at which interest would have to accrue in respect of such Mortgage Loan on the basis of a
360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest actually accrued in respect
of such Mortgage Loan during such one-month period at the related Net Mortgage Rate; provided, further, that, with
respect to each Actual/360 Mortgage Loan, the Net Mortgage Rate for the one-month period (A) preceding the Due Dates
that occur in January and February in any year which is not a leap year or preceding the Due Date that occurs in February in any
year which is a leap year (in either case, unless the related Distribution Date is the final Distribution Date), will be determined
exclusive of any Withheld Amounts, and (B) preceding the Due Date in March (or February, if the related Distribution Date
is the final Distribution Date), will be determined inclusive of the amounts withheld in the immediately preceding January and
February, if applicable.  With respect to any REO Loan, the Net Mortgage Rate shall be calculated as described above, determined
as if the predecessor Mortgage Loan had remained outstanding.

 

“Net
Operating Income”:  With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating
Income will be calculated in accordance with the standard definition of “Net Operating Income” approved from time
to time endorsed and put forth by the CREFC®.

 

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

 

“Non-Book
Entry Certificates”:  As defined in Section 5.02(c).

 

“Nonrecoverable
Advance”:  Any Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance.  For the avoidance of doubt,
Workout-Delayed Reimbursement Amounts shall constitute Nonrecoverable Advances only when the Person making such determination
in accordance with the procedures specified herein, and taking into account factors such as all other outstanding Advances, either
(a) has determined that such Workout-Delayed Reimbursement Amounts, would not ultimately be recoverable from Late Collections,
Default Interest, Insurance and Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Mortgage
Loan or the related REO Property (without giving effect to potential recoveries on deficiency judgments or recoveries from guarantors),
or (b) has determined that such Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed Reimbursement
Amounts (that have not been reimbursed to the party that made such Advance) or unreimbursed Nonrecoverable Advances, would not
be ultimately recoverable from the principal portion of future general collections on the Mortgage Loans and REO Properties.

 

“Nonrecoverable
P&I Advance”:  Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which, the Master
Servicer or the Special Servicer, in accordance with the Servicing Standard, or the Trustee, in its good faith business judgment,
as the case may be, determines will not be ultimately recoverable, together with any accrued and unpaid interest thereon at the
Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage Loan or REO Loan; provided,
however, that the Special Servicer may, at its option (with respect to any Specially Serviced Loan), make a determination
in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is a Nonrecoverable
P&I Advance and shall deliver to the Master Servicer (and with respect to a Serviced Mortgage Loan, to any Other Servicer,
and with respect to a Non-Serviced Mortgage Loan, to the related Non-Serviced Master Servicer and Non-Serviced Special Servicer),
the Certificate Administrator, the Trustee, the Operating Advisor and the 17g-5 Information Provider notice of such determination. 
Any such determination may be conclusively relied upon by, but shall not be binding upon, the Master Servicer and the Trustee,
provided, however, that the Special Servicer shall have no such obligation to make an affirmative determination
that any P&I Advance is or would be recoverable and in the absence of a determination by the Special Servicer that such P&I
Advance is or would be a Nonrecoverable P&I Advance, such decision shall remain with the Master Servicer or Trustee, as applicable. 
If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed P&I Advance
is a Nonrecoverable P&I Advance, the Master Servicer and the Trustee shall have the right to make its own subsequent determination
that any remaining portion of any such previously made or proposed P&I Advance is a Nonrecoverable P&I Advance. 
With respect to any Non-Serviced Whole Loan, if any Non-Serviced Master Servicer, Non-Serviced Trustee or Non-Serviced Special
Servicer, as applicable, in connection with a securitization of the related Non-Serviced Companion Loan determines that a principal
and interest advance with respect to 

 

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the
related Non-Serviced Companion Loan, if made, would be nonrecoverable, such determination shall not be binding on the Master Servicer
and the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage Loan.  Similarly,
with respect to the related Non-Serviced Mortgage Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable,
determines that any P&I Advance with respect to a related Non-Serviced Mortgage Loan, if made, would be a Nonrecoverable P&I
Advance, such determination shall not be binding on the related Non-Serviced Master Servicer, Non-Serviced Special Servicer and
related Non-Serviced Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Companion
Loan (unless the related Non-Serviced PSA provides otherwise).  In making such recoverability determination, the Master Servicer,
the Special Servicer or the Trustee, as applicable, will be entitled (a) to consider (among other things) (i) the obligations
of the Mortgagor under the terms of the related Mortgage Loan or Companion Loan, as applicable, as it may have been modified and
(ii) the related Mortgaged Properties in their “as-is” or then-current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer
or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) regarding the possibility
and effects of future adverse changes with respect to such Mortgaged Properties, (b) to estimate and consider (consistent
with the Servicing Standard in the case of the Master Servicer and the Special Servicer or in its good faith business judgment
in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses, (c) to estimate and
consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer or in its good faith
business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the timing of recoveries
and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration, the
recovery of which are being deferred or delayed by the Master Servicer, in light of the fact that related proceeds are a source
of recovery not only for the Advance under consideration but also a potential source of recovery for such delayed or deferred
Advance.  In addition, any Person, in considering whether a P&I Advance is a Nonrecoverable Advance, will be entitled
to give due regard to the existence of any outstanding Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the reimbursement of which, at the time of such consideration, is being deferred or delayed by the Master
Servicer or the Trustee because there is insufficient principal available for such recovery, in light of the fact that proceeds
on the related Mortgage Loan are a source of recovery not only for the P&I Advance under consideration, but also as a potential
source of reimbursement of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred
or delayed.  In addition, any such Person may update or change its recoverability determinations at any time (but not reverse
any other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard,
in the case of the Master Servicer or in its good faith business judgment in the case of the Trustee (solely in its capacity as
Trustee), may obtain at the expense of the Trust any reasonably required analysis, Appraisals or market value estimates or other
information for making a recoverability determination.  Absent bad faith, the Master Servicer’s, the Special Servicer’s
or the Trustee’s determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders. 
The determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that a Nonrecoverable P&I
Advance has been made or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any
updated or changed recoverability determination, shall be evidenced by an

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Officer’s
Certificate delivered by either the Special Servicer or the Master Servicer to the other and to the Trustee, the Certificate Administrator,
the Directing Certificateholder (but, in the case of the Directing Certificateholder, only prior to the occurrence and continuance
of a Consultation Termination Event and only with respect to any Mortgage Loan other than an Excluded Loan) (and in the case of
a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of the Special Servicer) and the Depositor,
or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator
(and, in the case of a Serviced Mortgage Loan, any Other Servicer).  The Officer’s Certificate shall set forth such
determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable,
forming the basis of such determination (which shall be accompanied by, to the extent available, related income and expense statements,
rent rolls, occupancy status, property inspections and any other information used by the Master Servicer, the Special Servicer
or the Trustee, as applicable, to make such determination and shall include any existing Appraisal of the related Mortgage Loan
or the related Mortgaged Property).  The Trustee shall be entitled to conclusively rely on the Master Servicer’s or
the Special Servicer’s determination that a P&I Advance is or would be nonrecoverable, and the Master Servicer shall
be entitled to conclusively rely on the Special Servicer’s determination that a P&I Advance is or would be nonrecoverable. 
In the case of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall take into account the cross-collateralization
of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Servicing Advance”:  Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan
(other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property which, the Trustee, in its good faith business
judgment or the Master Servicer or the Special Servicer, as applicable, in accordance with the Servicing Standard, determines
will not be ultimately recoverable, together with any accrued and unpaid interest thereon, at the Reimbursement Rate, from Late
Collections or any other recovery on or in respect of such Mortgage Loan, Serviced Whole Loan or REO Property.  In making
such recoverability determination, such Person will be entitled (a) to consider (among other things) (i) the obligations
of the Mortgagor under the terms of the related Mortgage Loan or Companion Loan, as applicable, as it may have been modified and
(ii) the related Mortgaged Properties in their “as-is” or then-current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer
or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee) regarding the possibility
and effects of future adverse changes with respect to such Mortgaged Properties, (b) to estimate and consider (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith business judgment
in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses, (c) to estimate and
consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith
business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the timing of recoveries
and (d) to give due regard to the existence of any Nonrecoverable Advances which, at the time of such consideration, the
recovery of which are being deferred or delayed by the Master Servicer or the Trustee because there is insufficient principal
available for such recovery, in light of the fact that related proceeds are a source of recovery not only for the Advance under
consideration but also a potential source of recovery for such delayed or deferred Advance.  In addition, any Person, in
considering whether a Servicing Advance is a Nonrecoverable Servicing Advance, will be entitled to give due regard to the

 

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existence
of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts with respect to other Mortgage Loans, the reimbursement
of which, at the time of such consideration, is being deferred or delayed by the Master Servicer, in light of the fact that proceeds
on the related Mortgage Loan are a source of recovery not only for the Servicing Advance under consideration, but also as a potential
source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred
or delayed.  In addition, any such Person may update or change its recoverability determinations at any time (but not reverse
any other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard,
in the case of the Master Servicer or in its good faith business judgment in the case of the Trustee (solely in its capacity as
Trustee), may obtain at the expense of the Trust any reasonably required analysis, Appraisals or market value estimates or other
information for making a recoverability determination.  Absent bad faith, the Master Servicer’s, the Special Servicer’s
or the Trustee’s determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the
Certificateholders.  The determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that
a Nonrecoverable Servicing Advance has been made or that any proposed Servicing Advance, if made, would constitute a Nonrecoverable
Servicing Advance, or any updated or changed recoverability determination, shall be evidenced by an Officer’s Certificate
delivered by either the Special Servicer or the Master Servicer to the other and to the Trustee, the Certificate Administrator,
the Directing Certificateholder (but, in the case of the Directing Certificateholder, only prior to the occurrence and continuance
of a Consultation Termination Event and only with respect to any Mortgage Loan other than an Excluded DCH Loan) (and in the case
of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of the Special Servicer) and the
Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate
Administrator (and in the case of a Serviced Mortgage Loan, any Other Servicer); provided, however, that the Special
Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously
made or proposed to be made is a Nonrecoverable Servicing Advance and shall deliver to the Master Servicer (and with respect to
a Serviced Mortgage Loan, to any Other Servicer), the Certificate Administrator, the Trustee, the Operating Advisor and the
17g-5 Information Provider notice of such determination.  Any such determination may be conclusively relied upon by, but
shall not be binding upon, the Master Servicer and the Trustee, provided, however, that the Special Servicer shall
have no such obligation to make an affirmative determination that any Servicing Advance is or would be recoverable and in the
absence of a determination by the Special Servicer that such Servicing Advance is or would be a Nonrecoverable Servicing Advance,
such decision shall remain with the Master Servicer or the Trustee, as applicable.  If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance,
the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion
of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.  The Officer’s Certificate
shall set forth such determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or
the Trustee, as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available, related
income and expense statements, rent rolls, occupancy status, property inspections and any other information used by the Master
Servicer, the Special Servicer or the Trustee, as applicable, to make such determination and shall include any existing Appraisal
with respect to the related Mortgage Loan, Serviced 

 

     -72-

     

    

Companion
Loan or related Mortgaged Property).  The Special Servicer shall promptly furnish any party required to make Servicing Advances
hereunder with any information in its possession regarding the Specially Serviced Loans and REO Properties as such party required
to make Servicing Advances may reasonably request for purposes of making recoverability determinations.  The Trustee shall
be entitled to conclusively rely on the Master Servicer’s or the Special Servicer’s determination that a Servicing
Advance is or would be nonrecoverable, and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s
determination that a Servicing Advance is or would be nonrecoverable.  Notwithstanding anything herein to the contrary, if
the Special Servicer requests that the Master Servicer make a Servicing Advance, the Master Servicer may conclusively rely on
such request as evidence that such advance is not a Nonrecoverable Servicing Advance; provided, however, that the
Special Servicer shall not be entitled to make such a request more frequently than once per calendar month with respect to Servicing
Advances other than emergency advances (although such request may relate to more than one Servicing Advance).  In the case
of a cross-collateralized Mortgage Loan (if any), such recoverability determination shall take into account the cross-collateralization
of the related cross-collateralized Mortgage Loan.  The determination as to the recoverability of any servicing advance or
property protection advance previously made or proposed to be made in respect of a Non-Serviced Whole Loan shall be made by the
related Non-Serviced Master Servicer, Non-Serviced Special Servicer or Non-Serviced Trustee, as the case may be, pursuant to the
related Non-Serviced PSA.

 

“Non-Registered
Certificate”:  Unless and until registered under the Securities Act, any Class X-D, Class D, Class E-RR,
Class F-RR, Class G-RR, Class H-RR, Class R or Class V Certificate.

 

“Non-Serviced
Certificate Administrator”:  The “Certificate Administrator” under a Non-Serviced PSA.

 

“Non-Serviced
Companion Loan”:  Each Companion Loan that is part of a Non-Serviced Whole Loan.

 

“Non-Serviced
Custodian”:  The “Custodian” under a Non-Serviced PSA.

 

“Non-Serviced
Depositor”:  The “Depositor” under a Non-Serviced PSA.

 

“Non-Serviced
Gain-on-Sale Proceeds”:  Any “gain-on-sale proceeds” received in respect of a Non-Serviced Mortgage
Loan pursuant to the related Non-Serviced PSA.

 

“Non-Serviced
Intercreditor Agreement”:  Each Intercreditor Agreement relating to a Non-Serviced Whole Loan.

 

“Non-Serviced
Master Servicer”:  The “Master Servicer” or “Servicer” under a Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loan”:  Each Mortgage Loan that is part of a Non-Serviced Whole Loan.  The table and footnotes under
the heading “Whole Loans” in the Preliminary Statement hereto identify the Non-Serviced Mortgage Loans included in
the Trust as of the Closing Date.  Each Servicing Shift Mortgage Loan will be a Non-Serviced Mortgage Loan on and after the
applicable Servicing Shift Date for the related Servicing Shift Whole Loan.

 

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“Non-Serviced
Mortgaged Property”:  Any Mortgaged Property securing a Non-Serviced Whole Loan.

 

“Non-Serviced
Operating Advisor”:  The “Operating Advisor” (if any) under a Non-Serviced PSA.

 

“Non-Serviced
Paying Agent”:  The “Paying Agent” under a Non-Serviced PSA.

 

“Non-Serviced
Primary Servicing Fee Rate”:  With respect to each Non-Serviced Mortgage Loan, the per annum rate set
forth in the table and footnotes under the heading “Whole Loans” in the Preliminary Statement hereto.

 

“Non-Serviced
PSA”:  A pooling and servicing agreement or trust and servicing agreement governing the servicing and administration
of a Non-Serviced Whole Loan.  The table and footnotes under the heading “Whole Loans” in the Preliminary Statement
hereto identify the Non-Serviced PSAs relating to the Trust as of the Closing Date.

 

“Non-Serviced
Special Servicer”:  The applicable “Special Servicer” of a Non-Serviced Whole Loan under a Non-Serviced
PSA.

 

“Non-Serviced
Trust”:  The “Trust” formed under a Non-Serviced PSA.

 

“Non-Serviced
Trustee”:  The “Trustee” under a Non-Serviced PSA.

 

“Non-Serviced
Whole Loan”:  A Whole Loan that is serviced and administered under a pooling and servicing agreement or trust
and servicing agreement other than this Agreement.  The table and footnotes under the heading “Whole Loans”
in the Preliminary Statement hereto identify the Non-Serviced Whole Loans relating to the Trust as of the Closing Date. 
Each Servicing Shift Whole Loan will be a Non-Serviced Whole Loan on and after its related Servicing Shift Date.

 

“Non-Serviced
Whole Loan Controlling Holder”:  The “directing holder” or similarly defined party under a Non-Serviced
PSA.

 

“Non-Specially
Serviced Loan”:  Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan that is
not a Specially Serviced Loan.

 

“Non-U.S.
Beneficial Ownership Certification”:  As defined in Section 5.03(f).

 

“Non-U.S.
Tax Person”:  Any person other than a U.S. Tax Person.

 

“Notional
Amount”:  In the case of the Class X-A Certificates, the Class X-A Notional Amount, in the case of the
Class X B Certificates, the Class X B Notional Amount, and, in the case of the Class X-D Certificates, the Class X-D Notional
Amount.

 

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

 

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“NRSRO
Certification”:  A certification (a) substantially in the form of Exhibit P-2 executed by a NRSRO
or (b) provided electronically and executed by such NRSRO by means of a “click-through” confirmation on the 17g-5
Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that states that such NRSRO is
a Rating Agency under this Agreement or that such NRSRO has provided the Depositor with the appropriate certifications pursuant
to paragraph (e) of Rule 17g-5 of the Exchange Act, that such NRSRO has access to the Depositor’s 17g-5 website
and that such NRSRO will keep such information confidential, except to the extent such information has been made available to
the general public.  Each NRSRO shall be deemed to recertify to the foregoing each time it accesses the Certificate Administrator’s
Website.

 

“OCC”: 
Office of the Comptroller of the Currency or any successor thereto.

 

“Officer’s
Certificate”:  A certificate signed by a Servicing Officer of the Master Servicer or the Special Servicer or any
Additional Servicer, as the case may be, or a Responsible Officer of the Trustee or Certificate Administrator, as the case may
be.

 

“Offshore
Transaction”:  Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“Operating
Advisor”:  Park Bridge Lender Services LLC, a New York limited liability company, and its successors in interest
and assigns, or any successor operating advisor appointed as herein provided.

 

“Operating
Advisor Annual Report”:  As defined in Section 3.26(c).

 

“Operating
Advisor Consultation Event”:  Any time when the Certificate Balances of the Horizontal Risk Retention
Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to
notionally reduce the Certificate Balances of such classes) is 25% or less of the Original Certificate Balances of such
classes in the aggregate.

 

“Operating
Advisor Consulting Fee”:  A fee for each Major Decision on which the Operating Advisor has consulting obligations
and performed its duties with respect to such Major Decision equal to $10,000 (or such lesser amount as the related Mortgagor
actually pays) with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans or the Servicing Shift Mortgage Loans
and each related Companion Loan), payable pursuant to Section 3.05 of this Agreement; provided, however,
that no such fee shall be payable unless specifically paid by the related Mortgagor as a separately identifiable fee; provided,
further, that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect
to any Major Decision; provided, further, however, that to the extent such fee is incurred after the outstanding
Certificate Balances of the Control Eligible Certificates have been reduced to zero as a result of the allocation of Realized
Losses to such Certificates, such fee shall be payable in full to the Operating Advisor as an expense of the Trust; provided,
further, that the Master Servicer or the Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with
the Servicing Standard (provided that the Master Servicer or the Special

 

     -75-

     

    

Servicer,
as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction).

 

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

 

“Operating
Advisor Fee”:  With respect to each Mortgage Loan and REO Loan (including each Non-Serviced Mortgage Loan and each
Servicing Shift Mortgage Loan but excluding any Companion Loan), the fee payable to the Operating Advisor pursuant to Section 3.26(i).

 

“Operating
Advisor Fee Rate”:  With respect to each Interest Accrual Period related to any applicable Distribution Date, a
per annum rate of 0.00193%.

 

“Operating
Advisor Standard”:  The requirement that the Operating Advisor must act solely on behalf of the Trust and in the
best interest of, and for the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan for the benefit
of the holders of the related Companion Loan (as a collective whole as if such Certificateholders and Companion Holders constituted
a single lender), and not in the best interest of nor for the benefit of any particular Class of Certificateholders (as determined
by the Operating Advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest
arising from any relationship that the Operating Advisor or any of its Affiliates may have with any of the underlying Mortgagors,
any Sponsor, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer,
the Directing Certificateholder, any Certificateholder or any of their Affiliates.

 

“Operating
Advisor Termination Event”:  Any of the following events, whether any such event is voluntary or involuntary or
is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

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

 

     -76-

     

    

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

 

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

 

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

 

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

 

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

 

“Operating
Advisor Upfront Fee”: As defined in Section 3.26(i).

 

“Opinion
of Counsel”:  A written opinion of counsel, who may, without limitation, be salaried counsel for the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and
delivered to the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) the qualification
of any Trust REMIC as a REMIC, (b) compliance with the REMIC Provisions, (c) the qualification of the Grantor Trust as a
grantor trust, or (d) the resignation of the Master Servicer, the Special Servicer or the Depositor pursuant to Section 6.05,
must be an opinion of counsel who is in fact Independent of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer.

 

“Original
Certificate Balance”:  With respect to any Class of Principal Balance Certificates, the initial aggregate
principal amount thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original
Lower-Tier Principal Amount”:  With respect to any Class of Lower-Tier Regular Interest, the initial principal
amount thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

 

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“Original
Notional Amount”:  With respect to the Class X-A Notional Amount, the Class X-B Notional Amount and the
Class X-D Notional Amount, the applicable initial Notional Amount thereof as of the Closing Date, as specified in the Preliminary
Statement.

 

“Other
Asset Representations Reviewer”:  Any asset representations reviewer under an Other Pooling and Servicing Agreement.

 

“Other
Certificate Administrator”:  Any certificate administrator under an Other Pooling and Servicing Agreement.

 

“Other
Depositor”:  Any depositor under an Other Pooling and Servicing Agreement.

 

“Other
Exchange Act Reporting Party”:  With respect to any Other Securitization Trust that is subject to the reporting
requirements of the Exchange Act, the Other Servicer, Other Trustee, Other Certificate Administrator or Other Depositor under
the related Other Pooling and Servicing Agreement that is responsible for the preparation and/or filing of Form 8-K, Form 10-D,
Form ABS-EE and Form 10-K with respect to such Other Securitization Trust, as identified in writing to the parties to this
Agreement; and, with respect to any Other Securitization Trust that is not subject to the reporting requirements of the Exchange
Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other Pooling and
Servicing Agreement that is responsible for the preparation and/or dissemination of periodic distribution date statements or similar
reports, as identified in writing to the parties to this Agreement.

 

“Other
Pooling and Servicing Agreement”:  Any trust and servicing agreement or pooling and servicing agreement that creates
a trust whose assets include any Serviced Companion Loan.

 

“Other
Securitization”:  As defined in Section 11.06.

 

“Other
Servicer”:  Any master servicer or special servicer, as applicable, under an Other Pooling and Servicing Agreement.

 

“Other
Trustee”:  Any trustee under an Other Pooling and Servicing Agreement.

 

“Ownership
Interest”:  As to any Certificate, any ownership or security 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.

 

“P&I
Advance”:  As to any Mortgage Loan or REO Loan (but not any related Companion Loan), any advance made by
the Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 or Section 7.05.

 

“P&I
Advance Date”:  The Business Day immediately prior to each Distribution Date.

 

“P&I
Advance Determination Date”:  With respect to any Distribution Date, the close of business on the related Determination
Date.

 

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“Pari
Passu Companion Loan”:  A Companion Loan that is pari passu in right of payment with the Mortgage Loan
included in the related Whole Loan.

 

“Pari
Passu Companion Loan Holder”:  Any holder of record of any Pari Passu Companion Loan.

 

“Pari
Passu Whole Loan”:  A Whole Loan that consists of a Mortgage Loan and one or more Pari Passu Companion Loans but
does not include an AB Subordinate Companion Loan.  The Pari Passu Whole Loans related to the Trust as of the Closing Date
are the Whole Loans described in the table under the heading “Whole Loans” in the Preliminary Statement hereto as
having a “Companion Loan Type” of “Pari Passu”.

 

“Pass-Through
Rate”:  Any of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-SB
Pass-Through Rate, the Class A-3 Pass-Through Rate, the Class A-4 Pass-Through Rate, the Class A-S Pass-Through
Rate, the Class B Pass-Through Rate, the Class C Pass-Through Rate, the Class D Pass-Through Rate, the Class E-RR
Pass-Through Rate, the Class F-RR Pass-Through Rate, the Class G-RR Pass-Through Rate, the Class H-RR Pass-Through
Rate, the Class X-A Pass-Through Rate, the Class X-B Pass-Through Rate or the Class X-D Pass-Through Rate, as the
case may be.

 

“PCAOB”: 
The Public Company Accounting Oversight Board.

 

“Penalty
Charges”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion
Loan (or any successor REO Loan), any amounts actually collected thereon (or, in the case of a Serviced Companion Loan (or any
successor REO Loan thereto) that is part of a Serviced Whole Loan, actually collected on such Serviced Whole Loan, and allocated
and paid on such Serviced Companion Loan (or any successor REO Loan), as applicable, in accordance with the related Intercreditor
Agreement) that represent late payment charges or Default Interest, other than a Prepayment Premium, a Yield Maintenance Charge
or any Excess Interest.

 

“Percentage
Interest”:  As to any Certificate (other than the Class R and Class V Certificates), the percentage interest
evidenced thereby in distributions required to be made with respect to the related Class.  With respect to any Certificate
(other than the Class R and Class V Certificates), the percentage interest is equal to the Denomination as of the Closing
Date of such Certificate divided by the Original Certificate Balance or Original Notional Amount, as applicable, of such Class of
Certificates as of the Closing Date.  With respect to a Class R or Class V Certificate, the percentage interest
is set forth on the face thereof.

 

“Performance
Certification”:  As defined in Section 11.06.

 

“Performing
Party”:  As defined in Section 11.12.

 

“Periodic
Payment”:  With respect to any Mortgage Loan or any related Companion Loan, the scheduled monthly payment of principal
and/or interest (other than Excess Interest) on such Mortgage Loan or Companion Loan, including any Balloon Payment, which is
payable (as the terms of the applicable Mortgage Loan or Companion Loan may be changed or modified in connection with a bankruptcy
or similar proceedings involving the related Mortgagor or by reason

 

     -79-

     

    

of
a modification, extension, waiver or amendment granted or agreed to pursuant to the terms hereof) by a Mortgagor from time to
time under the related Mortgage Note and applicable law, without regard to any acceleration of principal of such Mortgage Loan
or Companion Loan by reason of default thereunder and without regard to any Excess Interest.

 

“Permitted
Investments”:  Any one or more of the following obligations or securities (including obligations or securities
of the Certificate Administrator, or managed by the Certificate Administrator or any Affiliate of the Certificate Administrator,
if otherwise qualifying hereunder), regardless of whether issued by the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, or any of their respective Affiliates and having the required ratings, if any, provided
for in this definition and which shall not be subject to liquidation prior to maturity:

 

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

 

(ii)        
time deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the
date of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or
organized under the laws of the United States of America or any State thereof and subject to supervision and examination by federal
or state banking authorities that, in each case, satisfy the Applicable Fitch Permitted Investment Rating, the Applicable KBRA
Permitted Investment Rating and the Applicable S&P Permitted Investment Rating; or, in each case, such other rating as would
not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating Agency to any Class of
Certificates (or, insofar as there is

 

     -80-

     

    
 

then
outstanding any class of Serviced Companion Loan Securities that is then rated by such rating agency, such class of securities)
as evidenced in writing;

 

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

 

(iv) 
     debt obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any state thereof which mature in one (1) year or less from the date of acquisition that, in each case, satisfy
the Applicable Fitch Permitted Investment Rating, the Applicable KBRA Permitted Investment Rating and the Applicable S&P Permitted
Investment Rating (or, in the case of any such Rating Agency, such lower rating as is the subject of a Rating Agency Confirmation
by such Rating Agency); provided, however, that securities issued by any particular corporation will not be Permitted
Investments to the extent that investment therein will cause the then-outstanding principal amount of securities issued by such
corporation and held in the accounts established hereunder to exceed 10% of the sum of the aggregate principal balance and the
aggregate principal amount of all Permitted Investments in such accounts;

 

(v)       
commercial paper of any corporation incorporated under the laws of the United States or any state thereof (or of any
corporation not so incorporated, provided that the commercial paper is United States Dollar denominated and amounts
payable thereunder are not subject to any withholding imposed by any non-United States jurisdiction) that, in each case,
satisfy the Applicable Fitch Permitted Investment Rating, the Applicable KBRA Permitted Investment Rating and the Applicable
S&P Permitted Investment Rating (or such lower rating as is the subject of a Rating Agency Confirmation by such Rating
Agency relating to the Certificates and any Serviced Companion Loan Securities);

 

(vi) 
money market funds (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep, the Wells
Fargo Money Market Funds or the Wells Fargo Advantage Government Money Market Fund), which seek to maintain a constant net asset
value per share, so long as any such fund is rated “AAAm” by S&P and in the highest short term unsecured debt
ratings category by each of Fitch and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs
(which must include S&P and may include any of the other Rating Agencies) or otherwise acceptable to such Rating Agency, in
any such case, as confirmed in a Rating Agency Confirmation) relating to the Certificates and any Serviced Companion Loan Securities;

 

(vii)
any other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more
of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi) above
with respect to which a Rating Agency Confirmation has been obtained from each

 

     -81-

     

    

Rating
Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such demand, money market
or time deposit, obligation, security or investment and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if
any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25); and

 

(viii)    
any other demand, money market or time deposit, obligation, security or investment not listed in clauses (i) –
(vi) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency;

 

provided,
however, that with respect to any Permitted Investment for which a rating by S&P is required as set forth above, such
rating must be an unqualified rating (i.e., one with no qualifying suffix), with the exception of ratings with regulatory indicators,
such as the “(sf)” subscript, and unsolicited ratings; provided, further, however, that each Permitted Investment
qualifies as a “cash flow investment” pursuant to Section 860G(a)(6) of the Code, and that (a) it shall
have a predetermined fixed dollar of principal due at maturity that cannot vary or change, (b) any such investment that provides
for a variable rate of interest must have an interest rate that is tied to a single interest rate index plus a fixed spread, if
any, and move proportionately with such index, (c) any such investment must not be subject to liquidation prior to maturity,
and (d) any such investment must not be purchased at a premium over par; and provided, further, however,
that no such instrument shall be a Permitted Investment (a) if such instrument evidences principal and interest payments
derived from obligations underlying such instrument and the interest payments with respect to such instrument provide a yield
to maturity at the time of acquisition of greater than 120% of the yield to maturity at par of such underlying obligations or
(b) if such instrument may be redeemed at a price below the purchase price; and provided, further, however,
that no amount beneficially owned by any Trust REMIC (even if not yet deposited in the Trust) may be invested in investments (other
than money market funds) treated as equity interests for federal income tax purposes, unless the Master Servicer receives an Opinion
of Counsel, at its own expense, to the effect that such investment will not adversely affect the status of any Trust REMIC. 
Permitted Investments may not be interest-only securities.  All investments shall mature or be redeemable upon the option
of the holder thereof on or prior to the Business Day preceding the day before the date such amounts are required to be applied
hereunder.

 

“Permitted
Special Servicer/Affiliate Fees”:  Any commercially reasonable treasury management fees, banking fees, title insurance
(or title agency) and/or other fees, insurance commissions or fees and appraisal fees received or retained by the Special Servicer
or any of its respective Affiliates in connection with any services performed by such party with respect to any Mortgage Loan
and Serviced Companion Loan (including any related REO Property) in accordance with this Agreement.

 

“Permitted
Transferee”:  Any Person or any agent thereof other than (a) a Disqualified Organization, (b) any other
Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such
Person or the Person

 

     -82-

     

    

requesting
the transfer) to the effect that the transfer of an Ownership Interest in any Class R Certificate to such Person will not
cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Person that
is a Disqualified Non-U.S. Tax Person, (d) any partnership if any of its interests are (or under the partnership agreement
are permitted to be) owned, directly or indirectly (other than through a U.S. corporation), by a Disqualified Non-U.S. Tax
Person or (e) a U.S. Tax Person with respect to whom income from the Class R Certificate is attributable to a foreign
permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any other U.S. Tax
Person.

 

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

 

“Plan”: 
As defined in Section 5.03(n).

 

“Pre-Close
Information”:  As defined in Section 3.13(c).

 

“Preliminary
Dispute Resolution Election Notice”:  As defined in Section 2.03(l)(i).

 

“Preliminary
Prospectus”  The Preliminary Prospectus, dated November 4, 2019, relating to the Registered Certificates.

 

“Prepayment
Assumption”:  A “constant prepayment rate” of 0% used for determining the accrual of original issue
discount and market discount, if any, and the amortization premium, if any, on the Certificates for federal income tax purposes;
provided that it is assumed that each Mortgage Loan with an Anticipated Repayment Date prepays on such date.

 

“Prepayment
Interest Excess”:  For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection
Period, which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related
Due Date but on or before the following Determination Date, the amount of interest (net of the related Servicing Fees and any
Excess Interest), to the extent collected from the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance
Charge actually collected), that would have accrued at a rate per annum equal to (x) in the case of any such
Mortgage Loan other than a Serviced Mortgage Loan, the sum of (i) the related Net Mortgage Rate for such Mortgage Loan, and
(ii) the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate
and the CREFC® Intellectual Property Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan,
the Mortgage Rate (net of Servicing Fees and any Excess Interest) on the amount of such Principal Prepayment from such Due Date
to, but not including, the date of such prepayment (or any later date through which interest accrues).  Prepayment Interest
Excesses (to the extent not offset by Prepayment Interest Shortfalls or required to be paid as Compensating Interest Payments)
collected on the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any Serviced Companion Loan, will be retained
by the Master Servicer as additional servicing compensation.

 

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“Prepayment
Interest Shortfall”:  For any Distribution Date and with respect to any Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that was subject to a Principal Prepayment in full or in part during the related Collection
Period, which Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, after the related
Determination Date (or, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
as applicable, with a Due Date occurring after the related Determination Date, the related Due Date) and prior to the following
Due Date, the amount of interest (net of the related Servicing Fees and any Excess Interest), to the extent not collected from
the related Mortgagor (without regard to any Prepayment Premium or Yield Maintenance Charge actually collected), that would have
accrued at a rate per annum equal to (x) in the case of any such Mortgage Loan other than a Serviced Mortgage
Loan, the sum of (i) the related Net Mortgage Rate for such Mortgage Loan, and (ii) the Certificate Administrator Fee
Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual
Property Royalty License Fee Rate and (y) in the case of any Serviced Whole Loan, the Mortgage Rate (net of Servicing Fees
and any Excess Interest) on the amount of such Principal Prepayment during the period commencing on the date as of which such
Principal Prepayment was applied to such Mortgage Loan or Serviced Whole Loan, as applicable, and ending on such following Due
Date.  With respect to any Serviced AB Whole Loan, any Prepayment Interest Shortfall for any Distribution Date shall be allocated
first to the related AB Subordinate Companion Loan and then to the related Mortgage Loan and any related Serviced
Pari Passu Companion Loan.

 

“Prepayment
Premium”:  With respect to any Mortgage Loan, any premium, fee or other additional amount (other than a Yield Maintenance
Charge) paid or payable, as the context requires, by a Mortgagor in connection with a principal prepayment on, or other early
collection of principal of, that Mortgage Loan or any successor REO Loan with respect thereto (including any payoff of a Mortgage
Loan by a mezzanine lender on behalf of the subject Mortgagor if and as set forth in the related Intercreditor Agreement).

 

“Primary
Collateral”:  With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as
directly securing such Crossed Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed
upon by exercise of the cross-collateralization provisions of such Crossed Underlying Loan.

 

“Primary
Servicing Fee”:  The monthly fee payable by the Master Servicer solely from the Servicing Fee to each Initial Sub-Servicer,
which monthly fee accrues at the rate per annum specified as such in the Sub-Servicing Agreement with such Initial
Sub-Servicer.

 

“Prime
Rate”:  The “Prime Rate” as published in the “Money Rates” section of the New York City
edition of The Wall Street Journal (or, if such section or publication is no longer available, such other comparable publication
as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the
“Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable
discretion) as may be in effect from time to time.

 

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“Principal
Balance Certificates”:  Each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,
Class A-S, Class B, Class C, Class D, Class E-RR, Class F-RR, Class G-RR and Class H-RR
Certificates.

 

“Principal
Distribution Amount”:  With respect to any Distribution Date, an amount equal to the sum of the following amounts:
(a) the Principal Shortfall for such Distribution Date, (b) the Scheduled Principal Distribution Amount for such Distribution
Date and (c) the Unscheduled Principal Distribution Amount for such Distribution Date; provided that the Principal
Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of
(A) Nonrecoverable Advances (including any servicing advance with respect to any Non-Serviced Mortgage Loan under the related
Non-Serviced PSA reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at
the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such
principal collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date and (B) Workout-Delayed
Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal
collections would have otherwise been included in the Principal Distribution Amount for such Distribution Date (provided
that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal
collections on the Mortgage Loans (including REO Loans) are subsequently recovered on the related Mortgage Loan (or REO Loan),
such recovery will increase the Principal Distribution Amount for the Distribution Date related to the period in which such recovery
occurs).

 

“Principal
Prepayment”:  Any payment of principal made by the Mortgagor on a Mortgage Loan or Serviced Whole Loan that is
received in advance of its scheduled Due Date as a result of such prepayment.

 

“Principal
Shortfall”:  For any Distribution Date after the initial Distribution Date with respect to the Mortgage Loans,
the amount, if any, by which (a) the related Principal Distribution Amount for the preceding Distribution Date, exceeds (b) the
aggregate amount actually distributed on the preceding Distribution Date in respect of such Principal Distribution Amount. 
The Principal Shortfall for the initial Distribution Date will be zero.

 

“Privileged
Communications”:  Any correspondence between the Directing Certificateholder and the Special Servicer referred
to in clause (i) of the definition of “Privileged Information”.

 

“Privileged
Information”:  Any (i) correspondence between the Directing Certificateholder and the Special Servicer related
to any Specially Serviced Loan (other than with respect to any Excluded Loan) or the exercise of the Directing Certificateholder’s
consent or consultation rights under this Agreement, (ii) strategically sensitive information that the Special Servicer has
reasonably determined (and has labeled, identified or otherwise communicated as privileged or confidential information) could
compromise the Trust’s position in any ongoing or future negotiations with the related Mortgagor or other interested party
that is labeled or otherwise identified as Privileged Information or otherwise appears on its face to be strategically sensitive
information, (iii) information subject to attorney-client privilege (that has been labeled, identified or otherwise communicated
as privileged or confidential information) and (iv) any Asset Status

 

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Report
or Final Asset Status Report.  The Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer shall be entitled to rely on any identification of materials as “attorney-client privileged” without liability
for any such reliance hereunder.  For the avoidance of doubt, any Asset Status Report shall be “Privileged Information.”

 

“Privileged
Information Exception”:  With respect to any Privileged Information, at any time (a) such Privileged Information
becomes generally available to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary
for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or
other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise
subject to a confidentiality obligation and/or (d) the Restricted Party is required by law, rule, regulation, order, judgment
or decree to disclose such information.

 

“Privileged
Person”:  The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers,
the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee,
the Certificate Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating
Advisor, any Affiliate of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Companion
Holder who provides an Investor Certification, any Non-Serviced Master Servicer, any Non-Serviced Special Servicer, any Other
Servicer, any Person (including the Directing Certificateholder) who provides the Certificate Administrator with an Investor Certification,
and any NRSRO (including any Rating Agency) that provides the Certificate Administrator with an NRSRO Certification, which Investor
Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website; provided,
however, that in no event may a Borrower Party (other than a Borrower Party that is the Special Servicer) be entitled to
receive (i) if such party is the Directing Certificateholder or any Controlling Class Certificateholder, any Excluded
Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate
Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)),
and (ii) if such party is not the Directing Certificateholder or any Controlling Class Certificateholder, any information
other than the Distribution Date Statement.  In determining whether any Person is an Additional Servicer or an Affiliate
of the Operating Advisor, the Certificate Administrator may rely on direction by the Master Servicer, the Special Servicer, any
Mortgage Loan Seller or the Operating Advisor, as the case may be.

 

Notwithstanding
anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it has become a Borrower Party, the
Special Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly
or indirectly provide any information related to the related Excluded Special Servicer Loan to (A) the related Borrower Party,
(B) any of the Special Servicer’s employees or personnel or any of its Affiliates involved in the management of any
investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) shall maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i)
above; provided, further, that nothing in this Agreement shall be construed as an obligation of the

 

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Master
Servicer or the Certificate Administrator to restrict access by the Special Servicer or any Excluded Special Servicer to any information
related to any Excluded Special Servicer Loan and in no case shall the Master Servicer or the Certificate Administrator be held
liable if the Special Servicer accesses any Excluded Special Servicer Information relating to the Excluded Special Servicer Loan;
provided, further, however, that any Excluded Controlling Class Holder shall be permitted to reasonably
request and to obtain in accordance with Section 4.02(f) of this Agreement any Excluded Information relating to any
Excluded Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party
(if such Excluded Information is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s
Website on account of it constituting Excluded Information).

 

“Prohibited
Party”:  Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Prohibited
Prepayment”:  As defined in the definition of Compensating Interest Payments.

 

“Proposed
Course of Action”:  As defined in Section 2.03(l)(i).

 

“Proposed
Course of Action Notice”:  As defined in Section 2.03(l)(i).

 

“Prospectus”: 
The Prospectus, dated November 12, 2019, relating to the Registered Certificates.

 

“PSA
Party Repurchase Request”:  As defined in Section 2.03(k)(ii).

 

“Purchase
Price”:  With respect to any Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant
to the final paragraph hereof, any related Companion Loan) to be purchased pursuant to (A) Section 5 of the related Mortgage
Loan Purchase Agreement by the related Mortgage Loan Seller, (B) Section 3.16, or (C) Section 9.01,
a price, without duplication, equal to:

 

(i)        
the outstanding principal balance of such Mortgage Loan (or any related REO Loan (including for such purpose, solely to the extent
required pursuant to the final paragraph hereof, the related Companion Loan)) as of the date of purchase; plus

 

(ii)        
all accrued and unpaid interest on the Mortgage Loan (or any related REO Loan (including for such purpose, to the extent required
pursuant to the final paragraph hereof, the related Companion Loan)), at the related Mortgage Rate in effect from time to time
(excluding any portion of such interest that represents Default Interest or Excess Interest), to, but not including, the Due Date
therefor immediately preceding or coinciding with the Determination Date for the Collection Period of purchase; plus

 

(iii)        all related unreimbursed Servicing Advances plus accrued and unpaid interest on all related Advances at the Reimbursement Rate,
Special Servicing Fees (whether paid or unpaid) and any other additional trust fund

 

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expenses
(except for Liquidation Fees) in respect of such Mortgage Loan (or related REO Loan (including for such purpose, to the extent
required pursuant to the final paragraph hereof, the related Companion Loan)), if any; plus

 

(iv) 
if such Mortgage Loan (or related REO Loan) is being repurchased or substituted by the related Mortgage Loan Seller, pursuant
to Section 5 of the applicable Mortgage Loan Purchase Agreement, all reasonable out-of-pocket expenses reasonably incurred
or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator or the Trustee in
respect of the omission, breach or defect giving rise to the repurchase or substitution obligation including any expenses arising
out of the enforcement of the repurchase or substitution obligation, including, without limitation, legal fees and expenses and
any additional trust fund expenses relating to such Mortgage Loan (or related REO Loan); provided, however, that
such out-of-pocket expenses shall not include expenses incurred by Certificateholders or Certificate Owners in instituting an
Asset Review Vote Election, in taking part in an Asset Review vote or in exercising such Certificateholder’s or Certificate
Owner’s, as applicable, rights under the dispute resolution mechanics pursuant to Section 2.03(l);

 

(v)  
Liquidation Fees, if any, payable with respect to such Mortgage Loan (or related REO Loan (including for such purpose, to the
extent required pursuant to the final paragraph hereof, the related Companion Loan)) (which will not include any Liquidation Fees
if such repurchase occurs or Loss of Value Payment is received during the Initial Cure Period or, if applicable, prior to the
expiration of the Extended Cure Period); plus

 

(vi) 
solely in the case of a repurchase or substitution by the related Mortgage Loan Seller, any Asset Representations Reviewer Asset
Review Fee for such Mortgage Loan, to the extent not previously paid by the related Mortgage Loan Seller.

 

Solely
with respect to any Serviced Whole Loan to be sold pursuant to Section 3.16(a)(iii), “Purchase Price”
shall mean the amount calculated in accordance with the preceding sentence in respect of the related Whole Loan, including, for
such purposes, the Mortgage Loan and the related Companion Loan, as applicable.  With respect to any REO Property to be sold
pursuant to Section 3.16(b), “Purchase Price” shall mean the amount calculated in accordance with the
second preceding sentence in respect of the related REO Loan (including any related Companion Loan).  With respect to any
sale pursuant to Section 3.16(a)(ii) or Section 3.16(e) or for purposes of calculating any Gain-on-Sale
Proceeds, the “Purchase Price” shall be allocated between the related Mortgage Loan and Companion Loan, as applicable,
in accordance with, and shall be equal to the amount provided pursuant to, the provisions of the related Intercreditor Agreement. 
Notwithstanding the foregoing, with respect to any repurchase pursuant to sub-clause (A) and sub-clause (C)
hereof, the “Purchase Price” shall not include any amounts payable in respect of any related Companion Loan.

 

“Qualified
Institutional Buyer”:  A “qualified institutional buyer” as defined in Rule 144A under the Act.

 

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“Qualified
Insurer”:  (i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security
or bonding company qualified to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength
rating of at least:  (a) “A-” by S&P (or, if not rated by S&P, at least an equivalent rating by one NRSRO
(which may include Fitch or KBRA) and (b) “A-” by Fitch (or, if not rated by Fitch, at least “A-” or an
equivalent rating as “A-” by one other NRSRO (which may include S&P or KBRA)), and (ii) with respect to the
fidelity bond and errors and omissions insurance policy required to be maintained pursuant to Section 3.07(c), except
as otherwise permitted by Section 3.07(c), an insurance company that has a claims paying ability (or the obligations
which are guaranteed or backed by a company having such claims paying ability) rated by at least one (1) of the following rating
agencies of at least (a) ”A3” by Moody’s, (b) “A-” by S&P, (c) “A-” by Fitch,
(d) ”A-:X” by A.M. Best Company, Inc. or (e) “A(low)” by DBRS, or, in the case of clauses (i)
or (ii), any other insurer acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation and a confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25).

 

“Qualified
Mortgage”: A “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, but without
regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective obligation to be treated as a “qualified
mortgage”.

 

“Qualified
Replacement Special Servicer”:  A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to the Special Servicer contained in this Agreement, (ii) is not the Operating Advisor, the Asset Representations
Reviewer or an Affiliate of the Operating Advisor or the Asset Representations Reviewer (and, if appointed by the Directing Certificateholder
or with the approval of the requisite vote of Certificateholders following the Operating Advisor’s recommendation to replace
the Special Servicer pursuant to Section 7.01(d), is not the originally replaced Special Servicer or its affiliate), (iii) is
not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations
under this Agreement, and (y) for the appointment of the successor special servicer or the recommendation by the Operating
Advisor for the replacement special servicer to become the Special Servicer, (iv) is not entitled to receive any compensation
from the Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation
that such party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating
Advisor for its appointment as successor special servicer, in each case, unless such fee is expressly approved by 100% of the
Certificateholders, (vi) currently has a special servicer rating of at least “CSS3” from Fitch, (vii) listed
on S&P’s Select Servicer List as a “U.S. Commercial Mortgage Special Servicer”, and (viii) is currently
acting as a special servicer in a transaction rated by KBRA and has not been publicly cited by KBRA as having servicing concerns
as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior
to the time of determination.

 

“Qualified
Substitute Mortgage Loan”:  A substitute mortgage loan (other than with respect to the Whole Loans, for which no
substitution will be permitted) replacing a removed

 

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Mortgage
Loan that must, on the date of substitution:  (i) have an outstanding principal balance, after application of all scheduled
payments of principal and interest due during or prior to the month of substitution, whether or not received, not in excess of
the Stated Principal Balance of the removed Mortgage Loan as of the Due Date in the calendar month during which the substitution
occurs; (ii) have a fixed Mortgage Rate not less than the Mortgage Rate of the removed Mortgage Loan, determined without
regard to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan; (iii) have the same Due
Date as and Grace Period no longer than that of the removed Mortgage Loan; (iv) accrue interest on the same basis as the
removed Mortgage Loan (for example, on the basis of a 360-day year consisting of twelve 30-day months); (v) have a remaining
term to stated maturity not greater than, and not more than five (5) years less than, the remaining term to stated maturity
of the removed Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the lesser of the loan-to-value
ratio for the removed Mortgage Loan as of the Closing Date and 75%, in each case using the “value” for the Mortgaged
Property as determined using an Appraisal; (vii) comply as of the date of substitution in all material respects with all
of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an environmental
report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and which will
be delivered as a part of the related Mortgage File; (ix) have a then-current debt service coverage ratio at least equal
to the greater of the original debt service coverage ratio of the removed Mortgage Loan as of the Closing Date and 1.25x; (x) constitute
a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code as evidenced by an Opinion
of Counsel (provided at the applicable Mortgage Loan Seller’s expense); (xi) not have a maturity date or an amortization
period that extends to a date that is after the date five (5) years prior to the Rated Final Distribution Date; (xii) have
comparable prepayment restrictions to those of the removed Mortgage Loan; (xiii) not be substituted for a removed Mortgage
Loan unless the Trustee and the Certificate Administrator have received Rating Agency Confirmation from each Rating Agency (the
cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller); (xiv) have
been approved by the Directing Certificateholder (so long as a Control Termination Event has not occurred and is not continuing
and the affected Mortgage Loan is not an Excluded DCH Loan); (xv) prohibit defeasance within two (2) years of the Closing
Date; (xvi) not be substituted for a removed Mortgage Loan if it would result in an Adverse REMIC Event other than the imposition
of a tax on income expressly permitted or contemplated to be imposed by the terms of this Agreement, as determined by an Opinion
of Counsel at the cost of the related Mortgage Loan Seller; (xvii) have an engineering report that indicates no material
adverse property condition or deferred maintenance with respect to the related Mortgaged Property that will be delivered as a
part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest
then due.  In the event that more than one mortgage loan is substituted for a removed Mortgage Loan, then the amounts described
in clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each such proposed Qualified
Substitute Mortgage Loan shall individually satisfy each of the requirements specified in clauses (ii) through (xviii);
provided that the rates described in clause (ii) above and the remaining term to stated maturity referred to
in clause (v) above shall be determined on a weighted average basis; provided, further, that no individual
Mortgage Rate (net of the Servicing Fee Rate, any Non-Serviced Primary Servicing Fee Rate, the Certificate Administrator Fee Rate,
the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property
Royalty License Fee Rate) shall be lower than the highest fixed Pass-Through 

 

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Rate
(and not based on, or subject to a cap equal to, the Weighted Average Net Mortgage Rate) of any Class of Principal Balance
Certificates having a Certificate Balance then outstanding.  When a Qualified Substitute Mortgage Loan is substituted for
a removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the Qualified Substitute Mortgage Loan meets all
of the requirements of the above definition and shall send such certification to the Trustee, the Certificate Administrator and,
prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder.

 

“RAC
No-Response Scenario”:  As defined in Section 3.25(a).

 

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

 

“Rated
Final Distribution Date”:  As to each Class of Certificates, the Distribution Date in December 2052.

 

“Rating
Agency”:  Each of KBRA, Fitch and S&P or their successors in interest.  If no such rating agency nor any
successor thereof remains in existence, “Rating Agency” shall be deemed to refer to such nationally recognized statistical
rating agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given
to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer, and specific ratings of KBRA, Fitch
and S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Rating
Agency Confirmation”:  With respect to any matter, confirmation in writing (which may be in electronic form) by
each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated
by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from each Rating Agency with respect to such matter.

 

“Rating
Agency Inquiry”:  As defined in Section 4.07(c).

 

“Rating
Agency Q&A Forum and Document Request Tool”:  As defined in Section 4.07(c).

 

“Realized
Loss”:  With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Stated Principal
Balance (for purposes of this definition only, not giving effect to any reductions of the Stated Principal Balance for payments
of principal collected on the Mortgage Loans that were used to reimburse any Workout-Delayed Reimbursement Amounts pursuant to
Section 3.05(a)(v) to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable
Advances) of the Mortgage Loans and any REO Loans (excluding any portion allocable to any related Companion Loan, if applicable)
expected to be outstanding immediately following such Distribution Date, is less than (ii) the then-aggregate Certificate
Balance of the Principal Balance Certificates after giving effect to distributions of principal on such Distribution Date.

 

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“Record
Date”:  With respect to any Distribution Date, the last Business Day of the month immediately preceding the month
in which that Distribution Date occurs.

 

“Registered
Certificates”:  The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S,
Class B, Class C, Class X-A and Class X-B Certificates.

 

“Regular
Certificates”:  Any of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A,
Class X-B, Class X-D, Class A-S, Class B, Class C, Class D, Class E-RR, Class F-RR, Class G-RR
and Class H-RR Certificates.

 

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

 

“Regulation
AB Companion Loan Securitization”:  As defined in Section 11.15(a).

 

“Regulation
AB Servicing Officer”:  Any officer or employee of the Master Servicer or the Special Servicer, as applicable,
involved in, or responsible for, the administration and servicing of the Mortgage Loans or Companion Loans, or this Agreement
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
or employee’s knowledge of and familiarity with the particular subject, and, in the case of any certification required
to be signed by a Servicing Officer, such an officer or employee whose name and specimen signature appears on a list of servicing
officers furnished to the Trustee and/or the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Regulation
D”:  Regulation D under the Act.

 

“Regulation
S”:  Regulation S under the Act.

 

“Regulation
S Book-Entry Certificates”:  The Non-Registered Certificates sold to institutions that are non-United States Securities
Persons in Offshore Transactions in reliance on Regulation S and represented by one or more Book-Entry Non-Registered Certificates
deposited with the Certificate Administrator as custodian for the Depository.

 

“Reimbursement
Rate”:  The rate per annum applicable to the accrual of interest on Servicing Advances in accordance
with Section 3.03(d) and P&I Advances in accordance with Section 4.03(d), which rate per annum
shall equal the Prime Rate.

 

“Related
Certificates” and “Related Lower-Tier Regular Interests”:  For each of the following Classes
of Certificates, as applicable, the related Class of Lower-Tier Regular Interests; and for each of the following Classes
of Lower-Tier Regular Interests, the related Class of Certificates, as applicable, set forth below:

 

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	Related
Certificates 

	 

	Related
Lower-Tier Regular Interest 

	Class A-1
Certificates

	 

	Class LA1
Uncertificated Interest

	Class A-2
Certificates

	 

	Class LA2
Uncertificated Interest

	Class A-SB
Certificates

	 

	Class LASB
Uncertificated Interest

	Class A-3
Certificates

	 

	Class LA3
Uncertificated Interest

	Class A-4
Certificates

	 

	Class LA4
Uncertificated Interest

	Class A-S
Certificates

	 

	Class LAS
Uncertificated Interest

	Class B
Certificates

	 

	Class LB
Uncertificated Interest

	Class C
Certificates

	 

	Class LC
Uncertificated Interest

	Class D
Certificates

	 

	Class LD
Uncertificated Interest

	Class E-RR
Certificates

	 

	Class LERR
Uncertificated Interest

	Class F-RR
Certificates

	 

	Class LFRR
Uncertificated Interest

	Class G-RR
Certificates

	 

	Class LGRR
Uncertificated Interest

	Class H-RR
Certificates

	 

	Class LHRR
Uncertificated Interest

 

“Relevant
Servicing Criteria”:  The Servicing Criteria applicable to a specific party, as set forth on Exhibit AA
attached hereto.  For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. 
With respect to a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, the Master Servicer or
the Special Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria
applicable to the Master Servicer, the Special Servicer, the Trustee and/or the Certificate Administrator.

 

“REMIC”: 
A “real estate mortgage investment conduit” as defined in Section 860D of the Code (or any successor thereto).

 

“REMIC
Administrator”:  The Certificate Administrator or any REMIC administrator appointed pursuant to Section 10.04.

 

“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 temporary
and final Treasury Regulations (or proposed regulations that would apply by reason of their proposed effective date to the extent
not inconsistent with temporary or final regulations) and any rulings or announcements promulgated thereunder, as the foregoing
may be in effect from time to time.

 

“Remittance
Date”:  The Business Day immediately preceding each Distribution Date.

 

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

 

“REO
Account”:  A segregated custodial account or accounts created and maintained by the Special Servicer pursuant to
Section 3.14(b) on behalf of the Trustee for the benefit of the Certificateholders and with respect to any Serviced
Whole Loan, for the benefit of the related Serviced Companion Noteholder, which shall initially be entitled “LNR Partners,
LLC,

 

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as
Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of
Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, REO Account”. 
Any such account or accounts shall be an Eligible Account.

 

“REO
Acquisition”:  The acquisition for federal income tax purposes of any REO Property pursuant to Section 3.09.

 

“REO
Disposition”:  The sale or other disposition of the REO Property pursuant to Section 3.16.

 

“REO
Extension”:  As defined in Section 3.14(a).

 

“REO
Loan”:  Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan, as
applicable), deemed for purposes hereof to be outstanding with respect to each REO Property.  Each REO Loan shall be deemed
to be outstanding for so long as the applicable portion of the related REO Property (or beneficial interest therein, in the case
of a Non-Serviced Mortgage Loan) remains part of the Trust Fund and provides for Assumed Scheduled Payments on each Due Date therefor,
and otherwise has the same terms and conditions as its predecessor Mortgage Loan or Companion Loan, if applicable, including,
without limitation, with respect to the calculation of the Mortgage Rate in effect from time to time (such terms and conditions
to be applied without regard to the default on such predecessor Mortgage Loan or Companion Loan, if applicable).  Each REO
Loan shall be deemed to have an initial outstanding principal balance and Stated Principal Balance equal to the outstanding principal
balance and Stated Principal Balance, respectively, of its predecessor Mortgage Loan or Companion Loan, if applicable, as of the
date of the related REO Acquisition.  All amounts due and owing in respect of the predecessor Mortgage Loan or Companion
Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, accrued and unpaid interest,
shall continue to be due and owing in respect of an REO Loan.  All amounts payable or reimbursable to the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee,
as applicable, in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO
Acquisition, including, without limitation, any unpaid Special Servicing Fees and Servicing Fees, additional trust fund expenses
and any unreimbursed Advances, together with any interest accrued and payable to the Master Servicer or the Trustee, as applicable,
in respect of such Advances in accordance with Section 3.03(d) or Section 4.03(d), shall continue to be
payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator or the Trustee, as applicable, in respect of an REO Loan.  In addition, Unliquidated Advances
and Nonrecoverable Advances with respect to such REO Loan, in each case, that were paid from collections on the related Mortgage
Loans and resulted in principal distributed to the Certificateholders being reduced as a result of the first proviso in the definition
of “Principal Distribution Amount” shall be deemed outstanding until recovered.  Notwithstanding anything to
the contrary, with respect to each Serviced Whole Loan, no amounts relating to the related REO Property or REO Loan allocable
to the related Serviced Pari Passu Companion Loan, as applicable, will be available for amounts due to the Certificateholders
or to reimburse the Trust, other than in the limited circumstances related to Servicing Advances, indemnification payments, Special
Servicing Fees and other reimbursable

 

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expenses
related to such Serviced Whole Loan incurred with respect to such Serviced Whole Loan, in accordance with Section 3.05(a),
or with respect to an AB Subordinate Companion Loan, as set forth in the related Intercreditor Agreement.

 

“REO
Property”:  A Mortgaged Property acquired by the Special Servicer on behalf of, and in the name of, the Trustee
or a nominee thereof for the benefit of the Certificateholders (and the related Companion Holder, subject to the related Intercreditor
Agreement, with respect to a Mortgaged Property securing a Serviced Whole Loan) to the extent set forth herein and the Trustee
(as holder of the Lower-Tier Regular Interests) (and also including, if applicable, the Trust’s beneficial interest in
a Non-Serviced Mortgaged Property acquired by the applicable Non-Serviced Special Servicer on behalf of, and in the name of, the
applicable Non-Serviced Trustee or a nominee thereof for the benefit of the certificateholders under the applicable Non-Serviced
Trust) through foreclosure, acceptance of a deed in lieu of foreclosure or otherwise in accordance with applicable law in connection
with the default or imminent default of a Mortgage Loan.  References herein to the Special Servicer acquiring, maintaining,
managing, inspecting, insuring, selling or reporting or to Appraisal Reduction Amounts and Final Recovery Determinations with
respect to an “REO Property”, shall not include the Trust’s beneficial interest in a Non-Serviced Mortgaged
Property.  For the avoidance of doubt, REO Property, to the extent allocable to a Companion Loan, shall not be an asset of
the Trust Fund, any Trust REMIC or the Grantor Trust.

 

“REO
Revenues”:  All income, rents and profits derived from the ownership, operation or leasing of any REO Property.

 

“Reportable
Event”:  As defined in Section 11.07.

 

“Reporting
Requirements”:  As defined in Section 11.12.

 

“Reporting
Servicer”:  The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian or any Servicing Function Participant engaged by such parties, as the case may be.

 

“Repurchase
Request”:  A Certificateholder Repurchase Request or a PSA Party Repurchase Request.

 

“Repurchase
Request Recipient”:  As defined in Section 2.02(g).

 

“Request
for Release”:  A release signed by a Servicing Officer of the Master Servicer or the Special Servicer, as applicable,
in the form of Exhibit E attached hereto.

 

“Requesting
Certificateholder”:  As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”:  As defined in Section 4.05(b).

 

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

 

“Resolution
Failure”:  As defined in Section 2.03(k)(iii).

 

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“Resolved”: 
With respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related Mortgage
Loan has been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been
substituted for the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable
Mortgage Loan Seller has made a Loss of Value Payment, (v) a contractually binding agreement has been entered into between
the Enforcing Servicer, on behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s
obligations under the related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of
the Trust as a result of a sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”:  When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee
with direct responsibility for the administration of this Agreement and, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and
(ii) the Certificate Administrator, any officer assigned to the Corporate Trust Services group with direct responsibility
for the administration of this Agreement and, with respect to a particular matter, any other officer to whom a particular matter
is referred by the Certificate Administrator because of such officer’s knowledge of and familiarity with the particular
subject.

 

“Restricted
Period”:  The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which
Certificates are first offered to Persons other than the Initial Purchasers or Underwriters and any other distributor (as such
term is defined in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retained
Certificate Safekeeping Account”:  One or more accounts maintained by the Certificate Administrator for purposes
of holding the Risk Retention Certificates, which account(s) shall be deemed to be owned by the Holder(s) of  the Risk Retention
Certificates.

 

“Retained
Defeasance Rights and Obligations”:  As defined in Section 3.18(i).

 

“Retained
Fee Rate”:  A rate which causes the Transferable Servicing Fee Rate to equal zero.

 

“Retaining
Party”: Any Holder of a Risk Retention Certificate, and any successor Holder of all or part of such Risk Retention Certificates. 
The initial Retaining Party will be Argentic Securities Holdings Cayman Limited.

 

“Retaining
Sponsor”: Argentic Real Estate Finance LLC, acting as retaining sponsor as such term is defined under Section 3(b) of
the Risk Retention Rules.

 

“Review
Materials”:  As defined in Section 12.01(b)(i).

 

“Review
Package”:  A Rating Agency Confirmation request and any supporting documentation delivered therewith.

 

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“Revised
Rate”:  With respect to any ARD Loan, the increased interest rate after the related Anticipated Repayment Date
(in the absence of a default) for each applicable Mortgage Loan, as calculated and as set forth in the related Mortgage Loan.

 

“Rialto”: 
Rialto Mortgage Finance, LLC, a Delaware limited liability company, or its successor in interest.

 

“Risk
Retention Affiliate” or “Risk Retention Affiliated”:  Means “affiliate of”
or “affiliated with”, as such terms are defined in 17 C.F.R. 246.2 of the Risk Retention Rules.

 

“Risk
Retention Certificates”:  The Horizontal Risk Retention Certificates.

 

“Risk
Retention Requirements”:  The credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C.
§78o-11), as added by Section 941 of the Dodd-Frank Act.

 

“Risk
Retention Rules”: The joint final rule that was promulgated to implement the Risk Retention Requirements (which such
joint final rule has been codified, inter alia, at 17 C.F.R. § 246), as such rule may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the Office of the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Commission
and the Department of Housing and Urban Development in the adopting release (79 Fed. Reg. 77601 et seq.) or by the staff of any such
agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective, from time to time,
as of the applicable compliance date specified therein.  Any reference to a Section of the Risk Retention Rules shall mean
the subsection of the Risk Retention Rules identified with the same corresponding number as the referenced “Section”. 
For example, “Section 7 of the Risk Retention Rules” means 17 C.F.R. § 246.7.

 

“Rule 144A”: 
Rule 144A under the Act.

 

“Rule 144A
Book-Entry Certificate”:  With respect to the Non-Registered Certificates offered and sold in reliance on Rule 144A,
a single, permanent Book-Entry Certificate, in definitive, fully registered form without interest coupons.

 

“Rules”: 
As defined in Section 2.03(n)(iv).

 

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

 

“Sarbanes-Oxley
Act”:  The Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes-Oxley
Certification”:  As defined in Section 11.05(a)(iv).

 

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“Schedule
AL Additional File”:  A data file containing additional information or schedules regarding data points in the related
CREFC® Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation
S-K under the Securities Act.

 

“Scheduled
Principal Distribution Amount”:  With respect to any Distribution Date and the Mortgage Loans, the aggregate of
the principal portions of the following:  (a) all Periodic Payments (excluding Balloon Payments) due in respect of such
Mortgage Loans during or, if and to the extent not previously received or advanced pursuant to Section 4.03 in respect
of a preceding Distribution Date (and not previously distributed to Certificateholders), prior to, the related Collection Period,
and all Assumed Scheduled Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent
either (i) paid by the Mortgagor as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring
or a Grace Period ending after the related Determination Date, the related Due Date or last day of such Grace Period, as applicable,
to the extent received by the Master Servicer as of the Business Day preceding the related P&I Advance Date) or (ii) advanced
by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.03 in respect of such Distribution Date,
and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination
Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the related Determination
Date, the related Due Date or last day of such Grace Period, as applicable, to the extent received by the Master Servicer as of
the Business Day preceding the related P&I Advance Date), and to the extent not included in clause (a) above.

 

“Secure
Data Room”:  The “Secure Data Room” tab, which shall initially be located within the Certificate Administrator’s
Website (initially “www.ctslink.com”), on the page relating to this transaction.

 

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

 

“Security
Agreement”:  With respect to any Mortgage Loan, any security agreement or equivalent instrument, whether contained
in the related Mortgage or executed separately, creating in favor of the holder of such Mortgage a security interest in the personal
property constituting security for repayment of such Mortgage Loan.

 

“Senior
Certificate”:  Any Class A Certificate (other than the Class A-S Certificates) or Class X Certificate.

 

“Serviced
AB Mortgage Loan”:  Any Mortgage Loan that is part of a Serviced AB Whole Loan.  For the avoidance of doubt,
there are no Serviced AB Mortgage Loans related to the Trust as of the Closing Date.

 

“Serviced
AB Whole Loan”:  Any AB Whole Loan that is serviced under this Agreement.  For the avoidance of doubt, there
are no Serviced AB Whole Loans related to the Trust as of the Closing Date.

 

“Serviced
AB Whole Loan Controlling Holder”:  With respect to a Serviced AB Whole Loan, the “Directing Lender”
or similarly defined party identified in the related AB

 

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Intercreditor
Agreement.  For the avoidance of doubt, there is no Serviced AB Whole Loan Controlling Holder related to the Trust as of
the Closing Date.

 

“Serviced
Companion Loan”:  A Companion Loan that is part of a Serviced Whole Loan.

 

“Serviced
Companion Loan Securities”:  For so long as the related Mortgage Loan or any successor REO Loan is in the Trust
Fund, any class of securities backed, wholly or partially, by any Serviced Companion Loan.

 

“Serviced
Companion Noteholder”:  Any holder of record of any Serviced Companion Loan.

 

“Serviced
Companion Noteholder Register”:  The register maintained by the Companion Paying Agent pursuant to Section 3.28.

 

“Serviced
Mortgage Loan”:  A Mortgage Loan that is part of a Serviced Whole Loan.

 

“Serviced
Pari Passu Companion Loan”:  A Pari Passu Companion Loan that is part of a Serviced Whole Loan.

 

“Serviced
Pari Passu Companion Loan Holder”:  Any holder of record of any Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Companion Loan Securities”:  For so long as the related Mortgage Loan or any successor REO Loan is in
the Trust Fund, any class of securities issued by another securitization and backed by a Serviced Pari Passu Companion Loan.

 

“Serviced
Pari Passu Mortgage Loan”:  Each Mortgage Loan that is part of a Serviced Pari Passu Whole Loan.

 

“Serviced
Pari Passu Whole Loan”:  A Pari Passu Whole Loan that is a Serviced Whole Loan.  The table and footnotes under
the heading “Whole Loans” in the Preliminary Statement hereto identify the Serviced Pari Passu Whole Loans related
to the Trust as of the Closing Date.

 

“Serviced
REO Loan”:  Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced
REO Property”:  Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced
Securitized Companion Loan”:  Any Companion Loan that is a component of a Serviced Whole Loan, if and for so long
as each such Companion Loan is included in a Regulation AB Companion Loan Securitization.

 

     -99-

     

    

“Serviced
Subordinate Companion Loan”:  Any AB Subordinate Companion Loan that is part of a Serviced AB Whole Loan. 
For the avoidance of doubt, there are no Serviced Subordinate Companion Loans related to the Trust.

 

“Serviced
Whole Loan”:  A Whole Loan that is serviced and administered pursuant to this Agreement.  As of the Closing
Date, each Whole Loan identified as a “Serviced Whole Loan” or “Servicing Shift Whole Loan” under the
heading “Whole Loan Type” in the Preliminary Statement hereto is a Serviced Whole Loan. After the related Servicing
Shift Date, a Servicing Shift Whole Loan will cease to be a Serviced Whole Loan.

 

“Serviced
Whole Loan Controlling Holder”:  The “Controlling Noteholder” or similar term identified in the Intercreditor
Agreement related to a Serviced Whole Loan.

 

“Serviced
Whole Loan Remittance Date”:  With respect to any Serviced Companion Loan:  (i) the date specified as
the applicable remittance date (or equivalent concept) in the related Intercreditor Agreement; or (ii) if no such applicable
remittance date (or equivalent concept) is so specified in the related Intercreditor Agreement, then the earlier of (A) one
(1) Business Day after the Determination Date or (B) the fifteenth (15th) day of each calendar month (or, if the
fifteenth (15th) calendar day of that month is not a Business Day, then the Business Day immediately succeeding such fifteenth
(15th) calendar day), provided, however, that such Serviced Whole Loan Remittance Date under this clause (ii)
shall not be earlier than two (2) Business Days following the date the Master Servicer receives the related Periodic Payment
with respect to such Serviced Whole Loan.

 

“Servicer
Termination Event”:  As defined in Section 7.01(a).

 

“Servicing
Account”:  The account or accounts created and maintained pursuant to Section 3.03(a).

 

“Servicing
Advances”:  All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’
fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator,
or the Trustee, as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and, in the case
of a Serviced Mortgage Loan, the related Serviced Companion Loan, as applicable), other than a Non-Serviced Mortgage Loan, in
respect of which a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable
or (b) a Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or an REO Property (other
than an REO Property related to a Non-Serviced Mortgage Loan), including, in the case of each of such clause (a) and
clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations
set forth in Section 3.03(c), (ii) the preservation, restoration and protection of a Mortgaged Property and the
priority of a Mortgage, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature
described in clauses (i) – (vi) of the definition of “Liquidation Proceeds,” (iv) any
enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the operation, leasing,
management, maintenance and liquidation of any REO Property and (y) any amount specifically designated herein to be paid
as a “Servicing Advance”.  Notwithstanding anything to the contrary, “Servicing Advances” shall not
include allocable 

 

     -100-

     

    

overhead
of the Master Servicer or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses,
employee salaries and related expenses and similar internal costs and expenses or costs and expenses incurred by any such party
in connection with its purchase of a Mortgage Loan or REO Property.  None of the Master Servicer, the Special Servicer or
the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase rights granted to
the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.

 

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

 

“Servicing
Fee”:  With respect to each Mortgage Loan (including each Non-Serviced Mortgage Loan), Serviced Companion Loan,
and any REO Loan, the fee payable to the Master Servicer pursuant to the first paragraph of Section 3.11(a).

 

“Servicing
Fee Rate”:  With respect to (i) each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan, a per annum
rate equal to the rate set forth on the Mortgage Loan Schedule under the heading “Servicing Fee Rate”, which rate
includes, in each such case, the rate at which applicable master, primary and sub-servicing fees accrue (other than in respect
of a Non-Serviced Mortgage Loan, with respect to which the primary and sub-servicing fees are included in the related Non-Serviced
Primary Servicing Fee Rate), in each case computed on the basis of the Stated Principal Balance of the related Mortgage Loan or
REO Loan in the same manner in which interest is calculated in respect of such loans (provided, however, that with
respect to any Servicing Shift Mortgage Loan on or after the applicable related Servicing Shift Date, the Servicing Fee Rate shall
be reduced by the related Non-Serviced Primary Servicing Fee Rate); (ii) each Serviced Pari Passu Companion Loan (other than a
Pari Passu Companion Loan that is part of a Servicing Shift Whole Loan), 0.00250% per annum; and (iii) each Serviced
Pari Passu Companion Loan that is part of a Servicing Shift Whole Loan, a per annum rate equal to the “Non-Serviced
Primary Servicing Fee Rate” in the table and footnotes under the heading “Whole Loans” in the Preliminary Statement
hereto, in each case computed on the basis of the Stated Principal Balance of the related Serviced Pari Passu Companion Loan in
the same manner in which interest is calculated in respect of such loan.

 

“Servicing
File”:  A photocopy of all items required to be included in the Mortgage File, together with each of the following,
to the extent such items were actually delivered to the related Mortgage Loan Seller, with respect to a Mortgage Loan and (to
the extent that the identified documents existed on or before the Closing Date and the applicable reference to Servicing File
relates to any period after the Closing Date) delivered by the related Mortgage Loan Seller, to the Master Servicer:  (i) a
copy of any engineering reports or property condition reports; (ii) other than with respect to a hospitality property (except
with respect to tenanted commercial space within a hospitality property), copies of a rent roll and, for any office, retail, industrial
or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance agreements delivered to the related
Mortgage Loan Seller; (iii) copies of related financial statements or operating statements; (iv) all legal opinions
(excluding attorney-client communications between the related Mortgage Loan Seller, and its counsel that are privileged communications
or constitute legal or other due diligence analyses), Mortgagor’s certificates and certificates of hazard insurance

 

     -101-

     

    

and/or
hazard insurance policies or other applicable insurance policies, if any, delivered in connection with the closing of the related
Mortgage Loan; (v) a copy of the Appraisal for the related Mortgaged Property(ies); (vi) the documents that were delivered
by or on behalf of the Mortgagor, which documents were required to be delivered in connection with the closing of the related
Mortgage Loan; (vii) for any Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the
lease; and (viii) a copy of all environmental reports that were received by the applicable Mortgage Loan Seller relating
to the relevant Mortgaged Property.

 

“Servicing
Function Participant”:  Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator, that is performing
activities that address the Servicing Criteria, unless (i) such Person’s activities relate only to 5% or less of the
Mortgage Loans by unpaid principal balance as of any date of determination in accordance with Article XI or (ii) the
Depositor reasonably determines that the Master Servicer or the Special Servicer may, for the purposes of the Exchange Act reporting
requirements pursuant to applicable Commission guidance, take responsibility for the assessment of compliance with the Servicing
Criteria of such Person.  The Servicing Function Participants as of the Closing Date are listed on Exhibit GG hereto. 
Exhibit GG shall be updated and provided to the Depositor and the Certificate Administrator in accordance with Section 11.10(c).

 

“Servicing
Officer”:  Any officer and/or employee of the Master Servicer, the Special Servicer or any Additional Servicer
involved in, or responsible for, the administration and servicing of the Mortgage Loans or Serviced Companion Loans, whose name
and specimen signature appear on a list of servicing officers furnished by the Master Servicer, the Special Servicer or any Additional
Servicer to the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor on the Closing Date as such list
may be amended from time to time thereafter.

 

“Servicing
Shift Control Note”:  With respect to any Servicing Shift Whole Loan, as of any date of determination, the note
or other evidence of indebtedness and/or agreements evidencing the indebtedness of a Mortgagor under such Servicing Shift Whole
Loan including any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the
related Non-Serviced Trust will cause servicing to shift from this Agreement to the related Non-Serviced PSA pursuant to the terms
of the related Intercreditor Agreement for such Servicing Shift Whole Loan.  The table and footnotes under the heading “Whole
Loans” in the Preliminary Statement hereto identify the Servicing Shift Control Note for each Servicing Shift Whole Loan.

 

“Servicing
Shift Date”:  With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Control
Note is included in a Non-Serviced Trust, provided that the holder of such Servicing Shift Control Note provides each of
the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Non-Serviced
PSA) with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Control Note is
to be included in such Non-Serviced Trust which notice shall include contact information for the related Non-Serviced Master Servicer,
Non-Serviced Special Servicer, Non-Serviced Certificate Administrator and Non-Serviced Trustee.  Each of the respective dates
on which each of the Servicing Shift Control Notes is included in a securitization

 

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trust
is a Servicing Shift Date related to the Trust (subject to the proviso in the immediately preceding sentence).

 

“Servicing
Shift Mortgage Loan”: A Mortgage Loan that is part of a Servicing Shift Whole Loan.

 

“Servicing
Shift Whole Loan”:  Any Whole Loan serviced under this Agreement as of the Closing Date, which includes a Mortgage
Loan included in the Trust Fund and one or more Companion Loans not included in the Trust Fund, but the servicing of which is
expected to shift to the related Non-Serviced PSA entered into in connection with the securitization, if any, of the related Servicing
Shift Control Note on the related Servicing Shift Date.  The table and footnotes under the heading “Whole Loans”
in the Preliminary Statement hereto identify the Servicing Shift Whole Loans related to the Trust.

 

“Servicing
Standard”:  As defined in Section 3.01(a).

 

“Servicing
Transfer Event”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or related Serviced
Companion Loan, the occurrence of any of the following events:

 

(i)        
the related Mortgagor has failed to make when due any Balloon Payment, and the Mortgagor has not delivered to the Master Servicer,
on or before the due date of such Balloon Payment, documentation (and the Master Servicer shall be required to promptly forward
such documentation to the Directing Certificateholder) reasonably satisfactory in form and substance to the Master Servicer which
provides that a refinancing of such Mortgage Loan or sale of the related Mortgaged Property will occur within 120 days after
the date on which such Balloon Payment will become due (provided that if either (x) such refinancing or sale does
not occur before the expiration of the time period for refinancing or sale specified in such documentation or (y) the Master
Servicer is required to make a P&I Advance in respect of such Mortgage Loan (or, in the case of any Serviced Whole Loan, in
respect of the Mortgage Loan included in the same Serviced Whole Loan) at any time prior to such a refinancing or sale, a Servicing
Transfer Event will occur immediately); or

 

(ii)        
the related Mortgagor has failed to make when due any Periodic Payment (other than a Balloon Payment) or any other payment (other
than a Balloon Payment) required under the related Mortgage Note or the related Mortgage, which failure has continued unremedied
for sixty (60) days; or

 

(iii)        the Master Servicer determines (in accordance with the Servicing Standard) or receives from the Special Servicer a written determination
of the Special Servicer (which determination the Special Servicer shall make in accordance with the Servicing Standard and (A) with
the consent of the Directing Certificateholder (other than with respect to an Excluded DCH Loan), unless a Control Termination
Event has occurred and is continuing or (B) if a Control Termination Event has occurred and is continuing, following
consultation with the

 

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Directing
Certificateholder (other than with respect to an Excluded DCH Loan), unless a Consultation Termination Event has occurred and
is continuing), that a default in making any Periodic Payment (other than a Balloon Payment) or any other material payment (other
than a Balloon Payment) required under the related Mortgage Note or the related Mortgage is likely to occur in the foreseeable
future, and such default is likely to remain unremedied for at least sixty (60) days beyond the date on which the subject
payment will become due; or the Master Servicer determines (in accordance with the Servicing Standard) or receives from the Special
Servicer a written determination of the Special Servicer (which determination the Special Servicer shall make in accordance with
the Servicing Standard and (A) with the consent of the Directing Certificateholder (other than with respect to an Excluded
DCH Loan), unless a Control Termination Event has occurred and is continuing or (B) if a Control Termination Event has occurred
and is continuing, following consultation with the Directing Certificateholder (other than with respect to an Excluded DCH Loan),
unless a Consultation Termination Event has occurred and is continuing), that a default in making a Balloon Payment is likely
to occur in the foreseeable future, and such default is likely to remain unremedied for at least sixty (60) days beyond the
date on which such Balloon Payment will become due (or, if the Mortgagor has delivered, on or prior to the date of the Balloon
Payment, documentation reasonably satisfactory in form and substance to the Master Servicer or the Special Servicer (and
the Master Servicer or the Special Servicer, as applicable, shall promptly forward such documentation to the Directing Certificateholder)
which provides that a refinancing of such Mortgage Loan or sale of the related Mortgaged Property will occur within 120 days
following the date on which such Balloon Payment will become due, the Master Servicer determines (in accordance with the Servicing
Standard) or receives from the Special Servicer a written determination of the Special Servicer (which determination the Special
Servicer shall make in accordance with the Servicing Standard and (A) with the consent of the Directing Certificateholder
(other than with respect to an Excluded DCH Loan), unless a Control Termination Event has occurred and is continuing or (B) if
a Control Termination Event has occurred and is continuing, following consultation with the Directing Certificateholder (other
than with respect to an Excluded DCH Loan), unless a Consultation Termination Event has occurred and is continuing), that (A) the
Mortgagor is likely not to make one or more Assumed Scheduled Payments prior to such a refinancing or sale or (B) such refinancing
or sale is not likely to occur within 120 days following the date on which such Balloon Payment will become due); or

 

(iv)        there shall have occurred a default (including, in the Master Servicer’s or the Special Servicer’s judgment, the
failure of the related Mortgagor to maintain any insurance required to be maintained pursuant to the related Mortgage Loan documents,
unless such default has been waived in accordance with Section 3.07 or 3.18) under the related Mortgage Loan
documents, other than as described in clause (i) or (ii) above, that may, in the good faith and reasonable
judgment of the Master Servicer or the Special Servicer (and, in the case of the Special Servicer (A) with the consent of
the Directing Certificateholder (other than with respect to an Excluded DCH Loan), unless a Control Termination Event has

 

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occurred
and is continuing or (B) if a Control Termination Event has occurred and is continuing, following consultation with the Directing
Certificateholder (other than with respect to an Excluded DCH Loan), unless a Consultation Termination Event has occurred and
is continuing), materially impair the value of the related Mortgaged Property as security for such Mortgage Loan or Serviced Whole
Loan or otherwise materially and adversely affect the interests of Certificateholders (or, in the case of any Serviced Whole Loan,
the interests of the related Serviced Companion Noteholder(s)), which default has continued unremedied for the applicable cure
period under the terms of such Mortgage Loan or Serviced Whole Loan (or, if no cure period is specified, sixty (60) days);
or

 

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

 

(vi)       
the related Mortgagor shall have consented to the appointment of a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to such Mortgagor or of or
relating to all or substantially all of its property; or

 

(vii)       the related Mortgagor shall have admitted in writing its inability to pay its debts generally as they become due, filed a petition
to take advantage of any applicable insolvency or reorganization statute, made an assignment for the benefit of its creditors,
or voluntarily suspended payment of its obligations; or

 

(viii)      the Master Servicer or the Special Servicer, as applicable, shall have received notice of the commencement of foreclosure or similar
proceedings with respect to the corresponding Mortgaged Property; or

 

(ix)       
the Master Servicer or the Special Servicer (and in the case of the Special Servicer, with the consent of the Directing Certificateholder
(other than with respect to an Excluded DCH Loan), unless a Control Termination Event has occurred and is continuing) determines
that (i) a default (including, in the Master Servicer’s or the Special Servicer’s judgment, the failure of
the related Mortgagor to maintain any insurance required to be maintained pursuant to the related Mortgage Loan documents, unless
such default has been waived in accordance with Section 3.07 or Section 3.18) under the Mortgage Loan
documents (other than as described in clause (iii) above) is imminent or reasonably foreseeable, (ii) such default
will materially impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan or Serviced Pari Passu
Companion Loan (if any) or otherwise materially and adversely affect the interests of Certificateholders (or the related Serviced
Pari Passu Companion Loan Holder) and (iii) the default is

 

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likely
to continue unremedied for the applicable cure period under the terms of the Mortgage Loan documents, or, if no cure period is
specified and the default is capable of being cured, for sixty (60) days;

 

provided
that any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced Loan
shall be a Specially Serviced Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Loan. 
If any Serviced Companion Loan becomes a Specially Serviced Loan, the related Serviced Mortgage Loan shall also become a Specially
Serviced Loan.  If any Serviced Mortgage Loan becomes a Specially Serviced Loan, any related Serviced Companion Loan shall
also become a Specially Serviced Loan.  With respect to a Non-Serviced Mortgage Loan, the occurrence of a “Servicing
Transfer Event” shall be as defined in the Non-Serviced PSA.

 

“Significant
Obligor”:  As defined in Section 11.16.

 

“Significant
Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar
quarter of any calendar year), the date that is fifteen (15) days after the Distribution Date occurring on or immediately
following the date on which financial statements for such calendar quarter are required to be delivered to the related lender
under the related Mortgage Loan documents.

 

“Significant
Obligor NOI Yearly Filing Deadline”:  With respect to each calendar year, the date that is the 90th day after
the end of such calendar year.

 

“Similar
Law”:  As defined in Section 5.03(n).

 

“Sole
Certificateholder”:  Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate
or a Holder of a Definitive Certificate holding 100% of the then-outstanding Class E-RR, Class F-RR, Class G-RR
and Class H-RR Certificates; provided, however, that the Certificate Balances of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates have
been retired.

 

“Special
Notice”:  As defined in Section 5.06.

 

“Special
Servicer”:  LNR Partners, LLC and its successors in interest and assigns, or any successor special servicer appointed
as provided herein (including with respect to any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer
appointed pursuant to Section 7.01(g) of this Agreement, as applicable, and as the context may require).

 

“Special
Servicing Fee”:  With respect to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage
Loan), the fee payable to the Special Servicer pursuant to Section 3.11(b).

 

“Special
Servicing Fee Rate”:  With respect to each Specially Serviced Loan and each REO Loan (other than a Non-Serviced
Mortgage Loan) on a loan by loan basis, (a) 0.25000% per annum computed on the basis of the Stated Principal Balance
of the related Mortgage Loan (including any REO Loan) and Companion Loan, as applicable, in the same manner as interest is calculated
on such Specially Serviced Loan; and (b) if the rate in clause (a) would result in a

 

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Special
Servicing Fee that would be less than $3,500 in any given month, then the Special Servicing Fee Rate for such month for such Specially
Serviced Loan or REO Loan shall be a rate equal to such higher rate as would result in a Special Servicing Fee equal to $3,500,
for such month with respect to such Specially Serviced Loan or REO Loan.

 

“Specially
Serviced Loan”:  As defined in Section 3.01(a).

 

“Sponsors”: 
The Mortgage Loan Sellers.

 

“Startup
Day”:  The day designated as such in Section 10.01(b).

 

“Stated
Principal Balance”:  With respect to any Mortgage Loan, as of any date of determination, an amount equal to (x) the
Cut-off Date Balance of such Mortgage Loan (or in the case of a Qualified Substitute Mortgage Loan, as of the date it is added
to the Trust, the unpaid principal balance of such Mortgage Loan after application of all scheduled payments of principal and
interest due during or prior to the month of substitution, whether or not received) minus (y) the sum of:

 

(i)        
the principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified
Substitute Mortgage Loan, due after the Due Date in the related month of substitution), to the extent received from the Mortgagor
or advanced by the Master Servicer;

 

(ii)        
all Principal Prepayments received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, after the Due Date in the related month of substitution);

 

(iii)        the principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on such Mortgage Loan)
and Liquidation Proceeds received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute
Mortgage Loan, after the Due Date in the related month of substitution); and

 

(iv)        any reduction in the outstanding principal balance of such Mortgage Loan resulting from a Deficient Valuation or a modification
of such Mortgage Loan pursuant to the terms and provisions of this Agreement that occurred prior to the end of the Collection
Period for the most recent Distribution Date.

 

With
respect to any REO Loan that is a successor to a Mortgage Loan, as of any date of determination, the Stated Principal Balance
shall be an amount equal to (x) the Stated Principal Balance of the predecessor Mortgage Loan as of the date of the related
REO Acquisition, minus (y) the sum of:

 

(i)        
 the principal portion of any P&I Advance made with respect to such REO Loan; and

 

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(ii)  
      the principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on the related Mortgage
Loan), Liquidation Proceeds and REO Revenues received with respect to such REO Loan.

 

A
Mortgage Loan or an REO Loan that is a successor to a Mortgage Loan shall be deemed to be part of the Trust Fund and to have an
outstanding Stated Principal Balance until the Distribution Date on which the payments or other proceeds, if any, received in
connection with a Liquidation Event in respect thereof are to be (or, if no such payments or other proceeds are received in connection
with such Liquidation Event, would have been) distributed to Certificateholders.

 

With
respect to each Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance
of such Companion Loan as of such date.  On any date of determination, the Stated Principal Balance of each Whole Loan shall
equal the sum of the Stated Principal Balances of the related Mortgage Loan and the related Companion Loan(s), as applicable,
on such date.

 

With
respect to any REO Loan that is a successor to a Companion Loan as of any date of determination, the Stated Principal Balance
shall equal (x) the Stated Principal Balance of the predecessor Companion Loan as of the date of the related REO Acquisition,
minus (y) the principal portion of any amounts allocable to the related Companion Loan in accordance with the
related Intercreditor Agreement.

 

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

 

“Subject
Loan”:  As defined in Section 12.02(b).

 

“Subordinate
Certificate”:  Any Class A-S, Class B, Class C, Class D, Class E-RR, Class F-RR,
Class G-RR and Class H-RR Certificate.

 

“Subordinate
Companion Holder”:  The holder of any AB Subordinate Companion Loan.

 

“Subsequent
Asset Status Report”:  As defined in Section 3.19(d).

 

“Sub-Servicer”: 
Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the
material servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under
this Agreement, with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

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“Sub-Servicing
Agreement”:  The written contract between the Master Servicer or the Special Servicer, as the case may be, and
any Sub-Servicer relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Substitution
Shortfall Amount”:  With respect to a substitution pursuant to Section 2.03(b), an amount equal to
the excess, if any, of the Purchase Price of the Mortgage Loan being replaced calculated as of the date of substitution over the
Stated Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal
and interest due during or prior to the month of substitution.  In the event that one or more Qualified Substitute Mortgage
Loans are substituted (at the same time by the same Mortgage Loan Seller) for one or more removed Mortgage Loans, the Substitution
Shortfall Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the
Mortgage Loan(s) being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loan(s).

 

“Surviving
Entity”:  As defined in Section 6.03(b).

 

“Tax
Returns”:  The federal income tax returns on (i) Internal Revenue Service Form 1066, U.S. Real Estate
Mortgage Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed on behalf of each Trust REMIC
due to its respective classification as a REMIC under the REMIC Provisions and (ii) Internal Revenue Service Form 1041 or Internal
Revenue Service Form 1099, as applicable, or any successor forms to be filed on behalf of the Grantor Trust, 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 tax law or Applicable
State and Local Tax Law.

 

“Temporary
Regulation S Book-Entry Certificate”:  As defined in Section 5.02(a).

 

“Termination
Purchase Amount”: The sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Loans) included
in the Trust Fund, (2) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust Fund
(such Appraisals in this clause (2) to be conducted by an Independent MAI-designated appraiser selected by the Special
Servicer and approved by the Master Servicer and the Controlling Class) (prior to the occurrence and continuance of a Control
Termination Event, with respect to the Controlling Class approval), and (3) if a Mortgaged Property secures a Non-Serviced
Mortgage Loan and is an “REO property” under the terms of the related Non-Serviced PSA, the pro rata
portion of the fair market value of the related Mortgaged Property, as determined by the related Non-Serviced Master Servicer
in accordance with clause (2) above.

 

“Test”: 
As defined in Section 12.01(b)(iv).

 

“Third
Party Purchaser”:  Any “third-party purchaser” (as defined under the Risk Retention Rules) that
purchases and holds the Horizontal Risk Retention Certificates following the fifth anniversary of the Closing Date.

 

“Transaction
Parties”:  As defined in Section 5.03(t).

 

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

 

“Transfer
Restriction Period”:  The period from the Closing Date to the earlier of: (a) the latest of (i) the date on which
the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate Cut-off Date
Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal balance of the Principal Balance Certificates
has been reduced to 33.0% of the aggregate outstanding principal balance of the Principal Balance Certificates as of the Closing
Date; and (iii) two years after the Closing Date; (b) the date on which all of the Mortgage Loans have been defeased in accordance
with §43.7(b)(8)(i) of the Risk Retention Rules; and (c) the date on which the Risk Retention Rules have been effectively
abolished or officially determined by the OCC, the Board of Governors of the Federal Reserve System, the FDIC, the Federal Housing
Finance Agency, the Commission and the Department of Housing and Urban Development to be no longer applicable to the Trust.

 

“Transferable
Servicing Interest”:  With respect to each Mortgage Loan or Serviced Pari Passu Companion Loan (and any successor
REO Loan with respect thereto), the amount by which the related Servicing Fee otherwise payable to the Master Servicer hereunder exceeds
the sum of (i) the fee payable to the Master Servicer as the portion of the Servicing Fee attributable to primary servicing
and (ii) the amount of the Servicing Fee calculated using the Retained Fee Rate, which Transferable Servicing Interest is
subject to reduction by the Trustee pursuant to Section 3.11(a) of this Agreement.  For the avoidance of doubt,
the Transferable Servicing Interest with respect to each Mortgage Loan is zero.

 

“Transferee”: 
Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferee
Affidavit”:  As defined in Section 5.03(p)(ii).

 

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

 

“Transferor
Letter”:  As defined in Section 5.03(p)(ii).

 

“Trust”: 
The trust created hereby and to be administered hereunder.  The Trust shall be named “Wells Fargo Commercial Mortgage
Trust 2019-C54”.

 

“Trust
Fund”:  The corpus of the Trust created hereby and to be administered hereunder, consisting of:  (i) such
Mortgage Loans as from time to time are subject to this Agreement (including any Qualified Substitute Mortgage Loan replacing
a removed Mortgage Loan), together with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan,
the interests of the related Serviced Companion Noteholder in the related Mortgage File); (ii) all scheduled or unscheduled
payments on or collections in respect of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute
Mortgage Loan, the Due Date in the month of substitution); (iii) any REO Property (to the extent of the Trust’s interest
therein) or the Trust’s beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under
the related Non-Serviced PSA; (iv) all revenues received in respect of any REO Property (to the extent of the Trust’s
interest therein); (v) the Master Servicer’s, the Special

 

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Servicer’s,
the Certificate Administrator’s and the Trustee’s rights under the insurance policies with respect to the Mortgage
Loans required to be maintained pursuant to this Agreement and any proceeds thereof (to the extent of the Trust’s interest
therein); (vi) any Assignment of Leases and any security agreements (to the extent of the Trust’s interest therein);
(vii) any letters of credit, indemnities, guaranties or lease enhancement policies given as additional security for any related
Mortgage Loans (to the extent of the Trust’s interest therein); (viii) all assets deposited in the Loss of Value Reserve
Fund and the Servicing Accounts (to the extent of the Trust’s interest therein), amounts on deposit in the Collection Account
(to the extent of the Trust’s interest therein), the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution
Account, the Excess Interest Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account (to the extent
of the Trust’s interest in such Gain-on-Sale Reserve Account), and any REO Account (to the extent of the Trust’s
interest in such REO Account), including any reinvestment income, as applicable; (ix) any Environmental Indemnity Agreements
(to the extent of the Trust’s interest therein); (x) the rights and remedies of the Depositor under each Mortgage
Loan Purchase Agreement (to the extent transferred to the Trustee); (xi) the Lower-Tier Regular Interests; and (xii) the
proceeds of the foregoing (other than any interest earned on deposits in the lock-box accounts, cash collateral accounts, escrow accounts
and any reserve accounts, to the extent such interest belongs to the related Mortgagor).  For the avoidance of doubt, no
Retained Defeasance Rights and Obligations will be assets of the Trust.

 

“Trust-Related
Litigation”:  As defined in Section 3.32.

 

“Trust
REMIC”:  As defined in the Preliminary Statement.

 

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

 

“Trustee
Fee”:  The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement,
which fee is included as part of the Certificate Administrator Fee.  No portion of the Trustee Fee shall be calculated by
reference to any Companion Loan or the Stated Principal Balance of any Companion Loan.  The Trustee Fee shall be equal to
$290 per month and shall be paid as a portion of the Certificate Administrator Fee.

 

“UBS
AG”: UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York, an Office of the
Comptroller of the Currency regulated branch of a foreign bank, or its successor in interest.

 

“UCC”: 
The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC
Financing Statement”:  A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant
jurisdiction.

 

“Underwriters”: 
Wells Fargo Securities, LLC, UBS Securities LLC, Academy Securities, Inc. and Drexel Hamilton, LLC.

 

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“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 3.07.

 

“United
States Securities Person”:  Any “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“Unliquidated
Advance”:  Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person
that made the Advance hereunder, on the one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to subsections (iii) and (iv) of Section 3.05(a) but that has not been recovered from
the Mortgagor or otherwise from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which
the Advance was made.

 

“Unscheduled
Principal Distribution Amount”:  With respect to any Distribution Date and the Mortgage Loans, the aggregate of
the following:  (a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and
(b) the principal portions of all Liquidation Proceeds, Insurance and Condemnation Proceeds (net of Special Servicing
Fees, Liquidation Fees, accrued interest on Advances and other additional expenses of the Trust incurred in connection with the
related Mortgage Loan) and, if applicable, REO Revenues received with respect to such Mortgage Loan and any REO Loans on or prior
to the related Determination Date, but in each case only to the extent that such principal portion represents a recovery of principal
for which no advance was previously made pursuant to Section 4.03 in respect of a preceding Distribution Date.

 

“Unsolicited
Information”:  As defined in Section 12.01(b)(iii).

 

“Upper-Tier
REMIC”:  One of the REMICs comprising the Trust, the assets of which consist of the Lower-Tier Regular Interests
and such amounts as shall from time to time be held in the Upper-Tier REMIC Distribution Account.

 

“Upper-Tier
REMIC Distribution Account”:  The segregated account or accounts (or a subaccount of the Distribution Account)
created and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in
trust for the Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of Wells
Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Upper-Tier REMIC Distribution
Account”.  Any such account or accounts shall be an Eligible Account.

 

“U.S.
Dollars” or “$”:  Lawful money of the United States of America.

 

“U.S.
Tax Person”:  A citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to exercise primary supervision over the

 

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administration
of such trust, and one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust
(or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have
elected to be treated as U.S. Tax Persons).

 

“Voting
Rights”:  The portion of the voting rights of all of the Certificates which is allocated to any Certificate. 
At all times during the term of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders
as follows:  (i) 2% in the case of the Class X Certificates (allocated pro rata, based upon their respective
Notional Amounts as of the date of determination) and (ii) in the case of the Principal Balance Certificates, a percentage
equal to the product of 98% and a fraction, the numerator of which is equal to the Certificate Balance (and solely in connection
with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(d) or the Operating
Advisor pursuant to Section 3.26(j), taking into account any notional reduction in the Certificate Balance for Cumulative
Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a)) of such Class, in each case, determined
as of the Distribution Date immediately preceding such time, and the denominator of which is equal to the aggregate Certificate
Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant
to Section 7.01(d) or the Operating Advisor pursuant to Section 3.26(j), taking into account any notional reduction
in the Certificate Balance for Cumulative Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a))
of the Principal Balance Certificates, determined as of the Distribution Date immediately preceding such time.  The Voting
Rights of any Class of Certificates shall be allocated among Certificateholders of such Class in proportion to their
respective Percentage Interests.  Neither the Class R nor the Class V Certificates will be entitled to any Voting
Rights.

 

“Weighted
Average Net Mortgage Rate”:  With respect to any Distribution Date, the weighted average of the applicable Net
Mortgage Rates of the Mortgage Loans (including any Non-Serviced Mortgage Loans) as of the first day of the related Collection
Period, weighted on the basis of their respective Stated Principal Balances as of the first day of such Collection Period (after
giving effect to any payments received during any applicable Grace Period).

 

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

 

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

 

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

 

“Whole
Loan”:  A mortgage loan that includes a Mortgage Loan and one or more Companion Loans, all of which are secured
by the same Mortgaged Property.  The table and footnotes under the heading “Whole Loans” in the Preliminary
Statement hereto identify the Whole Loans related to the Trust.  With respect to each Whole Loan, references herein to each
such Whole Loan shall be construed to refer to the aggregate indebtedness under the related Mortgage Loan and the related Companion
Loan(s).

 

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“Withheld
Amounts”:  As defined in Section 3.21(a).

 

“Workout-Delayed Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic Payments under its modified terms, would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance on or before the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance (and accrued and unpaid interest thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified loan documents.  That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable Advance.

 

“Workout Fee”:  The fee paid to the Special Servicer with respect to each Corrected Loan in accordance with Section 3.11(c).

 

“Workout Fee Rate”:  With respect to each Corrected Loan and in accordance with Section 3.11(c), a fee of 1.00% of each collection (other than Penalty Charges and Excess Interest) of interest and principal (other than any amount for which a Liquidation Fee would be paid), including (i) Periodic Payments, (ii) Balloon Payments, (iii) Principal Prepayments and (iv) payments (other than those included in clause (i) or (ii) of this definition) at maturity or on the Anticipated Repayment Date, received on each Corrected Loan for so long as it remains a Corrected Loan.

 

“XML”:  Extensible Markup Language.

 

“Yield Maintenance Charge”:  With respect to any Mortgage Loan, any premium, fee or other additional amount paid or payable, as the context requires, by a borrower in connection with a principal prepayment on, or other early collection of principal of, a Mortgage Loan, calculated, in whole or in part, pursuant to a yield maintenance formula or otherwise pursuant to a formula that reflects the lost interest, including any specified amount or specified percentage of the amount prepaid which constitutes the minimum amount that such Yield Maintenance Charge may be.

 

Section 1.02    Certain Calculations.  Unless otherwise specified herein, for purposes of determining amounts with respect to the Certificates and the rights and obligations of the parties hereto, the following provisions shall apply:

 

(i)    All calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

(ii)   Any Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or the Special Servicer; provided, however, that for purposes of calculating distributions on the

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Certificates, Principal Prepayments with respect to any Mortgage Loan are deemed to be received on the date they are applied in accordance with the Servicing Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding principal balance of such Mortgage Loan, on which interest accrues.

 

(iii)  Any reference to the Certificate Balance of any Class of Principal Balance Certificates on or as of a Distribution Date shall refer to the Certificate Balance of such Class of Principal Balance Certificates on such Distribution Date after giving effect to (a) any distributions made on the immediately preceding Distribution Date pursuant to Section 4.01(a), and Section 4.01(c) (b) any Realized Losses allocated to such Class of Principal Balance Certificates on the immediately preceding Distribution Date pursuant to Section 4.04, and (c) any recoveries on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously reimbursed from principal collections on the related Mortgage Loans, that resulted in a reduction of the Principal Distribution Amount, which recoveries are allocated to such Class of Principal Balance Certificates on the immediately preceding Distribution Date and added to the Certificate Balance pursuant to Section 4.04(a).

 

(iv) 
Unless otherwise specifically provided for herein, all net present value calculations and determinations made with respect
to a Mortgage Loan, Serviced Companion Loan, Mortgaged Property or REO Property (including for purposes of the definition of
“Servicing Standard”) shall be made, in the event the Mortgage Loan documents are silent, using a discount
rate (a) for principal and interest payments on a Mortgage Loan, Serviced Companion Loan, as applicable, or sale by the
Special Servicer of a Defaulted Loan, the highest of (x) the rate determined by the Master Servicer or the Special
Servicer, as applicable, that approximates the market rate that would be obtainable by the related Mortgagor on similar
non-defaulted debt of such Mortgagor as of such date of determination, (y) the Mortgage Rate on the applicable Mortgage
Loan or Serviced Companion Loan based on its outstanding principal balance and (z) the yield on 10-year
U.S. treasuries as of such date of determination, and (b) for all other cash flows, including property cash flow,
the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal) of the related Mortgaged
Property.

 

(v)   Any reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Intercreditor Agreement or, if no application is specified in the related Intercreditor Agreement, then, to the extent such Intercreditor Agreement refers to this Agreement for the application of trust fund expenses or such Intercreditor Agreement does not prohibit the following application of trust fund expenses (i) with respect to any Serviced Whole Loan, first, to any related AB Subordinate Companion Loan and then, pro rata and pari passu, to the Trust and any related Serviced Pari Passu Companion Loans in accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loans.

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[End of Article I]

 

ARTICLE
II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF 

CERTIFICATES

 

Section 2.01   
Conveyance of Mortgage Loans.  (a)  The Depositor, concurrently with the execution and delivery hereof,
does hereby establish a trust, appoint the Trustee as trustee of the trust, assign, sell, transfer and convey to the Trustee,
in trust, without recourse, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests)
all the right, title and interest of the Depositor, whether now owned or existing or hereafter acquired or arising, including
any security interest therein for the benefit of the Depositor, in, to and under (i) the Mortgage Loans identified on the
Mortgage Loan Schedule, (ii) Sections 2, 3, 4 (other than Section 4(c), (d), (e) and (g)) and 5 (other than Section 5(f),
(g), (h) and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each of the
Mortgage Loan Purchase Agreements and Sections 19 and 20 of the Mortgage Loan Purchase Agreement between the Depositor, BSPRT
Finance; (iii) the Intercreditor Agreements; (iv) all scheduled or unscheduled payments on or collections in respect
of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the
month of substitution); (v) any REO Property (to the extent of the Depositor’s interest therein) or the Depositor’s
beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related Non-Serviced PSA;
(vi) all revenues received in respect of any REO Property (to the extent of the Depositor’s interest therein); (vii) the
Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s and the Trustee’s rights
under the insurance policies with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds
thereof (to the extent of the Depositor’s interest therein); (viii) any Assignment of Leases and any security agreements
(to the extent of the Depositor’s interest therein); (ix) any letters of credit, indemnities, guaranties or lease
enhancement policies given as additional security for any related Mortgage Loans (to the extent of the Depositor’s interest
therein); (x) all assets deposited in the Loss of Value Reserve Fund and the Servicing Accounts (to the extent of the Depositor’s
interest therein), amounts on deposit in the Collection Account (to the extent of the Depositor’s interest therein), the
Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Excess Interest Distribution Account, the
Interest Reserve Account, the Gain-on-Sale Reserve Account (to the extent of the Depositor’s interest in such Gain-on-Sale
Reserve Account) and any REO Account (to the extent of the Depositor’s interest in such REO Account), including any reinvestment
income, as applicable; (xi) any Environmental Indemnity Agreements (to the extent of the Depositor’s interest therein);
(xii) the Lower-Tier Regular Interests; and (xiii) the proceeds of the foregoing (other than any interest earned on
deposits in the lock-box accounts, cash collateral accounts, escrow accounts and any reserve accounts, to the extent such interest
belongs to the related Mortgagor and any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans) (collectively,
the “Conveyed Property”).  Such assignment includes all interest and principal received or receivable
on or with respect to the Mortgage Loans (in each case, other than (i) payments of principal and interest due and payable
on the Mortgage Loans on or before the Cut-off Date; (ii) prepayments of principal collected on or before the Cut-off Date;
(iii) with respect to those Mortgage Loans that were closed in December 

 

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2019 but have their first Due Date in January 2020, any interest amounts relating to the period prior to the Cut-off Date; and (iv) any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans for which Argentic, BSPRT, UBS AG, Wells Fargo Bank, National Association or Rialto is the related Mortgage Loan Seller).  The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and, notwithstanding Section 13.07, is intended by the parties to constitute a sale.  In connection with the assignment to the Trustee of Sections 2, 3, 4 (other than Section 4(c), (d), (e) and (g)) and 5 (other than Section 5(f), (g), (h) and (i)) and, to the extent related to the foregoing, Sections 9, 10, 11, 12, 13, 14, 15, 17 and 18 of each of the Mortgage Loan Purchase Agreements and Section 19 and 20 of the Mortgage Loan Purchase Agreement between the Depositor, BSPRT Finance and BSPRT, it is intended that the Trustee get the benefit of Sections 10, 13 and 15 thereof in connection with any exercise of rights under the assigned Sections, and the Depositor shall use its best efforts to make available to the Trustee the benefits of Sections 10, 13 and 15 in connection therewith.

 

(b)       
In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall
direct, and hereby represents and warrants that it has directed, the Mortgage Loan Sellers pursuant to the applicable
Mortgage Loan Purchase Agreement to deliver and deposit with, or cause to be delivered to and deposited with, the Custodian,
(A) on or before the Closing Date, the Mortgage Note relating to each Mortgage Loan so assigned, endorsed to the Trustee
or in blank as specified in clause (i) of the definition of “Mortgage File” (or, alternatively, if the
original executed Mortgage Note has been lost, a lost note affidavit and indemnity with a copy of such Mortgage Note as
specified in clause (i) of the definition of “Mortgage File”) and (B) on or before the date that is
45 days following the Closing Date, the remainder of the Mortgage File for each Mortgage Loan and, except in the case of
a Mortgage Loan that is a Non-Serviced Whole Loan as of the Closing Date, any other items required to be delivered or
deposited by the Mortgage Loan Seller pursuant to this Agreement (other than amounts from reserve accounts and originals of
letters of credit, which shall be transferred to the Master Servicer) for each Mortgage Loan.  If the applicable
Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, the
delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed
to have been satisfied upon such Mortgage Loan Seller’s delivery of a copy or duplicate original of such Mortgage
Note, together with an affidavit certifying that the original thereof has been lost or destroyed and indemnifying the Trustee
and the Trust.  If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any
Mortgage Loan, any of the documents and/or instruments referred to in clauses (ii), (iv), (vii) and (ix) of the
definition of “Mortgage File” (or, if applicable, a copy thereof) with evidence of filing or recording thereon
(if intended to be recorded or filed), solely because of a delay caused by the public filing or recording office where such
document or instrument has been delivered, or will be delivered within 10 Business Days of the Closing Date, for filing or
recordation, the delivery requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b)
shall be deemed to have been satisfied on a provisional basis as of the Closing Date as to such non-delivered document or
instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, if a
duplicate original or a photocopy of such non-delivered document or instrument (certified by the applicable public filing or
recording office, the applicable title insurance company or the applicable Mortgage Loan Seller to be a true and complete
copy of the original thereof submitted or to be submitted for filing or recording) is delivered to the Custodian on or before
the date set forth herein, and either the original of such non-delivered document or instrument, or a photocopy thereof
(certified by

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the appropriate
county recorder’s office or the applicable title insurance company, in the case of the documents and/or instruments
referred to in clause (ii) of the definition of “Mortgage File”, to be a true and complete copy of the
original thereof submitted for recording), with evidence of filing or recording thereon, is delivered to the Custodian within
one hundred-eighty (180) days of the Closing Date (or within such longer period, not to exceed eighteen
(18) months, after the Closing Date as the Custodian shall consent to as long as the applicable Mortgage Loan Seller is,
as certified in writing to the Trustee and the Custodian no less often than every ninety (90) days following such
180–day period after the Closing Date, attempting in good faith to obtain from the appropriate public filing office or
county recorder’s office such original or photocopy).  If the applicable Mortgage Loan Seller is required to, but
cannot, deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents and/or instruments referred to in
clauses (ii), (iv), (vii), and (ix) (or, if applicable, a copy thereof) of the definition of “Mortgage
File,” with evidence of filing or recording thereon (if intended to be recorded or filed), for any other reason,
including, without limitation, that such non-delivered document or instrument has been lost or destroyed, the delivery
requirements of the applicable Mortgage Loan Purchase Agreement and this Section 2.01(b) shall be deemed to have
been satisfied as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed
to have been included in the Mortgage File, if a photocopy of such non-delivered document or instrument (with evidence of
filing or recording thereon and certified in the case of the documents and/or instruments referred to in clause (ii)
of the definition of “Mortgage File” by the appropriate county recorder’s office or the applicable title
insurance company to be a true and complete copy of the original thereof submitted for recording) is delivered to the
Custodian on or before the date set forth herein.  Neither the Trustee nor any Custodian shall in any way be liable for
any failure by any Mortgage Loan Seller or the Depositor to comply with the delivery requirements of the related Mortgage
Loan Purchase Agreement and this Section 2.01(b).  If, on the Closing Date as to any Mortgage Loan, subject
to the next sentence, the applicable Mortgage Loan Seller is required to, but cannot, deliver (in complete and recordable
form or form suitable for filing or recording, if applicable) any one of the assignments in favor of the Trustee referred to
in clause (iii), clause (v), or clause (x) of the definition of “Mortgage File” solely because of
the unavailability of filing or recording information as to any existing document or instrument, such Mortgage Loan Seller
may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b)
with respect to such assignment by delivering with respect to such Mortgage Loan on the Closing Date an omnibus assignment of
such Mortgage Loan substantially in the form of Exhibit H; provided that all required original assignments with
respect to such Mortgage Loan (in fully complete and recordable form or form suitable for filing or recording, if applicable)
are delivered to the Custodian within one hundred-eighty (180) days after the Closing Date (or within such longer
period, not to exceed eighteen (18) months, which the Custodian shall consent to so long as the applicable Mortgage Loan
Seller is, as certified in writing to the Trustee and the Custodian no less often than every ninety (90) days following
such 180–day period after the Closing Date, attempting in good faith to obtain from the appropriate public filing
office or county recorder’s office the applicable filing or recording information as to the related document or
instrument); and provided, further, that in the case of a Non-Serviced Mortgage Loan, the delivery of any such
assignments shall be subject to clause (e) and clause (f) of the first proviso to the definition of
“Mortgage File” herein.  As to any Mortgage Loan, the related Mortgage Loan Seller or its agent is
responsible for recording or filing, as applicable, any one of the assignments in favor of the Trustee referred to in
clause (iii), clause (v), or clause (x) of the definition of “Mortgage

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File”, and
such Mortgage Loan Seller may provisionally satisfy the delivery requirements of the related Mortgage Loan Purchase Agreement
and this Section 2.01(b) with respect to such assignment by delivering to the Custodian with respect to such
Mortgage Loan on the Closing Date a copy of such assignment in the form sent for recording or filing or (except for recording
or filing information not yet available) to be sent for recording or filing; provided that an original or copy of such
assignment (with evidence of recording or filing, as applicable, indicated thereon) shall be delivered to the Custodian as
contemplated by Section 2.01(c) of this Agreement.  Notwithstanding anything herein to the contrary, with
respect to letters of credit referred to in clause (xii) of the definition of “Mortgage File”, the
applicable Mortgage Loan Seller shall deliver the original to the Master Servicer (which letter of credit shall be titled in
the name of, or assigned to, “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the registered holders of Wells Fargo Commercial Mortgage Trust
2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54”), and a copy to the Custodian or, if such
original has been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect a reissuance, assignment or
amendment of such letter of credit (changing the beneficiary thereof to the Master Servicer (in care of the Trustee, as
titled above) that may be required in order for the Master Servicer to draw on such letter of credit on behalf of the Trust
in accordance with the applicable terms thereof and/or of the related Mortgage Loan documents), the applicable Mortgage Loan
Seller shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b)
by delivering with respect to any letter(s) of credit a copy thereof to the Custodian indicating that such document has been
delivered to the issuing bank for reissuance or an Officer’s Certificate from the Master Servicer certifying that it
holds the letter(s) of credit pursuant to this Section 2.01(b), one of which shall be delivered to the Custodian
within forty-five (45) days after the Closing Date.  If a letter of credit referred to in the previous sentence is
not in a form that would allow the Master Servicer to draw on such letter of credit on behalf of the Trust in accordance with
the applicable terms thereof and/or of the related Mortgage Loan documents, the applicable Mortgage Loan Seller shall
deliver the appropriate assignment or amendment documents (or copies of such assignment or amendment documents if the related
Mortgage Loan Seller has submitted the originals to the related issuer of such letter of credit for processing) to the
Custodian within forty-five (45) days of the Closing Date.  If not otherwise paid by the related Mortgagor, the
applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter(s) of credit required in order
for the Master Servicer to draw on such letter(s) of credit on behalf of the Trust and shall cooperate with the reasonable
requests of the Master Servicer in connection with effectuating a draw under any such letter of credit prior to the date such
letter of credit is assigned or amended in order that it may be drawn by the Master Servicer on behalf of the Trust.

 

(c)        Except in the case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller is required at its sole cost and expense, to itself, or to engage a third party to, put each Assignment of Mortgage, each assignment of Assignment of Leases and each assignment of each UCC Financing Statement (collectively, the “Assignments” and, individually, “Assignment”) relating to the Mortgage Loans conveyed by it under the applicable Mortgage Loan Purchase Agreement in proper form for filing or recording, as applicable, and to submit such Assignments for filing or recording, as the case may be, in the applicable public filing or recording office.  On the Closing Date, the Mortgage Loan Sellers may deliver one (1) omnibus assignment for all such Mortgage Loans substantially in the form of Exhibit H hereto to the Custodian as provided in

 

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Section 2.01(b).  Except under the circumstances provided for in the last sentence of this Section 2.01(c) and except in the case of a Non-Serviced Mortgage Loan, the related Mortgage Loan Seller will itself, or a third party at such Mortgage Loan Seller’s expense will, promptly (and in any event within one hundred-twenty (120) days after the later of the Closing Date and the related Mortgage Loan Seller’s actual receipt of the related documents and the necessary recording and filing information) cause to be submitted for recording or filing, as the case may be, in the appropriate public office for real property records or UCC Financing Statements, as appropriate, each Assignment.  Each such Assignment submitted for recording shall reflect that it (or a file copy thereof in the case of a UCC Assignment) should be returned by the public recording office to the Custodian or its designee following recording or filing (or to the related Mortgage Loan Seller or its agent who will then be responsible for delivery of the same to the Custodian or its designee).  Any such Assignment received by the Custodian shall be promptly included in the related Mortgage File and be deemed a part thereof, and any such Assignment received by the related Mortgage Loan Seller or its agent shall be required to be delivered to the Custodian to be included as part of the related Mortgage File within thirty (30) days after receipt.  If any such document or instrument is determined to be incomplete or not to meet the recording or filing requirements of the jurisdiction in which it is to be recorded or filed, or is lost by the public office or returned unrecorded or unfiled, as the case may be, because of a defect therein, on or about one hundred-eighty (180) days after the Closing Date, the related Mortgage Loan Seller or its designee shall prepare, at its own expense, a substitute therefor or cure such defect, as the case may be, and thereafter the related Mortgage Loan Seller or its designee shall, at the expense of such Mortgage Loan Seller, upon receipt thereof cause the same to be duly recorded or filed, as appropriate.  If, by the first anniversary of the Closing Date, the Custodian has not received confirmation of the recording or filing as the case may be, of any such Assignment, it shall so advise the related Mortgage Loan Seller who may then pursue such confirmation itself or request that the Custodian pursue such confirmation at the related Mortgage Loan Seller’s expense, and upon such a request and provision for payment of such expenses satisfactory to the Custodian, the Custodian, at the expense of the applicable Mortgage Loan Seller, shall cause a search of the land records of each applicable jurisdiction and of the records of the offices of the applicable Secretary of State for confirmation that the Assignment appears in such records and retain a copy of such confirmation in the related Mortgage File.  In the event that confirmation of the recording or filing of an Assignment cannot be obtained, the Custodian or the related Mortgage Loan Seller, as applicable, shall promptly inform the other and the Custodian shall provide such Mortgage Loan Seller with a copy of the Assignment and request the preparation of a new Assignment.  The related Mortgage Loan Seller shall pay the expenses for the preparation of replacement Assignments for any Assignments which, having been properly submitted for filing or recording to the appropriate governmental office by the Custodian, fail to appear of record and must be resubmitted.  Notwithstanding the foregoing, there shall be no requirement to record any assignment to the Trustee referred to in clause (iii) or (v) of the definition of “Mortgage File,” or to file any UCC-3 to the Trustee referred to in clause (ix) of the definition of “Mortgage File,” in those jurisdictions where, in the written opinion of local counsel (which opinion shall be an expense of the related Mortgage Loan Seller) acceptable to the Depositor and the Trustee, such recordation and/or filing is not required to protect the Trustee’s interest in the related Mortgage Loan against sale, further assignment, satisfaction or discharge by the related Mortgage Loan Seller, the Master Servicer, the Special Servicer, any Sub-Servicer or the Depositor.

 

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(d)      
All documents and records in the Depositor’s or the applicable Mortgage Loan Seller’s possession relating to
the Mortgage Loans (including, in each case, financial statements, operating statements and any other information provided by
the respective Mortgagor from time to time, but excluding the applicable Mortgage Loan Seller’s internal
communications (including such communications between such Mortgage Loan Seller and its Affiliates) and underwriting analysis
(including documents prepared by the applicable Mortgage Loan Seller or any of its Affiliates for such purposes), draft
documents, attorney-client communications that are privileged communications or constitute legal or other due diligence
analyses and credit underwriting or due diligence analyses or data) that (i) are not required to be a part of a Mortgage
File in accordance with the definition thereof and (ii) are reasonably necessary for the servicing of each such Mortgage
Loan, together with copies of all documents in each Mortgage File, shall be delivered by the Depositor or the applicable
Mortgage Loan Seller to the Master Servicer within five (5) Business Days after the Closing Date (except that copies of
any instruments of assignment that are returned to the Custodian by the related public recording office in accordance with
the requirements of Section 2.01(c) shall be delivered by the Custodian to the Master Servicer when the originals
are returned to the Custodian) and shall be held by the Master Servicer on behalf of the Trustee in trust for the benefit of
the Certificateholders (and as holder of the Lower-Tier Regular Interests) and, if applicable, on behalf of the related
Companion Holder; provided that the parties hereto acknowledge and agree that some or all of the items in this Section 2.01(d)
have, as of the Closing Date, been posted to websites to which various parties to this Agreement have access, and if any such
items have been so posted to any such website(s) to which the Master Servicer has access, such items will be deemed to have
been delivered to the Master Servicer in accordance with this Section 2.01(d); and provided, further,
that if the Master Servicer is unable to download such items from such website(s) after making reasonable efforts to do so
and provides notice (which may be delivered by electronic means) to the Mortgage Loan Seller, the Depositor shall cause such
Mortgage Loan Seller to deliver such items to the Master Servicer by such means as may be reasonably acceptable to the Master
Servicer.  Such documents and records shall be any documents and records (with the exception of any items excluded under
the immediately preceding sentence) that would otherwise be a part of the Servicing File.

 

(e)        In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver to the Trustee and the Master Servicer, on or before two (2) Business Days after the Closing Date, a fully executed original counterpart of each of the Mortgage Loan Purchase Agreements, as in full force and effect, without amendment or modification, on the Closing Date.

 

(f)        The Depositor shall use its reasonable best efforts to require that, promptly after the Closing Date, but in all events within three (3) Business Days after the Closing Date, each of the Mortgage Loan Sellers shall cause all funds on deposit in escrow accounts maintained with respect to the Mortgage Loans (other than any Non-Serviced Mortgage Loan) transferred by such Mortgage Loan Seller, whether such accounts are held in the name of the applicable Mortgage Loan Seller or any other name to be transferred to the Master Servicer (or a Sub-Servicer) for deposit into Servicing Accounts.

 

(g)        With respect to the Mortgage Loans secured by the Mortgaged Properties identified as Mortgage Loan Numbers 18, 23 and 42 on the Mortgage Loan Schedule, which are each subject to a franchise agreement with a related comfort letter in favor of the respective

 

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Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter to the Trustee for the benefit of the Certificateholders or otherwise have a new comfort letter (or any such new document or acknowledgement as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders, the related Mortgage Loan Seller or its designee shall provide any such required notice or make any such required request to the related franchisor (with a copy of such notice or request to the Master Servicer) within forty-five (45) days of the Closing Date (or any shorter period if required by the applicable comfort letter), and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated under the existing comfort letter).  If the Master Servicer is unable to acquire any such replacement comfort letter (or new document or acknowledgement, as applicable) within 120 days of the Closing Date, the Master Servicer shall notify the related Mortgage Loan Seller that no such replacement comfort letter has been received.

 

(h)       
Each Mortgage Loan Purchase Agreement shall provide that within sixty (60) days after the Closing Date, each Mortgage
Loan Seller shall deliver or cause to be delivered the Diligence Files for each of its Mortgage Loans to the Depositor by
uploading such Diligence Files to the Designated Site.  Promptly upon completion of such delivery of the Diligence Files
(but in no event later than sixty (60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide
the Depositor a certificate (with a copy (which may be sent by e-mail) to each of the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Custodian, the Directing Certificateholder, the Asset Representations
Reviewer and the Operating Advisor certifying that the electronic copies of the documents and information uploaded to the
Designated Site constitute all documents and information required under the definition of “Diligence File” and
such Diligence Files are organized and categorized in accordance with the electronic file structure reasonably agreed to by
the Depositor and the applicable Mortgage Loan Seller (the “Diligence File Certification”).

 

(i)         Within two (2) Business Days of the Closing Date, the Depositor shall deliver each of the Initial Schedule AL File and any Initial Schedule AL Additional File in EDGAR Compatible Format and Excel format and Annex A-1 to the Prospectus in Excel format to the Master Servicer via electronic email to ssreports@wellsfargo.com.

 

(j)         Notwithstanding anything to the contrary contained in this Section 2.01 or in Section 2.02, in connection with each Servicing Shift Whole Loan, (1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant to this Agreement (other than the endorsements to the note(s) evidencing the related Servicing Shift Mortgage Loan) until the earlier of (i) the Servicing Shift Date, in which case such instruments shall be assigned and recorded in accordance with the related Non-Serviced PSA, (ii) the Servicing Shift Whole Loan becoming a Specially Serviced Loan prior to the Servicing Shift Date and (iii) 180 days after the Closing Date, in which case assignments and recordations shall be effected in accordance with this Section 2.01 until the occurrence, if any, of the Servicing Shift Date, (2) no letter of credit need be amended (including, without limitation, to change the beneficiary thereon) until the earliest of (i) the Servicing Shift Date, in which case such amendment shall be in accordance with the related Non-Serviced PSA, (ii) the Servicing Shift Whole Loan becoming a Specially Serviced Loan prior to the Servicing Shift Date in which case such amendment shall be effected in

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accordance with the terms of this Section 2.01 and (iii) the earlier of (A) 180 days after the Closing Date and (B) any such time as any such letter of credit is required to be drawn upon by the Master Servicer in which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (3) on and following the Servicing Shift Date, the Person selling the related Servicing Shift Control Note to the related Non-Serviced Depositor, at its own expense, shall be (a) entitled to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the Mortgage Loan documents relating to the Servicing Shift Whole Loan in its possession (other than the original note(s) evidencing the Servicing Shift Mortgage Loan) to the related Non-Serviced Trustee or the related Non-Serviced Custodian, (b) if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies of Mortgage Loan documents related to the Servicing Shift Whole Loan so delivered to such Non-Serviced Trustee or such Non-Serviced Custodian, (c) entitled to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and recordation of instruments of assignment in the name of the related Non-Serviced Trustee or related Non-Serviced Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve funds and items specified in clauses (x) and (xii) of the definition of “Mortgage File” for the Servicing Shift Whole Loan to the related Non-Serviced Master Servicer.

 

Section 2.02    Acceptance by Trustee.  (a)  The Trustee, by the execution and delivery of this Agreement (1) acknowledges receipt by it or the Custodian on its behalf, subject to the provisions of Section 2.01, in good faith and without notice of any adverse claim, of the applicable documents specified in clause (i) of the definition of “Mortgage File” with respect to each Mortgage Loan (or electronically recorded copies thereof) and of all other assets included in the Trust Fund and (2) declares (a) that it or the Custodian on its behalf holds and will hold such documents and the other documents delivered or caused to be delivered by the Mortgage Loan Sellers that constitute the Mortgage Files in the name of the Trust for the benefit of all present and future Certificateholders and Serviced Companion Noteholders, as applicable, and (b) that it holds and will hold such other assets included in the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders (and for the benefit of the Trustee as holder of the Lower-Tier Regular Interests), as applicable.  If any Mortgage Loan Seller is unable to deliver or cause the delivery of any original Mortgage Note, such Mortgage Loan Seller may deliver a copy of such Mortgage Note, together with a signed lost note affidavit and appropriate indemnity and shall thereby be deemed to have satisfied the document delivery requirements of Section 2.01 and of this Section 2.02.

 

(b)        Within sixty (60) days after the Closing Date (or with respect to a Qualified Substitute Mortgage Loan within sixty (60) days after the Due Date in the month of substitution), the Custodian, shall review the Mortgage Loan documents delivered or caused to be delivered by the Mortgage Loan Sellers constituting the Mortgage Files; and, promptly following such review (but in no event later than sixty (60) days after the Closing Date), the Custodian shall, in the form attached as Exhibit Q, certify in writing to the Depositor, the Master Servicer, the Special Servicer, the Directing Certificateholder (so long as no Consultation Termination Event shall have occurred and be continuing and only with respect to Mortgage Loans other than any Excluded DCH Loan),

 

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the Trustee, the Certificate Administrator, the Asset Representations Reviewer, the Operating Advisor and the applicable Mortgage Loan Seller (as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full)) that, except as specifically identified in any exception report annexed to such writing (the “Custodial Exception Report”), (i) subject to the first proviso of the definition of “Mortgage File” herein and Section 2.01, all documents specified in clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii), if any, of the definition of “Mortgage File”, as applicable, are in its possession, (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been reviewed by the Custodian and appear regular on their face and appear to be executed and to relate to such Mortgage Loan, and (iii) based on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage Loan Schedule” is correct.  With respect to each Mortgage Loan listed on the Custodial Exception Report, the Custodian shall specifically identify such Mortgage Loan together with the nature of such exception (in the form reasonably acceptable to the Custodian and the related Mortgage Loan Seller and separating items required to be in the Mortgage File but never delivered from items which were delivered by the related Mortgage Loan Seller but are out for filing or recording and have not been returned by the filing office or the recorder’s office).

 

(c)       
The Custodian shall review the Mortgage Loan documents received subsequent to the Closing Date; and, on or about the first
anniversary of the Closing Date, the Custodian shall, in the form attached as Exhibit Q, certify in writing to each of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Directing
Certificateholder and the applicable Mortgage Loan Seller (as to each Mortgage Loan listed on the Mortgage Loan Schedule
(other than any related Mortgage Loan as to which a Liquidation Event has occurred) or any related Mortgage Loan specifically
identified in any exception report annexed to such writing) that, (i) subject to the first proviso of the definition of
“Mortgage File” herein and Section 2.01, all documents specified in clauses (i) through (v), (viii), (ix), (xi), (xii)
and (xiii), if any, of the definition of “Mortgage File”, as applicable, are in its
possession, (ii) the foregoing documents delivered or caused to be delivered by the Mortgage Loan Sellers have been
reviewed by the Custodian and appear regular on their face and appear to be executed and relate to such Mortgage Loan, if
applicable, and (iii) based on such examination and only as to the foregoing documents, the information set forth in the
Mortgage Loan Schedule with respect to the items specified in clauses (iv), (vi) and (viii)(c) in
the definition of “Mortgage Loan Schedule” is correct.

 

(d)       Notwithstanding anything contained in this Section 2.02 and Section 2.03(b) to the contrary, in the case of a Material Defect in any of the documents specified in clauses (ii) through (v), (vii), (viii) and (ix) in the definition of “Mortgage File”, which Material Defect results solely from a delay in the return of the related documents from the applicable filing or recording office and gives rise to a repurchase or substitution obligation on the part of the related Mortgage Loan Seller with respect to the subject Mortgage Loan pursuant to the related Mortgage Loan Purchase Agreement, the Directing Certificateholder, in its sole judgment, may (other than with respect to any Excluded DCH Loan and, with respect to any other Mortgage Loan, only prior to the occurrence and continuance of a Control Termination Event), and the Special Servicer may, in accordance with the Servicing Standard, after the occurrence and during the continuance of a Control Termination Event, permit the related Mortgage Loan Seller in lieu of repurchasing or substituting for the related Mortgage Loan, to deposit with the Master Servicer an amount, to be

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held
in trust in a segregated Eligible Account (which may be a sub-account of the Collection Account), equal to 25% of the Stated Principal
Balance of the related Mortgage Loan (in the alternative, the related Mortgage Loan Seller may deliver to the Master Servicer
a letter of credit in such amount, with a copy to the Custodian).  Such funds or letter of credit, as applicable, shall be
held by the Master Servicer (i) until the date on which the Custodian determines and notifies the Master Servicer that such
Material Defect has been cured or the related Mortgage Loan is no longer part of the Trust Fund, at which time the Master Servicer
shall return such funds (or letter of credit) to the related Mortgage Loan Seller, or (ii) until same are applied to the
Purchase Price (or the Substitution Shortfall Amount, if applicable) as set forth below in this Section 2.02(d) in
the event of a repurchase or substitution by the related Mortgage Loan Seller.  Notwithstanding the two immediately preceding
sentences, if the Master Servicer or the Special Servicer certifies to the Trustee, the Certificate Administrator and the Custodian
that it has determined in the exercise of its reasonable judgment that the document with respect to which such Material Defect
exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage
Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the
validity or priority of any lien on collateral securing the related Mortgage Loan or for any immediate significant servicing obligation,
the related Mortgage Loan Seller shall be required to repurchase or substitute for the related Mortgage Loan in accordance with,
and to the extent required by, the terms and conditions of Section 2.03(b) and Section 5 of the related Mortgage
Loan Purchase Agreement; provided, however, that such Mortgage Loan Seller shall not be required to repurchase the
Mortgage Loan for a period of ninety (90) days after receipt of a notice to repurchase (together with any applicable extension
period) if it is attempting to recover the document from the applicable filing or recording office and provides an officer’s
certificate setting forth what actions such Mortgage Loan Seller is pursuing in connection with such recovery.  In the event
of a repurchase or substitution, upon the date of such repurchase or substitution, and in the event that the related Mortgage
Loan Seller has delivered a letter of credit to the Master Servicer in accordance with this Section 2.02(d), the Master
Servicer shall, to the extent necessary, draw on the letter of credit and deposit the proceeds of such draw, into the Collection
Account to be applied to the Purchase Price (or the Substitution Shortfall Amount, if applicable, in which event, the amount of
such funds or proceeds that exceed the Substitution Shortfall Amount shall be returned to the related Mortgage Loan Seller) in
accordance with Section 2.03(b).  All such funds deposited in the Collection Account shall be invested in Permitted
Investments, at the direction and for the benefit of the related Mortgage Loan Seller.  Such funds shall be treated as an
“outside reserve fund” under the REMIC Provisions, which, together with any reimbursement from the Lower-Tier REMIC,
is beneficially owned by the related Mortgage Loan Seller for federal income tax purposes, which Mortgage Loan Seller shall remain
liable for any taxes payable on income or gain with respect thereto.

 

(e)        It is herein acknowledged that neither the Trustee nor any Custodian is under any duty or obligation (i) to determine whether any of the documents specified in clauses (vi), (vii) and (xii) through (xviii) of the definition of “Mortgage File” exist or are required to be delivered by the Depositor, the Mortgage Loan Sellers or any other Person (unless identified on the Mortgage Loan Checklist) or (ii) to inspect, review or examine any of the documents, instruments, certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are genuine, enforceable, duly authorized, sufficient to perfect and maintain the perfection of a security interest or appropriate for the represented purpose or that they are other than what they purport to be on their face and, with respect to the documents specified in

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clause (viii) of
the definition of the “Mortgage File”, whether the insurance is effective as of the date of the
recordation, whether all endorsements or riders issued are included in the file or if the policy has not been issued whether
any acceptable replacement document has been dated the date of the related Mortgage Loan funding.  Further, with respect
to the UCC Financing Statements referenced in the Mortgage File, absent actual knowledge to the contrary or copies of UCC
Financing Statements delivered to the Custodian as part of the Mortgage File indicating otherwise, the Custodian may assume,
for the purposes of the filings and the certification to be delivered in accordance with this Section 2.02 that
the related Mortgage File should include one state level UCC Financing Statement filing for each Mortgaged Property (or with
respect to any Mortgage Loan that has two or more Mortgagors, for each Mortgagor, except to the extent multiple Mortgagors
are named as debtors in the same UCC Financing Statement filing), or if the Custodian has received notice that a particular
UCC Financing Statement was filed as a fixture filing, that the related Mortgage File should include only a local UCC
Financing Statement filing for each Mortgaged Property (or with respect to any Mortgage Loan that has two or more Mortgagors,
for each Mortgagor, except to the extent multiple Mortgagors are named as debtors in the same UCC Financing Statement
filing).  The assignments of the UCC Financing Statements to be assigned to the Trust will be delivered on the national
forms (or on such other form as may be acceptable for filing or recording in the applicable jurisdiction) and in a format
suitable for filing or recording, as applicable, and will be filed or recorded in the jurisdiction(s) where such UCC
Financing Statements were originally filed or recorded, as indicated in the documents provided, and in accordance with
then-current laws.

 

(f)        If, in the process of reviewing the Mortgage Files or at any time thereafter, the Custodian finds any document or documents constituting a part of a Mortgage File and required to be delivered or caused to be delivered by the applicable Mortgage Loan Seller (1) not to have been properly executed, (2) subject to the timing requirements of Sections 2.01(b) and 2.01(c), not to have been delivered, (3) to contain information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule or (4) to be defective on its face (each, a “Defect” in the related Mortgage File), the Custodian shall promptly so notify the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Directing Certificateholder, the applicable Mortgage Loan Seller (and in no event later than ninety (90) days after the Closing Date and every calendar quarter thereafter until all Defects are corrected) by providing a Custodial Exception Report setting forth for each affected Mortgage Loan, with particularity, the nature of such Defect (in a form reasonably acceptable to the Custodian and such Mortgage Loan Seller and separating items required to be in the Mortgage File but never delivered from items which were delivered by such Mortgage Loan Seller but are out for recording or filing and have not been returned by the recorder’s office or filing office).

 

(g)        If the Master Servicer or the Special Servicer (i) receives a Repurchase Request or any other request or demand from any Person for a Mortgage Loan Seller to repurchase or replace a Mortgage Loan because of an alleged Defect or Breach (together with a Repurchase Request, a “15Ga-1 Repurchase Request”) (the Master Servicer or the Special Servicer, as applicable, to the extent it receives such 15Ga-1 Repurchase Request, the “Repurchase Request Recipient” with respect to such 15Ga-1 Repurchase Request); or (ii) receives any withdrawal of a 15Ga-1 Repurchase Request by the Person making such 15Ga-1 Repurchase Request or any rejection of a 15Ga-1 Repurchase Request (or such 15Ga-1 Repurchase Request is forwarded to the Master Servicer or the Special Servicer by another party hereto), then the Repurchase Request

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Recipient shall deliver notice (which may be by electronic format so long as a “backup” hard copy of such notice is also delivered on or prior to the next Business Day) of such 15Ga-1 Repurchase Request or withdrawal or rejection of a 15Ga-1 Repurchase Request (each, a “15Ga-1 Notice”) to the applicable Mortgage Loan Seller (other than in the case of a rejection by such Mortgage Loan Seller) and the Depositor, in each case within ten (10) Business Days from such Repurchase Request Recipient’s receipt thereof.

 

Each 15Ga-1 Notice shall include (i) the identity of the related Mortgage Loan, (ii) the date the 15Ga-1 Repurchase Request is received by the Repurchase Request Recipient or the date any withdrawal of the 15Ga-1 Repurchase Request is received by the Repurchase Request Recipient, as applicable, (iii) if known, the basis for the 15Ga-1 Repurchase Request (as asserted in the 15Ga-1 Repurchase Request), (iv) the identity of the Person making such 15Ga-1 Repurchase Request, and (v) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such 15Ga-1 Repurchase Request.

 

A Repurchase
Request Recipient shall not be required to provide any information in a 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines.  The Mortgage Loan Purchase Agreements will provide that (i) any
15Ga-1 Notice provided pursuant to this Section 2.02(g) is so provided only to assist the Mortgage Loan Sellers
and Depositor or their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121
of Regulation AB and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a
Repurchase Request Recipient and (B) no information provided pursuant to this Section 2.02(g) by a
Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to the exercise of any legal right the
Repurchase Request Recipient may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to
any 15Ga-1 Repurchase Request that is the subject of a 15Ga-1 Notice.

 

In the event that the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian receives a 15Ga-1 Repurchase Request, such party shall promptly forward or otherwise provide written notice of such 15Ga-1 Repurchase Request to the Master Servicer, if relating to a Non-Specially Serviced Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence:  “This is a ‘15Ga-1 Repurchase Request’ under Section 2.02 of the Pooling and Servicing Agreement relating to the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 requiring action by you as the ‘Repurchase Request Recipient’ thereunder.”  Upon receipt of such 15Ga-1 Repurchase Request by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient in respect of such 15Ga-1 Repurchase Request, and such party shall comply with the procedures set forth in this Section 2.02(g) with respect to such 15Ga-1 Repurchase Request.  In no event shall the Custodian, by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

If the Depositor, the Trustee, the Master Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian receives notice or has knowledge of a withdrawal or a rejection of a 15Ga-1 Repurchase Request of which notice has

 

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been previously received or given, and such notice was not received from or copied to the Master Servicer or the Special Servicer, then such party shall give notice of such withdrawal or rejection to the Master Servicer or the Special Servicer, as applicable.  Any such notice received by the Trustee, the Certificate Administrator, the Certificate Registrar, Operating Advisor, Asset Representations Reviewer or the Custodian shall also be provided to the Depositor and, in the case of a withdrawal notice, to the applicable Mortgage Loan Seller.

 

In the event that a Mortgage Loan is repurchased or replaced pursuant to Section 2.03 of this Agreement, the Enforcing Servicer shall promptly notify the Depositor of such repurchase or replacement.

 

Section 2.03    Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties.  (a)  The Depositor hereby represents and warrants that:

 

(i)   
The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of North
Carolina, and the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of
this Agreement by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions
contemplated hereby, including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans
in accordance with this Agreement;

 

(ii)   Assuming the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)  The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement; the Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)  There is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any court or by or before any other

 

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governmental agency or instrumentality which would materially and adversely affect the validity of the Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement; and

 

(v)        The Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the Mortgage Loans have been validly transferred to the Trust.

 

(b)       
After receipt of a Repurchase Request, the Enforcing Servicer shall request in writing that the applicable Mortgage Loan
Seller, not later than ninety (90) days after (i) except in the case of the succeeding clause (ii), the
applicable Mortgage Loan Seller’s receipt of such notice of such Repurchase Request or, if earlier, such Mortgage Loan
Seller’s discovery of such Material Defect or (ii) in the case of a Material Defect relating to a Mortgage Loan
not being a Qualified Mortgage, the earlier of (x) discovery by the related Mortgage Loan Seller or any party to this
Agreement of such Material Defect and (y) receipt of notice of the Material Defect from any party to this Agreement
(such ninety (90) day period, the “Initial Cure Period”), (A) cure such Material Defect in all
material respects, at such Mortgage Loan Seller’s own expense, including reimbursement of any related reasonable
additional expenses of the Trust reasonably incurred by any party to this Agreement, (B) repurchase the affected
Mortgage Loan or REO Loan (excluding any related Serviced Companion Loan, if applicable), at the applicable Purchase Price
and in conformity with the applicable Mortgage Loan Purchase Agreement and this Agreement or (C) substitute a Qualified
Substitute Mortgage Loan (other than with respect to the Whole Loans, for which no substitution will be permitted) for such
affected Mortgage Loan or REO Loan (provided that in no event shall any such substitution occur on or after the second
anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account, any Substitution
Shortfall Amount in connection therewith and in conformity with the applicable Mortgage Loan Purchase Agreement and this
Agreement; provided, however, that except with respect to a Material Defect resulting solely from the failure
by the Mortgage Loan Seller to deliver to the Trustee or Custodian the actual policy of lender’s title insurance
required pursuant to clause (viii) of the definition of Mortgage File by a date not later than
eighteen (18) months following the Closing Date, if such Material Defect is capable of being cured but is not cured
within the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the
cure of such Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller shall have an additional
ninety (90) days commencing immediately upon the expiration of the Initial Cure Period (such additional ninety
(90) day period, the “Extended Cure Period”) to complete such cure (or, failing such cure, to
repurchase the related Mortgage Loan or REO Loan (excluding any related Serviced Companion Loan, if applicable) or substitute
a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, for which no substitution will be
permitted)) and provided, further, that with respect to such Extended Cure Period the applicable Mortgage Loan
Seller shall have delivered an officer’s certificate to the Trustee, the Certificate Administrator (who shall promptly
deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Master Servicer, the Special
Servicer, the Operating Advisor and (with respect to any Mortgage Loan other than an Excluded DCH Loan, prior to the
occurrence and continuance of a Consultation Termination Event) the Directing Certificateholder, setting forth the reason
such Material Defect is not capable of being cured within the Initial Cure Period and what actions the applicable Mortgage
Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller
anticipates

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that such Material
Defect will be cured within the Extended Cure Period; and provided, further, that, if any such Material Defect
is not cured after the Initial Cure Period and any such Extended Cure Period solely due to the failure of the related
Mortgage Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to
defer its cure, repurchase and/or substitution obligations in respect of such Material Defect until eighteen (18) months
after the Closing Date for so long as such Mortgage Loan Seller certifies to the Trustee, the Master Servicer, the Special
Servicer and the Directing Certificateholder (in the case of the Directing Certificateholder, prior to the occurrence and
continuance of a Consultation Termination Event) and the Certificate Administrator no less than every ninety (90) days,
beginning at the end of such Extended Cure Period, that such Material Defect is still in effect solely because of its failure
to have received the recorded document and that such Mortgage Loan Seller is diligently pursuing the cure of such Material
Defect (specifying the actions being taken).  Notwithstanding the foregoing, any Defect or Breach which causes any
Mortgage Loan not to be a Qualified Mortgage) shall be deemed to materially and adversely affect the interests of
Certificateholders therein, and (subject to the applicable Mortgage Loan Seller’s right to cure such Defect or Breach
during the Initial Cure Period) such Mortgage Loan shall be repurchased or substituted for without regard to the Extended
Cure Period described in the preceding sentence.  If the affected Mortgage Loan is to be repurchased, the funds in the
amount of the Purchase Price remitted by the applicable Mortgage Loan Seller are to be remitted by wire transfer to the
Master Servicer for deposit into the Collection Account.

 

If a Mortgage Loan Seller, in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Enforcing Servicer, on behalf of the Trust (and, with respect to any Mortgage Loan other than an Excluded DCH Loan or a Servicing Shift Mortgage Loan, in either case, with the consent of the Directing Certificateholder if no Control Termination Event has occurred and is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.05(g) of this Agreement.  The Loss of Value Payment shall include the portion of any Liquidation Fees payable to the Enforcing Servicer in respect of such Loss of Value Payment and the portion of fees of the Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan and not previously paid by the Mortgage Loan Seller.  If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders and the Trustee on their behalf regarding any such Material Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise cure such Material Defect or repurchase or substitute for the affected Mortgage Loan based on such Material Defect under any circumstances.  This paragraph is intended to apply only to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Enforcing Servicer on behalf of the Trust, provided that (i) prior to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Enforcing Servicer from exercising any of its rights related to a Material Defect in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute for such Mortgage Loan), (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a Material Defect as a result of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment.

 

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With respect to any Non-Serviced Whole Loan, any “Defect” (or analogous term) under the related Non-Serviced PSA shall constitute a Material Defect under each Mortgage Loan Purchase Agreement to the extent the applicable Mortgage Loan Seller repurchases the Non-Serviced Companion Loan from the trust created pursuant to such Non-Serviced PSA; provided, however, that the foregoing shall not apply to any Defect related solely to the promissory note for any related Non-Serviced Companion Loan.

 

If any Breach
that constitutes a Material Defect pertains to a representation or warranty that the related Mortgage Loan documents or any
particular Mortgage Loan document requires the related Mortgagor to bear the costs and expenses associated with any
particular action or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller shall cure such
Breach within the applicable cure period (as the same may be extended) by reimbursing the Trust (by wire transfer of
immediately available funds) for (i) the reasonable amount of any such costs and expenses incurred by the Master Servicer,
the Special Servicer, the Certificate Administrator, the Trustee or the Trust that are incurred as a result of such Breach
and have not been reimbursed by the related Mortgagor and (ii) the amount of any fees payable by the Mortgage Loan Seller to
the Asset Representations Reviewer to the extent not previously paid by the Mortgage Loan Seller to the Asset Representations
Reviewer attributable to the Asset Review of such Mortgage Loan; provided that in the event any such costs and
expenses exceed $10,000, the Mortgage Loan Seller shall have the option to either repurchase or substitute for the related
Mortgage Loan as provided above or pay such costs and expenses.  Except as provided in the proviso to the immediately
preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and upon its making
such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects.  To the
extent that any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained
from the related Mortgagor, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or
expenses obtained from the related Mortgagor shall promptly be returned to the related Mortgage Loan Seller.  Periodic
Payments due with respect to each Qualified Substitute Mortgage Loan (if any) after the related Due Date in the month of
substitution, and Periodic Payments due with respect to each Mortgage Loan being repurchased or replaced after the
related Cut-off Date and received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the
related date of repurchase or substitution, shall be part of the Trust Fund.  Periodic Payments due with respect to each
Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution, and Periodic
Payments due with respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer or the
Special Servicer on behalf of the Trust after the related date of repurchase or substitution, shall not be part of the Trust
Fund and are to be remitted by the Master Servicer (or by the Special Servicer to the Master Servicer who shall remit such
funds) to the applicable Mortgage Loan Seller effecting the related repurchase or substitution promptly following
receipt.  Notwithstanding anything contained in this Agreement or the related Mortgage Loan Purchase Agreement, a delay
in either the discovery of a Material Defect or in providing notice of such Material Defect shall relieve the applicable
Mortgage Loan Seller of its obligation to cure, repurchase or substitute for (or make a Loss of Value Payment with respect
to) the related Mortgage Loan if it is otherwise required to do so under the related Mortgage Loan Purchase Agreement and/or
this Article II if (i) the related Mortgage Loan Seller did not otherwise discover or have knowledge of such
Material Defect, (ii) such delay is a result of the failure by a party to the applicable Mortgage Loan Purchase
Agreement, or this Agreement, to provide prompt notice as required by the terms of the

 

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applicable Mortgage Loan Purchase Agreement, or this Agreement, after such party has actual knowledge of such Material Defect (knowledge shall not be deemed to exist by reason of the Custodial Exception Report), (iii) such Material Defect does not relate to the applicable Mortgage Loan not being a Qualified Mortgage, and (iv) such delay or failure to provide notice (as required by the terms of the applicable Mortgage Loan Purchase Agreement or this Agreement) prevented the Mortgage Loan Seller from curing such Material Defect and such Material Defect was otherwise curable.  Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a borrower), healthcare facility, nursing home, assisted living facility, self-storage facility, theater or fitness center (operated by a borrower), then the failure to deliver copies of the UCC Financing Statements with respect to such Mortgage Loan shall not be a Material Defect.

 

Pursuant to each Mortgage Loan Purchase Agreement, if there is a Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan, the related Mortgage Loan Seller shall not be obligated to repurchase the Mortgage Loan if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related Mortgage Loan documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Mortgage Loan documents and the related Mortgage Loan Seller provides an opinion of counsel to the effect that such release in lieu of repurchase would not (A) cause any Trust REMIC to fail to qualify as a REMIC, (B) result in the disqualification of the Grantor Trust as a grantor trust under the relevant provisions of the Code, or (C) result in the imposition of a tax upon any Trust REMIC or the issuing entity and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

The parties acknowledge that certain Mortgage Loan Purchase Agreements may provide for an Additional Repurchase Obligor that is required to perform the obligations of the related Mortgage Loan Seller described in this Section 2.03(b) or a guarantor of such obligations, in each case, to the extent set forth in the applicable Mortgage Loan Purchase Agreement.

 

(c)        Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further subject to Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage File to be deemed to have a Material Defect:  (i) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage File contains a signed lost note affidavit and indemnity with a copy of the Mortgage Note that appears to be regular on its face; (ii) the absence from the Mortgage File of the original signed Mortgage that appears to be regular on its face, unless there is included in the Mortgage File either a copy of the Mortgage with evidence of recording thereon or a copy of the Mortgage and a certificate from the related Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation; (iii) the absence from the Mortgage File of the item called for by clause (viii) of the definition of “Mortgage File”; (iv) the absence from the Mortgage File of any intervening assignments required to create a complete chain of assignments to the Trustee on behalf of the Trust, unless there is included in the Mortgage File either a copy of the assignment with evidence of recording thereon or a copy of the intervening assignment and a certificate from the related Mortgage Loan Seller stating that the original intervening assignments were sent for filing or recordation, as applicable; (v) the absence from the Mortgage File of any required letter of credit; or (vi) with respect to any related leasehold Mortgage Loan, the absence

 

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from the related
Mortgage File of a copy (or an original, if available) of the related Ground Lease; provided, however, that no
Defect (except the Defects previously described in sub-clauses (ii) through (vi) of this Section 2.03(c))
shall be considered to materially and adversely affect the value of the related Mortgage Loan, the value of the related
Mortgaged Property or the interests of the Trustee or Certificateholders unless the document with respect to which the Defect
exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related
Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan,
establishing the validity or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate
significant servicing obligation; provided, further, that no Defect relating to any Non-Serviced Mortgage Loan
previously described in sub-clauses (ii) through (vi) of this Section 2.03(c) shall be
considered to materially and adversely affect the value of such Mortgage Loan, the value of the related Mortgaged Property or
the interests of the Trustee or Certificateholders unless the related Mortgage Loan Seller, after receipt of notice of such
Defect, is unable to produce a copy of the document with respect to which the Defect exists within a reasonable period after
receiving such notice or otherwise establish that the original or copy, as applicable, of such document has been delivered,
in compliance with the terms of the related Non-Serviced PSA, to the custodian under the related Non-Serviced PSA. 
Notwithstanding the foregoing, the delivery of executed escrow instructions or a binding commitment to issue a
lender’s title insurance policy, as provided in clause (viii) of the definition of
“Mortgage File” herein, in lieu of the delivery of the actual policy of lender’s title insurance, shall
not be considered a Material Defect with respect to any Mortgage File if such actual policy is delivered to the Custodian not
later than eighteen (18) months following the Closing Date.  Notwithstanding the foregoing, to the extent a
Mortgage Loan Seller has otherwise complied with its document delivery requirements under this Agreement and the related
Mortgage Loan Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant to Section 2.02
above of a document that is part of the Mortgage File or a Mortgage Loan Seller can otherwise prove delivery of the document,
and the Custodian subsequently loses a document, the fact that such document is lost may not be utilized as the basis for a
claim of a Material Defect against a Mortgage Loan Seller pursuant to Section 5(a) of the related Mortgage Loan Purchase
Agreement and/or this Section 2.03 and the Custodian shall be liable for any such loss to the extent provided for
in Section 8.01.

 

(d)       In connection with any repurchase of, or substitution of a Qualified Substitute Mortgage Loan for a Mortgage Loan contemplated by this Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer shall each tender to the applicable Mortgage Loan Seller, upon delivery to each of the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer of a trust receipt executed by the applicable Mortgage Loan Seller evidencing such repurchase or substitution, all portions of the Mortgage File and other documents pertaining to such Mortgage Loan possessed by each of the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer (other than attorney-client communications that are privileged communications), and each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or assigned, as the case may be to the applicable Mortgage Loan Seller in the same manner as provided in Section 5 of the related Mortgage Loan Purchase Agreement and, if applicable, the definition of “Mortgage File” herein, so as to vest in such Mortgage Loan Seller the legal and beneficial ownership of such repurchased or substituted

 

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Mortgage Loan (including property acquired in respect thereof and proceeds of any insurance policy with respect thereto) and the related Mortgage Loan documents.

 

(e)        Section 5 of each of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders (subject to the limitations on the rights of the Certificateholders under this Agreement), or the Trustee on behalf of the Certificateholders, the Master Servicer or the Special Servicer, with respect to any Material Defect; provided, however, that the foregoing shall in no way limit the ability of the Master Servicer, the Special Servicer or the Trustee to take any action against BSPRT, to the extent provided for pursuant to the related Mortgage Loan Purchase Agreement, including, without limitation, pursuant to Sections 19 and 20 thereof.

 

(f)        The Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests), enforce the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement.  Such enforcement, including, without limitation, the legal prosecution of claims, if any, shall be carried out in the best interest of the Certificateholders in accordance with the Servicing Standard.  Any costs incurred by the Master Servicer or the Special Servicer with respect to the enforcement of the obligations of the applicable Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall, to the extent not recovered from the applicable Mortgage Loan Seller or the Requesting Certificateholder, be deemed to be Servicing Advances to the extent not otherwise provided for herein.  The Master Servicer or the Special Servicer, as applicable, shall be reimbursed for the reasonable costs of such enforcement:  first, from a specific recovery, if any, of costs, expenses or attorneys’ fees against the applicable Mortgage Loan Seller; second, pursuant to Section 3.05(a)(vii) herein out of the related Purchase Price, to the extent that such expenses are a specific component thereof; and third, if at the conclusion of such enforcement action it is determined that the amounts described in clauses first and second are insufficient, then pursuant to Section 3.05(a)(viii) herein out of general collections on the Mortgage Loans on deposit in the Collection Account.  Any costs, expenses or attorneys’ fees related to a repurchase of a Companion Loan shall be paid pursuant to the related Intercreditor Agreement or pursuant to the documents related to an Other Securitization, if applicable.

 

(g)        If a Mortgage Loan Seller incurs any expense in connection with the curing of a Breach that constitutes a Material Defect, which also constitutes a default under the related Mortgage Loan and is reimbursable thereunder, such Mortgage Loan Seller shall have a right, and shall be subrogated to the rights of the Trustee and the Trust under the Mortgage Loan to recover the amount of such expenses from the related Mortgagor; provided, however, that such Mortgage Loan Seller’s rights pursuant to this Section 2.03(g) shall be junior, subject and subordinate to the rights of the Trustee, the Certificate Administrator, the Trust, the Master Servicer and the Special Servicer to recover amounts owed by the related Mortgagor under the terms of such Mortgage Loan including, without limitation, the rights to recover unreimbursed Advances, accrued and unpaid interest on Advances at the Reimbursement Rate, fees owed to the Master Servicer or the Special Servicer, and unpaid or unreimbursed expenses of the Trustee, the Certificate Administrator, the Trust, the Master Servicer or the Special Servicer allocable to such Mortgage Loan.  The Enforcing Servicer shall use reasonable efforts to recover such expenses for such Mortgage Loan Seller to the extent consistent with the Servicing Standard, but taking into account the subordinate nature of the reimbursement to the related Mortgage Loan Seller; provided,

 

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however, that the Enforcing Servicer determines in the exercise of its sole discretion consistent with the Servicing Standard that such actions by it will not impair the Enforcing Servicer’s collection or recovery of principal, interest and other sums due with respect to the related Mortgage Loan that would otherwise be payable to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Certificateholders pursuant to the terms of this Agreement; provided, further, that the Enforcing Servicer may waive the collection of amounts due on behalf of such Mortgage Loan Seller in its sole discretion in accordance with the Servicing Standard.

 

(h)       
If (i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in this Section 2.03 and
(ii) the applicable Material Defect does not constitute a Material Defect as to any other Crossed Underlying Loan in the
related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect shall be
deemed to constitute a Material Defect as to any other Crossed Underlying Loan in the related Crossed Mortgage Loan Group for
purposes of this paragraph, and the related Mortgage Loan Seller shall repurchase or substitute for such other Crossed
Underlying Loan(s) in the related Crossed Mortgage Loan Group as provided in Section 2.03(b) unless such other
Crossed Underlying Loans satisfy the Crossed Underlying Loan Repurchase Criteria.  In the event that the remaining
Crossed Underlying Loans in such Crossed Mortgage Loan Group satisfy the Crossed Underlying Loan Repurchase Criteria, the
applicable Mortgage Loan Seller may elect either to repurchase or substitute for only the affected Crossed Underlying Loan(s)
as to which the related Material Defect exists or to repurchase or substitute for all of the Crossed Underlying Loans in the
related Crossed Mortgage Loan Group.  Any reserve or other cash collateral or letters of credit securing the Crossed
Underlying Loans shall be allocated among the related Crossed Underlying Loans in accordance with the related Mortgage Loan
documents or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances.  Except
as provided in this Section 2.03(h) and Section 2.03(i), all other terms of the related Mortgage
Loans shall remain in full force and effect without any modification thereof.

 

(i)         Notwithstanding the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying Loans, the related Mortgage Loan Seller may repurchase only that Crossed Underlying Loan required to be repurchased pursuant to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided, however, that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the related Mortgage, this Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase Criteria, (ii) in connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at such Mortgage Loan Seller’s expense) to the effect that the contemplated action will not cause an Adverse REMIC Event and (iii) in connection with such partial release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications to the Mortgage prepared and executed in connection with such partial release.

 

(j)         With respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required or elects to repurchase or substitute for such Crossed Underlying Loan in the manner prescribed in Section 2.03(h) or Section 2.03(i) while the Trustee continues to hold any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage Loan Seller and the Enforcing Servicer, on behalf of the Trustee, as assignee of the Depositor, will, as set forth in the related Mortgage Loan Purchase Agreement,

 

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forbear from
enforcing any remedies against the other’s Primary Collateral but each will be permitted to exercise remedies against
the Primary Collateral securing its respective related Mortgage Loans, including with respect to the Trustee, the Primary
Collateral securing the Mortgage Loans still held by the Trustee, so long as such exercise does not materially impair the
ability of the other party to exercise its remedies against its Primary Collateral.  If the exercise of the remedies by
one party would materially impair the ability of the other party to exercise its remedies with respect to the Primary
Collateral securing the Crossed Underlying Loans held by such party, then both parties have agreed in the related Mortgage
Loan Purchase Agreement to forbear from exercising such remedies until the Mortgage Loan documents evidencing and securing
the relevant Mortgage Loan can be modified in a manner that complies with the related Mortgage Loan Purchase Agreement to
remove the threat of material impairment as a result of the exercise of remedies.

 

(k)    (i)  In the event an Initial Requesting Certificateholder delivers a written request to a party to this Agreement that a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”), such party shall promptly forward that Certificateholder Repurchase Request to the Master Servicer and the Special Servicer.  The Enforcing Servicer shall then promptly forward the Certificateholder Repurchase Request to the related Mortgage Loan Seller and each other party to this Agreement.  Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to a Certificateholder Repurchase Request.

 

(ii)   In the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor (solely in its capacity as operating advisor) or the Directing Certificateholder (other than any Loan-Specific  Directing Certificateholder that is a Mortgage Loan Seller or an Affiliate thereof) identifies a Material Defect with respect to a Mortgage Loan (without implying any duty of such person to make, or to attempt to make, such a discovery), that party shall deliver prompt written notice of such Material Defect to each other party to this Agreement and the related Mortgage Loan Seller identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase Request” and each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, the “Repurchase Request”).  The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the Trust against the related Mortgage Loan Seller with respect to a PSA Party Repurchase Request.

 

(iii)  In the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request (a “Resolution Failure”), then the provisions described in Section 2.03(l) below shall apply.  Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request is sent to the related Mortgage Loan Seller.  A Resolved Repurchase Request shall not preclude the Enforcing Servicer from exercising any of its rights related to a Material Defect in the manner and timing otherwise set forth in this Agreement, in the related Mortgage Loan Purchase Agreement or as provided by law.

 

(iv)  Within two (2) Business Days after a Resolution Failure occurs with respect to a Repurchase Request made by any Person other than the Special Servicer, the Directing

 

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Certificateholder or a Controlling Class Certificateholder relating to a Non-Specially Serviced Loan, the Master Servicer shall send a written notice (a “Master Servicer Proposed Course of Action Notice”) to the Special Servicer, indicating the Master Servicer’s analysis and recommended course of action with respect to such Repurchase Request.  The Master Servicer shall also deliver to the Special Servicer the Servicing File and all information, documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Non-Specially Serviced Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s possession or otherwise reasonably available to the Master Servicer, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder to the extent set forth in this Agreement for such Non-Specially Serviced Loan.  Upon receipt of such Master Servicer Proposed Course of Action Notice and such Servicing File and other material, the Special Servicer shall become the Enforcing Servicer with respect to such Repurchase Request.

 

(l)         (i)  After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request was initiated by an Initial Requesting Certificateholder, a party to this Agreement or the Directing Certificateholder), and if applicable, after the Master Servicer sends the Master Servicer Proposed Course of Action Notice, the Enforcing Servicer shall send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, at the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator (which shall be delivered via electronic mail to trustadministrationgroup@wellsfargo.com), indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (a “Proposed Course of Action”).  The Certificate Administrator will be required to make the Proposed Course of Action Notice available to all other Certificateholders and Certificate Owners by posting such notice on the Certificate Administrator’s Website.  The Proposed Course of Action Notice shall include (a) a request to Certificateholders to indicate to the Enforcing Servicer their agreement with or dissent from such Proposed Course of Action, by clearly marking “agree” or “disagree” to the Proposed Course of Action on such notice within thirty (30) days after the date of such notice and a disclaimer that responses received after such 30-day period will not be taken into consideration, (b) a statement that if any Certificateholder disagrees with the Proposed Course of Action, the Enforcing Servicer shall be compelled to follow (either as the Enforcing Party or as the Enforcing Servicer in circumstances where a Certificateholder is acting as the Enforcing Party) the course of action agreed to and/or proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration, as the case may be, in accordance with the procedures set forth below relating to the delivery of Preliminary Dispute Resolution Election Notices and Final Dispute Resolution Election Notices (c) a statement that the responding Certificateholders will be required to certify their holdings in connection with such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such Proposed Course of Action will be taken into consideration and (e) instructions for the responding Certificateholders to send their responses to the Enforcing Servicer and the Certificate Administrator.  The Certificate Administrator shall, within fifteen (15) Business Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders and share the results with the Enforcing Servicer.  The Certificate Administrator shall only count responses timely received and clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or qualifying language shall not be taken into consideration for purposes of determining

 

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whether the related Certificateholder agrees or disagrees with the Proposed Course of Action.  The Certificate Administrator shall be under no obligation to answer any questions from the Certificateholders regarding such Proposed Course of Action.  For the avoidance of doubt, the Certificate Administrator’s obligations in connection with this Section 2.03(l) shall be limited solely to tabulating the Certificateholders’ responses of “agree” or “disagree” to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate Administrator.  The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation of the responses of the responding Certificateholders.  If (a) the Enforcing Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the related Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation (including non-binding arbitration) or arbitration.  In the event (a) the Enforcing Servicer’s initial Proposed Course of Action indicated a recommendation to undertake mediation (including non-binding arbitration) or arbitration, (b) any Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice, and (c) the Enforcing Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing Servicer’s initial Proposed Course of Action indicating a recommendation to undertake mediation (including non-binding arbitration) or arbitration, such additional responses from other Certificateholders or Certificate Owners will also be considered Preliminary Dispute Resolution Election Notices supporting such Proposed Course of Action for purposes of determining the course of action approved by the majority of responding Certificateholders.

 

(ii)   If neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or Certificate Owner otherwise entitled to do so shall have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer as the Enforcing Party shall be the sole party entitled to determine a course of action, including, but not limited to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation rights of the Directing Certificateholder pursuant to Section 6.08.

 

(iii)  Promptly and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a “Requesting Certificateholder”), the Enforcing Servicer shall consult

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with each Requesting Certificateholder regarding such Requesting Certificateholder’s intention to elect either mediation (including nonbinding arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution Consultation”) so that such Requesting Certificateholder may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no later than ten (10) Business Days following the Dispute Resolution Cut-off Date.  The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems in good faith to be in accordance with the Servicing Standard relating to the timing and extent of such consultations.  No later than five (5) Business Days after completion of the Dispute Resolution Consultation, a Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)  If, following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated under this Agreement to determine a course of action including, but not limited to, enforcing the rights of the Trust with respect to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration.

 

(v)   If a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding arbitration) or arbitration.  If there is more than one Requesting Certificateholder that timely deliver a Final Dispute Resolution Election Notice, then such Requesting Certificateholders shall collectively become the Enforcing Party, and the holder or holders of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to such mediation or arbitration (including whether to refer the matter to mediation (including non-binding arbitration) or arbitration).  If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the terms of this Agreement within thirty (30) days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer, then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase Agreement; provided, however, that such Material Defect shall not be deemed waived with respect to a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the extent there is a material change in the facts and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing Servicer, and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause (ii), then the Enforcing

 

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Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled to enforce the Trust’s rights against the related Mortgage Loan Seller.

 

(vi) 
Notwithstanding the foregoing, the dispute resolution provisions described above under this Section 2.03(l)
shall not apply, and the Enforcing Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced
litigation with respect to the Repurchase Request, or determines in accordance with the Servicing Standard that it is in the
best interest of Certificateholders to commence litigation with respect to the Repurchase Request to avoid the running of any
applicable statute of limitations.

 

(vii) In the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii) For the avoidance of doubt, none of the Depositor, the Mortgage Loan Seller with respect to the subject Mortgage Loan or any of their respective affiliates (other than the Special Servicer or a Controlling Class Certificateholder) shall be entitled to be an Initial Requesting Certificateholder or a Requesting Certificateholder or to act as a Certificateholder for purposes of delivering any Preliminary Dispute Resolution Election Notice or Final Dispute Resolution Election Notice or otherwise to vote Certificates owned by it or such affiliate(s) with respect to a course of action proposed or undertaken pursuant to the procedures described herein.

 

(ix)   Subject to the other provisions of this Section 2.03(l), the Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting Certificateholder shall not be entitled to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(m)   If the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)     The mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller within thirty (30) days of written notice of the Enforcing Party’s selection of mediation (such provider, the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation Rules”) promulgated by the Mediation Services Provider.

 

(ii)    The mediator shall be impartial, an attorney admitted to practice in the state of New York and have at least fifteen (15) years of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters and who will be appointed from a list of neutrals maintained by the Mediation Services Provider.  Upon being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the right to exercise two peremptory challenges within fourteen (14) days and to rank the remaining potential mediators in order of preference.  The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices of the parties to the extent possible.

 

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(iii)   Prior to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)   The parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)    The expenses of any mediation shall be allocated among the parties to the mediation including, if applicable, between the Enforcing Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)   Out of pocket costs and expenses of the Special Servicer for mediation or arbitration, to the extent not agreed to be paid by the Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case of arbitration) shall be reimbursable as a Servicing Advance.

 

(n)    If the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)     The arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan Seller within thirty (30) days of written notice of the Enforcing Party’s selection of arbitration (such provider, the “Arbitration Services Provider”) in accordance with published arbitration procedures (the “Arbitration Rules”) promulgated by the Arbitration Services Provider.

 

(ii)   The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider.  Upon being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference.  The Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent possible.

 

(iii)  Prior to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)  After consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of expediting the proceeding and completing the arbitration within 120 days.  The arbitrator shall have the authority to schedule, hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil Procedure for non-jury matters (the “Rules”) (including summary judgment and other

 

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prehearing and post hearing motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)   Notwithstanding whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration will be presumptively limited to the following discovery in the arbitration:  (A) the parties shall reasonably and in good faith voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding Rule 30b-6 witnesses), and (C) expert witness depositions, provided that the arbitrator shall have the ability to grant the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such additional discovery is reasonable and necessary.

 

(vi)  The arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any post-hearing submissions.  The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those agreements.  The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them.  Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the Prime Rate.  In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’ fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion.  The determination of the arbitrator shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties.  The final determination of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)   By selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)   No person may bring a putative or certificated class action to arbitration.

 

(o)      The following provisions will apply to both mediation and third-party arbitration:

 

(i)      Any mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)     If the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the final decision of the arbitration panel, solely by

 

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application in the Southern District of New York if such court shall have subject matter jurisdiction, or if the Southern District of New York has no jurisdiction, then the Supreme Court of the State of New York for the County of New York.  The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)  The details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 2.03).  Such information will be kept strictly confidential and shall not be disclosed or shared with any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory requirement or court order.  If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production of its confidential information.

 

(iv)  In the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceeding shall be determined by such Enforcing Servicer in consultation with the Directing Certificateholder (provided that a Consultation Termination Event has not occurred and is not continuing) and in accordance with the Servicing Standard.  All amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account.  The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a Requesting Certificateholder is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for any such costs and expenses allocated to the Requesting Certificateholder.

 

(v)   In the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder is required to pay any expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the mediation proceedings.

 

(vi)  The Trust (or the Trustee or the Enforcing Servicer, acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted to redact any personally identifiable customer information included in any information provided for purposes of any mediation or arbitration.  Each party to the proceedings shall be required to agree to

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keep
confidential the details related to the Repurchase Request and the dispute resolution identified in connection with such
procedures; provided, however, that (A) the Certificateholders shall be permitted to communicate prior to
the commencement of any such proceedings to the extent provided in Section 5.06 and (B) the Enforcing Servicer
shall be permitted to include such information in any 15Ga-1 Notice as it is required pursuant to Section 2.02(g).

 

(vii)   For the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing Servicer to perform its obligations with respect to a Mortgage Loan (including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted pay-off or deed-in-lieu, or bankruptcy or other litigation) or the exercise of any rights of a Directing Certificateholder.

 

(viii)  In the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then utilize the alternative method.

 

(ix)    Any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration or related responsibilities under this Agreement shall be reimbursable as Trust Fund expenses.

 

Section 2.04    Execution of Certificates; Issuance of Lower-Tier Regular Interests.  The Trustee hereby acknowledges the assignment to it of the Mortgage Loans and, subject to Section 2.01 and Section 2.02, the delivery to the Custodian of the Mortgage Files and a fully executed original counterpart of each of the Mortgage Loan Purchase Agreements, together with the assignment to it of all of the other assets included in the Lower-Tier REMIC and the Grantor Trust.  Concurrently with such assignment and delivery, (i) in exchange for the Mortgage Loans (other than Excess Interest) and the other assets comprising the Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee acknowledges the issuance of the Lower-Tier Regular Interests and the Class LR Interest to the Depositor; (ii) the Trustee acknowledges the creation of the Grantor Trust (as described in Section 2.05 below); (iii) the Trustee acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC; (iv) immediately thereafter, in exchange for the Lower-Tier Regular Interests, the Trustee acknowledges that it has caused the Certificate Administrator to issue the Class UR Interest and has caused the Certificate Registrar to execute and caused the Authenticating Agent to authenticate and to deliver to or upon the order of the Depositor, the Regular Certificates and the Class R Certificates, and the Depositor hereby acknowledges the receipt by it or its designees, of such Certificates in authorized Denominations and such Certificates evidencing the entire beneficial ownership of the Upper-Tier REMIC (and in the case of the Class R Certificates, the Class LR Interest and the Class UR Interest); and (v) the Trustee acknowledges that it has caused the Certificate Administrator to issue the Class V Certificates and has caused the Certificate Registrar to execute and cause the Authenticating Agent to deliver to or upon the order of the Depositor such Certificates, and the Depositor hereby acknowledges the receipt by it, or its designees, of such Certificates in authorized denominations, evidencing beneficial ownership of their respective portions of the Grantor Trust.

 

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Section 2.05    Creation of the Grantor Trust.  The Class V Certificates are hereby designated as undivided beneficial interests in their portion of the Trust Fund consisting of the Class V Specific Grantor Trust Assets, which portion shall be classified as a trust under Section 301.7701-4 of the income tax regulations and the holders of the Class V Certificates shall be treated as the owners of such trust under subpart E, part I of subchapter J of the Code.

 

[End of Article II]

 

ARTICLE
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

 

Section 3.01    Administration of the Mortgage Loans, the Serviced Companion Loans, and REO Properties.  (a)  Each of the Master Servicer and the Special Servicer shall diligently service and administer the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any Serviced Companion Loans and the REO Properties (other than any REO Property related to a Non-Serviced Mortgage Loan) it is obligated (as provided below) to service in accordance with applicable law, this Agreement and the Mortgage Loan documents and, in the case of a Serviced Whole Loan, the related Intercreditor Agreement on behalf of the Trust and in the best interests of and for the benefit of the Certificateholders and, in the case of the Serviced Companion Loans, the Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests), as a collective whole, taking into account the subordinate or pari passu nature of such Companion Loans (as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law, the terms of this Agreement (and, with respect to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the related Intercreditor Agreement) and the terms of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking into account the subordinate or pari passu nature of the Companion Loan.  With respect to each Serviced Whole Loan, in the event of a conflict between this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall control; provided that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit to take any action in accordance with the terms of any Intercreditor Agreement that would cause the Master Servicer or the Special Servicer, as the case may be, to violate the Servicing Standard or the REMIC Provisions.  To the extent consistent with the foregoing, the Master Servicer and the Special Servicer shall service the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and the related Serviced Companion Loans in accordance with the higher of the following standards of care:  (1) in the same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans for other third party portfolios and (2) the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans owned by the Master Servicer or the Special Servicer, as the case may be, with a view to the (A) the timely recovery of all payments of principal and interest under the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Loan or an REO Property, maximization of recovery of principal and interest on a net present value basis on such Mortgage Loans and any related Serviced Companion Loans, and the best interests of the Trust and the Certificateholders (as a collective whole as if such Certificateholders constituted a single

 

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lender) (and in the case of any Whole Loan, the best interests of the Trust, the Certificateholders and any related Companion Holder (as a collective whole as if such Certificateholders and the holder or holders of the related Companion Loan constituted a single lender), taking into account the subordinate or pari passu nature, as applicable, of the related Companion Loan), as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment, in either case giving due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured housing community mortgage loan servicers, but without regard to any conflict of interest arising from:  (i) any relationship that the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer may have with any Mortgagor, any Mortgage Loan Seller, any other parties to this Agreement, any Sponsor, any originator of a Mortgage Loan or any Affiliate of any of the foregoing; (ii) the ownership of any Certificate, Companion Loan, mezzanine loan, or subordinate debt relating to a Mortgage Loan by the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (iii) the obligation, if any, of the Master Servicer to make Advances; (iv) the right of the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates to receive compensation for its services and reimbursement for its costs hereunder or with respect to any particular transaction; (v) the ownership, servicing or management for others of (a) a Non-Serviced Mortgage Loan and a Non-Serviced Companion Loan or (b) any other mortgage loans, subordinate debt, mezzanine loans or properties not covered by this Agreement or held by the Trust by the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates; (vi) any debt that the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates, has extended to any Mortgagor or an Affiliate of any Mortgagor (including, without limitation, any mezzanine financing); (vii) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates, may have; and (viii) any obligation of the Master Servicer or the Special Servicer, or any of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as a Mortgage Loan Seller (if the Master Servicer or the Special Servicer or any of their respective Affiliates is a Mortgage Loan Seller) (the foregoing, collectively referred to as the “Servicing Standard”).

 

The Master Servicer and the Special Servicer shall act in accordance with the Servicing Standard with respect to any action required to be taken regarding the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

Without limiting the foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer (i) any Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing Transfer Event has occurred and is continuing (each, a “Specially Serviced Loan”) or as otherwise provided herein with respect to Non-Specially Serviced Loans in connection with any Major Decision and (ii) any REO Properties (other than the Non-Serviced Mortgaged Properties); provided that the Master Servicer shall continue to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect to the Specially Serviced Loans, except for the reports specified herein as prepared by the Special Servicer, as if no Servicing Transfer Event had occurred and with respect to the REO Properties (and the related REO Loans) as if no REO Acquisition had occurred, and to render such services with respect to such Specially Serviced Loans and REO Properties as are specifically provided for herein; provided, further, however, that the Master Servicer shall not be liable for failure to comply with such duties insofar as such failure

 

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results from a failure of the Special Servicer to provide sufficient information to the Master Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder.  The Master Servicer, in its capacity as the Master Servicer, shall not have any responsibility for the performance by the Special Servicer, in its capacity as the Special Servicer, of its duties under this Agreement.  The Special Servicer, in its capacity as the Special Servicer, shall not have any responsibility for the performance by the Master Servicer, in its capacity as the Master Servicer, of its duties under this Agreement.  Each Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Loan shall continue as such until satisfaction of the conditions specified in Section 3.19(a).  Without limiting the foregoing, subject to Section 3.19 and in accordance with the terms of this Agreement, the Master Servicer shall be obligated to service and administer any Non-Specially Serviced Loan and any related Serviced Companion Loan.  The Special Servicer shall make the property inspections, use its reasonable efforts to collect the financial statements, budgets, operating statements and rent rolls and forward to the Master Servicer the reports in respect of the related Mortgaged Properties with respect to Specially Serviced Loans in accordance with Section 3.12.  After notification to the Master Servicer, the Special Servicer may contact the Mortgagor of any Non-Specially Serviced Loan if efforts by the Master Servicer to collect required financial information have been unsuccessful or any other issues remain unresolved.  Such contact shall be coordinated through and with the cooperation of the Master Servicer.  No provision herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability or recoverability of payments on the Mortgage Loans or any related Serviced Companion Loan or be construed to impair or adversely affect any rights or benefits provided by this Agreement to the Master Servicer or the Special Servicer (including with respect to Servicing Fees, Special Servicing Fees or the right to be reimbursed for Advances and interest accrued thereon).  Any provision in this Agreement for any Advance by the Master Servicer or the Trustee is intended solely to provide liquidity for the benefit of the Certificateholders and not as credit support or otherwise to impose on any such Person the risk of loss with respect to one or more of the Mortgage Loans or any related Serviced Companion Loans.  No provision hereof shall be construed to impose liability on the Master Servicer or the Special Servicer for the reason that any recovery to the Certificateholders in respect of a Mortgage Loan at any time after a determination of present value recovery is less than the amount reflected in such determination.

 

(b)        Subject only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08) and of the respective Mortgage Loans, any related Serviced Companion Loans and any related Intercreditor Agreement, if applicable, and applicable law, each of the Master Servicer and the Special Servicer shall have full power and authority, acting alone or, subject to Section 3.20, through one or more Sub-Servicers, to do or cause to be done any and all things in connection with such servicing and administration for which it is responsible which it may deem necessary or desirable.  Without limiting the generality of the foregoing, each of the Master Servicer and the Special Servicer, in its own name (or in the name of the Trustee and, if applicable, the related Serviced Companion Noteholder), is hereby authorized and empowered by the Trustee to execute and deliver, on behalf of the Certificateholders (and, with respect to a Serviced Companion Loan, the related Serviced Companion Noteholder) and the Trustee or any of them, with respect to each Mortgage Loan and any related Serviced Companion Loan (and, if applicable, each REO Property) it is obligated to service under this Agreement:  (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by the related Mortgage or other security document in the

 

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related Mortgage File on the related Mortgaged Property and related collateral, and shall, from time to time, execute and/or deliver such financing statements, continuation statements and other documents or instruments as necessary to maintain the lien created by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged Property and related collateral; (ii) subject to Section 3.08, Section 3.18 and Section 6.08, any and all modifications, waivers, amendments or consents to, under or with respect to any documents contained in the related Mortgage File; (iii) any and all instruments of satisfaction or cancellation, pledge agreements and other documents in connection with a defeasance, or of partial or full release or discharge, and all other comparable instruments; and (iv) any or all complaints or other pleadings to initiate and/or to terminate any action, suit or proceeding on behalf of the Trust (in their representative capacities (except as set forth below in this paragraph).  The Master Servicer (with respect to Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall provide to the Mortgagor related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related Mortgage Loan documents.  Subject to Section 3.10, the Trustee shall (i) on the Closing Date, furnish to the Master Servicer and the Special Servicer original powers of attorney in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and (ii) upon request, furnish, or cause to be furnished, to the Master Servicer or the Special Servicer any powers of attorney substantially in the form of Exhibit R-1 or Exhibit R-2 attached hereto, as applicable (or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the case may be, to carry out its servicing and administrative duties hereunder; provided, however, that the Trustee shall not be held responsible or liable for any acts of the Master Servicer or the Special Servicer, or for any negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer.  Notwithstanding anything contained herein to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall not, without the Trustee’s written consent:  (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative capacity)) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be required to be registered to do business in any state.

 

(c)        To the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) to exercise its discretion with respect to any action that requires Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency

 

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Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer shall require the costs of such Rating Agency Confirmation to be borne by the related Mortgagor.  To the extent the terms of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) require the Mortgagor to bear the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer shall not waive the requirement that such costs and expenses be borne by the related Mortgagor.  To the extent that the terms of the related Mortgage Loan documents or Companion Loan documents (including any related Intercreditor Agreement) are silent as to who bears the costs of any Rating Agency Confirmation or confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), the Master Servicer shall use reasonable efforts to have the Mortgagor bear such costs and expenses.  The Master Servicer shall not be responsible for the payment of such costs and expenses out of pocket other than as a Servicing Advance.

 

(d)       The relationship of each of the Master Servicer and the Special Servicer 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.

 

(e)        The Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan documents, and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)        Within sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents) after the later of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable Mortgage Loan Seller pursuant to the Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit for each Mortgage Loan (other than any Non-Serviced Mortgage Loan) identified as having a letter of credit on the Mortgage Loan Schedule, that the Master Servicer (in care of the Trustee, as titled in Section 2.01(b)) for the benefit of the Certificateholders and any related Companion Holders shall be the beneficiary under each such letter of credit and (y) the Master Servicer shall notify each lessor under a Ground Lease for each Mortgage Loan identified as subject to a leasehold interest on the Mortgage Loan Schedule, that the Trust is the leasehold mortgagee and that the Master Servicer or the Special Servicer shall service the related Mortgage Loan for the benefit of the Certificateholders.  If a letter of credit is required to be drawn upon earlier than the date the applicable Mortgage Loan Seller has notified the provider of such letter of credit pursuant to clause (x) of the immediately preceding sentence, such Mortgage Loan Seller shall cooperate with the reasonable requests of the Master Servicer or the Special Servicer in connection with making a draw under such letter of credit.  If the Mortgage Loan documents do not require the related Mortgagor to pay any costs and expenses relating to any modifications to or assignment of the related letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses

 

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as and to the extent required under the applicable Mortgage Loan Purchase Agreement.  If the Mortgage Loan documents require the related Mortgagor to pay any costs and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails to pay such costs and expenses after the Master Servicer has exercised reasonable efforts to collect such costs and expenses from such Mortgagor, then the Master Servicer shall give the applicable Mortgage Loan Seller notice of such failure and the amount of costs and expenses, and such Mortgage Loan Seller shall pay such costs and expenses as and to the extent required under the applicable Mortgage Loan Purchase Agreement.  The costs and expenses of any modifications to Ground Leases shall be paid by the related Mortgagor.  Neither the Master Servicer nor the Special Servicer shall have any liability for the failure of any Mortgage Loan Seller to perform its obligations under the related Mortgage Loan Purchase Agreement.

 

(g)        Notwithstanding anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make an Advance with respect to any Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer included in the Trust Fund.

 

(h)        Servicing and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related Intercreditor Agreement for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust Fund or for such longer period as is contemplated by the related Intercreditor Agreement and, to the extent consistent with the related Intercreditor Agreement, as any amounts payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance with the related Intercreditor Agreement remain due and owing.

 

(i)         The Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or Serviced Whole Loan that is subject to or becomes subject to an Intercreditor Agreement in the future, it shall, subject to Section 3.19, use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the extent the Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant to any such Intercreditor Agreement.  The costs and expenses incurred by the Special Servicer in connection with such enforcement shall be paid as a Trust Fund expense or, subject to the terms of the applicable Intercreditor Agreement, with respect to any Serviced Whole Loan, first, by any related AB Subordinate Companion Loan and then, pro rata and pari passu, by the Trust and any related Serviced Pari Passu Companion Loans, in accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loans.

 

(j)         Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under the related Intercreditor Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not with respect to making Advances) even if the related Serviced Mortgage Loan is no longer part of the Trust Fund, until such time as a separate servicing agreement is entered into in accordance with the related Intercreditor Agreement (it being acknowledged that neither the Master Servicer nor the Special Servicer shall be obligated under a separate agreement to which it is not a party); provided that, other than pursuant to Section 6.04 (and, with respect to Section 6.04, solely with respect to claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, 

 

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judgments, and any other costs, liabilities, fees and expenses (including, without limitation, costs and expenses of litigation and of enforcement of such indemnity, and of investigation, counsel fees, damages, judgments and amounts paid in settlement) incurred in connection with a legal claim or action resulting from an action or inaction taken or not taken while the related Serviced Mortgage Loan was part of the Trust Fund), no costs, expenses, losses or fees accruing with respect to such Serviced Whole Loan on and after the date the related Serviced Mortgage Loan is no longer part of the Trust Fund shall be payable out of the Trust Fund and the Master Servicer shall have no obligation to make any Advance on or after the date such Serviced Mortgage Loan ceases to be part of the Trust Fund; provided, however, that if, in the case of any Serviced Pari Passu Whole Loan, the related Serviced Companion Loan continues to be included in an Other Securitization, then for so long as a separate servicing agreement (pursuant to the related Intercreditor Agreement) has not been entered into, the Master Servicer shall inform the related Other Servicer of any need to make Servicing Advances with respect to a Serviced Whole Loan within three (3) Business Days of determining that such an Advance is necessary or being notified that such an Advance is necessary, or in the case of a Servicing Advance that needs to be made on an emergency or urgent basis, within one (1) Business Day.  With respect to Servicing Advances made by any Other Servicer as contemplated in the second proviso to the preceding sentence, the Master Servicer shall, from collections on the related Serviced Whole Loan (but never out of general collections on the Mortgage Loans and REO Properties) received by the Master Servicer, reimburse the Other Servicer for such Servicing Advances in the same manner and on the same level of priority as if such Servicing Advances had been made by the Master Servicer hereunder.

 

(k)        Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect to a Non-Serviced Mortgage Loan are limited by and subject to the terms of the related Non-Serviced Intercreditor Agreement and the rights of the related Non-Serviced Master Servicer and Non-Serviced Special Servicer with respect thereto under the related Non-Serviced PSA.  The Master Servicer (or, with respect to any Specially Serviced Loan, the Special Servicer) shall use reasonable efforts consistent with the Servicing Standards to enforce the rights of the Trustee (as holder of a Non-Serviced Mortgage Loan) under the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA.  In the event of any conflict between this Agreement and the related Intercreditor Agreement, the provisions of the related Intercreditor Agreement shall control.

 

(l)        
The parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related Non-Serviced
Intercreditor Agreement and further acknowledge that, pursuant to the related Non-Serviced Intercreditor Agreement, (i) the related
Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced Special
Servicer in accordance with the related Non-Serviced PSA, and (ii) in the event that (A) the related Non-Serviced Companion Loan
is no longer part of the Trust Fund created by the related Non-Serviced PSA and (B) the related Non-Serviced Mortgage Loan is
included in the Trust Fund, then, as set forth in the related Non-Serviced Intercreditor Agreement, the related Non-Serviced Whole
Loan shall continue to be serviced in accordance with the related Non-Serviced PSA, until such time as a new servicing agreement
has been agreed to by the parties to the related Non-Serviced Intercreditor Agreement in accordance with the provisions of such
agreement and confirmation has been obtained from the Rating

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Agencies that such new servicing agreement would not result in a downgrade, qualification or withdrawal of the then current ratings of any Class of Certificates then outstanding.

 

(m)       Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect to a Serviced Whole Loan are limited by, and subject to, the terms of the related Intercreditor Agreement.  The Master Servicer (or, if a Serviced Whole Loan becomes a Specially Serviced Loan, the Special Servicer) shall use reasonable efforts consistent with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced Mortgage Loan) under the related Intercreditor Agreement.  In the event of any conflict between this Agreement and the related Intercreditor Agreement, the provisions of the related Intercreditor Agreement shall control.

 

(n)        In connection with the securitization of any Serviced Companion Loan (in each case, only while it is a Serviced Companion Loan), upon the request of (and at the expense of) a related Serviced Companion Noteholder (or its designee), each of the Master Servicer (if such Serviced Companion Loan is not a Specially Serviced Loan), the Special Servicer (if such Serviced Companion Loan is a Specially Serviced Loan) and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

(o)        For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee have any obligation or authority to (a) supervise any related Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Certificate Administrator or Non-Serviced Trustee or (b) make Servicing Advances with respect to any Non-Serviced Whole Loan.  The obligation of the Master Servicer to provide information and collections and make P&I Advances to the Certificate Administrator for the benefit of the Certificateholders with respect to each Non-Serviced Mortgage Loan is dependent on its receipt of the corresponding information and/or collections from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer.

 

(p)        Nothing contained in this Agreement shall limit the ability of the Master Servicer or the Special Servicer to lend money to (to the extent not secured, in whole or in part, by any Mortgaged Property), accept deposits from or otherwise generally engage in any kind of business or dealings with any Mortgagor as though the Master Servicer or the Special Servicer was not a party to this Agreement or to the transactions contemplated hereby; provided that this sentence shall not be construed to modify or supersede the Servicing Standard.

 

Section 3.02    Collection of Mortgage Loan Payments.  (a)  Each of the Master Servicer and the Special Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and the Serviced Companion Loans it is obligated to service hereunder, and shall follow such collection procedures as are consistent with this Agreement (including, without limitation, the Servicing Standard); provided, that with respect to each ARD Loan, so long as the related

 

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Mortgagor is in compliance with each provision of the related Mortgage Loan documents, the Master Servicer and the Special Servicer shall not take any enforcement action with respect to the failure of the related Mortgagor to make any payment of Excess Interest, other than requests for collection, until the Maturity Date of the related ARD Loan or until the outstanding principal balance of such ARD Loan (exclusive of any portion representing accrued Excess Interest) has been paid in full; provided, further, that the Master Servicer or the Special Servicer, as the case may be, may take action to enforce the Trust’s right to apply excess cash flow to principal in accordance with the terms of the Mortgage Loan documents.  The Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Serviced Companion Loan that it is obligated to service hereunder three (3) times during any period of twenty-four (24) consecutive months with respect to any Mortgage Loan or Serviced Companion Loan; provided that the Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge in connection with any delinquent payment on a Mortgage Loan or Serviced Companion Loan one additional time in such 24-month period so long as with respect to any of the foregoing waivers, no Advance or additional expense of the Trust has been incurred and remains unreimbursed to the Trust with respect to such Mortgage Loan or Serviced Companion Loan.  Any additional waivers during such 24-month period with respect to such Mortgage Loan may be made, subject to the Servicing Standard, only after the Master Servicer or the Special Servicer, as the case may be, has, prior to the occurrence and continuance of a Consultation Termination Event, given notice of a proposed waiver to the Directing Certificateholder and, prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder has consented to such additional waiver (provided that if the Master Servicer or the Special Servicer, as applicable, fails to receive a response to such notice from the Directing Certificateholder in writing within five (5) days of giving such notice, then the Directing Certificateholder shall be deemed to have consented to such proposed waiver); provided, further, that after the occurrence and during the continuance of a Control Termination Event, the Master Servicer or the Special Servicer, as the case may be, may waive any Penalty Charge in accordance with the Servicing Standard without the consent of the Directing Certificateholder; provided, further, that the Directing Certificateholder shall have no consent or consultation rights with respect to the foregoing waivers in relation to any Excluded DCH Loan.

 

(b)       
(i)  All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts
due and owing under the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with
the express provisions of the Mortgage Loan documents (including any related Intercreditor Agreement); provided, however,
that absent express provisions in the related Mortgage Loan documents (including any related Intercreditor Agreement) or to
the extent otherwise agreed to by the related Mortgagor in connection with a workout of a Mortgage Loan, all amounts
collected by or on behalf of the Trust in respect of a Mortgage Loan in the form of payments from the related Mortgagor,
Liquidation Proceeds or Insurance and Condemnation Proceeds under the Mortgage Loan (in the case of each Serviced Whole Loan,
exclusive of amounts payable to any applicable Companion Loan pursuant to the terms of the related Intercreditor Agreement)
shall be applied in the following order of priority:

 

first, as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan and

 

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unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid additional trust fund expenses;

 

second, as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent previously paid or reimbursed from principal collections on such Mortgage Loan (as described in the first proviso in the definition of Principal Distribution Amount);

 

third, to the extent not previously so allocated pursuant to clause first or second above, as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the excess of (i) accrued and unpaid interest (exclusive of default interest and Excess Interest) on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest accrual period, over (ii) after taking into account any allocations pursuant to clause fifth  below on earlier dates, the aggregate portion of the accrued and unpaid interest described in sub-clause (i) of this clause third  that either (A)(x) was not advanced because of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts or (B) accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance was made;

 

fourth, to the extent not previously so allocated pursuant to clause first or second above, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

fifth,
as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the sum of (A) the cumulative
amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in
connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction
Amounts but for such P&I Advance not having been made as a result of a determination that such
P&I Advance would have been a Nonrecoverable Advance and (B) any unpaid interest (exclusive of default interest and
Excess Interest) that accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such
Mortgage Loan equal to any related Collateral Deficiency Amount in effect from time to time and
as to which no P&I Advance was made (in each case, to the extent collections have not been allocated as recovery of such
accrued and unpaid interest pursuant to this clause fifth  on earlier dates);

 

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sixth,
as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes,
assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

seventh, as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth, as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

ninth, as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

tenth, as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

eleventh, as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees);

 

twelfth, as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

thirteenth, in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that to the extent
required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s rights
under the related Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in
connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan or Serviced Whole Loan,
as applicable, exceeds 125%, or would exceed 125% following any partial release (based solely on the value of real property
and excluding personal property and going concern value, if any, unless otherwise permitted under the applicable REMIC
Provisions as evidenced by an Opinion of Counsel to the Trustee) must be collected and allocated to reduce the principal
balance of the Mortgage Loan or Serviced Whole Loan in the manner required by the REMIC Provisions; provided, further,
that if a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become
REO Loans, the treatment of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms
of the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further,
that with respect to each Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related
Serviced Whole Loan shall be allocated first pursuant to the terms of the related Intercreditor Agreement and then, any
amounts allocated to the related Serviced Mortgage Loan shall be subject to application as described above.

 

(ii)   Collections by or on behalf of the Trust in respect of any REO Property (exclusive of the amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in 

 

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the case of each Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Companion Loan(s), as applicable, pursuant to the related Intercreditor Agreement) shall be applied in the following order of priority:

 

first, as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage Loan and interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid additional trust fund expenses with respect to such Mortgage Loan;

 

second, as a recovery of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Principal Distribution Amount);

 

third, to the extent not previously so allocated pursuant to clause first  or second above, as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the excess of (i)  accrued and unpaid interest (exclusive of default interest and Excess Interest) on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest accrual period, over (ii) after taking into account any allocations pursuant to clause fifth  below or clause fifth  of the prior paragraph on earlier dates, the aggregate portion of the accrued and unpaid interest described in sub-clause (i) of this clause third  that either (A)(x) was not advanced because of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts or (B) accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency Amount in effect from time to time and as to which no P&I Advance was made;

 

fourth, to the extent not previously so allocated pursuant to clause first  or second above, as a recovery of principal of such Mortgage Loan to the extent of its entire unpaid principal balance;

 

fifth, as a recovery of accrued and unpaid interest on such Mortgage Loan to the extent of the sum of (A) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination that such P&I Advance would have been a Nonrecoverable Advance and (B) any unpaid interest (exclusive of default interest and Excess Interest) that accrued at the related Net Mortgage Rate on the portion of the Stated Principal Balance of such Mortgage Loan equal to any related Collateral Deficiency

 

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Amount in effect from time to time and as to which no P&I Advance was made (in each case, to the extent collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause fifth  or clause fifth  of the prior paragraph on earlier dates);

 

sixth, as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

seventh, as a recovery of any late payment charges and default interest then due and owing under such Mortgage Loan;

 

eighth, as a recovery of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

ninth, as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees); and

 

tenth, in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that if a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan becomes an REO Loan, the treatment of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced Intercreditor Agreement and Non-Serviced PSA, in that order; provided, further, that with respect to each Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole Loan shall be allocated first pursuant to the terms of the related Intercreditor Agreement and then, any amounts allocated to the related Serviced Mortgage Loan shall be subject to application as described above.

 

(iii)       Notwithstanding clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority of distributions of payments pursuant to the provisions of this Agreement.  To the extent that such amounts are paid by a party other than a Mortgagor, such amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged Property (in the case of Insurance and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the Mortgage Loan or Companion Loan, as applicable, or in accordance with Section 3.02(b)(ii) above.

 

(c)        To the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related Serviced Companion Loan, as applicable, and the related Intercreditor Agreement) and applicable law, the Master Servicer shall apply all Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related Mortgage Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding the month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii) above.

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(d)       In the event that the Master Servicer or the Special Servicer receives Excess Interest prior to the Determination Date for any Collection Period, or receives notice from the related Mortgagor that the Master Servicer or the Special Servicer will be receiving Excess Interest prior to the Determination Date for any Collection Period, the Special Servicer, if applicable, shall notify the Master Servicer no later than one (1) Business Day after such Determination Date and the Master Servicer shall notify the Trustee and the Certificate Administrator two (2) Business Days prior to the related Distribution Date. None of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee shall be responsible for any failure of the related Mortgagor to pay any Excess Interest or prepayment penalty. The preceding statements shall not, however, be construed to limit the provisions of Section 3.02(a).

 

(e)        With respect to any Mortgage Loan or any Serviced Pari Passu Companion Loan for which the related Mortgagor was required to escrow funds or to post a letter of credit related to obtaining certain performance objectives, such as targeted debt service coverage levels or leasing criteria with respect to the Mortgaged Property as a whole or particular portions thereof, if the mortgagee has the discretion under the applicable Mortgage Loan documents to retain the cash or letter of credit (or the proceeds of such letters of credit) as additional collateral if the relevant conditions to release are not satisfied, then the Master Servicer may continue to hold such escrows or letters of credit (or the proceeds of such letters of credit) as additional collateral or use such funds to reduce the principal balance of the related Mortgage Loan or Serviced Pari Passu Companion Loan (to the extent the related Mortgage Loan documents allow such action), unless holding or application of such funds would otherwise be inconsistent with the Mortgage Loan documents or the Servicing Standard.

 

(f)        Promptly following the Closing Date, in the case of any Non-Serviced Whole Loan and, with respect to the Servicing Shift Mortgage Loan, promptly following receipt of notice in connection with the Servicing Shift Date, the Certificate Administrator shall send written notice (in the form attached hereto as Exhibit T) to the related Non-Serviced Master Servicer and the related Non-Serviced Special Servicer (with a copy to any other applicable party set forth on the schedule of addresses to Exhibit T) stating that, as of such date, the Trustee is the holder of the related Non-Serviced Mortgage Loan and directing such Non-Serviced Master Servicer to remit to the Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of such Non-Serviced Mortgage Loan under the related Non-Serviced Intercreditor Agreement and the related Non-Serviced PSA.  The Master Servicer shall, within two (2) Business Days of receipt of properly identified funds, deposit into the Collection Account all amounts received with respect to the related Non-Serviced Mortgage Loan, the related Non-Serviced Mortgaged Property or any related REO Property.

 

Section 3.03    Collection of Taxes, Assessments and Similar Items; Servicing Accounts.  (a)  The Master Servicer shall establish and maintain one or more accounts (the “Servicing Accounts”), into which all Escrow Payments received by it shall be deposited and retained, and shall administer such Servicing Accounts in accordance with the related Mortgage Loan documents and, if applicable, the Companion Loan documents.  Any Servicing Account related to a Serviced Whole Loan shall be held for the benefit of the Certificateholders and the related Serviced Companion Noteholders collectively, but this shall not be construed to modify 

 

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the respective interests of any noteholder therein as set forth in the related Intercreditor Agreement.  Amounts on deposit in Servicing Accounts may only be invested in accordance with the terms of the related Mortgage Loan documents and Companion Loan documents, or in Permitted Investments in accordance with the provisions of Section 3.06.  Servicing Accounts shall be Eligible Accounts to the extent permitted by the terms of the related Mortgage Loan documents.  Withdrawals of amounts so deposited from a Servicing Account may be made only to:  (i) effect payment of items for which Escrow Payments were collected and comparable items; (ii) reimburse the Trustee and then the Master Servicer, if applicable, for any Servicing Advances; (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest to Mortgagors on balances in the Servicing Account, if required by applicable law or the terms of the related Mortgage Loan or Companion Loan and as described below or, if not so required, to the Master Servicer; (v) after the occurrence of an event of default under the related Mortgage Loan or Companion Loan, apply amounts to the indebtedness under the applicable Mortgage Loan or Companion Loan; (vi) withdraw amounts deposited in error; (vii) pay Penalty Charges to the extent permitted by the related Mortgage Loan documents; or (viii) clear and terminate the Servicing Account at the termination of this Agreement in accordance with Section 9.01.  As part of its servicing duties, the Master Servicer shall pay or cause to be paid to the related Mortgagors interest on funds in Servicing Accounts, to the extent required by law or the terms of the related Mortgage Loan or Companion Loan; provided, however, that in no event shall the Master Servicer be required to remit to any Mortgagor any amounts in excess of actual net investment income or funds in the related Servicing Account.  If allowed by the related Mortgage Loan documents and applicable law, the Master Servicer may charge the related Mortgagor an administrative fee for maintenance of the Servicing Accounts.

 

(b)       
The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the
Master Servicer, in the case of all other related Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each related
Serviced Companion Loan, shall maintain accurate records with respect to each related Mortgaged Property reflecting the
status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of
insurance premiums and any ground rents payable in respect thereof.  The Special Servicer, in the case of REO Loans
(other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the Master Servicer, in the case of all other related
Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each related Serviced Companion Loan, shall use reasonable
efforts consistent with the Servicing Standard to obtain, from time to time, all bills for the payment of such items
(including renewal premiums) and shall effect payment thereof from the REO Account or by the Master Servicer as Servicing
Advances prior to the applicable penalty or termination date and, in any event, prior to the institution of foreclosure or
similar proceedings with respect to the related Mortgaged Property for nonpayment of such items, employing for such purpose
Escrow Payments (which shall be so applied by the Master Servicer at the written direction of the Special Servicer in the
case of REO Loans) as allowed under the terms of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) and
Companion Loan.  Other than with respect to any Non-Serviced Mortgage Loan, the Master Servicer shall service and
administer any reserve accounts (including monitoring, maintaining or changing the amounts of required escrows) in accordance
with the terms of such Mortgage Loan and the related Serviced Companion Loan, as applicable, and the
Servicing Standard.  To the extent that a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related
Companion Loan, as applicable, does not require a Mortgagor to escrow for the payment of real estate taxes,

 

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assessments, insurance premiums, ground rents (if applicable) and similar items, the Special Servicer, in the case of REO Loans, and the Master Servicer, in the case of all other such Mortgage Loans or Companion Loan, as applicable, that it is responsible for servicing hereunder, shall use reasonable efforts consistent with the Servicing Standard to cause the Mortgagor to comply with its obligation to make payments in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items.

 

(c)       
In accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each
Serviced Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of
effecting the payment of (i) real estate taxes, assessments and other similar items that are or may become a lien
thereon, (ii) ground rents (if applicable) and (iii) premiums on Insurance Policies, in each instance if and to the
extent Escrow Payments collected from the related Mortgagor (or related REO Revenues, if applicable) are insufficient to pay
such item when due and the related Mortgagor has failed to pay such item on a timely basis, and provided, however,
that the particular advance would not, if made, constitute a Nonrecoverable Servicing Advance and provided, further, however,
that with respect to the payment of taxes and assessments, the Master Servicer shall not be required to make such advance
until the later of (i) five (5) Business Days after the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, has received confirmation that such item has not been paid and
(ii) the date prior to the date after which any penalty or interest would accrue in respect of such taxes or
assessments.  The Special Servicer shall give the Master Servicer and the Trustee no less than five (5) Business
Days’ written (facsimile or electronic) notice before the date on which the Master Servicer is requested to make any
Servicing Advance with respect to a given Specially Serviced Loan or REO Property; provided, however, that only
two (2) Business Days’ written (facsimile or electronic) notice shall be required in respect of Servicing
Advances required to be made on an emergency or urgent basis provided, further, that the Special Servicer shall
not be entitled to make such a request (other than for Servicing Advances required to be made on an urgent or emergency
basis) more frequently than once per calendar month (although such request may relate to more than one Servicing
Advance).  The Master Servicer may pay the aggregate amount of such Servicing Advances listed on a monthly request to
the Special Servicer, in which case the Special Servicer shall remit such Servicing Advances to the ultimate
payees.  The Special Servicer shall have no obligation to make any Servicing Advances; provided that in an urgent
or emergency situation requiring the making of a Servicing Advance, the Special Servicer may make a Servicing Advance in its
sole discretion.  The Special Servicer shall deliver to the Master Servicer a request for reimbursement for such
Servicing Advance, along with all information and documentation in the Special Servicer’s possession regarding the
subject Servicing Advance as the Master Servicer may reasonably request, and the Master Servicer shall be obligated, out of
the Master Servicer’s own funds, to reimburse the Special Servicer for any unreimbursed Servicing Advances (other than
Nonrecoverable Servicing Advances) made by the Special Servicer pursuant to the terms hereof), together with interest thereon
at the Reimbursement Rate from the date made to, but not including, the date of reimbursement.  Such reimbursement and
any accompanying payment of interest shall be made within five (5) Business Days of the written request therefor
pursuant to the preceding sentence by wire transfer of immediately available funds to an account designated in writing by the
Special Servicer.  Upon the Master Servicer’s reimbursement to the Special Servicer of any Servicing Advance and
payment to the Special Servicer of interest thereon, all in accordance with

 

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this Section 3.03, the Master Servicer shall for all purposes of this Agreement be deemed to have made such Servicing Advance at the same time as the Special Servicer actually made such Servicing Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such Servicing Advance, together with interest thereon at the Reimbursement Rate, at the same time, in the same manner and to the same extent as the Master Servicer would otherwise have been entitled if it had actually made such Servicing Advance at the time the Special Servicer did.  Notwithstanding the foregoing provisions of this Section 3.03(c), the Master Servicer shall not be required to reimburse the Special Servicer out of its own funds for, or to make at the direction of the Special Servicer, any Servicing Advance if the Master Servicer determines in its reasonable judgment that such Servicing Advance, although not characterized by the Special Servicer as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance.  The Master Servicer shall notify the Special Servicer in writing of such determination and, if applicable, such Nonrecoverable Servicing Advance shall instead be reimbursed to the Special Servicer pursuant to Section 3.05 of this Agreement.

 

Any request by
the Special Servicer that the Master Servicer make a Servicing Advance shall be deemed to be a determination by the Special
Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing Advance, and the Master Servicer shall be
entitled to conclusively rely on such determination, provided that the determination shall not be binding on the
Master Servicer or Trustee.  On the first Business Day after the Determination Date for the related Distribution Date,
the Special Servicer shall report to the Master Servicer if the Special Servicer determines any Servicing Advance previously
made by the Master Servicer with respect to a Specially Serviced Loan or REO Loan is a Nonrecoverable Servicing
Advance.  The Master Servicer shall be entitled to conclusively rely on such a determination, but such determination
shall not be binding upon the Master Servicer, and shall in no way limit the ability of the Master Servicer in the absence of
such determination to make its own determination that any Advance is a Nonrecoverable Advance.  If the Special Servicer
makes a determination that only a portion of, and not all of, any previously made or proposed Servicing Advance is a
Nonrecoverable Advance, the Master Servicer shall have the right to make its own subsequent determination that any remaining
portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Advance.  If the Master Servicer,
the Special Servicer or the Trustee determines that a proposed Servicing Advance with respect to a Serviced Whole Loan, if
made, or any outstanding Servicing Advance with respect to a Serviced Whole Loan previously made, would be, or is, as
applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable, shall provide the applicable Other
Servicer written notice of such determination within two (2) Business Days of the date of such determination.  All such
Advances shall be reimbursable in the first instance from related collections from the Mortgagors and further as provided in Section 3.05(a). 
No costs incurred by the Master Servicer or the Special Servicer in effecting the payment of real estate taxes, assessments
and, if applicable, ground rents on or in respect of the Mortgaged Properties shall, for purposes hereof, including, without
limitation, the Certificate Administrator’s calculation of monthly distributions to Certificateholders, be added to
the unpaid principal balances of the related Mortgage Loans, any related Serviced Companion Loan, if applicable,
notwithstanding that the terms of such Mortgage Loans, related Serviced Companion Loan, if applicable, so permit.  If
the Master Servicer fails to make any required Servicing Advance as and when due (including any applicable cure periods), to
the extent the Trustee has actual knowledge of such failure, the Trustee shall make such Servicing Advance pursuant to Section 7.05. 
Notwithstanding anything herein to the contrary, no Servicing Advance shall be

 

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required hereunder if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance.  In addition, the Master Servicer shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations.  The Special Servicer shall have no obligation to make any Servicing Advances under this Agreement.

 

Notwithstanding anything to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect (but shall not be required unless directed by the Special Servicer with respect to Specially Serviced Loans and REO Loans) to make a payment from amounts on deposit in the Collection Account (or any Companion Distribution Account maintained as a subaccount thereof by a Companion Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal and then from all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding that the Master Servicer (or the Special Servicer, as the case may be) has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Loans or REO Loans, the Special Servicer has notified the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that in each instance, the Master Servicer or the Special Servicer, as the case may be, determines in accordance with the Servicing Standard (as evidenced by an Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best interest of the Certificateholders (and, if applicable, the Companion Holders), all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loans).  The Master Servicer or the Trustee may elect to obtain reimbursement of Nonrecoverable Servicing Advances from the Trust pursuant to the terms of Section 3.17(c).  The parties acknowledge that pursuant to the applicable Non-Serviced PSA, the applicable Non-Serviced Master Servicer is obligated to make servicing advances with respect to the related Non-Serviced Whole Loan.  The applicable Non-Serviced Master Servicer shall be entitled to reimbursement for nonrecoverable servicing advances with respect to such Non-Serviced Whole Loan (with, in each case, any accrued and unpaid interest thereon provided for under the applicable Non-Serviced PSA) in the manner set forth in the applicable Non-Serviced PSA and the applicable Non-Serviced Intercreditor Agreement.

 

(d)      
In connection with its recovery of any Servicing Advance out of the Collection Account (or any Companion Distribution Account
maintained as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the
Trustee, the Special Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive,
out of any amounts then on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued
on the amount of such Servicing Advance from the date made to, but not including, the date of reimbursement.  Subject to
Section 3.17(c), the Master Servicer shall reimburse itself, the Special Servicer or the Trustee, as the case may
be, for any outstanding Servicing Advance as soon as practically possible after funds available for such purpose are deposited
in the Collection Account (or any Companion Distribution Account maintained as a subaccount thereof by the Companion Paying Agent,
if applicable) subject to the Master Servicer’s or the Trustee’s options and rights to defer recovery of such amounts
as provided herein; provided, however, that the Master Servicer’s or Trustee’s options and rights
to defer recovery of such amounts shall not alter the Master Servicer’s obligation to reimburse the Special

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Servicer for any outstanding Servicing Advance as provided for in this sentence.  To the extent amounts on deposit in the Companion Distribution Account with respect to the related Companion Loan are insufficient for any such reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard to enforce the rights of the holder of the related Mortgage Loan under the related Intercreditor Agreement to obtain any reimbursement available from the holder of the related Companion Loan.

 

(e)        To the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof within a reasonable time after the later of the Closing Date and the date as of which plan is required to be established or completed.  To the extent that any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date and the date as of which action or remediations are required to be or to have been taken or completed.  To the extent a Mortgagor shall fail to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report any such failure to the Special Servicer within a reasonable time after the date as of which actions or remediations are required to be or to have been taken or completed.

 

Section
3.04    The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution
Account, the Companion Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the Excess Interest
Distribution Account.  (a)  The Master Servicer shall establish and maintain, or cause to be established and
maintained, the Collection Account in which the Master Servicer shall deposit or cause to be deposited on a daily basis and in
no event later than the second Business Day following receipt of available and properly identified funds (in the case of payments
by Mortgagors or other collections on the Mortgage Loans or Companion Loans), except as otherwise specifically provided herein,
the following payments and collections received or made by or on behalf of it subsequent to the Cut-off Date (other than in respect
of principal and interest on the Mortgage Loans or Companion Loans due and payable on or before the Cut-off Date, which payments
shall be delivered promptly to the appropriate Mortgage Loan Seller or its respective designee and other than any amounts received
from Mortgagors which are received in connection with the purchase of defeasance collateral), or payments (other than Principal
Prepayments) received by it on or prior to the Cut-off Date but allocable to a period subsequent thereto:

 

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

 

(ii)   all payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Excess Interest, Prepayment Premiums, Yield Maintenance Charges and Default Interest;

 

(iii)  late payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of the Trust (other than Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

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(iv)  all Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale Proceeds) received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds that are received in connection with the purchase by the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any proceeds that are received in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization by the related mortgage loan seller, which shall be paid directly to the servicer of such securitization) together with any recovery of Unliquidated Advances in respect of the related Mortgage Loans;

 

(v)   any amounts required to be transferred from the applicable REO Account pursuant to Section 3.14(c);

 

(vi)  any amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses incurred with respect to Permitted Investments of funds held in the Collection Account; and

 

(vii) any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b) in connection with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding the foregoing requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer would be authorized to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be entitled to instead immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts shall be applied in accordance with the terms hereof and shall be reported as if deposited in the Collection Account and then withdrawn.

 

The
foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that,
without limiting the generality of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges
for beneficiary statements or demands, assumption fees, modification fees, extension fees, defeasance fees, amounts collected
for Mortgagor checks returned for insufficient funds or other amounts the Master Servicer or the Special Servicer would be
entitled to retain as additional servicing compensation need not be deposited by the Master Servicer in the Collection
Account.  If the Master Servicer shall deposit in the Collection Account any amount not required to be deposited
therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary
notwithstanding.  Assumption, extension and modification fees actually received from Mortgagors on Specially Serviced
Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon receipt of any of the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced Loans, the Special Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Collection Account, in accordance

 

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with this Section 3.04(a), provided, that to the extent that any of the foregoing amounts are received after 2:00 p.m. (Eastern Time) on any given Business Day, the Special Servicer shall use commercially reasonable efforts to remit such amounts within one (1) Business Day of receipt of such amount, but, in any event, the Special Servicer shall remit such amounts to the Master Servicer within two (2) Business Days of receipt of such amounts.  Any such amounts received by the Special Servicer with respect to an REO Property shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection Account, pursuant to Section 3.14(c).  With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.  Funds in the Collection Account may only be invested in Permitted Investments in accordance with the provisions of Section 3.06.  As of the Closing Date, the Collection Account shall be located at the offices of Wells Fargo Bank, National Association.  The Master Servicer shall give written notice to the Trustee, the Special Servicer, the Certificate Administrator and the Depositor of the new location of the Collection Account prior to any change thereof.

 

(b)        The Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution Account, the Interest Reserve Account, and the Gain-on-Sale Reserve Account in trust for the benefit of the Certificateholders (other than the Holders of the Class V Certificates), (ii) the Upper-Tier REMIC Distribution Account in trust for the benefit of the Certificateholders (other than the Holders of the Class V Certificates), and (iii) the Excess Interest Distribution Account in trust for the benefit of the Holders of the Class V Certificates.  The Master Servicer shall deliver to the Certificate Administrator each month on or before the P&I Advance Date therein, for deposit (x) in the Lower-Tier REMIC Distribution Account, that portion of the Available Funds attributable to the Mortgage Loans (in each case calculated without regard to clauses (a)(iii)(B), (a)(iv), (c) and (d) of the definition of Available Funds) for the related Distribution Date and (y) in the Excess Interest Distribution Account all Excess Interest for the related Distribution Date then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.05(a)(ii).

 

With
respect to each Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain
the Companion Distribution Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder. 
Funds in the Companion Distribution Account shall be held for the benefit of the related Companion Holder.  The Companion
Paying Agent shall separately track for each Serviced Companion Loan all amounts deposited in the Companion Distribution Account
with respect to such Serviced Companion Loan.

 

On each Serviced Whole Loan Remittance Date, (1) first, the Master Servicer shall withdraw from the Collection Account (or applicable portion thereof) an aggregate amount equal to all payments and/or collections actually received on, and payable in respect of, the applicable Serviced Companion Loan prior to such date and deposit such amount in the Companion Distribution Account; provided, however, that in no event shall the Master Servicer be required to transfer to the Companion Distribution Account any portion thereof that is payable or reimbursable to or at the direction of any party to this Agreement under the other provisions of this Agreement and/or the related Intercreditor Agreement; and (2) then, the Companion Paying Agent shall make the payments and remittance described in Section 4.01(k).  With respect to any Serviced Whole

 

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Loan, in the event the Master Servicer has received written notice that an Other Servicer or Other Trustee has made an advance of a monthly debt service payment on a related Serviced Pari Passu Companion Loan and the Master Servicer subsequently receives late collections in respect of such advanced payment, the Master Servicer shall remit to the applicable Other Servicer or Other Trustee, within two (2) Business Days following receipt of such late collections in properly identified funds, the amount allocable to such Serviced Pari Passu Companion Loan in accordance with the terms of this Agreement and the related Intercreditor Agreement.

 

The Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Gain-on-Sale Reserve Account, the Excess Interest Distribution Account and the Interest Reserve Account, may be subaccounts of a single Eligible Account, which shall be maintained as a segregated account separate from other accounts.

 

In addition to the amounts required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04, the Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account:

 

(i)    any amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection with Prepayment Interest Shortfalls;

 

(ii)   any P&I Advances required to be made by the Master Servicer in accordance with Section 4.03;

 

(iii)  any Liquidation Proceeds paid by the Master Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in the Trust Fund pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited in the Collection Account pursuant to Section 9.01);

 

(iv)  any Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

(v)   any other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any provision of this Agreement.

 

If, as of the close of business (New York City time) on any P&I Advance Date or on such other date as any amount referred to in the foregoing clauses (i) through (v) or any Excess Interest are required to be delivered hereunder, the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account, as applicable, the amounts required to be deposited therein pursuant to the provisions of this Agreement (including any P&I Advance with respect to the Mortgage Loans, pursuant to Section 4.03(a)), the Master Servicer shall pay the Certificate Administrator interest on such late payment at the Prime Rate from and including the date such payment was required to be made (without regard to any Grace Period set forth in Section 7.01(a)(i)) until (but not including) the date such late payment is received by the Certificate Administrator.

 

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The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account or the Excess Interest Distribution Account, as applicable, any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement to be deposited therein.

 

Promptly on each Distribution Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account and deposit in the Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date allocated in payment of the Lower-Tier Regular Interests as specified in Section 4.01(a), Section 4.01(c) and Section 4.01(e), respectively.

 

Funds on deposit in the Gain-on-Sale Reserve Account, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account or the Lower-Tier REMIC Distribution Account shall not be invested for so long as Wells Fargo Bank, National Association is the Certificate Administrator; provided, however, that such funds may be invested and, if invested, shall be invested by, and at the risk of, the Certificate Administrator (but only if the Certificate Administrator is not Wells Fargo Bank, National Association) in Permitted Investments selected by the party hereunder that maintains such account which shall mature, unless payable on demand, not later than such time on the Distribution Date which will allow the Certificate Administrator to make withdrawals from the Distribution Account, and any such Permitted Investment shall not be sold or disposed of prior to its maturity unless payable on demand.  All such Permitted Investments to be administered by the Certificate Administrator, shall be made in the name of “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee for the Holders of the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 as their interests may appear”, or in the name of any successor trustee, as Trustee for the Holders of the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 as their interests may appear.  None of the Trust, the Depositor, the Mortgagors, the Master Servicer or the Special Servicer shall be liable for any loss incurred on such Permitted Investments.

 

An amount equal to all income and gain realized from any such investment shall be paid to the Certificate Administrator as additional compensation and shall be subject to its withdrawal at any time from time to time.  The amount of any losses incurred in respect of any such investments shall be for the account of the Certificate Administrator which shall deposit the amount of such loss (to the extent not offset by income from other investments) in the Distribution Accounts, as the case may be, out of its own funds immediately as realized.  If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may be, any amount not required to be deposited therein or transferred thereto, it may at any time withdraw such amount or retransfer such amount from the Distribution Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

On the Closing Date, the Depositor shall deposit $250,000 with the Certificate Administrator, to be credited to the Legal Fee Reserve Account.  Funds held in the Legal Fee Reserve Account shall remain uninvested.  Annually, on or about April 1st beginning 2020, upon receipt by the Certificate Administrator from the Depositor of a legal invoice related to

 

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Commission compliance matters, the Certificate Administrator shall pay such legal invoice from and solely to the extent of funds then on deposit in the Legal Fee Reserve Account.  Any such instruction shall be sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the invoice, and a subject line reference of “WFCM 2019-C54 - Legal Fee Reserve Account”.  The Legal Fee Reserve Account will not be a part of the Trust Fund, either Trust REMIC or the Grantor Trust.  The Depositor will be the beneficial owner of the Legal Fee Reserve Account for all federal income tax purposes, and shall be taxable on all income earned therefrom.

 

Upon the depletion of the Legal Fee Reserve Account, or if there are insufficient funds to pay any invoice, the Certificate Administrator shall notify the Depositor, and thereafter the Depositor shall pay any additional legal invoices from its own funds and the Certificate Administrator shall have no responsibility in connection therewith.

 

The Certificate Administrator shall have no responsibility for verifying the accuracy, reasonableness, or appropriateness of any invoice received.  On the final Distribution Date, the Certificate Administrator shall pay to the Depositor any funds then remaining in the Legal Fee Reserve Account in accordance with directions provided by the Depositor.

 

As of the Closing Date, the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, and the Lower-Tier REMIC Distribution Account shall be located at the offices of the Certificate Administrator.  The Certificate Administrator shall give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest Reserve Account, the Excess Interest Distribution Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, and, if established, the Gain-on-Sale Reserve Account prior to any change thereof.

 

For the avoidance of doubt, the Collection Account (other than (i) any portion holding Excess Interest and (ii) the Companion Distribution Account, if it is a sub-account of the Collection Account), the Lower-Tier REMIC Distribution Account, the Gain-on-Sale Reserve Account, any Servicing Account, the REO Account and the Interest Reserve Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC; the Excess Interest Distribution Account (and any portion of the Collection Account holding Excess Interest) (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Grantor Trust for the benefit of the Holders of the Class V Certificates; the Companion Distribution Account (including interest, if any, earned on the investment of funds in such account) will be owned by the Companion Holders; and the Upper-Tier REMIC Distribution Account (including interest, if any, earned on the investment of funds such account) will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

(c)        Prior to any Determination Date for the first Collection Period during which Excess Interest is received on any Mortgage Loan, and upon notification from the Master Servicer pursuant to Section 3.02(d), the Certificate Administrator, on behalf of the Certificateholders, shall establish and maintain the Excess Interest Distribution Account in its own name on behalf of the Trustee in trust for the benefit of the Holders of the Class V Certificates, which account shall be an asset of the Grantor Trust, but shall not be an asset of any Trust REMIC.  The Excess Interest Distribution Account shall be established and maintained as an Eligible Account (or as a subaccount of an Eligible Account).  Prior to the applicable Distribution Date, the Master Servicer

 

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shall remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest received by the Master Servicer prior to the Determination Date for the applicable Collection Period.

 

(d)       Following the distribution of Excess Interest to Holders of the Class V Certificates on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(e)        The Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates Gain-on-Sale Proceeds) and maintain the Gain-on-Sale Reserve Account for the benefit of the Certificateholders.  The Gain-on-Sale Reserve Account shall be maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from trust funds for mortgage pass-through certificates of other series administered by the Certificate Administrator.

 

Upon the
disposition of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special
Servicer will calculate the Gain-on-Sale Proceeds, if any, realized that are allocable to the Mortgage Loan and any gain that
is allocable to any related Serviced Companion Loan in connection with such sale and remit such funds to the Master Servicer
on the later of (x) the date that is on or prior to each Determination Date or (y) two (2) Business Days after such amounts
are received and properly identified and determined to be available, along with a notation of the amount of Gain-on-Sale
Proceeds in the CREFC® REO Liquidation Report.  On the related Remittance Date, the Master Servicer
shall remit such funds that are allocable to the Mortgage Loan to the Certificate Administrator, who shall deposit such funds
into the Gain-on-Sale Reserve Account.  Any gain on such disposition that is allocable to any related Companion Loan in
accordance with the terms of the related Intercreditor Agreement shall be remitted to the Companion Paying Agent for deposit
into the Companion Distribution Account.

 

(f)        Any Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced PSA shall be remitted to the Certificate Administrator for deposit into the Gain-on-Sale Reserve Account.

 

(g)        [RESERVED].

 

(h)        [RESERVED].

 

(i)         If any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(g) of this Agreement, the Special Servicer shall establish and maintain one or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments.  Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account.  The Special Servicer shall, within two (2) Business Days of receipt of properly identified and available Loss of Value Payments, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it.  The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC

 

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or the Grantor Trust.  Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as paid to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund.  The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

Section 3.05    Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Companion Distribution Account.  (a) The Master Servicer may, from time to time, make withdrawals from the Collection Account (or the applicable subaccount of the Collection Account exclusive of the Companion Distribution Account) for any of the following purposes (the following not being an order of priority and without duplication of the same payment or reimbursement):

 

(i)    (A) no later than 4:00 p.m., New York City time, on each P&I Advance Date, to remit to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account and the Excess Interest Distribution Account the amounts required to be remitted by the Master Servicer pursuant to the first paragraph of Section 3.04(b) or that may be applied to make P&I Advances pursuant to Section 4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b), to remit to the Companion Paying Agent for deposit in the Companion Distribution Account the amounts required to be so deposited with respect to the Companion Loans;

 

(ii)   (A) to pay itself (or, with respect to any Transferable Servicing Interest, to pay Wells Fargo Bank, National Association if Wells Fargo Bank, National Association is no longer the Master Servicer, any such interest pursuant to Section 3.11(a)) unpaid Servicing Fees in respect of each Mortgage Loan, Serviced Companion Loan, Specially Serviced Loan, and REO Loan, as applicable, the Master Servicer’s rights to payment of Servicing Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, related Serviced Companion Loan, Specially Serviced Loan or REO Loan, as applicable, being limited to amounts received on or in respect of such Mortgage Loan or related Serviced Companion Loan (whether in the form of payments, Liquidation Proceeds or Insurance and Condemnation Proceeds) or such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) to pay the Special Servicer any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or REO Loan or Corrected Loan, as applicable, and any expense incurred by the Special Servicer in connection with performing any inspections pursuant to Section 3.12(a), remaining unpaid first, out of related REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds and collections in respect of the related Specially Serviced Loan (provided that, in the case of such payment relating to a Serviced Whole Loan, such payment shall be made, subject to the terms of the related Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan, as applicable, and then, pro rata and pari passu, from the related Mortgage Loan and any related Serviced Pari Passu Companion Loan, in accordance with their respective

 

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outstanding principal balances) and then out of general collections on the Mortgage Loans and REO Properties, (C) to pay the Operating Advisor (or the Master Servicer, if applicable) any unpaid Operating Advisor Fees or Operating Advisor Consulting Fees in respect of each Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related Companion Loan), as applicable, the Operating Advisor’s right to payment of the Operating Advisor Fee or Operating Advisor Consulting Fee pursuant to this clause (ii)(C) with respect to any Mortgage Loan, Specially Serviced Loan or REO Loan (other than any related Companion Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan (whether in the form of payments, P&I Advances (solely with respect to the Operating Advisor Fee), Liquidation Proceeds or Insurance and Condemnation Proceeds), such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, and (D) to pay the Asset Representations Reviewer, any unpaid Asset Representations Reviewer Fee and (subject to Section 12.02(b)) Asset Representations Reviewer Asset Review Fee, if any, payable in connection with any Asset Review performed as a result of an Affirmative Asset Review Vote;

 

(iii) 
to reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Master Servicer’s
or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which
represent Late Collections of interest (net of the related Servicing Fee) on and principal of the particular Mortgage Loans and
REO Loans with respect to which P&I Advances were made; provided that with respect to each Serviced Whole Loan, reimbursement
of P&I Advances shall be made only from amounts collected with respect to the related Serviced Mortgage Loan and not from
any amounts collected with respect to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate
Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to
which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any
Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans) prior to reimbursement from other funds unrelated
to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that if such P&I Advance
with respect to a Mortgage Loan becomes a Workout-Delayed Reimbursement Amount, then the maker of such P&I Advance shall additionally,
but without duplication, thereafter be entitled to reimbursement for such P&I Advance from the portion of general collections
and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time
that represent collections or recoveries of principal to the extent provided in clause (v) below; and provided,
further, that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v)
below;

 

(iv)  to reimburse the Trustee, the Special Servicer and itself, as applicable (in that order), for unreimbursed Servicing Advances, the Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any related Companion Loan or any REO Property being limited to, as applicable, related payments, Liquidation Proceeds, Insurance and Condemnation Proceeds and REO Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole

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Loan, such reimbursements shall be made, subject to the terms of the related Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan (if any) and then, pro rata and pari passu, from the related Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan); provided, however, that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then the maker of such Servicing Advance shall additionally, but without duplication, thereafter be entitled to reimbursement for such Servicing Advance from the portion of general collections and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below; provided, further, that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(v)   to reimburse the Trustee, the Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable Advances first, out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related Mortgage Loan and any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable Servicing Advances made with respect thereto), then, out of the principal portion of general collections on the Mortgage Loans and REO Properties, then, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any exercise of the sole option to defer reimbursement thereof pursuant to Section 3.17(c), out of general collections on the Mortgage Loans and REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties net of such amounts being reimbursed pursuant to (1) above; (provided that, in case of such reimbursement of a Nonrecoverable Servicing Advance relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan (if any) and then, pro rata and pari passu, from the related Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances and provided, further, that, in case of such reimbursement with respect to Nonrecoverable Servicing Advances relating to a Serviced Whole Loan, such reimbursement shall be made as described above in this clause (v)(1) and (v)(2), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that with respect to a Serviced Mortgage Loan, reimbursement of Nonrecoverable P&I Advances from funds collected from the related Serviced Whole Loan shall be made only from amounts collected with respect to such Serviced Mortgage Loan (and not from any amounts collected with respect to the related Serviced Companion Loan), in accordance with the terms of the related Intercreditor Agreement (provided that, with respect to any AB Subordinate Companion Loan, the 

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foregoing with respect to Nonrecoverable Servicing Advances and Nonrecoverable P&I Advances shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan, any Serviced Pari Passu Companion Loans or AB Subordinate Companion Loans), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage Loan, any related Companion Loan, if applicable, or REO Property any related earned Servicing Fee that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or REO Property and the deposit into the Collection Account of all amounts received in connection therewith;

 

(vi) 
at such time as it reimburses the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for
a related securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance
(including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii)
or clause (v) above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest
accrued and payable thereon in accordance with Section 4.03(d) or Section 3.11(d), (b) any unreimbursed
Servicing Advances (including any such Servicing Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to
clause (iv) or clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee
or Other Servicer as the case may be, any interest accrued and payable thereon in accordance with Section 3.03(d)
or 3.11(d) or (c) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special
Servicer or the Trustee, or Other Trustee or Other Servicer as the case may be, any interest accrued and payable thereon; provided
that in all events, subject to the related Intercreditor Agreement, interest on P&I Advances on any Serviced Mortgage
Loan shall not be paid from funds actually distributable to any related Serviced Companion Loan (provided that, with respect
to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor
Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced
AB Mortgage Loan, any Serviced Pari Passu Companion Loans and any AB Subordinate Companion Loans);

 

(vii) to reimburse itself, the Special Servicer or the Trustee, as the case may be, for any unreimbursed expenses reasonably incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 4 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase or substitution obligation or any other obligation of the Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan being limited to that portion of the Purchase Price, the Loss of Value Payment or Substitution Shortfall Amount paid with respect to such Mortgage Loan, that represents such expense in accordance with clause (iv) of the definition of Purchase Price;

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(viii)            in accordance with Section 2.03(f), to reimburse itself or the Special Servicer, as the case may be, first, out of Liquidation Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan, and then out of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred by such Person in connection with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 4 of the applicable Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to clause (vii) above or otherwise; provided that, in case of such reimbursement out of Liquidation Proceeds, and Insurance and Condemnation Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan and then, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(ix)  to pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c)first, out of REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or REO Loan and then out of general collections on the Mortgage Loans and REO Properties; provided that, in case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan and then, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general collections with respect to the Mortgage Loan;

 

(x)   to pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Companion Distribution Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Collection Account and the Companion Distribution Account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to such Distribution Date) and (2) Penalty Charges (other than Penalty Charges collected while the related Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Loan), but only to the extent collected from the

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related Mortgagor and to the extent that all amounts then due and payable with respect to the related Mortgage Loan and any related Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d); and (b) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.11(c), Penalty Charges collected on Specially Serviced Loans (but only to the extent collected from the related Mortgagor and to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and such Penalty Charges are not needed to pay interest on Advances or costs and expenses incurred by the Trust (other than Special Servicing Fees, Liquidation Fees and Workout Fees) in accordance with Section 3.11(d));

 

(xi)  to recoup any amounts deposited in the Collection Account in error;

 

(xii)
to pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of
their respective directors, officers, members, managers, employees and agents, or CREFC®, as the case may be,
out of general collections, any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a)
or Section 6.04(b); provided that, in the case of such reimbursement (other than a reimbursement of any
amounts payable to CREFC®) relating to a Serviced Whole Loan, such
reimbursement shall be made, subject to the terms of the related Intercreditor Agreement, with respect to a Serviced Whole
Loan, first, from any related AB Subordinate Companion Loan and then, pro rata and pari passu,
from the related Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with
their respective outstanding principal balances (provided that, with respect to any AB Subordinate Companion Loan, the
foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts
collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari
Passu Companion Loans and the AB Subordinate Companion Loans), in each case, prior to being payable out of general
collections with respect to the Mortgage Loans;

 

(xiii)  to pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b), 3.18(b), 3.18(d), 3.18(i), 3.18(m), 5.08(a) and 10.01(f) to the extent payable out of the Trust Fund, (b) the cost of any Opinion of Counsel contemplated by Section 13.01(a) or Section 13.01(c) in connection with an amendment to this Agreement requested by the Trustee or the Master Servicer, which amendment is in furtherance of the rights and interests of Certificateholders and (c) the cost of obtaining the REO Extension contemplated by Section 3.14(a); provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement (i) with respect to the related Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan (if any) and then, from the related Serviced AB Mortgage Loan and any Serviced Pari Passu Companion Loans on a pro rata and pari passu basis (provided that, with respect to any AB Subordinate Companion Loan,

 

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the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiv)            to pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes imposed on any Trust REMIC, or any of their assets or transactions, together with all incidental costs and expenses, to the extent that none of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is liable therefor pursuant to Section 10.01(g);

 

(xv)             to reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust pursuant to Section 10.01(c);

 

(xvi)           
to pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage Loan, if any, previously purchased
by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods
after the date of purchase; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated
by Section 2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received
thereon subsequent to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic
Payments due thereon during or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xvii)           to remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in the Interest Reserve Account pursuant to Section 3.21;

 

(xviii)          to reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to Section 3.26(i);

 

(xix)            to remit to the Companion Paying Agent for deposit into the Companion Distribution Account the amounts required to be deposited pursuant to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i) above;

 

(xx)             [RESERVED];

 

(xxi)            to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxii)           to pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

The Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement of amounts

 

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required to be paid to the applicable Non-Serviced Trust, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer, the applicable Non-Serviced Trustee, the applicable Non-Serviced Paying Agent or any other applicable party to the applicable Non-Serviced PSA by the holder of a Non-Serviced Mortgage Loan pursuant to or as contemplated by this Agreement, the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced PSA.

 

The Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan and, when appropriate, on a property-by-property basis, for the purpose of justifying any withdrawal from the Collection Account.

 

The
Master Servicer shall pay to the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset
Representations Reviewer from the Collection Account amounts permitted to be paid to it therefrom monthly upon receipt of a certificate
of a Servicing Officer of the Special Servicer, or an officer of the Operating Advisor or the Asset Representations Reviewer or
a Responsible Officer of the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer is entitled.  The
Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. 
The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and REO Loan, on a loan-by-loan
and, when appropriate, on a property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection
Account.

 

Notwithstanding anything to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer out of general collections that do not specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be payable to the related Companion Loan, as applicable.

 

(b)        The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the following purposes (the following not being an order of priority):

 

(i)         to be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(c) and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable pursuant to Section 4.01(e) in the Upper-Tier REMIC Distribution Account, and to make distributions on the Class R Certificates in respect of the Class LR Interest pursuant to Section 4.01(c);

 

(ii)        to pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

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(iii)       to pay the Certificate Administrator and the Trustee, the Certificate Administrator Fee and the Trustee Fee, as applicable, as contemplated by Section 8.05(a) with respect to the Mortgage Loans;

 

(iv)      to pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator as provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 3.18(d), (C) the Trustee or the Certificate Administrator as contemplated by Section 5.08(c) or Section 8.02 to the extent payable out of the Trust Fund, (D) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 10.01(f) or Section 10.01(l) to the extent payable out of the Trust Fund, or (E) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 13.01(a) or Section 13.01(c) in connection with any amendment to this Agreement requested by the Trustee or the Certificate Administrator, which amendment is in furtherance of the rights and interests of Certificateholders, in each case, to the extent not paid pursuant to Section 13.01(g);

 

(v)  
      to pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets
or transactions of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the
Certificate Administrator, the REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant
to Section 10.01(g);

 

(vi)        to pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the Lower-Tier REMIC or the Upper-Tier REMIC;

 

(vii)       to pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to be deposited therein;

 

(viii)        to clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01; and

 

(ix)        termination of this Agreement pursuant to Section 9.01.

 

(c)        The Certificate Administrator shall, on any Distribution Date, make withdrawals from the Excess Interest Distribution Account to the extent required to make the distributions of Excess Interest required by Section 4.01(j).

 

(d)        The Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account for any of the following purposes:

 

(i)         to make distributions to the Holders of the Regular Certificates (and to the Holders of the Class R Certificates in respect of the Class UR Interest) on each Distribution Date pursuant to Section 4.01 or Section 9.01, as applicable; and

 

(ii)        to clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

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(e)        [RESERVED].

 

(f)        Notwithstanding anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the Collection Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee listed in Section 3.05(a)(ii), the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate Administrator Fee listed in Section 3.05(b)(iii), then the Certificate Administrator Fee shall be paid in full prior to the payment of any Servicing Fees payable under Section 3.05(a)(ii) and then, after payment of Servicing Fees, the Operating Advisor Fees payable under Section 3.05(a)(ii) and in the event that amounts on deposit in the Collection Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of such Certificate Administrator Fee, the Certificate Administrator shall be paid based on the amount of such fees and (ii) if amounts on deposit in the Collection Account are not sufficient to reimburse the full amount of Advances and interest thereon listed in Section 3.05(a)(ii), Section 3.05(a)(iii), Section 3.05(a)(iv), Section 3.05(a)(v) and Section 3.05(a)(vi) then reimbursements shall be paid first, to the Certificate Administrator and to the Trustee, pro rata, second, to the Special Servicer, third, to the Master Servicer and then to the Operating Advisor.

 

(g)        If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced REO Property, then the Special Servicer shall promptly upon written direction from the Master Servicer (provided that, (1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such Liquidation Event and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business Days’ prior notice of such final Distribution Date) transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)    to reimburse the Master Servicer, the Special Servicer or the Trustee, in accordance with Section 3.05(a) of this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with any interest on such Advances);

 

(ii)   to pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)  to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor REO Loan;

 

(iv)  following the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property and any related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii) as to such Mortgage Loan, to cover the items contemplated by

 

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the immediately preceding clauses (i)-(iii) in respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)   On the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be, additional trust fund expenses or any Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

(h)       
Any Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior
paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any
successor REO Loan with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments
transferred to the Collection Account pursuant to clause (iv) of the prior paragraph shall be treated as
Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or REO Loan for which such Loss of Value
Payments are being transferred to the Collection Account to cover an item contemplated by clauses (i)-(iv) of the
prior paragraph.

 

(i)         The Companion Paying Agent may, from time to time, make withdrawals from the Companion Distribution Account to make distributions pursuant to Section 4.01(k).

 

Section 3.06    Investment of Funds in the Collection Account, REO Account and Loss of Value Reserve Fund.  (a) The Master Servicer may direct any depository institution maintaining the Collection Account, the Companion Distribution Account, or any Servicing Account (for purposes of this Section 3.06, an “Investment Account”), the Special Servicer may direct any depository institution maintaining the REO Account and Loss of Value Reserve Fund (also for purposes of this Section 3.06, an “Investment Account”) to invest or if it is such depository institution, may itself invest, the funds held therein, only in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the next succeeding date on which funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the depository institution maintaining such account is the obligor thereon and (ii) no later than the date on which funds are required to be withdrawn from such account pursuant to this Agreement, if the depository institution maintaining such account is the obligor thereon.  All such Permitted Investments shall be held to maturity, unless payable on demand.  Any funds held in an Investment Account shall be held in the name of the Master Servicer or the Special Servicer, as the case may be, on behalf of the Trustee (in its capacity as such) for the benefit of the Certificateholders.  The Master Servicer (in the case of the Collection Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer (in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer) on behalf of the Trustee, shall maintain continuous physical possession of any Permitted Investment of amounts in the Collection Account, such Companion Distribution Account, such Servicing Accounts, such Loss of Value Reserve Fund or such REO Account, as applicable, that is either (i) a “certificated security,” as such term is defined in the UCC (such that the Trustee shall have control pursuant to Section 8-106 of the UCC) or (ii) other property in which

 

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a secured party may perfect its security interest by physical possession under the UCC or any other applicable law.  In the case of any Permitted Investment held in the form of a “security entitlement” (within the meaning of Section 8-102(a)(17) of the UCC), the Master Servicer or the Special Servicer, as the case may be, shall take or cause to be taken such action as the Trustee deems reasonably necessary to cause the Trustee to have control over such security entitlement.  In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (in the case of the Collection Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer) or the Special Servicer (in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer) shall:

 

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

 

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

 

(b)        Interest and investment income realized on funds deposited in the Collection Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date, shall be for the sole and exclusive benefit of the Master Servicer to the extent (with respect to Servicing Accounts) not required to be paid to the related Mortgagor and shall be subject to its withdrawal, or withdrawal at its direction, in accordance with Section 3.03 or Section 3.05(a), as the case may be.  Interest and investment income realized on funds deposited in the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer, to the extent of the Net Investment Earnings, if any, with respect to such account for each period from and including any Distribution Date to and including the immediately succeeding P&I Advance Date, shall be for the sole and exclusive benefit of the Special Servicer and shall be subject to its withdrawal in accordance with Section 3.14(c).  In the event that any loss shall be incurred in respect of any Permitted Investment (as to which the Master Servicer or Special Servicer, as the case may be, would have been entitled to any Net Investment Earnings hereunder) directed to be made by the Master Servicer or the Special Servicer, as the case may be, and on deposit in any of the Collection Account, the Companion Distribution Account, the Servicing Account, Loss of Value Reserve Fund or the REO Account, the Master Servicer (in the case of the Collection Account, the Companion Distribution Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer (in the case of the REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer) shall deposit therein, no later than the P&I Advance Date, without right of reimbursement, the amount of Net Investment Loss, if any, with respect to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds

 

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in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made (and such federal or state chartered depository institution or trust company is not an Affiliate of the Master Servicer or the Special Servicer, as applicable, unless such depository institution or trust company satisfied the qualification set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) thirty (30) days prior to such insolvency).

 

(c)        Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer may and, upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

 

Section 3.07    Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage.  (a)  The Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use its efforts consistent with the Servicing Standard to cause the Mortgagor to maintain, and the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Properties) shall maintain, to the extent required by the terms of the related Mortgage Loan documents, all insurance coverage as is required under the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default (and except as provided in the next sentence with respect to the Master Servicer or the Special Servicer, as the case may be) or if the Trustee does not have an insurable interest.  If the Mortgagor does not so maintain such insurance coverage or the Mortgaged Property is an REO Property, subject to its recoverability determination with respect to any required Servicing Advance, the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties other than a Non-Serviced Mortgaged Property) shall maintain all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer or the Special Servicer, as applicable, and, if available, can be obtained at commercially reasonable rates, as determined by the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Property) (provided that any determination that such insurance coverage is not available or not available at commercially reasonable rates shall be made (i) prior to the occurrence and continuance of any Control Termination Event and other than with respect to any Excluded DCH Loan, with the consent of the Directing Certificateholder and (ii) after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, and other than with respect to any Excluded DCH Loan, after consultation with the Directing Certificateholder (or, in each case, with respect to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period, with the consent of the Serviced AB Whole Loan Controlling Holder)), except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default as determined by the Master Servicer (with respect to a Non-Specially Serviced Loan) or the Special Servicer (with respect to a Specially Serviced Loan); provided, however, that if any Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged Property, the Master Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose or maintain, as applicable, such insurance requirements as are consistent with the Servicing Standard taking into account the insurance in place at the closing of the Mortgage Loan, provided that, with respect to the immediately preceding proviso, the Master Servicer shall be obligated to use efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (or to itself maintain) insurance against property damage resulting from terrorist or similar acts unless the Mortgagor’s failure is an Acceptable Insurance Default (as determined by the Master Servicer (with respect to a Non-Specially Serviced Loan) or the

 

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Special
Servicer (with respect to a Specially Serviced Loan) (i) unless a Control Termination Event has occurred and is continuing
and other than with respect to any Excluded DCH Loan, with the consent of the Directing Certificateholder and (ii) after the occurrence
and during the continuance of a Control Termination Event, but prior to the occurrence and
continuance of a Consultation Termination Event, and other than with respect to any Excluded DCH Loan, after consultation with
the Directing Certificateholder (or, in each case, with respect to any Serviced AB Whole Loan, prior to the occurrence and continuance
of a related AB Control Appraisal Period, with the consent of the Serviced AB Whole Loan Controlling Holder)), and only in the
event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer or the Special Servicer,
as the case may be, and, if available, can be obtained at commercially reasonable rates.  The Master Servicer and the Special
Servicer shall be entitled to rely on insurance consultants (at the applicable servicer’s expense) in determining whether
any insurance is available at commercially reasonable rates.  Subject to Section 3.15(a) and the costs of such
insurance being reimbursed or paid to the Special Servicer as provided in the third-to-last sentence of this paragraph, the Special
Servicer shall maintain for each REO Property (other than any Non-Serviced Mortgaged Property) no less insurance coverage than
was previously required of the Mortgagor under the related Mortgage Loan documents unless the Special Servicer determines ((i) unless
a Control Termination Event has occurred and is continuing and other than with respect to any Excluded DCH Loan, with the consent
of the Directing Certificateholder and (ii) after the occurrence and during the continuance of a Control Termination Event, but
prior to the occurrence and continuance of a Consultation Termination Event, and other than with respect to any Excluded DCH Loan,
after consultation with the Directing Certificateholder (or, in each case, with respect to any Serviced AB Whole Loan, prior to
the occurrence and continuance of a related AB Control Appraisal Period, with the consent of the Serviced AB Whole Loan Controlling
Holder)), that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable
interest, in which case the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination. 
All Insurance Policies maintained by the Master Servicer or the Special Servicer shall (i) contain a “standard”
mortgagee clause, with loss payable to the Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect
of Mortgage Loans (other than any Non-Serviced Mortgage Loan), including any related Serviced Companion Loan, other than REO Properties)
or to the Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties), (ii) be
in the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage in
an amount not less than the lesser of (x) the full replacement cost of the improvements securing Mortgaged Property or the
REO Property, as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan (including any
related Serviced Companion Loan) or REO Loan, as applicable, 

 

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and in any event, the amount necessary to avoid the operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days prior written notice to the insured party (except in the case of nonpayment, in which case such policy shall not be cancelled without ten (10) days prior notice) and (vi) subject to the first proviso in the second sentence of this Section 3.07(a), be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies.  Any amounts collected by the Master Servicer or the Special Servicer under any such Insurance Policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Mortgagor, in each case in accordance with the Servicing Standard and the provisions of the related Mortgage Loan documents) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05(a).  Any costs incurred by the Master Servicer in maintaining any such Insurance Policies in respect of Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and other than any Non-Serviced Mortgage Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the Collection Account) and will be charged to the related Mortgagor and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the unpaid principal balance of the related Mortgage Loan and Serviced Companion Loan (if any), notwithstanding that the terms of such Mortgage Loan or Serviced Companion Loan so permit.  Any cost incurred by the Special Servicer in maintaining any such Insurance Policies with respect to REO Properties shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the Collection Account).  The foregoing provisions of this Section 3.07 shall apply to any Serviced Whole Loan as if it were a single “Mortgage Loan”.  Notwithstanding any provision to the contrary, the Master Servicer shall not be required to maintain, and will not be in default for failing to obtain, any earthquake or environmental insurance on any Mortgaged Property unless such insurance was required at the time of origination of the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) and is currently available at commercially reasonable rates.

 

Notwithstanding the foregoing, with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that either (x) require the Mortgagor to maintain “all risk” property insurance (and do not expressly permit an exclusion for terrorism) or (y) contain provisions generally requiring the applicable Mortgagor to maintain insurance in types and against such risks as the holder of such Mortgage Loan (including any related Serviced Companion Loan) reasonably requires from time to time in order to protect its interests, the Master Servicer shall, consistent with the Servicing Standard, (A) monitor in accordance with the Servicing Standard whether the insurance policies for the related Mortgaged Property contain Additional Exclusions; provided that the Master Servicer and the Special Servicer shall be entitled to conclusively rely upon certificates of insurance in determining whether such policies contain Additional Exclusions, (B) request the Mortgagor to either purchase insurance against the risks specified in the Additional Exclusions or provide an explanation as to its reasons for failing to purchase such insurance and (C)  notify the Special Servicer if it has knowledge that

 

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any insurance policy for a Mortgaged Property securing a Specially Serviced Loan contains Additional Exclusions or if it has knowledge (such knowledge to be based upon the Master Servicer’s compliance with the immediately preceding clauses (A) and (B) above) that any Mortgagor fails to purchase the insurance requested to be purchased by the Master Servicer pursuant to clause (B) above.  If the Master Servicer (with respect to a Non-Specially Serviced Loan) or the Special Servicer (with respect to a Specially Serviced Loan) determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, the Special Servicer (with regard to such determination made by the Special Servicer) shall notify the Master Servicer and the Master Servicer shall use efforts consistent with the Servicing Standard to cause such insurance to be maintained.  The Master Servicer and the Special Servicer (with respect to the Special Servicer, at the expense of the Trust) shall be entitled to rely on insurance consultants in making such determinations.  The Master Servicer shall be entitled to rely on insurance consultants (at the expense of the Master Servicer) in determining whether Additional Exclusions exist.  Furthermore, the Master Servicer or the Special Servicer, as applicable, shall promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal Balances of all of the Mortgage Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated Principal Balance of the Mortgage Loans then included in the Trust.  During the period that the Master Servicer or the Special Servicer is evaluating the availability of such insurance or waiting for a response from the Directing Certificateholder or the holder of any Companion Loan, neither the Master Servicer nor the Special Servicer will be liable for any loss related to its failure to require the Mortgagor to maintain (or its failure to maintain) such insurance and will not be in default of its obligations as a result of such failure and the Master Servicer will not itself maintain such insurance or cause such insurance to be maintained.

 

With
respect to Mortgage Loans identified as Takoma Metro Center, The District at Tuttle, Global Payments, Inc., NMR Pharmacy
Portfolio, Shoppes of Cooper City, Toledo Shopping Center and Beacon Center Office Park on the Mortgage Loan Schedule, each
of the Master Servicer and Special Servicer agrees that to the extent consent of the lender is required pursuant to Section
5.1(i) of the applicable loan agreement for each such Mortgage Loan, it shall not consent to any insurance maintained by the
applicable Mortgage Loan Borrower in respect of each such Mortgage Loan, if such insurance does not meet the requirements of
Section 5.1(a) of the applicable loan agreement unless a Rating Agency Confirmation is obtained.

 

(b)        (i) If the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified Insurer insuring against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but excluding any Non-Serviced Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as the case may be, required to be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection equivalent to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO Properties.  Such Insurance Policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, if there shall not have been maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying with the requirements of Section 3.07(a), and there shall have been one or more losses which would

 

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have been covered
by such Insurance Policy, promptly deposit into the Collection Account from its own funds the amount of such loss or losses
that would have been covered under the individual policy but are not covered under the blanket Insurance Policy because of
such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related
Mortgage Loan (including any related Serviced Companion Loan), or in the absence of such deductible limitation, the
deductible limitation which is consistent with the Servicing Standard.  In connection with its activities as
administrator and Master Servicer of the Mortgage Loans or any Serviced Companion Loans, the Master Servicer agrees to
prepare and present, on behalf of itself, the Trustee and Certificateholders, claims under any such blanket Insurance Policy
in a timely fashion in accordance with the terms of such policy.  The Special Servicer, to the extent consistent with
the Servicing Standard, may maintain, earthquake insurance on REO Properties (other than with respect to a Non-Serviced
Mortgaged Property), provided coverage is available at commercially reasonable rates, the cost of which shall be a
Servicing Advance.

 

(ii)   If the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single interest or force-placed insurance policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on behalf of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause such insurance to be maintained on the related Mortgaged Properties and REO Properties.  In the event the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby) shall be paid by the Master Servicer as a Servicing Advance.  Such master single interest or force-placed policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a), and there shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into the Collection Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy because of such deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation, the deductible limitation which is consistent with the Servicing Standard.

 

(c)        Each of the Master Servicer and the Special Servicer shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this Agreement a blanket fidelity bond and an errors and omissions insurance policy with a Qualified Insurer covering losses that may be sustained as a result of an officer’s or employee’s misappropriation of funds or errors or omissions.  Such amount of coverage shall be in such form and amount as are consistent with the Servicing Standard.  Coverage of the Master Servicer or the Special Servicer under a policy or bond obtained by an Affiliate of the Master Servicer or the Special Servicer and providing the coverage required by this Section 3.07(c) shall satisfy the requirements of this Section 3.07(c).  The Special Servicer and the Master Servicer will promptly report in writing to

 

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the Trustee any material changes that may occur in their respective fidelity bonds, if any, and/or their respective errors and omissions insurance policies, as the case may be, and will furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect.

 

(d)      
At the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other than a
Non-Serviced Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been made
available), the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in accordance
with applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain, and, if the
related Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent such insurance is available
at commercially reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standard and to the extent
the Trustee, as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only to the extent the
related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits the mortgagee to require
such coverage and the maintenance of such coverage is consistent with the Servicing Standard.  Such flood insurance shall
be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced
Companion Loan, if applicable), and (ii) the maximum amount of insurance which is available under the National Flood Insurance
Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount
consistent with the Servicing Standard.  If the cost of any insurance described above is not borne by the Mortgagor, the
Master Servicer shall promptly make a Servicing Advance for such costs.

 

(e)        During all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a federally designated special flood hazard area, the Special Servicer will cause to be maintained, to the extent available at commercially reasonable rates (as determined by the Special Servicer in accordance with the Servicing Standard), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration in an amount representing coverage not less than the maximum amount of insurance which is available under the National Flood Insurance Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing Standard.  The cost of any such flood insurance with respect to an REO Property shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is insufficient therefor, paid by the Master Servicer as a Servicing Advance.

 

(f)        Each of the Operating Advisor and Asset Representations Reviewer shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this Agreement an “errors and omissions” insurance policy with a Qualified Insurer covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

(g)        Notwithstanding anything to the contrary in this Section 3.07, so long as the long-term debt obligations or the deposit account or claims-paying ability of the Master Servicer (or its immediate or remote parent) or the Special Servicer (or its immediate or remote parent), as applicable, is rated at least “A-” by S&P or “A-” by Fitch (if rated by Fitch), the Master Servicer

 

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(or its public parent) or the Special Servicer (or its public parent), as applicable, shall be allowed to provide self-insurance with respect to any of its obligations under this Section 3.07.

 

Section 3.08    Enforcement of Due-on-Sale Clauses; Assumption Agreements.  (a)  As to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision in the nature of a “due-on-sale” clause, which by its terms:

 

(i)   
provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and
payable upon the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor
or principals of the Mortgagor; or

 

(ii)   provides that such Mortgage Loan and any related Companion Loan may not be
assumed without the consent of the mortgagee in connection with any such sale or other transfer;

 

then, for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Master Servicer (with respect to any Non-Specially Serviced Loan as to which such matter is a Master Servicer Decision pursuant to clause (xiii) of the definition thereof) or the Special Servicer (with respect to any Specially Serviced Loan or any Non-Specially Serviced Loan as to which such matter is a Major Decision), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights, provided that (i) other than with respect to a Master Servicer Decision pursuant to clause (xiii) of the definition thereof, (A) if such Mortgage Loan is not an Excluded DCH Loan, no Control Termination Event shall have occurred and be continuing and the matter involves a Major Decision, the consent (or deemed consent) of the Directing Certificateholder shall have been obtained by the Special Servicer to the extent required by, and pursuant to the process described under, Section 6.08(a), (B) if such Mortgage Loan is not an Excluded DCH Loan, a Control Termination Event shall have occurred and be continuing and no Consultation Termination Event shall have occurred and be continuing, the Special Servicer shall have consulted with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a) and (C) after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer shall have consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a) (provided that, in the case of clause (A), clause (B) and clause (C), such consent shall be deemed given or such consultation shall be deemed to have occurred, as applicable, if a response to the request for consent or consultation, as the case may be, is not provided within ten (10) Business Days after receipt of the Special Servicer’s written recommendation, which may be in the form of an Asset Status Report, and analysis and all information reasonably requested by the Directing Certificateholder or the Operating Advisor, as applicable, and reasonably available to the Special Servicer in order to grant or withhold such consent or conduct such consultation), and (ii) with respect to any Mortgage Loan (x) with a Stated Principal Balance greater than or equal to $35,000,000, (y) with a Stated Principal Balance greater than or equal to 5% of the aggregated Stated Principal Balance of the Mortgage Loans then outstanding or (z) together with all other Mortgage Loans with which it is cross-collateralized or cross-defaulted or together with

 

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all
other Mortgage Loans with the same Mortgagor (or an Affiliate thereof), that is one of the ten largest Mortgage Loans outstanding
(by Stated Principal Balance), the Master Servicer or the Special Servicer, as the case may be, prior to consenting to any action,
shall obtain, a Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agency that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion
Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25),
provided, however, that with respect to sub-clauses (y) and (z) of this sub-clause (ii),
such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation requirement
to apply.  Notwithstanding anything herein to the contrary, with respect to any Excluded DCH Loan (regardless of whether
a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on
a non-binding basis, in connection with the related transactions involving proposed Major Decisions and consider alternative actions
recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08
for consulting with the Operating Advisor.

 

In connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the related rating agencies) pursuant to this Section 3.08(a), the Master Servicer or the Special Servicer, as the case may be, shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

If any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage Loan or related Serviced Companion Loan may be assumed or transferred without the consent of the mortgagee, provided that certain conditions contained in the related Mortgage Loan documents are satisfied where no mortgagee discretion is necessary in order to determine if such conditions are satisfied, then for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Master Servicer (with respect to all Non-Specially Serviced Loans) and the Special Servicer (with respect to all Specially Serviced Loans), on behalf of the Trustee as the mortgagee of record, shall determine in accordance with the Servicing Standard whether such conditions have been satisfied.

 

(b)        As to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision in the nature of a “due-on-encumbrance” clause that by its terms:

 

(i)    provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor or principals of the Mortgagor; or

 

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(ii)   requires the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor or principals of the Mortgagor; then, for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Master Servicer (with respect to any Non-Specially Serviced Loan and as to which such matter is a Master Servicer Decision pursuant to clause (xiii) of the definition thereof) or the Special Servicer (with respect to any Specially Serviced Loan or any

 

Non-Specially Serviced Loan as to which such matter is a Major Decision), on behalf of the Trustee as the mortgagee of record, shall (a) exercise any right it may have with respect to such Mortgage Loan or related Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) waive its right to exercise such rights, provided that (i) other than with respect to a Master Servicer Decision pursuant to clause (xiii) of the definition thereof, (A) if such Mortgage Loan is not an Excluded DCH Loan, no Control Termination Event shall have occurred and be continuing and the matter involves a Major Decision, the consent (or deemed consent) of the Directing Certificateholder shall have been obtained by the Special Servicer to the extent required by, and pursuant to the process described under, Section 6.08(a), (B) if such Mortgage Loan is not an Excluded DCH Loan, a Control Termination Event shall have occurred and be continuing, and no Consultation Termination Event shall have occurred and be continuing, the Special Servicer shall have consulted with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a) and (C) after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer shall have consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a) (provided that in the case of clause (A), clause (B) and clause (C) such consent shall be deemed given or such consultation shall be deemed to have occurred, as applicable, if a response to the request for consent or consultation, as the case may be, is not provided within ten (10) Business Days after receipt of the Special Servicer’s written recommendation, which may be in the form of an Asset Status Report, and analysis and all information reasonably requested by the Directing Certificateholder or the Operating Advisor, as applicable, and reasonably available to the Special Servicer in order to grant or withhold such consent or conduct such consultation), and (ii) the Master Servicer or the Special Servicer, as the case may be, has obtained Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agency that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) if such Mortgage Loan (A) has an outstanding principal balance that is greater than or equal to 2% of the Stated Principal Balance of the outstanding Mortgage Loans or (B) has an LTV Ratio greater than 85% (including any existing and proposed debt) or (C) has a debt service coverage ratio less than 1.20x (in each case, determined based upon the aggregate of the Stated Principal Balance of the Mortgage Loan and related Companion Loan, if any, and the principal amount of the proposed additional lien) or (D) is one of the ten largest Mortgage Loans (by Stated Principal Balance) or (E) has a Stated Principal Balance greater than $20,000,000; provided, however, that with respect to sub-clauses (A), (B), (C) and (D) of this sub-clause (ii), such Mortgage Loan shall also have a Stated Principal Balance of at least $10,000,000 for such Rating Agency Confirmation requirement to apply.  Notwithstanding anything herein to the contrary, with respect to any Excluded DCH Loan (regardless of whether a

 

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Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

In connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the related rating agencies) pursuant to this Section 3.08(b), the Special Servicer or the Master Servicer, as applicable, shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

To the extent permitted by the related Mortgage Loan documents, the Rating Agency Confirmation described in the immediately preceding paragraph or in Section 3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage Loan documents are silent as to who bears the costs of obtaining any such Rating Agency Confirmation, the Special Servicer shall use reasonable efforts to make the related Mortgagor bear such costs and expenses.  Unless determined to be a Nonrecoverable Advance such costs not collected from the related Mortgagor shall be advanced as a Servicing Advance.

 

If any Mortgage Loan or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered without the consent of the mortgagee, provided that certain conditions contained in the related Mortgage Loan documents are satisfied where no mortgagee discretion is necessary in order to determine if such conditions are satisfied, then for so long as such Mortgage Loan or related Companion Loan is being serviced under this Agreement, the Master Servicer (with respect to all Non-Specially Serviced Loans) and the Special Servicer (with respect to all Specially Serviced Loans), on behalf of the Trustee as the mortgagee of record, shall determine whether such conditions have been satisfied.

 

Upon
receiving a request for any matter described in Section 3.08(a) or this Section 3.08(b) that
constitutes a consent or waiver with respect to a “due-on-sale” or “due-on-encumbrance” clause
with respect to a Mortgage Loan that is a Non-Specially Serviced Loan and other than any transfers or assumptions provided
for in clause (xiii) of the definition of Master Servicer Decision and other than any waiver of a
“due-on-encumbrance” clause which waiver constitutes a Master Servicer Decision pursuant to clause (xiii)
or clause (xiv) of the definition thereof, the Master Servicer shall promptly forward such request to the Special
Servicer and the Special Servicer will be required to process such request (including, without limitation, interfacing with
the Mortgagor) and except as provided in the next sentence, the Master Servicer will have no further obligation with respect
to such request or due-on-sale or due-on-encumbrance.  The Master Servicer shall continue to cooperate with the Special
Servicer by delivering to the Special Servicer any additional information in the Master Servicer’s possession
requested by the Special Servicer relating to such consent or waiver with respect to a “due-on-sale” or
“due-on-encumbrance” clause.  The Master Servicer shall not be permitted to process any request relating
to such consent or waiver with respect to a “due-on-sale” or
“due-on-encumbrance” clause (other than any transfers or assumptions provided for in clause (xiii)
of the definition of

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Master Servicer Decision and other than any waiver of a “due-on-encumbrance” clause which waiver constitutes a Master Servicer Decision pursuant to clause (xiii) or clause (xiv) of the definition thereof) and shall not be required to interface with the Mortgagor or provide a written recommendation and analysis with respect to any such request.

 

(c)        Nothing in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any additional lien or other encumbrance with respect to such Mortgaged Property.

 

(d)       Except as otherwise permitted by Section 3.08(a), Section 3.08(b) and/or Section 3.18, neither the Master Servicer nor the Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan, as applicable, in connection with the taking of, or the failure to take, any action pursuant to this Section 3.08.  The Master Servicer and the Special Servicer, as the case may be, shall provide copies of any final waivers (except with respect to provision of any such waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to Section 3.08(a) or Section 3.08(b) to each other and to the 17g-5 Information Provider with respect to each Mortgage Loan, and shall notify the Trustee, the Certificate Administrator, each other and, subject to the terms of this Agreement, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website in accordance with Section 3.25) and, with respect to a Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution agreement executed pursuant to Section 3.08(a) or Section 3.08(b) and shall forward thereto a copy of such agreement.

 

(e)        [RESERVED].

 

(f)        For the avoidance of doubt, neither the Master Servicer nor the Special Servicer may waive its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause other than in compliance with the provisions of Section 3.08(a) through (d) hereof.  In the case of the Special Servicer, no such waiver or consent shall be made without (x) (i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded DCH Loan, the consent (or deemed consent) of the Directing Certificateholder having been obtained if and to the extent required by, and pursuant to the process described under Section 6.08(a), (y) (i) after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded DCH Loan, consultation with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a) and (z) after the occurrence and during the continuance of an Operating Advisor Consultation Event, consultation with the Operating Advisor if and to the extent required pursuant to Section 6.08(a).

 

(g)        Notwithstanding the foregoing provisions of this Section 3.08, if the Master Servicer or the Special Servicer, as applicable, makes a determination under Section 3.08(a) or Section 3.08(b) that the applicable conditions in the related Mortgage Loan or Companion Loan documents, as applicable, with respect to assumptions or encumbrances permitted without the consent of the mortgagee have been satisfied, the applicable assumptions and transfers may be subject to an assumption or other fee, unless such fees are otherwise prohibited pursuant to the Mortgage Loan documents; provided that any such fee not provided for in the Mortgage Loan

 

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documents does not constitute a “significant” change in yield pursuant to Treasury Regulations Section 1.1001-3(e)(2).

 

Section 3.09    Realization Upon Defaulted Loans and Companion Loans.  (a)  Upon an event of default under the Mortgage Loan documents related to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt, the Master Servicer shall promptly provide written notice to the related Companion Holder or mezzanine lender, as applicable, with a copy of such notice to the Special Servicer.  The Special Servicer shall, subject to subsections (b) through (d) of this Section 3.09, Section 3.24, subject to the Directing Certificateholder’s and the Operating Advisor’s respective rights pursuant to Section 6.08, and any Companion Holder or mezzanine lender’s rights under the related Intercreditor Agreement (in the case of a Serviced Whole Loan, on behalf of the holders of the beneficial interest of the related Companion Loan) or this Agreement, exercise reasonable efforts, consistent with the Servicing Standard, to foreclose upon or otherwise comparably convert (which may include an REO Acquisition) the ownership of property securing any such Mortgage Loan (other than any Non-Serviced Mortgage Loan) and related Companion Loan, if any, as come into and continue in default as to which no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments, and which are not released from the Trust Fund pursuant to any other provision hereof.  The foregoing is subject to the provision that, in any case in which a Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer or the Special Servicer shall not be required to make a Servicing Advance and expend funds toward the restoration of such property unless the Special Servicer has determined in its reasonable discretion that such restoration will increase the net proceeds of liquidation of such Mortgaged Property to Certificateholders after reimbursement to the Master Servicer or the Special Servicer, as applicable, for such Servicing Advance, and the Master Servicer or the Special Servicer has not determined that such Servicing Advance together with accrued and unpaid interest thereon would constitute a Nonrecoverable Advance.  The costs and expenses incurred by the Special Servicer in any such proceedings shall be advanced by the Master Servicer; provided that, in each case, such cost or expense would not, if incurred, constitute a Nonrecoverable Servicing Advance.  Nothing contained in this Section 3.09 shall be construed so as to require the Master Servicer or the Special Servicer, on behalf of the Trust, to make a bid on any Mortgaged Property at a foreclosure sale or similar proceeding that is in excess of the fair market value of such property, as determined by the Master Servicer or the Special Servicer in its reasonable judgment taking into account the factors described in Section 3.16(b) and the results of any Appraisal obtained pursuant to the following sentence, all such bids to be made in a manner consistent with the Servicing Standard.  If and when the Special Servicer or the Master Servicer deems it necessary and prudent for purposes of establishing the fair market value of any Mortgaged Property securing a Defaulted Loan or any related defaulted Companion Loan, whether for purposes of bidding at foreclosure or otherwise, the Special Servicer or the Master Servicer, as the case may be, is authorized to have an Appraisal performed with respect to such property by an Independent MAI-designated appraiser the cost of which shall be paid by the Master Servicer as a Servicing Advance.

 

(b)        The Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

 

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

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(ii)        the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to the related Companion Loan) will not cause an Adverse REMIC Event.

 

(c)        Notwithstanding the foregoing provisions of this Section 3.09 and Section 3.24, neither the Master Servicer nor the Special Servicer shall, on behalf of the Trustee, obtain title to a Mortgaged Property in lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of the Certificateholders and/or any related Companion Holder, would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee) the Special Servicer has previously determined in accordance with the Servicing Standard, based on an Environmental Assessment of such Mortgaged Property performed by an Independent Person who regularly conducts Environmental Assessments and performed within six (6) months prior to any such acquisition of title or other action, that:

 

(i)         such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the related Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted a single lender, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

 

(ii)        there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any hazardous materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such hazardous materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the Companion Holders), as a collective whole as if such Certificateholders and, if applicable, Companion Holders constituted a single lender, to take such actions with respect to the affected Mortgaged Property.

 

The cost of any such Environmental Assessment shall be paid by the Master Servicer as a Servicing Advance and the cost of any remedial, corrective or other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence shall be paid by the Master Servicer as a Servicing Advance, unless it is a Nonrecoverable Servicing Advance (in which case it shall be an expense of the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related Intercreditor Agreement by the Master Servicer from the Collection Account, including from the Companion Distribution Account (such withdrawal to be made from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole Loan)); and if any such Environmental Assessment so warrants, the Special Servicer shall, except with respect to any Companion Loan and any Environmental Assessment ordered after such Mortgage Loan has been paid in full, perform such additional environmental testing at the expense

 

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of the Trust as it deems necessary and prudent to determine whether the conditions described in clauses (i) and (ii) of the preceding sentence have been satisfied.  The Special Servicer shall review and be familiar with the terms and conditions relating to enforcing claims and shall monitor the dates by which any claim or action must be taken (including delivering any notices to the insurer and using reasonable efforts to perform any actions required under such policy) under each environmental insurance policy in effect and obtained on behalf of the mortgagee to receive the maximum proceeds available under such policy for the benefit of the Certificateholders and the Trustee (as holder of the Lower-Tier Regular Interests).

 

(d)       If (i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions set forth in clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not been satisfied with respect to any Mortgaged Property securing a Defaulted Loan and, in the case of a Serviced Mortgage Loan, any related Companion Loan, and (ii) there has been no breach of any of the representations and warranties set forth in or required to be made pursuant to Section 4 of each of the Mortgage Loan Purchase Agreements for which the applicable Mortgage Loan Seller could be required to repurchase such Defaulted Loan pursuant to Section 5 of the applicable Mortgage Loan Purchase Agreement, then the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust (other than proceeding to acquire title to the Mortgaged Property) and is hereby authorized  ((A) prior to the occurrence and continuance of a Control Termination Event (or with respect to any AB Mortgage Loan, after the occurrence and during the continuation of an AB Control Appraisal Period, but prior to the occurrence and continuance of a Control Termination Event) and (B) other than with respect to any Excluded DCH Loan), with the consent of the Directing Certificateholder at such time as it deems appropriate to release such Mortgaged Property from the lien of the related Mortgage, provided that, if such Mortgage Loan has a then-outstanding principal balance of greater than $1,000,000, then prior to the release of the related Mortgaged Property from the lien of the related Mortgage, (i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator, the Master Servicer and the Directing Certificateholder (in the case of the Directing Certificateholder, prior to the occurrence and continuance of a Consultation Termination Event and other than with respect to any Excluded DCH Loan), in writing of its intention to so release such Mortgaged Property and the bases for such intention, (ii) the Certificate Administrator shall have posted such notice of the Special Servicer’s intention to so release such Mortgaged Property to the Certificate Administrator’s Website pursuant to Section 3.13(b) and (iii) in addition to the prior written consent of the Directing Certificateholder as required above, the Holders of Certificates entitled to a majority of the Voting Rights shall have consented or have been deemed to have consented to such release within thirty (30) days of the Certificate Administrator’s posting such notice to the Certificate Administrator’s Website (failure to respond by the end of such 30-day period being deemed consent of the Holders of the Certificates).  To the extent that any fee charged by any Rating Agency in connection with rendering such written confirmation is not paid by the related Mortgagor, such fee is to be an expense of the Trust; provided that the Special Servicer shall use commercially reasonable efforts to collect such fee from the Mortgagor to the extent permitted under the related Mortgage Loan documents.

 

(e)        The Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing Certificateholder (other than with respect to any Excluded DCH Loan), the Master Servicer and the 17g-5 Information Provider monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged 

 

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Property securing a Defaulted Loan, or defaulted Companion Loan as to which the environmental testing contemplated in subsection (c) above has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of satisfaction of both such conditions, repurchase of the related Mortgage Loan by the applicable Mortgage Loan Seller or release of the lien of the related Mortgage on such Mortgaged Property.

 

(f)        The Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the Internal Revenue Service and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and the Master Servicer shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness of indebtedness and abandonment and foreclosure to the extent such information has been provided to the Master Servicer by the Special Servicer.  Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(g)        The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage Loan (and if applicable, the related Companion Loan) permit such an action.

 

(h)        The Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination in respect of a Defaulted Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any REO Property (other than any Non-Serviced Mortgaged Property) and the basis thereof.  Each Final Recovery Determination shall be evidenced by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing Certificateholder (other than with respect to any Excluded DCH Loan) and the Master Servicer and in no event later than the next succeeding P&I Advance Determination Date.

 

Section 3.10    Trustee and Certificate Administrator to Cooperate; Release of Mortgage Files.  (a)  Upon the payment in full of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or the receipt by the Master Servicer or the Special Servicer, as the case may be, of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer, as the case may be, will promptly notify the Trustee and the Custodian and request delivery of the related Mortgage File.  Any such notice and request shall be in the form of a Request for Release signed by a Servicing Officer and shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be so deposited.  Within seven (7) Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the Special Servicer notifies the Custodian of an exigency) of receipt of such notice and request, the Custodian shall release the related Mortgage File to the Master Servicer or the Special Servicer, as the case may be; provided that in the case of the payment in full of a Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall 

 

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not be released by the Custodian unless the related Serviced Whole Loan is paid in full.  No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account.

 

(b)        From time to time as is appropriate for servicing or foreclosure of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and any related Companion Loan), the Master Servicer or the Special Servicer shall deliver to the Custodian a Request for Release signed by a Servicing Officer.  Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein to the Master Servicer or the Special Servicer (or a designee), as the case may be.  Upon return of such Mortgage File or such document to the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer of the Master Servicer or the Special Servicer, as the case may be, stating that such Mortgage Loan (and, in the case of a Serviced Whole Loan, the related Companion 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 Collection Account (including amounts related to the related Companion Loan, if applicable) pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of the Request for Release shall be released by the Custodian to the Master Servicer or the Special Servicer (or a designee), as the case may be, with the original being released upon termination of the Trust.

 

(c)        Within seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the Special Servicer any court pleadings, requests for trustee’s sale or other documents 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 (including any note evidencing a related Companion Loan) 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.  The Special Servicer shall be responsible for the preparation of all such documents and pleadings.  When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required 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.  The Trustee shall not be required to review such documents for their sufficiency or enforceability.

 

(d)       If, from time to time, pursuant to the terms of the applicable Non-Serviced Intercreditor Agreement and the applicable Non-Serviced PSA, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer requests delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or cause the release of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

 

Section 3.11    Servicing Compensation.  (a)  As compensation for its activities hereunder, the Master Servicer shall be entitled to receive the Servicing Fee with respect to each Mortgage Loan, Serviced Companion Loan and REO Loan (other than the portion of any REO Loan related to any Non-Serviced Companion Loan) (including Specially Serviced Loans and any 

 

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Non-Serviced Mortgage Loan constituting a “specially serviced loan” under any related Non-Serviced PSA).  As to each Mortgage Loan, Companion Loan and REO Loan, the Servicing Fee shall accrue from time to time at the Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on such Mortgage Loan or Companion Loan or deemed to be due on such REO Loan is computed.  The Servicing Fee with respect to any Mortgage Loan, Companion Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the related Mortgage Loan, except that if such Mortgage Loan is part of a Serviced Whole Loan and such Serviced Whole Loan continues to be serviced and administered under this Agreement notwithstanding such Liquidation Event, then the applicable Servicing Fee shall continue to accrue and be payable as if such Liquidation Event did not occur.  The Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan, Companion Loan and REO Revenues allocable as interest on each REO Loan, and as otherwise provided by Section 3.05(a).  The Master Servicer shall be entitled to recover unpaid Servicing Fees in respect of any Mortgage Loan, Companion Loan or REO Loan out of that portion of related payments, Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in the case of an REO Loan) allocable as recoveries of interest, to the extent permitted by Section 3.05(a).

 

Except as set forth in the following sentence, the fourth paragraph of this Section 3.11(a), Section 6.03, Section 6.05 and Section 7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part (except in connection with a transfer of all of the Master Servicer’s duties and obligations hereunder to a successor servicer in accordance with the terms hereof).  With respect to each Serviced Pari Passu Companion Loan, the Servicing Fee shall be payable to the Master Servicer from amounts payable in respect of such Serviced Pari Passu Companion Loan, subject to the terms of the related Intercreditor Agreement.

 

The Master Servicer shall be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.04(a), additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following amounts to the extent collected from the related Mortgagor:  (i) 100% of Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Non-Specially Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement) that are Master Servicer Decisions; provided that if any such matter involves a Major Decision (regardless of whether it relates to a Master Servicer Decision), then the Master Servicer shall be entitled to 50% of such Excess Modification Fees, (ii) 100% of all assumption application fees and other similar items received on any Non-Specially Serviced Loans for which the Master Servicer is processing the underlying assumption-related transaction (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement) that are Master Servicer Decisions and 100% of all defeasance fees (provided that for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement); and (iii) 100% of assumption, waiver, consent and earnout fees, and other similar fees (other than assumption application and defeasance fees) pursuant to Section 3.08 and Section 3.18 or other actions performed in connection with this Agreement on the Non-Specially

 

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 Serviced Loans (including any related Serviced Companion Loan, to the extent not prohibited by the related Intercreditor Agreement) relating to Master Servicer Decisions; provided that if any such matter involves a Major Decision (regardless of whether it relates to a Master Servicer Decision), then the Master Servicer shall be entitled to 50% of such assumption, waiver, consent and earnout fees and other similar fees, and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan or related Serviced Pari Passu Companion Loan have been paid.  In addition, the Master Servicer shall be entitled to charge and retain as additional servicing compensation (other than with respect to any Non-Serviced Mortgage Loan or Specially Serviced Loan) any charges for beneficiary statements and demand charges actually paid by the related Mortgagors to the extent such beneficiary statements or demand charges were prepared by the Master Servicer, amounts collected for checks returned for insufficient funds with respect to the accounts held by the Master Servicer and reasonable review fees in connection with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents, in each case only to the extent actually paid by or on behalf of the related Mortgagor and shall not be required to deposit such amounts in the Collection Account or the Companion Distribution Account pursuant to Section 3.04(a) or Section 3.04(b), respectively.  Subject to Section 3.11(d), the Master Servicer shall also be entitled to additional servicing compensation in the form of:  (i) Penalty Charges to the extent provided in Section 3.11(d), (ii) interest or other income earned on deposits relating to the Trust Fund in the Collection Account or the Companion Distribution Account in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to the current Distribution Date), (iii) interest or other income earned on deposits in its Servicing Accounts which are not required by applicable law or the related Mortgage Loan to be paid to the Mortgagor, and (iv) the difference, if positive, between Prepayment Interest Excesses and Prepayment Interest Shortfalls collected on the Mortgage Loans and any Serviced Pari Passu Companion Loan, during the related Collection Period to the extent not required to be paid as Compensating Interest Payments.  The Master Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, payment of any amounts due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not payable directly out of the Collection Account and the Master Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

Notwithstanding
anything herein to the contrary, Wells Fargo Bank, National Association may, at its option, assign or pledge to any third party
or retain for itself the Transferable Servicing Interest with respect to any Mortgage Loan and any Serviced Pari Passu Companion
Loan (and any successor REO Loan); provided, however, that in the event of any resignation or termination of Wells
Fargo Bank, National Association as the Master Servicer, all or any portion of the Transferable Servicing Interest may be reduced
by the Trustee to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to obtain a qualified
successor master servicer that meets the requirements of Section 6.05 and who requires market-rate servicing compensation
that accrues at a per annum rate in excess of the Retained Fee Rate, and any such assignment of the Transferable Servicing
Interest shall, by its terms be expressly subject to the terms of this Agreement and such reduction.  The Master Servicer
shall pay the Transferable Servicing Interest to the holder of the Transferable Servicing Interest at such time and to the extent
the Master Servicer is entitled to receive payment of its Servicing Fees hereunder, 

 

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notwithstanding any resignation or termination of Wells Fargo Bank, National Association as Master Servicer hereunder (subject to reduction pursuant to the preceding sentence).

 

A Liquidation Fee will be payable to the Master Servicer with respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) with respect to which the Master Servicer acts as Enforcing Servicer and obtains (i) any Liquidation Proceeds or Insurance and Condemnation Proceeds or (ii) Loss of Value Payments (including with respect to any related Companion Loan, if applicable).

 

(b)        As compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect to each Specially Serviced Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to a Non-Serviced Mortgaged Property).  As to each Specially Serviced Loan and REO Loan, the Special Servicing Fee shall accrue from time to time at the Special Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Specially Serviced Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced Loans or REO Loans, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on such Specially Serviced Loan or deemed to be due on such REO Loan is computed.  The Special Servicing Fee with respect to any Specially Serviced Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the related Mortgage Loan.  The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in accordance with the provisions of Section 3.05(a).  The right to receive the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement.  For the sake of clarity, nothing herein is intended to limit the Special Servicer’s right to share a portion of such compensation with the Directing Certificateholder after it is received nor to imply that there may not be more than one Special Servicer appointed under this Agreement; provided that no one Mortgage Loan may be serviced by more than one Special Servicer at any time.  The Special Servicer shall not be entitled to any Special Servicing Fees with respect to a Non-Serviced Mortgage Loan.

 

(c)        Additional servicing compensation in the following form shall be promptly paid to the Special Servicer by the Master Servicer (or directly from the related Mortgagor) to the extent such fees are paid by a Mortgagor and shall not be required to be deposited in the Collection Account pursuant to Section 3.04(a):  (i) 100% of all Excess Modification Fees related to modifications, waivers, extensions or amendments of any Specially Serviced Loans and 100% of assumption fees and other similar fees received with respect to Specially Serviced Loans, (ii) 100% of all assumption application fees and other similar items on any Specially Serviced Loans and 100% of assumption application fees and other similar items on any Non-Specially Serviced Loans for which the Special Servicer is processing the underlying assumption-related transaction that is a Major Decision, (iii) 100% of waiver, consent and earnout fees, pursuant to Section 3.08 and Section 3.18 or other actions performed in connection with this Agreement on the Specially Serviced Loans or certain other similar fees paid by the related Mortgagor on Specially Serviced Loans, (iv) 50% of all Excess Modification Fees related to modifications, waivers, extensions or amendments of any Non-Specially Serviced Loan to the extent the matter involves a Major Decision and (v) 50% of all assumption, waiver, consent and earnout fees received with respect to any Non-Specially Serviced Loan to the extent that the matter involves a Major Decision.  Subject

 

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 to Section 3.11(d), the Special Servicer shall also be entitled to additional servicing compensation in the form of:  (i) Penalty Charges to the extent provided in Section 3.11(d), (ii) any charges for beneficiary statements and demand charges actually paid by the related Mortgagors to the extent such beneficiary statements or demand charges were prepared by the Special Servicer, (iii) amounts collected for checks returned for insufficient funds with respect to the accounts held by the Special Servicer and (iv) interest or other income earned on deposits relating to the Trust Fund in the REO Account and the Loss of Value Reserve Fund in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including the P&I Advance Date related to such Distribution Date).  In addition, the Special Servicer shall be entitled to charge any Mortgagor for and retain as additional servicing compensation (other than with respect to any Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents, and only to the extent actually paid by the related Mortgagor.  The Special Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected Loan at the Workout Fee Rate on such Corrected Loan for so long as it remains a Corrected Loan; provided, however, that after receipt by the Special Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to $25,000, any Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount; provided, further, however, that in the event the Workout Fee collected over the course of such workout calculated at the Workout Fee Rate is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Loan (including any related Serviced Companion Loan) equal to $25,000.  The Workout Fee shall be reduced (but not below zero) with respect to each collection on such Corrected Loan from which fee would otherwise be payable until an amount equal to the Excess Modification Fee Amount has been deducted in full.  The Workout Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced Loan again becomes a Corrected Loan.  The Special Servicer shall not be entitled to any Workout Fee with respect to a Non-Serviced Mortgage Loan.  If the Special Servicer is terminated (other than for cause) or resigns, it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans or any related Companion Loan that became Corrected Loans prior to the time of that termination or resignation except the Workout Fees will no longer be payable if the Corrected Loan subsequently becomes a Specially Serviced Loan.  If the Special Servicer resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced Loans for which the resigning or terminated Special Servicer had determined to grant a forbearance or cured the event of default through a modification, restructuring or workout negotiated by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive timely Periodic Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Periodic Payments.  The successor special servicer shall not be entitled to any portion of such Workout Fees.  The Special Servicer shall not be entitled to receive any Workout Fees after termination for cause.  A Liquidation Fee shall be payable to the Special Servicer with respect to (a) each Non-Specially Serviced Loan with respect to which the Special Servicer acts as

 

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 the Enforcing Servicer, (b) each Specially Serviced Loan (other than a Non-Serviced Mortgage Loan) and (c) each REO Property (other than a Non-Serviced Mortgaged Property) as to which the Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation Proceeds subject to the exceptions set forth in the definition of Liquidation Fee (such Liquidation Fee to be paid out of such Liquidation Proceeds or Insurance and Condemnation Proceeds).  If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received with respect to any Corrected Loan and the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation Proceeds and Insurance and Condemnation Proceeds that constitute principal and/or interest on such Mortgage Loan.  Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to proceeds on any Mortgage Loan.  Notwithstanding the foregoing, with respect to any Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be computed as provided in the related Intercreditor Agreement or to the extent such Intercreditor Agreement is silent or refers to this Agreement or indicates such fees are paid in accordance with this Agreement, as provided herein as though such Companion Loan were a Mortgage Loan.  Subject to Section 3.11(d), the Special Servicer will also be entitled to additional fees in the form of Penalty Charges.  The Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, payment of any amounts, other than management fees in respect of REO Properties, due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy obtained by it insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not expressly payable directly out of the Collection Account or the REO Account, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

For the avoidance of doubt, with respect to any fee split (other than a fee split with respect to Penalty Charges) between the Master Servicer and the Special Servicer pursuant to the terms of this Agreement, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided, however that (x) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage interest of any fee due to the other and (y) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to charge such fee will not have any right to share in any portion of the other party’s fee.  For the avoidance of doubt, if the Master Servicer decides not to charge any fee (other than Penalty Charges), the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer would have been entitled to if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any percentage interest of such fee charged by the Special Servicer.  Similarly, if the Special Servicer decides not to charge any fee (other than Penalty Charges), the Master Servicer shall still be entitled to charge the portion of the related fee the Master Servicer would have been entitled to if the Special Servicer had charged a fee and the Special Servicer shall not be entitled to any percentage interest of such fee charged by the Master Servicer.

 

(d)       In determining the compensation of the Master Servicer or the Special Servicer, as applicable, with respect to Penalty Charges, on any Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and 

 

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any related Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the Master Servicer, the Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable (and, in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer or the applicable Non-Serviced Trustee for interest on the servicing advances made by any such party with respect to a Non-Serviced Whole Loan pursuant to the applicable Non-Serviced PSA, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) due on such Distribution Date, (ii) the Trust for all interest on Advances previously paid to the Master Servicer or the Trustee pursuant to Section 3.05(a)(vi) (and, in connection with a Non-Serviced Mortgage Loan, the related trust for all interest on servicing advances reimbursed by such trust to any party under the applicable Non-Serviced PSA, which resulted in an additional expense for the Trust, to the extent not prohibited by the applicable Non-Serviced Intercreditor Agreement) with respect to such Mortgage Loan or related Companion Loan, if applicable and (iii) the Trust for all additional expenses of the Trust (other than Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections by the Special Servicer and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan.  Penalty Charges (other than with respect to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation under the related Non-Serviced PSA) remaining thereafter shall be distributed to the Master Servicer, if and to the extent accrued while such Mortgage Loan and any related Companion Loan was a Non-Specially Serviced Loan, and to the Special Servicer, if and to the extent accrued on such Mortgage Loan during the period such Mortgage Loan was a Specially Serviced Loan or REO Loan.  Any Penalty Charges paid or payable as additional servicing compensation to the Master Servicer and the Special Servicer shall be distributed between the Master Servicer and the Special Servicer, on a pro rata basis, based on the Master Servicer’s and the Special Servicer’s respective entitlements to such compensation described in the previous sentence.  If the Special Servicer has partially waived any Penalty Charge (part of which accrued when the related Mortgage Loan was not a Specially Serviced Loan and part of which accrued when the related Mortgage Loan was a Specially Serviced Loan), any collections in respect of such Penalty Charge shall be shared pro rata by the Master Servicer and the Special Servicer based on the respective portions of such Penalty Charge to which each would otherwise have been entitled.  If the Master Servicer has partially waived any Penalty Charge (part of which accrued when the related Mortgage Loan was not a Specially Serviced Loan and part of which accrued when the related Mortgage Loan was a Specially Serviced Loan), any collections in respect of such Penalty Charge shall be shared pro rata by the Master Servicer and the Special Servicer based on the respective portions of such Penalty Charge to which each would otherwise have been entitled.  Notwithstanding the foregoing or anything else herein to the contrary, Penalty Charges with respect to any Companion Loan will be allocated pursuant to the applicable Intercreditor Agreement after payment of all related Advances and interest thereon and additional expenses of the Trust in accordance with this Section 3.11(d).

 

If a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced Whole Loan as the Special Servicer of such Serviced Whole Loan.  With respect to a Servicing Shift Mortgage Loan, prior to the applicable Servicing Shift Date, no other special servicer will be entitled to any such compensation or have such rights and 

 

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obligations.  If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Date, the Non-Serviced Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole Loan and the Non-Serviced Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such Servicing Shift Whole Loan.

 

(e)        With respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two (2) Business Day following the Determination Date, and the Master Servicer shall deliver, to the extent it has received, to the Certificate Administrator, without charge and on the related Remittance Date, an electronic report (which may include HTML, Word or Excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates, if any, with respect to such Distribution Date; provided that no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

 

(f)        The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any Person (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or indemnitor in respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.11; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(g)        Pursuant to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set forth on Exhibit JJ hereto or such other payment instructions as CREFC® may provide to the Master Servicer in writing at least two Business Days prior to the Remittance Date) the CREFC® Intellectual Property Royalty License Fee on a monthly basis.  The Master Servicer shall withdraw from the Collection Account and, to the extent sufficient funds are on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance with Section 3.05(a)(xii) on a monthly basis, from funds on deposit in the Collection Account.

 

Section 3.12    Inspections; Collection of Financial Statements; Delivery of Reports.  (a)  The Master Servicer shall perform (at its own expense), or shall cause to be performed (at its own expense), a physical inspection of each Mortgaged Property relating to a Mortgage Loan (other than a Non-Serviced Mortgage Loan, a Specially Serviced Loan or an REO Loan) with a Stated Principal Balance of (i) $2,000,000 or more at least once every twelve (12) months and (ii) less than $2,000,000 at least once every twenty-four (24) months, in each case, commencing in the calendar year 2021 (and each Mortgaged Property shall be inspected on or prior to December 31, 2022); provided, however, that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months, the Master Servicer will not be required to perform, or cause to be performed, such physical inspection; provided, further, 

 

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that if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan or REO Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan or REO Loan.  The cost of such inspection by the Special Servicer pursuant to the second proviso of the immediately preceding sentence shall be an expense of the Trust, and, to the extent not paid by the related Mortgagor, reimbursed first from Penalty Charges actually received from the related Mortgagor and then from the Collection Account pursuant to Section 3.05(a)(ii), provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Intercreditor Agreement, with respect to a Serviced Whole Loan, first, from any related AB Subordinate Companion Loan (if any) and then, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective outstanding principal balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Intercreditor Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced AB Mortgage Loan, any Serviced Pari Passu Companion Loans and the AB Subordinate Companion Loan), in each case, prior to being payable out of general collections.  The Special Servicer or the Master Servicer, as applicable, shall prepare or cause to be prepared a written report of each such inspection detailing the condition of and any damage to the Mortgaged Property to the extent evident from the inspection and specifying the existence of (i) any vacancy at the Mortgaged Property that the preparer of such report has knowledge of and the Master Servicer or the Special Servicer, as the case may be, deems material, (ii) any sale, transfer or abandonment of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection, (iii) any adverse change in the condition of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection, and that the Master Servicer or the Special Servicer, as the case may be, deems material, (iv) any visible material waste committed on the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection and (v) photographs of each inspected Mortgaged Property.  The Special Servicer and the Master Servicer shall promptly following preparation deliver or make available a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer, respectively, to the other party, to the Directing Certificateholder ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded DCH Loan that is a Specially Serviced Loan).  Within five (5) Business Days after request for copies of such reports by the Rating Agencies, the Special Servicer or the Master Servicer, as applicable, shall deliver or make available a copy (in electronic format) of each such report prepared by the Special Servicer and the Master Servicer, as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website for review by NRSROs (including Rating Agencies) that are Privileged Persons.  In respect of any Mortgage Loan other than an Excluded DCH Loan that is a Specially Serviced Loan and prior to the occurrence and continuance of a Consultation Termination Event, the Master Servicer shall deliver or make available a copy of each such report to the Directing Certificateholder and upon request to each Controlling Class Certificateholder (which request may state that such items may be delivered until further notice).

 

(b)        The Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced Loan, shall make reasonable efforts to 

 

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collect promptly and review from each related Mortgagor quarterly and annual operating statements, financial statements, budgets and rent rolls of the related Mortgaged Property, and the quarterly and annual financial statements of such Mortgagor commencing with the calendar quarter ending on March 31, 2020 and the calendar year ending on December 31, 2020, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan documents and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced Companion Loan), if delivery of such items is required pursuant to the terms of the related Mortgage Loan documents.  The Master Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls more than once if the related Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan documents.  In addition, the Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared in respect of each REO Property and shall collect all such items promptly following their preparation.  The Special Servicer shall deliver all such items to the Master Servicer within five (5) Business Days of receipt, and the Master Servicer and the Special Servicer, as applicable, shall deliver or make available copies of all the foregoing items so collected to the Trustee, the Certificate Administrator, the Directing Certificateholder and the Depositor, in electronic format, in each case within sixty (60) days of its receipt thereof, but in no event, in the case of annual statements, later than June 30 of each year, commencing in 2020 for the 2019 calendar year.  Upon the request of any Privileged Person (other than the NRSROs) to receive copies of such items, the Master Servicer or the Special Servicer, as the case may be, shall deliver or make available electronic copies of such items to the Certificate Administrator to be posted on the Certificate Administrator’s Website.  Upon the request of any NRSRO to receive copies of any portion of such items, the Master Servicer or the Special Servicer, as applicable, shall deliver or make available additional copies of the requested items so collected thereby to the 17g-5 Information Provider pursuant to Section 3.13(c).

 

Furthermore, with respect to any Mortgage Loan (and each Serviced Companion Loan), if the related Mortgage Loan documents provide for the annual or quarterly testing of financial conditions of the related Mortgagor and/or Mortgaged Property (e.g. debt yield tests, debt service coverage ratio tests and/or loan-to-value ratio tests) in connection with cash management triggers or the commencement of additional required Escrow Payments, the Special Servicer, in the case of any Specially Serviced Loan, and the Master Servicer, in the case of any Non-Specially Serviced Loan, as applicable (only to the extent the related information required for such testing is to be delivered to the Master Servicer or Special Servicer pursuant to the related Mortgage Loan Documents and is actually delivered to either the Master Servicer or the Special Servicer), shall use reasonable efforts to conduct such financial testing within the timeframes contemplated by such Mortgage Loan documents.  Furthermore, in accordance with this Section 3.12(b), with respect to any Specially Serviced Loan, the Special Servicer shall use reasonable efforts to collect financial statements from the related Mortgagor for the periods set forth in the related Mortgage Loan documents

 

In addition, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, shall prepare with respect to each Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and REO Property:

 

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(i)    Within forty-five (45) days after receipt of a quarterly operating statement, if any, commencing within forty-five (45) days of receipt of such quarterly operating statement for the quarter ending March 31, 2020, a CREFC® Operating Statement Analysis Report (but only to the extent the related Mortgagor is required by the related Mortgage Loan documents to deliver and does deliver, or otherwise agrees to provide and does provide, such information) for such Mortgaged Property or REO Property as of the end of that calendar quarter, provided, however, that any analysis or report with respect to the first calendar quarter of each year will not be required to the extent provided in the then current applicable CREFC® guidelines (it being understood that as of the Closing Date, the applicable CREFC® guidelines provide that such analysis or report with respect to the first calendar quarter (in each year) is not required for a Mortgaged Property or REO Property unless such Mortgaged Property or REO Property is analyzed on a trailing 12 month basis, or if the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) is on the CREFC® Servicer Watch List).  Promptly following the initial preparation and each material revision thereof, the Special Servicer shall deliver to the Master Servicer (in electronic format) each CREFC® Operating Statement Analysis Report with respect to Specially Serviced Loans and REO Properties, along with the related operating statements.  The Master Servicer shall deliver or make available copies (in electronic format) of each CREFC® Operating Statement Analysis Report and, upon request, the related operating statements (in each case, promptly following the initial preparation and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder and the related Companion Holder (with respect to any Serviced Companion Loan).

 

(ii)   Within forty-five (45) days after receipt of an annual operating statement or rent rolls (if and to the extent that any such information is in the form of normalized year-end financial statements that have been based on a minimum number of months of operating results as recommended by CREFC® in the instructions to the CREFC® guidelines) for each calendar year commencing within forty-five (45) days of receipt of such annual operating statement for the calendar year ending December 31, 2020, a CREFC® NOI Adjustment Worksheet (but only to the extent the related Mortgagor is required by the related Mortgage Loan documents to deliver and does deliver, or otherwise agrees to provide and does provide, such information), presenting the computation to “normalize” the full year net operating income and debt service coverage numbers used by the Master Servicer in preparing the CREFC® Comparative Financial Status Report.  The Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties), as applicable, shall deliver or make available copies (in electronic format) of each CREFC® NOI Adjustment Worksheet and, upon request, the related operating statements or rent rolls  (in each case, promptly following the initial preparation and each material revision thereof) to the Certificate Administrator, the Directing Certificateholder, the related Companion Holder (with respect to any Serviced Companion Loan) and, upon request, the 17g-5 Information Provider, and the 17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website.

 

(c)        At or before 12:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause to be delivered to the Master Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing 

 

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Certificateholder, the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports with respect to the Specially Serviced Loans (excluding, for the Directing Certificateholder, any Excluded Loans) and any REO Properties (other than a Non-Serviced Mortgaged Property), providing the information required of the Special Servicer in an electronic format, reasonably acceptable to the Master Servicer as of the Business Day preceding such Determination Date, which CREFC® Special Servicer Loan File shall include data, to enable the Master Servicer to produce the following supplemental CREFC® reports:  (i) a CREFC® Delinquent Loan Status Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (iii) a CREFC® REO Status Report, (iv) a CREFC® Comparative Financial Status Report and (v) a CREFC® NOI Adjustment Worksheet and a CREFC® Operating Statement Analysis Report, in each case with the supporting financial statements, budgets, operating statements and rent rolls submitted by the Mortgagor.

 

(d)       Not later than 5:00 p.m. (New York City time) on each P&I Advance Date beginning January 2020, the Master Servicer shall prepare (if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the following reports and data files with respect to the Mortgage Loans:  (A) to the extent the Master Servicer has received the CREFC® Special Servicer Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) CREFC® Loan Setup File (only with respect to the first Distribution Date), (C) the most recent CREFC® Property File, and CREFC® Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File pursuant to Section 3.12(c) by the Special Servicer and the Master Servicer), (D) a CREFC® Servicer Watch List with information that is current as of such Determination Date, (E) CREFC® Financial File, (F) CREFC® Loan Level Reserve/LOC Report, (G) the CREFC® Advance Recovery Report, (H) CREFC® Total Loan Report and (I) the report on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to the extent received from the Special Servicer, if any.  Additionally, not later than 5:00 p.m. (New York City time) on the P&I Advance Date beginning January 2020, the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate Administrator any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports received from the Special Servicer.  Not later than 2:00 p.m. (New York City time) two (2) Business Days prior to the Distribution Date beginning January 2020, the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator via electronic format the CREFC® Loan Periodic Update File and, to the extent received by the Master Servicer, the CREFC® Appraisal Reduction Template, if provided for such Distribution Date.  In no event shall any report described in this subsection be required to reflect information that has not been collected by or delivered to the Master Servicer, or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior to the Business Day on which the report is due.

 

Not later than 5:00 p.m. (New York City time) on each P&I Advance Date, beginning in January 2020, the Master Servicer shall deliver to the Certificate Administrator the CREFC® Schedule AL File in EDGAR Compatible Format provided, however, that the Master Servicer shall have no obligation to prepare or deliver the CREFC® Schedule AL File unless the Depositor has delivered the items required pursuant to Section 2.01(i).  If the Certificate 

 

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Administrator does not receive such CREFC® Schedule AL File from the Master Servicer by 5:00 p.m. (New York City time) on the P&I Advance Date, it shall immediately request such CREFC® Schedule AL File from the Master Servicer via email at ssreports@wellsfargo.com and send a copy of such request to the Depositor via email to CRRCompliance@wellsfargo.com.  In preparing the CREFC® Schedule AL File and any Schedule AL Additional File for any given Distribution Date, and without any due diligence, investigation or verification, the Master Servicer shall be entitled to conclusively rely, absent manifest error, on the content, completeness, accuracy and compliance with any applicable requirements of Items 1111(h) and 1125 of Regulation AB and Item 601(b) of Regulation S-K under the Securities Act as in effect on the Closing Date of the Initial Schedule AL File, any Initial Schedule AL Additional File and Annex A-1 to the Prospectus.  The Master Servicer may concurrently with the delivery of the related CREFC® Schedule AL File, deliver any related Schedule AL Additional File in EDGAR Compatible Format.  The CREFC® Schedule AL File and the Schedule AL Additional File shall each be a single file.  Neither the Certificate Administrator nor the Master Servicer shall be required to combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files unless, solely with respect to the Master Servicer, multiple Sub-Servicers prepare and submit such CREFC® Schedule AL Files or Schedule AL Additional Files to the Master Servicer.  The Certificate Administrator shall not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained in any CREFC® Schedule AL File or Schedule AL Additional File.  The Certificate Administrator shall not be deemed to have actual knowledge of the contents of any CREFC® Schedule AL File or Schedule AL Additional File solely by its receipt thereof.

 

In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(e)        The Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to Section 3.11(e), Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver or make available to the Certificate Administrator the reports and data files set forth in Section 3.12(d).  The Master Servicer may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.11(e), Section 3.12(b) and Section 3.12(c).  The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Master Servicer pursuant to Section 3.12(d).  In the case of information or reports to be furnished by the Master Servicer to the Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are, in turn, based on information or reports to be provided by the Special Servicer pursuant to Section 3.11(e), Section 3.12(b) or Section 3.12(c) and to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.11(e), Section 3.12(b) or Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports to the Certificate Administrator until it has received the requisite information or reports from the Special Servicer, and the Master Servicer shall not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the Special Servicer’s failure to timely provide any information or report required under Section 3.11(e), Section 3.12(b) or Section 3.12(c) of this Agreement.

 

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(f)        Notwithstanding the foregoing, however, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting disclosure of information with respect to the Mortgage Loans or Mortgaged Properties.  The Master Servicer and the Special Servicer may disclose any such information or any additional information to any Person so long as such disclosure is consistent with applicable law and the Servicing Standard.  The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(g)        Unless otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver or make available any statement, report or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the case may be, may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information in a commonly used electronic format or (z) making such statement, report or information available on the Master Servicer’s website (with respect to items delivered by the Master Servicer) or the Certificate Administrator’s Website, unless this Agreement expressly specifies a particular method of delivery.

 

Notwithstanding anything to the contrary in the foregoing, the Master Servicer and the Special Servicer shall deliver any required statements, reports or other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator and the Master Servicer or the Special Servicer, as the case may be.  The Master Servicer or the Special Servicer may physically deliver a paper copy of any such statement, report or information as a temporary measure due to system problems, however, copies in electronic format shall follow upon the correction of such system problems.

 

Section 3.13    Access to Certain Information.  (a)  Each of the Master Servicer and the Special Servicer shall provide or cause to be provided to the Certificate Administrator, and the Certificate Administrator shall afford access to any Mortgage Loan Seller and to any Certificateholder that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of the Federal Reserve System of the United States of America and the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise authority over any such Certificateholder, and to each Holder of a Non-Registered Certificate, access to any documentation or information regarding the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and, in the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related Companion Loan, and the Trust within its control which may be required by applicable law.  At the election of the Master Servicer, the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted to require payment (other than from the Directing Certificateholder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making such copies.  Such access shall (except as described in the preceding sentence) be afforded without charge but 

 

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only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the Custodian.

 

The failure of the Master Servicer or the Special Servicer to provide access as provided in this Section 3.13 as a result of a confidentiality obligation shall not constitute a breach of this Section 3.13.  In connection with providing information pursuant to this Section 3.13, the Master Servicer and Special Servicer may each (i) affix a reasonable disclaimer to any information provided by it for which it is not the original source (without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable statement regarding securities law restrictions on such information and/or condition access to information on (x) the execution of a confidentiality agreement substantially in the form of Exhibit X, or (y) execution of a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s or the Special Servicer’s website; (iii) withhold access to confidential information or any intellectual property; and/or (iv) withhold access to items of information contained in the Servicing File for any Mortgage Loan if the disclosure of such items is prohibited by applicable law or the provisions of any related Mortgage Loan documents or would constitute a waiver of the attorney-client privilege.  Notwithstanding any provision of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement to the extent that the Master Servicer or the Special Servicer, as the case may be, determines, in its reasonable good faith judgment consistent with the applicable Servicing Standard, that such disclosure would violate applicable law or any provision of a Mortgage Loan or Companion Loan document prohibiting disclosure of information with respect to the Mortgage Loans or Companion Loans or the Mortgaged Properties, constitute a waiver of the attorney-client privilege on behalf of the Trust or otherwise materially harm the Trust.  Without limiting the generality of the foregoing, the Master Servicer or the Special Servicer may refrain from disclosing information that it reasonably determines would prejudice the interests of the Certificateholders with respect to a workout or exercise of remedies as to any particular Mortgage Loan.

 

Notwithstanding the limitation set forth in the next succeeding paragraph, but subject to the last sentence of the immediately preceding paragraph, upon the reasonable request of any Certificateholder (or with respect to any AB Subordinate Companion Loan related to a Serviced AB Whole Loan, the holder of such AB Subordinate Companion Loan) that has delivered an Investor Certification to the Master Servicer or the Special Servicer, as the case may be, the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially Serviced Loans), as applicable, may provide (or make available electronically) or make available at the expense of such Certificateholder or holder of such AB Subordinate Companion Loan, as applicable, copies of any appraisals, operating statements, rent rolls and financial statements (in each case, solely relating to the related Serviced Whole Loan or Serviced AB Whole Loan, if requested by the holder of an AB Subordinate Companion Loan, as the case may be) obtained by the Master Servicer or the Special Servicer, as the case may be; provided that, in connection with such request, the Master Servicer or the Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, generally to the effect that such Person will keep such information confidential and shall use such information only for the purpose of analyzing asset performance and evaluating any continuing 

 

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rights the Certificateholder or holder of such AB Subordinate Companion Loan, as applicable, may have under this Agreement.

 

Notwithstanding anything to the contrary herein (other than as permitted in the preceding paragraph with respect to any Certificateholder or as specifically provided for herein with respect to the Directing Certificateholder), unless required by applicable law or court order, no Certificateholder (except, with respect to a Mortgage Loan Seller, to the extent necessary for such party to comply with its obligations under the related Mortgage Loan Purchase Agreement, and except for the Master Servicer and the Certificate Administrator, acting in such capacities) or beneficial owner shall be given access to, or be provided copies of, the Mortgage Files or Diligence Files.

 

(b)        The Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements, Mortgage Loan Purchase Agreements, this Agreement and the Commission EDGAR filings referred to below will be available to the general public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format:

 

(i)         The following documents, which will initially be made available under a tab or heading designated “deal documents”:

 

(A)        the Prospectus and any other disclosure document relating to the Registered Certificates, in the form most recently provided to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)         this Agreement and any amendments and exhibits hereto;

 

(C)         any Sub-Servicing Agreements delivered to the Certificate Administrator on or after the Closing Date;

 

(D)        the Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

 

(E)         the CREFC® Loan Setup File provided by the Master Servicer to the Certificate Administrator;

 

(ii)        the following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

 

(A)        any reports on Forms 10-D, ABS-EE, 10-K and 8-K that have been filed by the Certificate Administrator with respect to the Trust through the EDGAR system;

 

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(iii)        The following documents, which will initially be made available under a tab or heading designated “periodic reports”:

 

(A)        all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

 

(B)         the CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including, without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheets), the CREFC® Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this Agreement from time to time; and

 

(C)         all Operating Advisor Annual Reports provided by the Operating Advisor to the Certificate Administrator;

 

(iv)       The following documents, which will initially be made available under a tab or heading designated “additional documents”:

 

(A)       summaries of Final Asset Status Reports or, prior to an AB Control Appraisal Period, summaries of Asset Status Reports approved by the holder of the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section 3.19(d);

 

(B)         all property inspection reports and environmental reports delivered to the Certificate Administrator pursuant to Section 3.12(a);

 

(C)        any Appraisals delivered to the Certificate Administrator pursuant to Section 3.19;

 

(D)  
     a detailed worksheet showing the calculation of each Appraisal Reduction Amount, Collateral
Deficiency Amount, and Cumulative Appraisal Reduction Amount on a current and cumulative basis; and

 

(E)         the CREFC® Appraisal Reduction Template;

 

(v)       The following documents, which will initially be made available under a tab or heading designated “special notices”:

 

(A)        any notice with respect to a release pursuant to Section 3.09(d);

 

(B)        any notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan pursuant to Section 3.18(g);

 

(C)        any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.01(h);

 

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(D)        any notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.01;

 

(E)        any notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required to be delivered to the Certificateholders pursuant to Section 12.01;

 

(F)     
  any Asset Review Report Summary received by the Certificate Administrator;

 

(G)        any notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

 

(H)   
    any notice of resignation of the Trustee or the Certificate Administrator, and any notice of the
acceptance of appointment by the successor trustee or the successor certificate administrator pursuant to Section 8.07
or Section 8.08;

 

(I)    
    any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be)
a Nonrecoverable Advance;

 

(J)         any notice of resignation or termination of the Master Servicer or the Special Servicer pursuant to Section 7.03;

 

(K)    
   any notice of termination pursuant to Section 9.01;

 

(L)        any notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance of appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26 or Section 12.03, respectively;

 

(M)       any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer pursuant to Section 7.01(d), the Operating Advisor pursuant to Section 3.26(j) or the Asset Representations Reviewer pursuant to Section 12.05(b);

 

(N)        any notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related report prepared by the Operating Advisor in connection with such recommendation;

 

(O)        any notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred or is terminated (provided that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of an Excluded DCH Loan, the Certificate Administrator will only be required to make available such notice of the occurrence and continuance of a Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event to 

 

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the extent the Certificate Administrator has been notified of such Excluded DCH Loan);

 

(P)        any notice that an Operating Advisor Consultation Event has occurred or is terminated;

 

(Q)   
    any notice of the occurrence of an Operating Advisor Termination Event;

 

(R)        any notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(S)     
  any assessments of compliance delivered to the Certificate Administrator; and

 

(T)    
   any attestation reports delivered to the Certificate Administrator;

 

(U)        any “special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant to Section 5.06;

 

(V)     
  any Proposed Course of Action Notice; and

 

(W)       Any notice or documents provided to the Certificate Administrator by the Depositor or the Master Servicer directing the Certificate Administrator to post to the “Special Notices” tab;

 

(vi)       the “Investor Q&A Forum” pursuant to Section 4.07(a);

 

(vii)      solely to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section 4.07(b); and

 

(viii)      the “U.S. Risk Retention Special Notices” tab, which will contain any notices relating to (A) ongoing compliance by the Retaining Sponsor with the Risk Retention Rules and (B) any noncompliance by a Third Party Purchaser or a successor third party purchaser with the applicable provisions of the Risk Retention Rules;

 

provided that with respect to a Control Termination Event or Consultation Termination Event that is deemed to exist due solely to the existence of an Excluded Loan, the Certificate Administrator will only be required to provide notice of the occurrence and continuance of such event if it has been notified of or has knowledge of the existence of such Excluded Loan.

 

The
Certificate Administrator shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A)
and (B) above on each Distribution Date.  In addition, if the Depositor so directs the Certificate Administrator,
and on terms acceptable to the Certificate Administrator, the Certificate Administrator shall make certain other information and
reports related to the Mortgage Loans available through its Internet website.

 

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In the event that the Retaining Sponsor determines that a Retaining Party or a Third Party Purchaser no longer complies with the provisions of the Risk Retention Rules related to (a) number of third- party purchasers, (b) source of funds, (c) third-party review, (d) affiliation and control rights or (e) hedging, transfer and pledging, the Retaining Sponsor will be required to send a written notice of such non-compliance to the Certificate Administrator who will post such notice on its website under the “U.S. Risk Retention Special Notices” tab.

 

The Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab described above, provide email notification to any Privileged Person (other than financial market publishers) that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

Notwithstanding the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information” on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder that is a Borrower Party (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)).

 

Any Person that is a Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to the general public:  the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Certificateholder or a Controlling Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in physical form (or, solely with respect to the Master Servicer or the Special Servicer, in electronic form) of an investor certification substantially in the form of Exhibit P-1D and upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit P-1F, which shall include each of the CTSLink User ID associated with such Excluded Controlling Class Holder, all information (other than the Excluded Information with respect to any Excluded Controlling Class Loans (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans)) available on the Certificate Administrator’s Website.

 

In the case of the Directing Certificateholder or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an investor certification substantially in the form of Exhibit P-1B hereto, such Directing Certificateholder or Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website.  The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor certification in the form of Exhibit P-1B hereto from the Directing Certificateholder or a Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit P-1D in physical form (or, solely with respect to the Master Servicer or the Special Servicer, in electronic form) hereto from 

 

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the Directing Certificateholder or a Controlling Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s).  In the event the Directing Certificateholder or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit P-1E that such party has become an Excluded Controlling Class Holder with respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate Administrator a notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such Excluded Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as and to the extent provided in this Agreement.  Upon confirmation from the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new investor certification substantially in the form of Exhibit P-1D in physical form (or, solely with respect to the Master Servicer or the Special Servicer, in electronic form) to access the information on the Certificate Administrator’s Website, except that such Excluded Controlling Class Holder shall not be entitled to access any Excluded Information related to any Excluded Controlling Class Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)) made available on the Certificate Administrator’s Website.  With respect to any Excluded Information sent for posting on the Certificate Administrator’s Website, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and, if possible at a later time, on loan-by-loan basis) from information relating to other Mortgage Loans or Whole Loans, as applicable.

 

Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively assume that the Directing Certificateholder and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as the case may be, has received a notice substantially in the form of Exhibit P-1E from the Directing Certificateholder or a Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder.  None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Directing Certificateholder or a Controlling Class Certificateholder that is an Excluded Controlling Class Holder or disclosure of any information relating to an Excluded Controlling Class Loan (including any related Excluded Information delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website) if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as the case may be, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to any related Excluded Information posted on the Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator in accordance with Section 3.33.

 

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Each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on delivery from the Directing Certificateholder or a Controlling Class Certificateholder of an investor certification substantially in the form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder.  To the extent the Directing Certificateholder or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Certificateholder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of such Directing Certificateholder or Controlling Class Certificateholder or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

The Certificate Administrator makes no representation or warranty as to the accuracy or completeness of any report, document or other information made available on its Internet website and assumes no responsibility therefor, other than with respect to such reports, documents or other information prepared by the Certificate Administrator.  In addition, the Certificate Administrator may disclaim responsibility for any information distributed by it for which it is not the original source.  Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any disclosure of information relating to any Excluded Controlling Class Loan to the extent such information was included in the summary of a Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as relating to any Excluded Controlling Class Loan.

 

In connection with providing access to the Certificate Administrator’s Website (other than with respect to access provided to the general public in accordance with Section 3.13(b), the Certificate Administrator may require registration and the acceptance of a disclaimer.  The Certificate Administrator shall not be liable for the dissemination of information in accordance herewith.  Questions regarding the Certificate Administrator’s Website can be directed to the Certificate Administrator’s CMBS customer service desk at (866) 846-4526.

 

(c)        The 17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such items are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “WFCM 2019-C54” and an identification of the type of information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)         any notices of waivers under Section 3.08(d);

 

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(ii)        any Asset Status Report delivered by the Special Servicer under Section 3.19(d);

 

(iii)        any notice of final payment on the Certificates;

 

(iv)       any environmental reports delivered by the Special Servicer under Section 3.09(c);

 

(v)        any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

 

(vi)       any annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or Section 11.10;

 

(vii)      any annual independent public accountants’ attestation reports delivered pursuant to Section 11.11;

 

(viii)     any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving Rating Agency Confirmation from any Rating Agency as set forth in Section 3.25(a);

 

(ix)        copies of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

 

(x)         any requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

 

(xi)        any notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

 

(xii)       any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xiii)       any notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.01;

 

(xiv)      any notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)       any notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section 13.01(a)(ix);

 

(xvi)      any Operating Advisor Annual Report pursuant to Section 3.26;

 

(xvii)     any summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee regarding any of the 

 

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information delivered to the 17g-5 Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency Confirmation or regarding any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related Companion Loan, the related Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any applicable Intercreditor Agreement; provided that the summary of such oral communication shall not identify the Rating Agency with whom the communication was held pursuant to Section 3.13(g);

 

(xviii)    any other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation, Section 2.03(b), Section 3.07(a), Section 3.12, Section 3.17, Section 3.18(g); Section 11.09 or Section 11.10; and

 

(xix)       any other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section 13.10.

 

The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website.  Information will be posted on the same Business Day of receipt unless such information is received after 2:00 p.m., New York City time, on such Business Day, in which case, it shall be posted by 12:00 p.m., New York City time, on the next Business Day.  The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be.  In the event that any information is delivered or posted in error, each of the Certificate Administrator and the 17g-5 Information Provider may remove such information from the 17g-5 Information Provider’s Website.  The Certificate Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information merely by posting such information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website to the extent such information was not produced by the Certificate Administrator or the 17g-5 Information Provider, as applicable.  Access will be provided by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit P-2 hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website).  Questions regarding delivery of information to the 17g-5 Information Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (specifically referencing “WFCM 2019-C54” in the subject line).

 

Upon delivery by the Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information from the Depositor’s 17g-5 Website (the “Pre-Close Information”), the 17g-5 Information Provider shall make such information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant to this Section 3.13(c).  Such information shall be provided to the 17g-5 Information Provider via electronic media and delivered to the 17g-5 Information Provider as mutually agreed.  The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Close Information or any other information on the 17g-5 Information Provider’s Website to any designee or third party.

 

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Upon request of the Depositor or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance with this Section 3.13.  In no event shall the 17g-5 Information Provider disclose on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

 

The 17g-5 Information Provider shall provide a mechanism to notify each Person that has signed-up for access to the 17g-5 Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional document is posted to the 17g-5 Information Provider’s Website.  The 17g-5 Information Provider shall notify any party that delivers any information, report, notice or document to the 17g-5 Information Provider under this Agreement that such information, report, notice or document was received and that it has been posted.

 

Any information required to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “WFCM 2019-C54” and an identification of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider.

 

(d)       The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide bulk information that relates to two or more transactions to the 17g-5 Information Provider.  Any such information shall be posted by the 17g-5 Information Provider and the 17g-5 Information Provider may, but shall not be obligated to, post such information in accordance with the timeframe provided in Section 3.13(c) above; provided, however, that if the 17g-5 Information Provider is not able to post such information in accordance with the timeframe in Section 3.13(c), then it shall post such information within a reasonable time.  The Master Servicer or the Special Servicer, as applicable, shall not send any such information directly to the Rating Agencies until the 17g-5 Information Provider notifies it that such information has been posted to the 17g-5 Information Provider’s Website.

 

(e)        Certain information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC® reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be provided by the Certificate Administrator at the direction of the Depositor to third parties (including Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corp., Markit Group Limited, BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, MBS Data LLC, RealInsight and Thomson Reuters Corporation) with the consent of the Depositor, and providing such information shall not constitute a breach of this Agreement by the Certificate Administrator.  Such information will be made available to such third parties upon receipt of a certificate in the form of Exhibit P-3 hereto, which certification may be submitted electronically via the Certificate Administrator’s Website.

 

(f)        Each of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver, produce or otherwise make 

 

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available through its website or otherwise, any additional information relating to the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the Mortgaged Properties (other than any Non-Serviced Mortgaged Property), or the related Mortgagors, for review by the Depositor, the Underwriters and any other Persons who deliver an Investor Certification in accordance with this Section 3.13 and the Rating Agencies (collectively, the “Disclosure Parties”) (in the case of deliveries to a Rating Agency, only to the extent such additional information is simultaneously delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited by this Agreement (including without limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged Information), applicable law or by the related Mortgage Loan documents.  Each of the Master Servicer and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the Depositor and the Rating Agencies, enter into (x) an Investor Certification, (y) a confidentiality agreement substantially in the form of Exhibit X or (z) a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s or the Special Servicer’s website, and (B) acknowledge that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party.  In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.  In connection with providing access to or copies of the information described in this Section 3.13(f) to current or prospective Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be:  (i) in the case of a Certificateholder, an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein or an investment advisor related thereto, an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein or an investment advisor related thereto and is requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide such information to its auditors, legal counsel and regulators).  In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in violation of the terms of this Agreement.  Neither the Master Servicer nor the Special Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section 3.13 unless such information was produced by the Master Servicer or the Special Servicer, as the case may be.

 

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(g)        The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but not obligated) to orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matter related to the Mortgage Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to this Agreement or related Intercreditor Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in Section 3.13(c) the same day such communication takes place; provided, further that the summary of such oral communications shall not identify which Rating Agency the communication was with.  The 17g-5 Information Provider shall post such written summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.13(c).

 

(h)        Without limiting the Operating Advisor’s consultation rights pursuant to Section 6.08, the Special Servicer shall provide to the Operating Advisor prior to an Operating Advisor Consultation Event, Final Asset Status Reports and approved or deemed approved Major Decision Reporting Packages (only with respect to any Specially Serviced Loans) and after an Operating Advisor Consultation Event, Asset Status Reports and Major Decision Reporting Packages.  In addition, the Special Servicer, subject to the limitations on delivery of Privileged Communications, shall provide to the Operating Advisor such reports and other information produced or otherwise available to the Directing Certificateholder (other than, prior to the occurrence and continuance of an Operating Advisor Consultation Event, any Asset Status Reports that are not Final Asset Status Reports), or Certificateholders generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic format.

 

(i)         None of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as the case may be, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer, or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating Advisor, the Asset Representations Reviewer’s or the Special Servicer’s, as the case may be, servicing operations in general; provided that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans, to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website or (z) the Rating Agency confirms that it does not intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or 

 

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another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.13(i).

 

(j)         The costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto shall not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

 

Section 3.14    Title to REO Property; REO Account.  (a)  If title to any Mortgaged Property is acquired (directly or through a single member limited liability company established for that purpose) and thus becomes REO Property, the deed or certificate of sale shall be issued in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on behalf of the Certificateholders and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced Companion Loan.  REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.14.  The Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder, shall sell any REO Property prior to the close of the third calendar year following the year in which the Trust acquires ownership of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of the Code, unless the Special Servicer either (i) applies for a qualifying extension of time no later than sixty (60) days prior to the close of the third calendar year in which it acquired ownership (or the period provided in the then applicable REMIC Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal Revenue Service to sell such REO Property or (ii) obtains for the Trustee and the Certificate Administrator an Opinion of Counsel, addressed to the Trustee and the Certificate Administrator, to the effect that the holding by the Trust of such REO Property subsequent to the close of the third calendar year following the year in which acquisition occurred will not cause an Adverse REMIC Event.  If the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion of Counsel, as the case may be.  Any expense incurred by the Special Servicer in connection with its being granted the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall be an expense of the Trust payable out of the Collection Account pursuant to Section 3.05(a).

 

(b)        The Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart from its own funds and general assets.  If an REO Acquisition shall occur, the Special Servicer shall establish and maintain one or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and, if applicable, on behalf of any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder of the Lower-Tier Regular Interests), for the retention of revenues and other proceeds derived from each REO Property.  The REO Account shall be an Eligible Account.  The Special Servicer shall deposit, or cause to be deposited, in the REO Account, within two (2) Business Days after receipt of properly identified funds, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds received in respect of an REO Property.  Funds in the REO Account may be invested in Permitted Investments in 

 

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accordance with Section 3.06.  The Special Servicer shall give notice to the Trustee, the Certificate Administrator, and the Master Servicer of the location of the REO Account when first established and of the new location of the REO Account prior to any change thereof.

 

(c)        The Special Servicer shall withdraw from the REO Account funds necessary for the proper operation, management, insuring, leasing, maintenance and disposition of any REO Property, but only to the extent of amounts on deposit in the REO Account relating to such REO Property.  On the later of (x) the date that is on or prior to each Determination Date or (y) two (2) Business Days after such amounts are received and properly identified and determined to be available (or with respect to a Serviced Companion Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the Special Servicer shall withdraw from the REO Account and remit to the Master Servicer, which shall deposit into the Collection Account (or the Companion Distribution Account, as applicable), the aggregate of all amounts received in respect of each REO Property during the most recently ended Collection Period, net of (i) any withdrawals made out of such amounts pursuant to the preceding sentence and (ii) Net Investment Earnings on amounts on deposit in the REO Account; provided, however, that the Special Servicer may retain in such REO Account, in accordance with the Servicing Standard, such portion of such balance as may be necessary to maintain a reasonable reserve for repairs, replacements, leasing, management and tenant improvements and other related expenses for the related REO Property.  In addition, on or prior to the day the Special Servicer remits funds as provided in this Section 3.14(c), the Special Servicer shall provide the Master Servicer with a written accounting of amounts remitted to the Master Servicer for deposit in the Collection Account, as applicable, on such date.  The Master Servicer shall apply all such amounts as instructed by the Special Servicer on the Determination Date (or with respect to a Serviced Companion Loan, on each Serviced Whole Loan Remittance Date) for the related Distribution Date.

 

(d)       The Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for all deposits to, and withdrawals from, the REO Account pursuant to Section 3.14(b) or Section 3.14(c).

 

Section 3.15    Management of REO Property.  (a)  If title to any REO Property is acquired, the Special Servicer shall manage, conserve, protect, operate and lease such REO Property (other than any Non-Serviced Mortgaged Property) for the benefit of the Certificateholders and the related Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests) solely for the purpose of its timely disposition and sale in a manner that does not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust or any Serviced Companion Noteholder of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event.  Subject to the foregoing, however, the Special Servicer shall have full power and authority to do any and all things in connection therewith as are in the best interests of and for the benefit of the Certificateholders (and, in the case of each Serviced Whole Loan, the related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests) all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loan, as the case may be) (as determined by the Special Servicer in its reasonable judgment in accordance with the Servicing Standard).  Notwithstanding anything to the contrary herein, REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.15.  Subject to this Section 3.15, the 

 

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Special
Servicer may allow the Trust or any commercial mortgage securitization that holds any Serviced Companion Loan to earn
“net income from foreclosure property” within the meaning of Section 860G(d) of the Code if it determines that
earning such income is in the best interests of Certificateholders and, if applicable, any related Companion Holder(s) on a
net after-tax basis as compared with net leasing such REO Property or operating such REO Property on a different basis. 
In connection therewith, the Special Servicer shall deposit or cause to be deposited on a daily basis (and in no event later
than two (2) Business Days following receipt of such properly identified funds) in the applicable REO Account all
revenues received by it with respect to each REO Property and the related REO Loan, and shall withdraw from the REO Account,
to the extent of amounts on deposit therein with respect to such REO Property, funds necessary for the proper operation,
management, leasing and maintenance of such REO Property, including, without limitation:

 

(i)         all insurance premiums due and payable in respect of such REO Property;

 

(ii)        all real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

 

(iii)       any ground rents in respect of such REO Property, if applicable; and

 

(iv)       all costs and expenses necessary to maintain and lease such REO Property.

 

To the extent that amounts on deposit in the REO Account in respect of any REO Property are insufficient for the purposes set forth in clauses (i) through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving notice from the Special Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its own funds such amount as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee, the Special Servicer, the Depositor, the Certificate Administrator and the Directing Certificateholder (with respect to any Mortgage Loan other than an Excluded DCH Loan, and prior to the occurrence and continuance of a Consultation Termination Event)) such advances would, if made, constitute Nonrecoverable Servicing Advances.

 

(b)        Without limiting the generality of the foregoing, the Special Servicer shall not:

 

(i)          permit the Trust to enter into, renew or extend any New Lease with respect to any REO Property, if the New Lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)         permit any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)        authorize or permit any construction on any REO Property, other than the completion of a building or other improvement thereon, and then only if more than 10% of the construction of such building or other improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

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(iv)       Directly Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more than ninety (90) days after its acquisition date;

 

unless, in any such case, the Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Servicing Advance) to the effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

 

(c)        The Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety (90) days of the acquisition date thereof, provided that:

 

(i)          the terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s length;

 

(ii)         the fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light of the nature and locality of the Mortgaged Property;

 

(iii)       any such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in subsection (a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses) to the Special Servicer upon receipt;

 

(iv)       none of the provisions of this Section 3.15(c) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations hereunder with respect to the operation and management of any such REO Property; and

 

(v)        the Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

 

The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.

 

(d)       When and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer a statement prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any REO Property in accordance with Section 3.15(a) and Section 3.15(b).

 

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Section 3.16    Sale of Defaulted Loans and REO Properties.  (a) (i)  Within thirty (30) days after a Defaulted Loan has become a Specially Serviced Loan, the Special Servicer shall order (but shall not be required to have received) an Appraisal and within thirty (30) days of receipt of the Appraisal shall determine the fair value of such Defaulted Loan in accordance with the Servicing Standard; provided, however, that if the Special Servicer is then in the process of obtaining an Appraisal with respect to the related Mortgaged Property, the Special Servicer shall make its fair value determination as soon as reasonably practicable (but in any event within thirty (30) days) after its receipt of such an Appraisal.  The Special Servicer may, from time to time, adjust its fair value determination based upon changed circumstances, new information and other relevant factors, in each instance in accordance with a review of such circumstances and new information in accordance with the Servicing Standard including, without limitation, the period and amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy; provided that the Special Servicer shall promptly notify the Master Servicer in writing of the initial fair value determination and any adjustment to its fair value determination.

 

(ii)   If any Mortgage Loan or Serviced Companion Loan subject to an Intercreditor Agreement is a Specially Serviced Loan or to the extent otherwise required pursuant to the terms of the related Intercreditor Agreement, then the Special Servicer (with respect to a Specially Serviced Loan) or the Master Servicer (with respect to a Non-Specially Serviced Loan) shall promptly notify in writing the other, any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice under the Intercreditor Agreement in accordance with the terms thereof.  Thereafter, any related Companion Holder and related mezzanine lender, as applicable, will, notwithstanding anything in this Section 3.16 to the contrary, have the option to purchase the related Mortgage Loan and cure defaults relating thereto as and to the extent set forth in the related Intercreditor Agreement.

 

(iii)  If any Mortgage Loan not subject to an Intercreditor Agreement becomes a Specially Serviced Loan, or if the related Companion Holder or related mezzanine lender, as applicable, for any such Mortgage Loan subject to an Intercreditor Agreement has not previously exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable efforts to solicit offers for each Defaulted Loan on behalf of the Certificateholders and the holder of any related Serviced Companion Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Loan on a net present value basis, if and when the Special Servicer determines, consistent with the Servicing Standard, that no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and, if applicable, the related Companion Holder.  In the case of a Non-Serviced Mortgage Loan, to the extent permitted under the related Intercreditor Agreement, and such Non-Serviced Mortgage Loan is not sold together with the Non-Serviced Companion Loan by the Non-Serviced Special Servicer, the Special Servicer will be entitled to sell (with the consent of the Directing Certificateholder if no Control Termination Event has occurred and is continuing and such Non-Serviced Mortgage Loan is not an Excluded Loan as to such party) such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders and, subject to the 

 

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terms of the related Intercreditor Agreement (and provided that the related Non-Serviced Special Servicer will not be entitled to a liquidation fee), the Special Servicer will be entitled to the liquidation fee that the related Non-Serviced Special Servicer would have otherwise been entitled to in connection with the sale of such Non-Serviced Mortgage Loan.  The Special Servicer is required to give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and the Directing Certificateholder (other than with respect to any Excluded DCH Loan) not less than ten (10) days’ prior written notice of its intention to sell any Defaulted Loan.  In the absence of a cash offer at least equal to the Purchase Price, the Special Servicer may purchase the Defaulted Loan for the Purchase Price or may accept the first cash offer received from any Person that constitutes a fair price for the Defaulted Loan.

 

(iv)  (A)  In the case of a Specially Serviced Loan as to which a default has occurred and is continuing, in the absence of any offer at least equal to the Purchase Price pursuant to clause (iii) above (or purchase by the Special Servicer for such price), the Special Servicer shall solicit offers and, subject to sub-clause (B) below, accept the highest offer received from any Person that is determined by the Special Servicer to be a fair price for such Specially Serviced Loan, if the offeror is a Person other than an Interested Person.  In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), among other factors, the period and amount of the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy.  If the offeror is an Interested Person (provided that the Trustee may not be an offeror), the Trustee shall determine whether the offer constitutes a fair price unless such offer by an Interested Person (i) is equal to or greater than the applicable Purchase Price and (ii) is the highest offer received.  Absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (x) it is the highest offer received and (y) at least two other offers are received from independent third parties.  In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal.  Except as provided in the following paragraph, the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer.

 

Notwithstanding anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee must (at the expense of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing loans similar to the subject Mortgage Loan or Serviced Whole Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan or Serviced Whole Loan.  If the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination.  The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions

 

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of value incurred by any such third party shall be covered by, and shall be reimbursable by, the Interested Person; provided that the Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.  The Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person.  If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person.  Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced Loan.

 

(B)       The Special Servicer will not be obligated to accept the highest offer if the Special Servicer determines ((i) with respect to any Mortgage Loan other than an Excluded DCH Loan, in consultation with the Directing Certificateholder (unless a Consultation Termination Event shall have occurred and be continuing) and (ii) in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder), in accordance with the Servicing Standard (and subject to the requirements of any related Intercreditor Agreement), that the rejection of such offer would be in the best interests of the Holders of Certificates and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender).  In addition, the Special Servicer may accept a lower offer from any Person other than an Affiliate of the Special Servicer if it determines, in its reasonable judgment consistent with the Servicing Standard, that the acceptance of such offer would be in the best interests of the Holders of Certificates and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder (as a collective whole, as if such Certificateholders and, if applicable, the related Companion Holder constituted a single lender) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered by the prospective buyer making the lower offer are more favorable); provided that the offeror is not the Special Servicer or a Person that is an Affiliate of the Special Servicer.  The Special Servicer shall use reasonable efforts to sell all Defaulted Loans prior to the Rated Final Distribution Date.  For the avoidance of doubt, the Trustee shall have no obligation to make any fair value determination, to the extent required to do so pursuant to this Section 3.16, on the basis of anything other than the related Appraisal.

 

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

 

(b)        (i) (A)  The Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan, such purchase shall be a purchase 

 

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of the entire REO Property, including the portion relating to the related Companion Loan).  The Special Servicer may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such sale shall be a sale of the entire REO Property, including the portion relating to the related Companion Loan), if and when the Special Servicer determines, consistent with the Servicing Standard, that such a sale would be in the best economic interest of the Trust and the related Companion Holders.  The Special Servicer shall give the Trustee, the Master Servicer, each Companion Holder, the Certificate Administrator and the Directing Certificateholder (in the case of the Directing Certificateholder, in respect of any Mortgage Loan other than an Excluded Loan as to such party, prior to the occurrence and continuance of a Consultation Termination Event), not less than ten (10) days’ prior written notice of its intention to (i) purchase any REO Property at the Purchase Price therefor (including a calculation of the Purchase Price) or (ii) sell any REO Property, in which case the Special Servicer shall accept the highest offer received from any Person for any REO Property in an amount at least equal to the Purchase Price therefor.  To the extent permitted by applicable law, and subject to the Servicing Standard, the Master Servicer, an Affiliate of the Master Servicer, the Special Servicer or an Affiliate of the Special Servicer, or an employee of either of them may act as broker in connection with the sale of any REO Property and may retain from the proceeds of such sale a brokerage commission that does not exceed the commission that would have been earned by an independent broker pursuant to a brokerage agreement entered into at arm’s length.

 

(B)       In the absence of any such offer as set forth in sub-clause (A) above, the Special Servicer shall, subject to sub-clause (C) below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1) by the Special Servicer, if the highest offeror is a Person other than an Interested Person, or (2) by the Trustee, if the highest offeror is an Interested Person unless such offer by an Interested Person (i) is equal to or greater than the applicable Purchase Price and (ii) is the highest offer received; provided, however, that absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (A) it is the highest offer received and (B) at least two other offers are received from independent third parties.  Notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any REO Property pursuant hereto.

 

(C)       The Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if the Special Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans).  In addition, the Special Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that acceptance of such offer would be in the best interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Companion Holder, and in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations, or the terms offered by the prospective buyer making the lower offer are more favorable); provided that the 

 

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offeror is not the Special Servicer or a Person that is an Affiliate of the Special Servicer.

 

(D)       In determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the Trustee in connection with making such determination.  The reasonable cost of such Independent appraiser or other Independent expert shall be an expense of the offering Interested Person purchaser.  The reasonable fees and costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable, from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person.  If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person.  In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the Trustee (or, if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall be instructed to take into account, as applicable, among other factors, the physical condition of such REO Property, the state of the local economy and the Trust’s obligation to comply with REMIC Provisions.

 

(ii)        Subject to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders in negotiating and taking any other action necessary or appropriate in connection with the sale of any REO Property, including the collection of all amounts payable in connection therewith.  A sale of any REO Property shall be without recourse to, or representation or warranty by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary warranties of title, so long as the only recourse for breach thereof is to the Trust) and, if consummated in accordance with the terms of this Agreement, none of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee shall have any liability to the Trust or any Certificateholder or related Companion Holder (if applicable) with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(c)        Any sale of a Defaulted Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

 

(d)       With respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Intercreditor Agreement and this Agreement, if the related Serviced Pari Passu Whole Loan becomes a Defaulted Loan, and if the Special Servicer determines to sell the related 

 

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Mortgage Loan that has become a Defaulted Loan in accordance with this Section 3.16, then the Special Servicer shall sell the related Serviced Pari Passu Companion Loan together with such Mortgage Loan as one whole loan and shall require that all offers be submitted to the Special Servicer in writing.  To the extent a determination is required to be made hereunder as to whether any cash offer constitutes a fair price for a Serviced Whole Loan, such determination shall be made by the Trustee if the offeror is an Interested Person.  Notwithstanding the foregoing, the Special Servicer will not be permitted to sell the related Mortgage Loan together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written consent of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not required if the holder of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the Special Servicer has delivered to the holder of the related Serviced Pari Passu Companion Loan:  (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (10) days prior to the permitted sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Pari Passu Whole Loan, and any documents in the servicing file reasonably requested by the holder of the related Serviced Pari Passu Companion Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Directing Certificateholder) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale.  The holder of the related Serviced Pari Passu Companion Loan (or its representative) will be permitted to submit an offer at any sale of such Whole Loan; however, the related Mortgagor and its agents and Affiliates shall not be permitted to submit an offer at such sale.  Notwithstanding the foregoing, with respect to each Serviced Whole Loan, the holder of the related Companion Loan may waive any of the delivery or timing requirements set forth in this paragraph with respect to the related Whole Loan.  If the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing loans similar to the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan.  The Trustee shall act in a commercially reasonable manner in making such determination.  If the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination.  The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable, from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person.  If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Servicing Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person.

 

(e)        (i)  Notwithstanding anything in this Section 3.16 to the contrary, with respect to each Serviced AB Whole Loan, pursuant to the terms of the related Intercreditor Agreement, the related Subordinate Companion Holder will have the right to purchase the related 

 

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Mortgage Loan or related REO Property, as applicable.  Such right of such Subordinate Companion Holder shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related Intercreditor Agreement.  If the related Mortgage Loan or related REO Property is purchased by such Subordinate Companion Holder, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related AB Subordinate Companion Loan will no longer be subject to this Agreement.

 

(ii)         Notwithstanding anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase the related Mortgage Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in the related Intercreditor Agreement.

 

(f)         Unless otherwise provided in an Intercreditor Agreement the sale of any Mortgage Loan pursuant to this Section 3.16 will be on a servicing released basis.

 

(g)        In the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust pursuant to the related Intercreditor Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

 

Section 3.17    Additional Obligations of Master Servicer and Special Servicer.  (a)  The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account on each P&I Advance Date, without any right of reimbursement therefor.  The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the Companion Paying Agent for deposit in the Companion Distribution Account on each P&I Advance Date, without any right of reimbursement therefor.

 

(b)       The Master Servicer or the Special Servicer, as applicable, shall provide to each Serviced Companion Noteholder any reports or notices required to be delivered to such Serviced Companion Noteholder pursuant to the related Intercreditor Agreement.

 

(c)       Upon the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full amount of the principal portion of general collections on the Mortgage Loans deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.05(a)(v) immediately, as an accommodation may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the one month collection period ending on the then-current Determination Date, for successive one-month periods for a total period not to exceed twelve (12) months (provided that, with respect to any Mortgage Loan other than an Excluded DCH Loan, any such deferral exceeding six (6) months shall require, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Certificateholder), and any election to so defer or not to defer shall be deemed to be in accordance with the Servicing Standard.  If the Master Servicer or the Trustee makes such an election at its sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a 

 

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Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent collection period (subject, again, to the same sole option to defer; it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above prior to payment from other collections).  In connection with a potential election by the Master Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one month collection period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized to wait for principal collections on the Mortgage Loans to be received until the end of such collection period before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof); provided, however, that if, at any time the Master Servicer or the Trustee, as applicable, elects, in its sole discretion, not to refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable Advance during a one-month collection period will exceed the full amount of the principal portion of general collections on or in respect of Mortgage Loans deposited in the Collection Account for such Distribution Date, then the Master Servicer or the Trustee, as applicable, shall use its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’ notice of such determination for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), unless extraordinary circumstances make such notice impractical, which shall mean that (i) the Master Servicer or the Trustee, as the case may be, determines in its sole discretion that waiting fifteen (15) days after such a notice could jeopardize its ability to recover such Nonrecoverable Advance, (ii) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee, as the case may be, that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance or whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (i) above, or (iii) in the case of the Master Servicer, it has not timely received from the Trustee information required by the Master Servicer to determine whether to defer reimbursement for a Nonrecoverable Advance.  If any of the circumstances described in clause (i), (ii) or (iii) of the foregoing sentence apply, the Master Servicer or Trustee, as applicable, shall give the 17g-5 Information Provider a notice for posting of the anticipated reimbursement as soon as reasonably practicable.  Notwithstanding the foregoing, failure to give notice as required by the preceding or second preceding sentence shall in no way affect the Master Servicer’s or the Trustee’s election whether to refrain from obtaining such reimbursement or right to obtain such reimbursement as described in this Section 3.17(c).  Nothing herein shall give the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal collections then available in the Collection Account pursuant to Section 3.05(a)(v).  The Master Servicer or the Trustee, as the case may be, shall have no liability for any loss, liability or expenses resulting from any notice provided to the Rating Agencies contemplated by this Section 3.17(c).

 

The foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply with the conditions to making such an election under this Section 3.17(c) or to comply with the terms of this Section 3.17(c) and the other provisions of this Agreement that apply once such an election, if any, has been made; provided, however, that the fact that a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some classes of Certificateholders to the detriment of other classes shall not, with respect to the Master Servicer or the Special Servicer, as applicable, constitute a violation of the Servicing Standard and/or with respect to the Trustee (solely in its 

 

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capacity as Trustee), constitute a violation of any fiduciary duty to Certificateholders or any contractual obligation hereunder.  If the Master Servicer or the Trustee, as the case may be, determines, in its sole discretion, to fully recover the Nonrecoverable Advances immediately instead of deferring such reimbursement, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Account for such Distribution Date (deemed first from principal and then interest).  Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more collection periods shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance.  The Master Servicer’s or the Trustee’s, as the case may be, agreement to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders.  Nothing herein shall be deemed to create in the Certificateholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise) and accrued interest thereon.  In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and none of the Master Servicer, the Trustee or the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any of the Companion Holders for any such election that such party makes as contemplated by this Section 3.17(c) or for any losses, damages or other adverse economic or other effects that may arise from such an election, nor shall such election constitute a violation of the Servicing Standard or any duty under this Agreement.  Neither the Master Servicer nor the Trustee shall have any liability whatsoever for making an election, or refraining from making an election, that is authorized under this Section 3.17(c).

 

No determination by the Master Servicer (or the Trustee, as applicable) to exercise its sole option to defer the reimbursement of Advances and/or interest thereon under this section shall be construed as an agreement by the Master Servicer (or the Trustee, as applicable) to subordinate (in respect of realizing losses), to any Class of Certificates, such party’s right to such reimbursement during such period of deferral.

 

With respect to any modification or amendment of any Intercreditor Agreement related to a Serviced Whole Loan (to the extent received), the Master Servicer or the Special Servicer, as applicable, shall provide to the 17g-5 Information Provider a copy of any such modification or amendment, which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

(d)       With respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require the lender to), at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or the Special Servicer, as the case may be, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the applicable reserve account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard.  Such amount may be used, if permitted under the loan documents, to defease the loan, or may be used 

 

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to prepay the Mortgage Loan (or Serviced Whole Loan), or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

 

(e)        Within one (1) Business Day after the execution of any amendment or modification of any Intercreditor Agreement, the Master Servicer or the Special Servicer, as the case may be, shall provide to the Certificate Administrator a copy of any such modification or amendment of any Intercreditor Agreement, and such amendment or modification shall be a Reportable Event.

 

Section 3.18    Modifications, Waivers, Amendments and Consents.  (a)  The Special Servicer shall process waivers, modifications, amendments and consents with respect to Specially Serviced Loans and all such matters that involve a Major Decision for all Mortgage Loans (and any related Serviced Companion Loan) that are not Specially Serviced Loans, and the Master Servicer shall process waivers, modifications, amendments and consents with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that is not a Specially Serviced Loan and does not involve a Major Decision.  Except as set forth in Section 3.08(a), Section 3.08(b), this Section 3.18(a), Section 3.18(d), Section 3.18(h), Section 3.18(i), Section 3.18(m) and Section 6.08, but subject to any other conditions set forth thereunder and, with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or any Serviced Whole Loan (and with respect to any Serviced Whole Loan, subject to the rights of the related Companion Holder, as applicable, to advise or consult with the Special Servicer with respect to, or to consent to, a modification, waiver or amendment, in each case, pursuant to the terms of the related Intercreditor Agreement), the Special Servicer shall not modify, waive or amend the terms of a Non-Specially Serviced Loan and/or related Companion Loan that would constitute a Major Decision without (x) prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded DCH Loan, the consent (or deemed consent) of the Directing Certificateholder having been obtained by the Special Servicer to the extent required by, and pursuant to the process described under, Section 6.08(a), (y) after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, and other than with respect to any Excluded DCH Loan, the Special Servicer having consulted with the Directing Certificateholder if and to the extent required pursuant to Section 6.08(a) or (z) after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer having consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a); and provided, further, that no extension entered into pursuant to this Section 3.18(a) shall extend the Maturity Date beyond the earlier of (i) five (5) years prior to the Rated Final Distribution Date and (ii) in the case of a Mortgage Loan secured solely or primarily by a leasehold estate and not also the related fee interest, the date twenty (20) years or, to the extent consistent with the Servicing Standard giving due consideration to the remaining term of the Ground Lease, ten (10) years, prior to the expiration of such leasehold estate.  If such extension would extend the Maturity Date of such Mortgage Loan and/or related Companion Loan for more than twelve (12) months from and after the original Maturity Date of such Mortgage Loan and/or related Companion Loan and such Mortgage Loan and/or related Companion Loan is not in default or default with respect thereto is not reasonably foreseeable, prior to any such extension, the Special Servicer shall (1) provide the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and the Directing Certificateholder (other than with respect to any Excluded DCH Loan and prior to the occurrence and continuance of a Consultation Termination Event), 

 

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with an Opinion of Counsel (at the expense of the related Mortgagor to the extent permitted under the Mortgage Loan documents and, if not required or permitted to be paid by the Mortgagor, to be paid as an expense of the Trust in accordance with Section 3.11(d)) that such extension would not constitute a “significant modification” of the Mortgage Loan and/or Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (2) subject to the Servicing Standard, (x) prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded DCH Loan, obtain the consent (or deemed consent) of the Directing Certificateholder, (y) after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance of a Consultation Termination Event, and other than with respect to any Excluded DCH Loan, consult with the Directing Certificateholder, in each case pursuant to the process described in Section 6.08(a) and (z) after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer having consulted with the Operating Advisor if and to the extent required pursuant to Section 6.08(a).  Notwithstanding the foregoing, subject to the rights of the related Companion Holder to advise the Master Servicer with respect to, or consent to, such modification, waiver or amendment pursuant to the terms of the related Intercreditor Agreement, the Master Servicer, with respect to Non-Specially Serviced Loans, without the consent of the Special Servicer or the Directing Certificateholder, may modify or amend the terms of any Non-Specially Serviced Loan and/or related Serviced Companion Loan in order to (i) cure any ambiguity or mistake therein or (ii) correct or supplement any provisions therein which may be inconsistent with any other provisions therein or correct any error; provided that, if the Mortgage Loan (other than any Non-Serviced Mortgage Loan) and/or related Serviced Companion Loan is not in default or default with respect thereto is not reasonably foreseeable, such modification or amendment would not be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

Subject to Section 6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the Master Servicer nor the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for one or more other parcels of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto is not reasonably foreseeable unless (i) the Master Servicer or the Special Servicer, as the case may be, obtains Rating Agency Confirmation from each Rating Agency (and delivers such Rating Agency Confirmation to the Directing Certificateholder, if permitted by the applicable Rating Agency) and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25)) and (ii) such substitution would not be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event (and the Master Servicer or the Special Servicer, as the case may be, may obtain and rely upon an Opinion of Counsel (at the expense of the related Mortgagor if not prohibited by the terms of the related Mortgage Loan documents, and if so prohibited, at the expense of the Trust) with respect thereto).

 

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Upon receiving a request for any matter described in this Section 3.18(a) that constitutes a Major Decision with respect to a Mortgage Loan that is a Non-Specially Serviced Loan, the Master Servicer shall promptly forward such request to the Special Servicer and the Special Servicer shall process such request (including, without limitation, interfacing with the Mortgagor) and except as provided in the next sentence, the Master Servicer shall have no further obligation with respect to such request or the Major Decision.  The Master Servicer will deliver to the Special Servicer any additional information in the Master Servicer’s possession requested by the Special Servicer relating to such Major Decision.  The Master Servicer shall not be permitted to process any Major Decision and shall not be required to interface with the Mortgagor or provide a written recommendation and/or analysis with respect to any Major Decision.

 

(b)       
If the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness
or deferral of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than
any Non-Serviced Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge
of additional collateral) of the terms of a Specially Serviced Loan with respect to which a payment default or other material
default has occurred or a payment default or other material default is, in the Special Servicer’s judgment, reasonably
foreseeable (as evidenced by an Officer’s Certificate of the Special Servicer), is reasonably likely to produce a
greater (or equivalent) recovery on a net present value basis (the relevant discounting to be performed at the related
Mortgage Rate) to the Trust and, if applicable, the Companion Holders, as the holders of the related Serviced Companion Loan,
than liquidation of such Specially Serviced Loan, then the Special Servicer may agree to a modification, waiver or amendment
of such Specially Serviced Loan, subject to (w) the provisions of this Section 3.18(b)
and Section 3.18(c), (x) with respect to any such Specially Serviced Loan other than an Excluded DCH Loan,
prior to the occurrence and continuance of a Control Termination Event, the approval of the Directing Certificateholder (or
after the occurrence and during the continuance of a Control Termination Event, but prior to the occurrence and continuance
of a Consultation Termination Event, upon consultation with the Directing Certificateholder) as provided in Section 6.08,
(y) after the occurrence and during the continuance of an Operating Advisor Consultation Event, consultation with the
Operating Advisor if and to the extent required pursuant to Section 6.08(a) and (z) additionally, with respect to
a Serviced Whole Loan, the rights of the related Serviced Companion Noteholder or with respect to a Mortgage Loan (other than
any Non-Serviced Mortgage Loan) with mezzanine debt, the rights of the related mezzanine lender, to advise or consult with
the Special Servicer with respect to, or consent to, such modification, waiver or amendment, in each case, pursuant to the
terms of the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable; provided that with
respect to any Serviced AB Whole Loan, prior to the occurrence and continuance of a related AB Control Appraisal Period, the
related Serviced AB Whole Loan Controlling Holder will be required to the extent set forth in the related Intercreditor
Agreement and the Directing Certificateholder shall have no consent or consultation rights regarding the matter; provided, further,
that in the case of any release or substitution of collateral (other than a defeasance), the Special Servicer shall have
obtained an Opinion of Counsel that such release or substitution would not be a “significant modification” of the
Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC
Event. Notwithstanding anything herein to the contrary, with respect to
any Excluded DCH Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special
Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related
transactions

 

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involving proposed Major Decisions and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

In connection with (i) the release of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property), or any portion of such Mortgaged Property by exercise of the power of eminent domain or condemnation, if the related Mortgage Loan documents require the Master Servicer or the Special Servicer, as the case may be, to calculate (or to approve the calculation of the related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan, then such calculation shall, unless then permitted by the REMIC Provisions, exclude the value of personal property and going concern value, if any, as determined by an appropriate third party.

 

If, following any such release or taking, the loan-to-value ratio as calculated is greater than 125%, the Master Servicer or the Special Servicer, as the case may be, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless the related Mortgagor provides an Opinion of Counsel that if such amount is not paid, the related Mortgage Loan will not fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code.

 

The Special Servicer shall use its reasonable efforts to the extent possible to cause each Specially Serviced Loan to fully amortize prior to the Rated Final Distribution Date and shall not agree to a modification, waiver or amendment of any term of any Specially Serviced Loan if such modification, waiver or amendment would (1) extend the maturity date of any such Specially Serviced Loan to a date occurring later than the earlier of (a) five (5) years prior to the Rated Final Distribution Date and (b) if such Specially Serviced Loan is secured solely or primarily by a leasehold estate and not also the related fee interest, the date occurring twenty (20) years or, to the extent consistent with the Servicing Standard giving due consideration to the remaining term of the ground lease and, ((A) prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded DCH Loan, with the consent of the Directing Certificateholder pursuant to Section 6.08 and (B) after the occurrence and during the continuance of an Operating Advisor Consultation Event, after consulting with the Operating Advisor if and to the extent required pursuant to Section 6.08(a)) ten (10) years prior to the expiration of such leasehold estate (including any options to extend such leasehold estate exercisable unilaterally by the related Mortgagor), or (2) provide for the deferral of interest unless interest accrues on the related Mortgage Loan, or Serviced Whole Loan generally at the related Mortgage Rate.

 

(c)        Any provision of this Section 3.18 to the contrary notwithstanding, except when a Mortgage Loan and/or Companion Loan is in default or default with respect thereto is reasonably foreseeable, no fee described in this Section 3.18 shall be collected by the Master Servicer or the Special Servicer from a Mortgagor (or on behalf of the Mortgagor) in conjunction with any consent or any modification, waiver or amendment of a Mortgage Loan or Companion Loan, as applicable (unless the amount thereof is specified in the related Mortgage Note) if the

 

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collection of such fee would cause such consent, modification, waiver or amendment to be a “significant modification” of the Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(d)        To the extent consistent with this Agreement (including, without limitation, the first sentence of Section 3.18(a), and Section 6.08), the Master Servicer (as provided in Section 3.08(a), Section 3.08(b) and this Section 3.18 if such matter constitutes a Master Servicer Decision) or the Special Servicer (as provided in Section 3.08(a), Section 3.08(b) and Section 3.18(a) if any such waiver, modification or amendment constitutes a Major Decision) may, consistent with the Servicing Standard, agree to any waiver, modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in default or as to which default is not reasonably foreseeable only if the contemplated waiver, modification or amendment (i) will not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) and (ii) will not cause (x) any Trust REMIC to fail to qualify as a REMIC for purposes of the Code or (y) any Trust REMIC to be subject to any tax under the REMIC Provisions.  In making this determination, the Master Servicer or the Special Servicer may obtain and rely upon (and shall provide to the Trustee and the Certificate Administrator if obtained) an Opinion of Counsel (at the expense of the related Mortgagor or such other Person requesting such modification or, if such expense cannot be collected from the related Mortgagor or such other Person, to be paid out of the Collection Account pursuant to Section 3.05(a); provided that the Master Servicer or the Special Servicer, as the case may be, shall use its reasonable efforts to collect such fee from the Mortgagor or such other Person to the extent permitted under the related Mortgage Loan documents).  Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer may waive the payment of any Prepayment Premium or Yield Maintenance Charge or the requirement that any prepayment of a Mortgage Loan be made on a Due Date, or if not made on a Due Date, be accompanied by all interest that would be due on the next Due Date with respect to any Mortgage Loan or Serviced Companion Loan that is not a Specially Serviced Loan.

 

(e)       Subject to Section 3.18(c), the Master Servicer and the Special Servicer each may, as a
condition to its granting any request by a Mortgagor for consent, modification (including extensions), waiver or indulgence
or any other matter or thing, the granting of which is within the Master Servicer’s or the Special Servicer’s,
as the case may be, discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or
Companion Loan and is permitted by the terms of this Agreement, require that such Mortgagor pay to the Master Servicer or the
Special Servicer, as the case may be, as additional servicing compensation, a reasonable or customary fee, for the additional
services performed in connection with such request; provided that the charging of such fee is not a “significant
modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(f)      
  All modifications (including extensions), waivers and amendments of the Mortgage Loans and/or Companion Loans entered
into pursuant to this Section 3.18 shall be in writing, signed by the Master Servicer or the Special Servicer, as
the case may be, and the related Mortgagor (and by any guarantor of the related Mortgage Loan, if such
guarantor’s signature is required by the Special Servicer in accordance with the Servicing Standard).

 

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(g)        With respect to any modification, waiver, amendment or consent for which it is responsible for processing pursuant to Section 3.18, the Special Servicer shall notify the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor (after the occurrence and during the continuance of an Operating Advisor Consultation Event), the Directing Certificateholder (other than (i) following the occurrence and continuance of a Consultation Termination Event and (ii) with respect to any Excluded DCH Loan), the applicable Companion Holder (unless, with respect to a Subordinate Companion Holder, an AB Control Appraisal Period has occurred, if applicable), the related Mortgage Loan Seller (if such Mortgage Loan Seller is not the Master Servicer or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder) and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) in writing of any modification, waiver, amendment or consent (in each case, after it is finalized and executed) of any term of any Mortgage Loan or Companion Loan that is modified, waived or amended and the date thereof.  With respect to any modification, waiver, amendment or consent (in each case, after it is finalized and executed) for which it is responsible for processing pursuant to this Section 3.18, the Master Servicer shall provide written notice of any such modification, waiver, amendment or consent to the Trustee, the Certificate Administrator, the Special Servicer (and, unless a Consultation Termination Event has occurred and is continuing, the Directing Certificateholder (other than with respect to an Excluded DCH Loan)), the applicable Companion Holder (unless, with respect to a Subordinate Companion Holder, an AB Control Appraisal Period has occurred, if applicable) and the related Mortgage Loan Seller (so long as such Mortgage Loan Seller is not the Master Servicer or Sub-Servicer of such Mortgage Loan or the Directing Certificateholder) and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)).  The party responsible for delivering notice shall deliver to the Custodian with a copy to the Master Servicer (if such notice is being delivered by the Special Servicer) for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, amendment or consent, promptly (and in any event within ten (10) Business Days) following the execution thereof, with a copy to the applicable Companion Holder, if any.  Following receipt of the Master Servicer’s or the Special Servicer’s, as the case may be, delivery of the aforesaid modification, waiver, amendment or consent to the Certificate Administrator, the Certificate Administrator shall forward a copy thereof to each Holder of a Certificate (other than the Class R or Class V Certificates).  With respect to the processing of any modification, waiver or consent related to any Mortgagor incurring additional debt or mezzanine debt, the Special Servicer (if the Special Servicer processes such modification, waiver or consent pursuant to Section 3.18(a)) or the Master Servicer (if the Master Servicer processes such modification, waiver or consent pursuant to Section 3.18(m)) shall, on or before the later of (i) 3:00 p.m. on the related P&I Advance Date and (ii) five (5) Business Days immediately following the Master Servicer or the Special Servicer, as the case may be, obtaining actual knowledge of the incurrence of such additional debt or mezzanine debt, deliver notice of the Mortgagor’s incurrence of such debt, substantially in the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com and an Additional Disclosure Notification in the form attached hereto as Exhibit EE.  The notice contemplated in the preceding sentence shall set forth, to the extent the Special Servicer or the Master Servicer, as the case may be, has the requisite information or can reasonably obtain such information, (1) the amount of additional debt that was incurred in the related Collection Period, (2) the total debt service coverage ratio calculated on the basis of such Mortgage Loan and additional debt, and (3) the aggregate LTV Ratio calculated on

 

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the basis of such Mortgage Loan and additional debt.  In the event that either (i) the CREFC® Investor Reporting Package is amended to include such information set forth above, in a manner reasonably acceptable to the Master Servicer, the Special Servicer and the Certificate Administrator, as applicable, and the Master Servicer confirms with the Certificate Administrator that such amended CREFC® Investor Reporting Package enables the Certificate Administrator to include such information on Form 10-D in a manner reasonably acceptable to the Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act, the additional report in the form of Exhibit KK shall no longer be required hereunder.  From time to time, the Master Servicer, the Special Servicer and the Certificate Administrator may agree on a different delivery time and format for the information set forth in this paragraph.

 

(h)        Subject to the consent rights and process set forth in Section 6.08 with respect to Major Decisions, the Master Servicer shall process all defeasances of Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced Companion Loans in accordance with the terms of the related Mortgage Loan documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such defeasance fee shall not include any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement).  Notwithstanding the foregoing, the Master Servicer shall not permit (or, with regard to any Non-Serviced Mortgage Loan, take any act in furtherance of) the substitution of any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Master Servicer has received (i) replacement collateral consisting of government securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the requirements of the applicable Mortgage Loan documents, in an amount sufficient to make all scheduled payments under the related Mortgage Loan (or defeased portion thereof) when due, (ii) a certificate of an Independent certified public accountant to the effect that such substituted property will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Mortgage Loan documents and, if applicable, Companion Loan documents, (iii) one or more Opinions of Counsel (at the expense of the related Mortgagor) to the effect that the Trustee, on behalf of the Trust, will have a first priority perfected security interest in such substituted Mortgaged Property; provided, however, that, to the extent consistent with the related Mortgage Loan documents and, if applicable, Companion Loan documents, the related Mortgagor shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to the extent consistent with the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Mortgagor shall establish a single purpose entity to act as a successor mortgagor, if so required by the Rating Agencies, (v) to the extent permissible under the related Mortgage Loan documents and, if applicable, Companion Loan documents, the Master Servicer shall use its reasonable efforts to require the related Mortgagor to pay all costs of such defeasance, including but not limited to the cost of maintaining any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan documents and, if applicable, Companion Loan documents, the Master Servicer shall obtain, at the expense of the related Mortgagor, Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered

 

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satisfied with respect to the Certificates pursuant to Section 3.25); provided, further, however, that no such confirmation from any Rating Agency shall be required to the extent that the Master Servicer has delivered a defeasance certificate substantially in the form of Exhibit U hereto for any Mortgage Loan that (together with any Mortgage Loans cross-collateralized with such Mortgage Loans) is:  (i) a Mortgage Loan with a Cut-off Date Balance less than $35,000,000, (ii) a Mortgage Loan that represents less than 5% of the aggregate Cut-off Date Balance of all Mortgage Loans, and (iii) a Mortgage Loan that is not one of the ten largest Mortgage Loans by Stated Principal Balance.  Notwithstanding the foregoing, in the event that requiring the Mortgagor to pay for the items specified in clauses (ii), (iv) and (v) in the preceding sentence would be inconsistent with the related Mortgage Loan documents, such reasonable costs shall be paid by the related Mortgage Loan Seller as and to the extent set forth in the applicable Mortgage Loan Purchase Agreement.

 

(i)     
   Notwithstanding anything herein or in the related Mortgage Loan documents and, if applicable, Companion Loan
documents, to the contrary, the Master Servicer may permit the substitution of “government securities,” within
the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply with Treasury Regulations
Section 1.860G-2(a)(8)(ii) for any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or a
Serviced Whole Loan, as applicable (or any portion thereof), in lieu of the defeasance collateral specified in the related
Mortgage Loan documents or Serviced Whole Loan documents, as applicable; provided that such substitution is consistent
with the Servicing Standard and the Master Servicer reasonably determines that allowing their use would not cause a default
or event of default to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense
of the Mortgagor to the extent permitted under the Mortgage Loan documents and, if applicable or Companion Loan documents or
otherwise as a Trust Fund expense) to the effect that such use would not be and would not constitute a “significant
modification” of such Mortgage Loan or Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and
would not otherwise constitute an Adverse REMIC Event with respect to any Trust REMIC; and provided, further,
that the requirements set forth in Section 3.18(h) (including receipt of any Rating Agency Confirmation) are
satisfied; and provided, further, that such securities are backed by the full faith and credit of the United
States government, or the Master Servicer shall obtain Rating Agency Confirmation from each Rating Agency and a confirmation
of any applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates pursuant to Section 3.25).

 

Notwithstanding the foregoing, with respect to the Mortgage Loans identified as Mortgage Loan Numbers 2, 4, 5, 6, 8, 9, 11, 13, 14, 15, 17, 18, 19, 20, 21, 23, 26, 27, 28, 31, 34, 35,  36, 37, 39, 42, 43 and 44 on the Mortgage Loan Schedule for which Argentic, BSPRT, UBS AG, Wells Fargo Bank, National Association or Rialto is the applicable Mortgage Loan Seller and that are subject to defeasance, the related Mortgage Loan Seller has transferred to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate the successor borrower and/or to purchase or cause to be purchased the related defeasance collateral (any such right or obligation, the “Retained Defeasance Rights and Obligations”).  In the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan for which Argentic, BSPRT, UBS AG, Wells Fargo Bank, National Association or Rialto is the related 

 

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Mortgage Loan Seller, which such Mortgage Loan provides for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to Argentic, BSPRT, UBS AG, Wells Fargo Bank, National Association or Rialto, as applicable.  Until such time as the related Mortgage Loan Seller provides the Master Servicer with written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which Argentic, BSPRT, UBS AG, Wells Fargo Bank, National Association or Rialto is the related Mortgage Loan Seller shall be delivered to the related Mortgage Loan Seller.  With respect to any such Mortgage Loan that is subject to defeasance, if the successor borrower is not designated or formed by the related Mortgage Loan Seller or any Affiliate or successor thereto, the successor borrower shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.

 

(j)         If required under the related Mortgage Loan or Companion Loan documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain one or more accounts (the “Defeasance Accounts”), which shall be Eligible Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage Loan or Companion Loan documents.  Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the Master Servicer in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii).  To the extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property into the Collection Account and treat any such payments as payments made on the Mortgage Loan or Companion Loan in advance of its Due Date in accordance with clause (a)(i) of the definition of “Available Funds” and not as a prepayment of the related Mortgage Loan or Companion Loan.  Notwithstanding anything herein to the contrary, in no event shall the Master Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days (or 366 days in the case of a leap year).

 

(k)        
Notwithstanding anything to the contrary in this Agreement, neither the Master Servicer nor the Special Servicer, as the case
may be, shall, unless it has received Rating Agency Confirmation from each Rating Agency and a confirmation of any applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any class of Serviced Companion Loan Securities (if any) (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25) (the cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related
loan documents and otherwise paid out of general collections) grant or accept any consent, approval or direction regarding the
termination of the related property manager or the designation of any replacement property manager, with respect to any Mortgaged
Property that secures a Mortgage Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or
(ii) has an unpaid principal balance that is at least equal to five percent (5%) of the then-aggregate principal balance
of all Mortgage Loans or $35,000,000.

 

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(l)         Notwithstanding anything to the contrary in this Agreement, in connection with any modification, waiver, consent or amendment in connection with any release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral, the Special Servicer shall not approve any such modification, waiver or amendment or consent thereto without first having received a copy of an Opinion of Counsel addressed to the Special Servicer and the Master Servicer that such modification, waiver, consent or amendment will not cause an Adverse REMIC Event to the extent the Special Servicer determines in its reasonable good faith business judgment consistent with the Servicing Standard that such Opinion of Counsel is reasonably necessary.

 

(m)       Notwithstanding any other provisions of this Section 3.18 or Section 3.08, but subject to any related Intercreditor Agreement, the Master Servicer may, without any Directing Certificateholder approval or consent (except as otherwise provided below in the definition of Master Servicer Decision) or the Special Servicer’s approval or consent, take any of the following actions with respect to Mortgage Loans that are not Specially Serviced Loans and any related Serviced Companion Loan (each such action, a “Master Servicer Decision”):  (i) grant waivers of non-material covenant defaults (other than financial covenants), including late (but not waived) financial statements except that (other than with respect to any Excluded DCH Loan, and prior to the occurrence and continuance of a Control Termination Event) the Directing Certificateholder’s consent (or deemed consent) shall be required to grant waivers of more than three consecutive late deliveries of financial statements; (ii) consents to releases of non-material, non-income producing parcels of a Mortgaged Property that do not materially affect the use or value of the related Mortgaged Property or the ability of the related Mortgagor to pay amounts due in respect of the Mortgage Loan as and when due, provided such releases are required by the related Mortgage Loan documents; (iii) approve or consent to grants of easements or rights of way (including, without limitation for utilities, access, parking, public improvements or another purpose) or subordination of the lien of the Mortgage Loan to easements, except that, prior to the occurrence and continuance of any Control Termination Event and other than in the case of any Excluded DCH Loan, the Directing Certificateholder’s consent (or deemed consent) shall be required to approve or consent to grants of easements or rights of way that materially affect the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments with respect to the related Mortgage Loan or any related Companion Loan; (iv) grant other routine approvals, including granting of subordination, non-disturbance and attornment agreements and consents involving leasing activities (other than for ground leases) (provided that, prior to the occurrence and continuance of a Control Termination Event and other than in the case of any Excluded DCH Loan, the Directing Certificateholder’s consent (or deemed consent) shall be required for leasing activities that affect an area greater than or equal to 30% of the net rentable area of the improvements at the Mortgaged Property), including approval of new leases and amendments to current leases; (v) consent to actions and releases related to condemnation of parcels of a Mortgaged Property (provided that, prior to the occurrence and continuance of a Control Termination Event and other than in the case of any Excluded DCH Loan, the Directing Certificateholder’s consent (or deemed consent) shall be required in connection with any condemnation with respect to a material parcel or a material income producing parcel or any condemnation that materially affects the use or value of the related Mortgaged Property or the ability of the related Mortgagor to pay amounts due in respect of the related Mortgage Loan or Companion Loan when due); (vi) consent to a change in property management relating to any Mortgage Loan or any related Companion Loan if the replacement property manager is not a 

 

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Borrower Party (provided that, prior to the occurrence and continuance of any Control Termination Event and other than in the case of any Excluded DCH Loan, the Directing Certificateholder’s consent (or deemed consent) shall be required for any Mortgage Loan (including any related Companion Loans) that has an outstanding principal balance equal to or greater than $10,000,000); (vii) approve annual operating budgets for Mortgage Loans; (viii) consent to any releases or reductions of or withdrawals from (as applicable) any letters of credit, escrow funds, reserve funds or other additional collateral with respect to any Mortgage Loan, except that (other than with respect to any Excluded DCH Loan and prior to the occurrence and continuance of a Control Termination Event) the Directing Certificateholder’s consent (or deemed consent) shall be required for earnout, holdback or performance reserve releases specifically scheduled on Schedule 3 to this Agreement for which there is lender discretion; (ix) grant any extension or enter into any forbearance with respect to the anticipated refinancing of a Mortgage Loan or sale of a Mortgaged Property after the related Maturity Date of such Mortgage Loan so long as (A) such extension or forbearance does not extend beyond 120 days after the related Maturity Date and (B) the related Mortgagor has delivered documentation (and the Master Servicer shall promptly forward such documentation to the Directing Certificateholder) reasonably satisfactory in form and substance to the Master Servicer, which provides that a refinancing of such Mortgage Loan or sale of the related Mortgaged Property will occur within 120 days after the date on which such Balloon Payment will become due; (x) any modification, amendment, consent to a modification or waiver of any term of any Intercreditor Agreement, except that (other than with respect to any Excluded DCH Loan and other than with respect to amendments to split or resize notes consistent with the terms of such Intercreditor Agreement) the Directing Certificateholder’s consent (or deemed consent) shall be required for any such modification, amendment, consent to a modification or waiver of any term of any Intercreditor Agreement other than during a Control Termination Event, and if any modification or amendment would adversely impact the Special Servicer, such modification or amendment will additionally require the consent of the Special Servicer as a condition to its effectiveness; (xi) any determination of an Acceptable Insurance Default, except that, prior to the occurrence and continuance of any Control Termination Event and other than in the case of any Excluded DCH Loan, the Directing Certificateholder’s consent (or deemed consent) shall be required in accordance with the terms of this Agreement for any such determination; (xii) approve or consent to any defeasance of the related Mortgage Loan or Serviced Companion Loan other than agreeing to (A) a modification of the type of defeasance collateral required under the Mortgage Loan or Serviced Whole Loan documents other than direct, non-callable obligations of the United States would be permitted or (B) a modification that would permit a principal prepayment instead of defeasance if the Mortgage Loan or Serviced Whole Loan documents do not otherwise permit such principal prepayment; (xiii) any assumption of the Mortgage Loan or transfer of the Mortgaged Property, in each case, that the loan documents allow without the consent of the mortgagee but subject to satisfaction of conditions specified in the loan documents where no mortgagee discretion is necessary in order to determine if such conditions are satisfied; and (xiv) grant or agree to any other waiver, modification, amendment and/or consent that does not constitute a Major Decision; provided that (w) any such action would not in any way affect a payment term of the Certificates, (x) any such action would not constitute a “significant modification” of such Mortgage Loan or Companion Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause either Trust REMIC to fail to qualify as a REMIC for federal income tax purposes (as evidenced by an Opinion of Counsel (at the expense of the Trust to the extent not reimbursed or paid by the related Mortgagor), to the extent requesting 

 

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such opinion is consistent with the Servicing Standard), (y) agreeing to such action would be consistent with the Servicing Standard, and (z) agreeing to such action would not violate the terms, provisions or limitations of this Agreement or any Intercreditor Agreement; provided, further, that, in the case of any Master Servicer Decision that requires the consent of the Directing Certificateholder, such consent shall be deemed given if a response to the request for consent is not provided within 10 Business Days after receipt of the Master Servicer’s written recommendation and analysis and all information reasonably requested by the Directing Certificateholder, and reasonably available to the Master Servicer, in order to grant or withhold such consent; provided, further, that in the case of any Master Servicer Decision that requires the consent of the Directing Certificateholder, after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder shall be entitled to consult with the Master Servicer on a non-binding basis (provided that if the Directing Certificateholder fails to respond to a request for consultation within 10 Business Days after receipt of such request for consultation (together with all information reasonably requested by the Directing Certificateholder, and reasonably available to the Master Servicer, in order to so consult) from the Master Servicer, the Master Servicer shall have no further obligation to consult with the Directing Certificateholder with respect to such Master Servicer Decision, provided, however, that the failure of the Directing Certificateholder to respond will not relieve the Master Servicer from its obligation to consult with the Directing Certificateholder on any future matters).  The foregoing is intended to be an itemization of actions the Master Servicer may take without having to obtain the approval of any other party and is not intended to limit the responsibilities of the Master Servicer hereunder.

 

(n)       Neither the Master Servicer nor the Special Servicer shall modify any Mortgage Loan into an AB Modified Loan unless the documents evidencing such modification provide that all payments on the junior or “B” portion of such AB Modified Loan (including interest, principal and other amounts) shall only be payable after the point in time at which all interest and principal on the senior or “A” portion of such AB Modified Loan shall have been paid in full and such senior or “A” portion shall no longer be outstanding; provided, however, that interest and other amounts in respect of such junior or “B” portion may accrue prior to such point in time.

 

Section 3.19    Transfer of Servicing Between the Master Servicer and the Special Servicer; Recordkeeping; Asset Status Report.  (a)  Upon determining that a Servicing Transfer Event has occurred with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loan, the Master Servicer or the Special Servicer, as the case may be, shall promptly give notice to the Master Servicer or the Special Servicer, as the case may be, the Operating Advisor and ((i) prior to the occurrence and continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded DCH Loan) the Directing Certificateholder thereof, and the Master Servicer shall deliver the related Mortgage File and Servicing File to the Special Servicer and concurrently provide a copy of such Servicing File, exclusive of all Privileged Communications, to the Operating Advisor.  The Master Servicer shall use its reasonable efforts to provide the Special Servicer with all documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such Mortgage Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s possession or otherwise available to the Master Servicer without undue burden or expense, and reasonably requested by the Special Servicer to enable it to assume its functions 

 

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hereunder with respect thereto.  The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each related Servicing Transfer Event (or, in the case of clauses (viii) or (ix) of the definition of “Servicing Transfer Event”, within five (5) Business Days of receiving notice from the Special Servicer of such Servicing Transfer Event when the Special Servicer makes the determination) and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan and, if applicable, the related Serviced Companion Loan until the Special Servicer has commenced the servicing of such Mortgage Loan and, if applicable, the related Serviced Companion Loan.  The Master Servicer shall deliver to the Trustee, the Certificate Administrator, the Operating Advisor, and ((i) prior to the occurrence and continuance of a Consultation Termination Event or (ii) other than with respect to any Excluded DCH Loan) the Directing Certificateholder, a copy of the notice of such Servicing Transfer Event provided by the Master Servicer to the Special Servicer, or by the Special Servicer to the Master Servicer, pursuant to this Section 3.19.  Prior to the occurrence and continuance of a Consultation Termination Event, the Certificate Administrator shall deliver to each Controlling Class Certificateholder a copy of the notice of such Servicing Transfer Event provided by the Master Servicer pursuant to this Section 3.19.

 

Upon determining that a Specially Serviced Loan (other than an REO Loan) has become current and has remained current for three consecutive Periodic Payments (provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable judgment of the Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage Loan and, if applicable, the related Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto, the Special Servicer shall immediately give notice thereof to the Master Servicer, the Operating Advisor, the related Serviced Companion Noteholder (unless with respect to an AB Subordinate Companion Loan an AB Control Appraisal Period has occurred) and ((i) prior to the occurrence and continuance of a Consultation Termination Event and (ii) other than with respect to any Excluded DCH Loan) the Directing Certificateholder and shall return the related Mortgage File and Servicing File to the Master Servicer (or copies thereof if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Servicing File to the Master Servicer, the Special Servicer’s obligation to service such Corrected Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan and, if applicable, the related Companion Loan shall recommence.

 

(b)        In servicing any Specially Serviced Loans and Serviced Companion Loans, the Special Servicer will provide to the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File to the extent within its possession (with a copy of each such original to the Master Servicer), and provide the Master Servicer with copies of any additional related Mortgage Loan or Serviced Companion Loan information including correspondence with the related Mortgagor.

 

(c)        Notwithstanding the provisions of Section 3.12(c), the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced Mortgage Loan) and shall provide the Special Servicer with any information in its possession with respect to such records to enable the Special Servicer to perform its duties under this Agreement; provided that 

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this statement shall not be construed to require the Master Servicer to produce any additional reports.

 

(d)       No later than sixty (60) days after a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and, if applicable, the related Companion Loan (the “Initial Delivery Date”), the Special Servicer shall deliver in electronic format a report (the “Asset Status Report”) with respect to such Mortgage Loan and related Companion Loan, if applicable, and the related Mortgaged Property to the Master Servicer, the Directing Certificateholder (but only in respect of any Mortgage Loan other than (A) any Excluded DCH Loan or (B) any Serviced AB Whole Loan prior to the occurrence of an AB Control Appraisal Period, and in any event prior to the occurrence and continuance of a Consultation Termination Event), the Operating Advisor (but, other than with respect to an Excluded DCH Loan, only after the occurrence and during the continuance of an Operating Advisor Consultation Event) and the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) and, with respect to any related Serviced Companion Loan, to the related Companion Holder or, to the extent the related Serviced Companion Loan has been included in an Other Securitization, to the master servicer of such Other Securitization into which the related Serviced Companion Loan has been sold; the Special Servicer shall also deliver a summary of each Final Asset Status Report to the Certificate Administrator and the Certificate Administrator shall post the summary of the Final Asset Status Report to the Certificate Administrator’s Website.  Subsequent to the issuance of a Final Asset Status Report to the extent that during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial Final Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with the Servicing Standard, the Special Servicer shall prepare one or more additional Asset Status Reports with respect to such Specially Serviced Loan (each such report a “Subsequent Asset Status Report”).  For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available to any Certificateholders on its website.  None of the parties to this Agreement shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator.  Further, the Certificate Administrator shall not request any Asset Status Report or Final Asset Status Report from the Master Servicer.  Such Asset Status Report shall set forth the following information to the extent reasonably determinable based on the information that was delivered to the Special Servicer in connection with the transfer of servicing pursuant to the Servicing Transfer Event:

 

(i)         a summary of the status of such Specially Serviced Loan and any negotiations with the related Mortgagor;

 

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

 

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

 

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(iv)       (A) the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for regular servicing or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)        the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)       a description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights lease, if applicable) or franchise agreement;

 

(vii)      the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)     an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation and all related assumptions;

 

(ix)        the appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an explanation of those adjustments; and

 

(x)         such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

If within ten (10) Business Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset Status Report in writing or if the Special Servicer makes a determination, in accordance with the Servicing Standard that the disapproval by the Directing Certificateholder (communicated to the Special Servicer within ten (10) Business Days) is not in the best interest of all the Certificateholders and the holder of any related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of any Companion Loan), the Special Servicer shall implement the recommended action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action that is contrary to applicable law, the Servicing Standard or the terms of the applicable Mortgage Loan documents.  If, with respect to any Mortgage Loan other than an Excluded DCH Loan, prior to the occurrence and continuance of any Control Termination Event, the Directing Certificateholder disapproves such Asset Status Report within ten (10) Business Days of receipt and the Special Servicer has not made the affirmative determination described above, the Special 

 

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Servicer shall revise such Asset Status Report and deliver a new Asset Status Report as soon as practicable, but in no event later than thirty (30) days after such disapproval, to the Master Servicer, the Directing Certificateholder (prior to the occurrence and continuance of a Consultation Termination Event and, in the case of a Serviced AB Whole Loan, only prior to the occurrence and during the continuance of a Consultation Termination Event and during an AB Control Appraisal Period with respect to the related AB Subordinate Companion Loan), the Operating Advisor (but only after the occurrence and during the continuance of an Operating Advisor Consultation Event) and the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)).  With respect to any Mortgage Loan other than an Excluded DCH Loan, prior to the occurrence and continuance of any Control Termination Event, the Special Servicer shall revise such Asset Status Report as described above in this Section 3.19(d) until the Directing Certificateholder shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination, in accordance with the Servicing Standard, that the disapproval is not in the best interests of the Certificateholders and the holder of any related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of any Companion Loan); provided that, if the Directing Certificateholder has not approved the Asset Status Report for a period of sixty (60) Business Days following the first submission of an Asset Status Report, the Special Servicer shall follow the direction of the Directing Certificateholder provided, such direction would be consistent with the Servicing Standard; provided, however, that if the Directing Certificateholder’s direction would cause the Special Servicer to violate the Servicing Standard, the Special Servicer may act upon the most recently submitted form of Asset Status Report; and provided, however, that such Asset Status Report does not, and is not intended to be, a substitute for the approvals that are specifically required pursuant to Section 6.08.  The procedures described in this paragraph are collectively referred to herein as the “Directing Certificateholder Approval Process”.  Prior to the occurrence of an Operating Advisor Consultation Event, the Special Servicer shall deliver each Final Asset Status Report to the Operating Advisor following the conclusion of the Directing Certificateholder Approval Process.

 

The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report; provided that such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.19(d).  Notwithstanding anything herein to the contrary, with respect to any Excluded DCH Loan (regardless of whether a Control Termination Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with an Asset Status Report for an Excluded DCH Loan which includes a Major Decision and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

No direction or disapproval of the Directing Certificateholder hereunder or under a related Intercreditor Agreement or failure of the Directing Certificateholder to consent to or approve (including any deemed consents or approvals) any request of the Special Servicer, shall (a) require or cause the Special Servicer to violate the terms of a Specially Serviced Loan, applicable law or any provision of this Agreement, including the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a

 

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“prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Mortgage Loan Sellers, the Trust, the Trustee, the Certificate Administrator or their respective officers, directors, members, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, the Trustee’s or the Master Servicer’s responsibilities under this Agreement.

 

If an Operating Advisor Consultation Event has occurred and is continuing, the Special Servicer shall promptly deliver each Asset Status Report prepared in connection with a Specially Serviced Loan to the Operating Advisor (and if no Consultation Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded DCH Loan, the Directing Certificateholder).  Prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor’s review of a Final Asset Status Report shall only provide background information to support the Operating Advisor’s duties concerning the Special Servicer’s compliance with the Servicing Standard, and the Operating Advisor shall not provide comments to the Special Servicer in respect of such Final Asset Status Report.  After the occurrence and during the continuance of an Operating Advisor Consultation Event, the Operating Advisor shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within ten (10) Business Days following the later of (i) receipt of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor related thereto, and propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that are holders of the Control Eligible Certificates), as a collective whole.  The Special Servicer shall consider such alternative courses of action and any other feedback provided by the Operating Advisor (and if no Consultation Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded DCH Loan, the Directing Certificateholder) in connection with the Special Servicer’s preparation of any Asset Status Report.  The Special Servicer may revise the Asset Status Report as it deems necessary to take into account any input and/or comments from the Operating Advisor (and if no Consultation Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded DCH Loan, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or Directing Certificateholder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest of the Certificateholders as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of such Companion Loan)).

 

Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments from the Operating Advisor or the Directing Certificateholder, the Special Servicer shall revise the Asset Status Report, if applicable (but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing Certificateholder), and deliver to the Operating Advisor and the Directing Certificateholder the revised Asset Status Report (until a Final Asset Status Report is issued).  The procedures described in this and the immediately preceding paragraph are collectively referred to as the “ASR Consultation Process”.

 

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After the occurrence and during the continuance of a Control Termination Event (and at any time with respect to any Excluded DCH Loan), the Directing Certificateholder shall have no right to consent to any Asset Status Report under this Section 3.19.  After the occurrence and during the continuance of a Control Termination Event but prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder (except with respect to any Excluded DCH Loan) and, after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Operating Advisor, shall consult with the Special Servicer and propose alternative courses of action and provide other feedback in respect of any Asset Status Report.  After the occurrence and continuance of a Consultation Termination Event (and at any time with respect to any Excluded DCH Loan), the Directing Certificateholder (other than in its capacity as a Certificateholder) shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports and the Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status Report as described above.  The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing Certificateholder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing Certificateholder.

 

Notwithstanding the foregoing, prior to the occurrence and continuance of an AB Control Appraisal Period with respect to an AB Subordinate Companion Loan, the Special Servicer shall prepare an Asset Status Report for any Serviced AB Whole Loan, upon it becoming a Specially Serviced Loan pursuant to this Agreement and the related Intercreditor Agreement, but the Directing Certificateholder will have no approval rights over any such Asset Status Report, and the consent or approval rights with respect to such Asset Status Report shall be as set forth in the related Intercreditor Agreement.

 

(e)        (i) Upon receiving notice of the occurrence of the events described in clause (iv) or (ix) of the definition of Servicing Transfer Event (without regard to the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall with reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the Special Servicer with all information relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special Servicer to enable it to negotiate with the related Mortgagor.  The Master Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence of each such event.

 

(ii)        After the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event described in clause (iv) or (ix) of the definition of Servicing Transfer Event (without regard to the 60-day or 30-day period, respectively, set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor at the same time such notice is provided to the Special Servicer pursuant to clause (i) above.

 

(f)        Prior to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following the establishment of a Final Asset Status Report with respect to any Specially Serviced Loan (other than any Excluded DCH Loan), the Special Servicer shall deliver in electronic format to the Directing Certificateholder a draft notice that will include

 

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a draft summary of the Final Asset Status Report (which briefly summarizes such Final Asset Status Report, but shall not include any Privileged Information) (and shall deliver each Asset Status Report with respect to a Serviced AB Mortgage Loan prior to the occurrence and continuance of an AB Control Appraisal Period (to the extent approved by the related Serviced AB Whole Loan Controlling Holder), to the Directing Certificateholder).  With respect to any Mortgage Loan other than an Excluded DCH Loan, if, prior to the occurrence and continuance of a Control Termination Event, within five (5) Business Days of receipt of such draft summary, the Directing Certificateholder approves of, or does not disapprove of such draft summary, then the Special Servicer shall deliver in electronic format such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b).  If the Directing Certificateholder affirmatively disapproves of such summary in writing, then within two (2) Business Days of receipt of such disapproval, the Special Servicer shall revise the summary and deliver such new summary to the Directing Certificateholder until the Directing Certificateholder approves such draft summary; provided, however, that if the Directing Certificateholder has not approved of the draft summary of the Final Asset Status Report within twenty (20) Business Days of receipt of the initial draft summary of the Final Asset Status Report, then the most recent draft summary of the Final Asset Status Report delivered by the Special Servicer prior to such 20th Business Day shall be deemed to be the final summary of the Final Asset Status Report; provided, further, however, that if at any time the Special Servicer determines that any affirmative disapproval of such draft summary by the Directing Certificateholder is not in the best interest of all the Certificateholders and the holder of any related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of any Companion Loan), pursuant to the Servicing Standard, the Special Servicer shall deliver in electronic format such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b) notwithstanding such disapproval.  The Special Servicer shall promptly deliver (but in any event no later than two (2) Business Days following its completion) a copy of each Final Asset Status Report to the Operating Advisor.  The Special Servicer shall prepare a summary of any Final Asset Status Report related to any Serviced AB Whole Loan which is not subject to an AB Control Appraisal Period, which Final Asset Status Report has been approved or deemed approved by the holder of the Serviced AB Whole Loan Controlling Holder in accordance with the related Intercreditor Agreement (to the extent such Intercreditor Agreement requires such approval or deemed approval), and deliver in electronic format notice of such Final Asset Status Report and the summary of such Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b).

 

(g)        No provision of this Section 3.19 shall require the Special Servicer to take or to refrain from taking any action because of any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section 3.20    Sub-Servicing Agreements.  (a)  The Master Servicer and the Special Servicer may enter into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its respective obligations hereunder; provided that the Sub-Servicing Agreement as amended or modified:  (i) is consistent with this Agreement in all material respects and requires the Sub-Servicer to comply with all of the applicable conditions of this Agreement; (ii) provides that if the Master Servicer or the Special Servicer, as the case may be, shall for any reason no longer act in such capacity hereunder (including, without limitation, by reason of a 

 

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Servicer Termination Event), the Trustee or its designee shall thereupon assume all of the rights and, except to the extent they arose prior to the date of assumption, obligations of such party under such agreement, or, alternatively, may act in accordance with Section 7.02 under the circumstances described therein (subject to Section 3.20(g)); (iii) provides that the Trustee (for the benefit of the Certificateholders and the related Companion Holder (if applicable) and the Trustee (as holder of the Lower-Tier Regular Interests) shall be a third party beneficiary under such Sub-Servicing Agreement, but that (except to the extent the Trustee or its designee assumes the obligations of such party thereunder as contemplated by the immediately preceding clause (ii)) none of the Trust, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Master Servicer or Special Servicer, as applicable (other than the Master Servicer or Special Servicer that enters into such Sub-Servicing Agreement), any successor master servicer or successor special servicer or any Certificateholder (or the related Companion Holder, if applicable) shall have any duties under such Sub-Servicing Agreement or any liabilities arising therefrom; (iv) permits any purchaser of a Mortgage Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement with respect to such purchased Mortgage Loan at its option and without penalty; provided, however, that the Initial Sub-Servicing Agreements may only be terminated by the Trustee or its designees as contemplated by Section 3.20(g) and in such additional manner and by such other Persons as is provided in such Sub-Servicing Agreement; (v) does not permit the Sub-Servicer any direct rights of indemnification that may be satisfied out of assets of the Trust except through the Master Servicer or the Special Servicer, as the case may be, if and only to the extent provided pursuant to Section 6.04; (vi) does not permit the Sub-Servicer to modify any Mortgage Loan unless and to the extent the Master Servicer or the Special Servicer, as the case may be, is permitted hereunder to modify such Mortgage Loan; (vii) does not permit the Sub-Servicer to take any action constituting a Major Decision without the consent of the Master Servicer or the Special Servicer, as applicable (which consent shall not be granted except in accordance with Section 6.08); (viii) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party; (ix) provides that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement and such Sub-Servicing Agreement shall be terminated (following the expiration of any applicable grace period) if the Sub-Servicer fails (A) to deliver by the due date any Exchange Act reporting items required to be delivered to the Master Servicer, the Certificate Administrator or the Depositor under Article XI or under the Sub-Servicing Agreement or to the master servicer under any other pooling and servicing agreement that the Depositor is a party to, or (B) to perform in any material respect any of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining or delivering any Exchange Act reporting items required for any party to this Agreement to perform its obligations under Article XI or under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor is a party to; and (x) provides that such Sub-Servicing Agreement shall be terminable if at any time the related Sub-Servicer (other than a Sub-Servicer retained by the Special Servicer) is a Risk Retention Affiliate of a Third Party Purchaser if such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2).  Any successor master servicer or successor special servicer, as applicable, hereunder shall, upon becoming a successor master servicer or successor special servicer, as applicable, be assigned and may assume any Sub-Servicing Agreements from the predecessor Master Servicer or Special Servicer, as the case may be (subject to Section 3.20(g)).  In addition, each Sub-Servicing Agreement entered into 

 

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by the Master Servicer may but need not provide that the obligations of the Sub-Servicer thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan becomes a Specially Serviced Loan; provided, however, that the Sub-Servicing Agreement may provide (if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) that the Sub-Servicer will continue to make all Advances and calculations and prepare all reports required under the Sub-Servicing Agreement with respect to Specially Serviced Loans and continue to collect its Primary Servicing Fees as if no Servicing Transfer Event had occurred and with respect to REO Properties (and the related REO Loans) as if no REO Acquisition had occurred and to render such incidental services with respect to such Specially Serviced Loans and REO Properties as are specifically provided for in such Sub-Servicing Agreement.  The Master Servicer or Special Servicer, as the case may be, shall deliver to the Trustee copies of all Sub-Servicing Agreements, and any amendments thereto and modifications thereof, entered into by it, in each case promptly upon its execution and delivery of such documents.  References in this Agreement to actions taken or to be taken by the Master Servicer include actions taken or to be taken by a Sub-Servicer on behalf of the Master Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer (if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) to satisfy the obligations of the Master Servicer hereunder to make Advances shall be deemed to have been advanced by the Master Servicer out of its own funds and, accordingly, in such event, such Advances shall be recoverable by such Sub-Servicer in the same manner and out of the same funds as if such Sub-Servicer were the Master Servicer, and, for so long as they are outstanding, such Advances shall accrue interest in accordance with Section 3.03(d), such interest to be allocable between the Master Servicer and such Sub-Servicer as may be provided (if at all) pursuant to the terms of the Sub-Servicing Agreement.  For purposes of this Agreement, the Master Servicer shall be deemed to have received any payment when a Sub-Servicer retained by it receives such payment.  The Master Servicer or the Special Servicer, as the case may be, shall notify the Master Servicer or the Special Servicer, as the case may be, the Trustee and the Depositor (and the Special Servicer shall notify the Operating Advisor) in writing promptly of the appointment by it of any Sub-Servicer, except that the Master Servicer need not provide such notice as to the Initial Sub-Servicing Agreements.

 

(b)        Each Sub-Servicer 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 the extent necessary to ensure the enforceability of the related Mortgage Loans or the compliance with its obligations under the Sub-Servicing Agreement and the Master Servicer’s obligations under this Agreement.

 

(c)        As part of its servicing activities hereunder, the Master Servicer and the Special Servicer for the benefit of the Trustee and the Certificateholders, shall (at no expense to the Trustee, the Certificateholders or the Trust) monitor the performance and enforce the obligations of each of its Sub-Servicers under the related Sub-Servicing Agreement, except that the Master Servicer shall be required only to use reasonable efforts to cause any Initial Sub-Servicer to comply with the requirements of Article XI.  Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as is in accordance with the Servicing Standard.  The Master Servicer or Special Servicer, as applicable, shall, subject to the terms of the related Sub-

 

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Servicing Agreement, have the right to remove a Sub-Servicer retained by it at any time it considers removal to be in the best interests of the Certificateholders.

 

(d)       In the event the Trustee or its designee becomes a successor master servicer and assumes the rights and obligations of the Master Servicer under any Sub-Servicing Agreement, the Master Servicer, at its expense, shall deliver to the assuming party all documents and records relating to such Sub-Servicing Agreement and the Mortgage Loans and, if applicable, the Companion Loans then being serviced thereunder and an accounting of amounts collected and held on behalf of it thereunder, and otherwise use reasonable efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreement to the assuming party.

 

(e)        Notwithstanding the provisions of any Sub-Servicing Agreement and this Section 3.20, except to the extent provided in Article XI with respect to the obligations of any Sub-Servicer that is an Initial Sub-Servicer, the Master Servicer shall remain obligated and responsible to the Trustee, the Special Servicer, holders of the Companion Loans serviced hereunder and the Certificateholders for the performance of its obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if it alone were servicing and administering the Mortgage Loans for which it is responsible, and the Master Servicer shall pay the fees of any Sub-Servicer thereunder as and when due from its own funds.  In no event shall the Trust bear any termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination under any Sub-Servicing Agreement.

 

(f)        The Trustee, upon the request of the Master Servicer, shall furnish to any Sub-Servicer any documents necessary or appropriate to enable such Sub-Servicer to carry out its servicing and administrative duties under any Sub-Servicing Agreement.

 

(g)       
Each Sub-Servicing Agreement shall provide that, in the event the Trustee or any other Person becomes a successor master servicer,
the Trustee or such successor master servicer shall have the right to terminate such Sub-Servicing Agreement with or without cause
and without a fee.  Notwithstanding the foregoing or any other contrary provision in this Agreement, the Trustee and any
successor master servicer shall assume each Initial Sub-Servicing Agreement and (i) the Initial Sub-Servicer’s rights
and obligations under the Initial Sub-Servicing Agreement shall expressly survive a termination of the Master Servicer’s
servicing rights under this Agreement; provided that the Initial Sub-Servicing Agreement has not been terminated in accordance
with its provisions; (ii) any successor master servicer, including, without limitation, the Trustee (if it assumes the servicing
obligations of the Master Servicer) shall be deemed to automatically assume and agree to the then-current Initial Sub-Servicing
Agreement without further action upon becoming the successor master servicer and (iii) this Agreement may not be modified
in any manner which would increase the obligations or limit the rights of the Initial Sub-Servicer hereunder and/or under the
Initial Sub-Servicing Agreement, without the prior written consent of the Initial Sub-Servicer (which consent shall not be
unreasonably withheld).

 

(h)        With respect to Mortgage Loans subject to a Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall, upon request (such request to be made reasonably in advance as appropriate to the circumstances surrounding such request) of the related Sub-Servicer, reasonably cooperate in delivering reports and information, including remittance

 

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information, and affording access to information to the related Sub-Servicer that would be required to be delivered or afforded, as the case may be, to the Master Servicer pursuant to the terms hereof.

 

(i)         Notwithstanding any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance by third parties of any or all of its obligations herein, without, with respect to any Mortgage Loan other than an Excluded DCH Loan, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Certificateholder, except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

(j)         None of the Master Servicer or any Additional Servicer shall enter into a Sub-Servicing Agreement with a Sub-Servicer that is a Risk Retention Affiliate of a Third Party Purchaser if such Sub-Servicer would be a servicer as contemplated by Item 1108(a)(2).  Notwithstanding the preceding sentence, the Master Servicer, absent actual knowledge to the contrary, may conclusively rely upon a representation of any Sub-Servicer that such Sub-Servicer is not a Risk Retention Affiliate of a Third Party Purchaser.  Notwithstanding the two preceding sentences, or anything herein to the contrary, it is acknowledged that no Initial Sub-Servicer is a Risk Retention Affiliate of a Third Party Purchaser as of the Closing Date.  If at any time the Master Servicer obtains actual knowledge that a Sub-Servicer it has entered into a Sub-Servicing Agreement with, is a servicer as contemplated by Item 1108(a)(2) and a Risk Retention Affiliate of a Third Party Purchaser, the Master Servicer shall terminate such Sub-Servicer in accordance with the related Sub-Servicing Agreement.

 

Section 3.21    Interest Reserve Account.

 

(a)        On the P&I Advance Date occurring in each February and in any January that occurs in a year that is not a leap year (in each case, unless the related Distribution Date is the final Distribution Date), the Certificate Administrator, in respect of the Actual/360 Mortgage Loans, shall deposit into the Interest Reserve Account, an amount equal to one (1) day’s interest on the Stated Principal Balance of the Actual/360 Mortgage Loans as of the Due Date occurring in the month preceding the month in which the P&I Advance Date occurs at the related Net Mortgage Rate, to the extent a full Periodic Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive February and January pursuant to clause (i), “Withheld Amounts”).

 

(b)        On each P&I Advance Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator shall withdraw, from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January (if applicable) and February, if any, and deposit such amount into the Lower-Tier REMIC Distribution Account.

 

Section 3.22    Directing Certificateholder and Operating Advisor Contact with Master Servicer and Special Servicer.  Within a reasonable time upon request from the Directing Certificateholder or the Operating Advisor, as applicable, and no more often than on a monthly basis, each of the Master Servicer and the Special Servicer shall, without charge, make a knowledgeable Servicing Officer via telephone available to verbally answer questions from (a) the Directing Certificateholder ((i) prior to the occurrence and continuance of a Consultation 

 

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Termination Event and (ii) other than with respect to any Excluded DCH Loan) and (b) upon the occurrence and during the continuance of any Operating Advisor Consultation Event, the Operating Advisor (with respect to the Special Servicer only), regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section 3.23    Controlling Class Certificateholders, Directing Certificateholder; Certain Rights and Powers of Directing Certificateholder.  (a)  Each Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator, the Special Servicer and the Operating Advisor of the transfer of any Certificate of a Controlling Class by delivering a notice to each such Person substantially in the form of Exhibit NN attached hereto, the selection of a Directing Certificateholder or the resignation or removal thereof.  The Directing Certificateholder (other than the Loan-Specific Directing Certificateholder) is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor when such Certificateholder is appointed Directing Certificateholder and when it is removed or resigns.  To the extent there is only one Controlling Class Certificateholder and it is also the Special Servicer, it shall be the Directing Certificateholder.

 

On the Closing Date, the initial Directing Certificateholder (other than the Loan-Specific Directing Certificateholder) shall execute and deliver a certification to all parties to this Agreement substantially in the form of Exhibit P-1G to this Agreement.  Upon the resignation or removal of the existing Directing Certificateholder (other than any Loan-Specific Directing Certificateholder), any successor directing certificateholder shall also deliver a certification to all parties to this Agreement substantially in the form of Exhibit P-1G to this Agreement prior to being recognized as the new Directing Certificateholder.

 

(b)        Once a Directing Certificateholder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless the Controlling Class Certificateholders entitled to appoint the Directing Certificateholder, by Certificate Balance, or such Directing Certificateholder shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Controlling Class Certificateholder, in writing, of the resignation of such Directing Certificateholder or the selection of a new Directing Certificateholder.  In the event that (i) the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee or the Operating Advisor receives written notice from a majority of the Controlling Class Certificateholders that a Directing Certificateholder is no longer designated and (ii) the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof) becomes the Directing Certificateholder pursuant to the proviso of the definition of “Directing Certificateholder”, then the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or its representative) shall provide its name and address to the Certificate Administrator and notify the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor that it is the new Directing Certificateholder; provided that the Master Servicer, 

 

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the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor shall be entitled to rely on the written notification provided by the purported Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class without independently verifying that such Controlling Class Certificateholder actually owns the largest aggregate Certificate Balance of the Controlling Class.  The foregoing provisions shall not be applicable to the Directing Certificateholder that is a Loan-Specific Directing Certificateholder.

 

(c)        Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee shall be entitled to rely on the most recent notification with respect to the identity of the Controlling Class Certificateholder and the Directing Certificateholder.

 

(d)       In the event that no Directing Certificateholder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master Servicer or the Special Servicer, as the case may be, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the new Directing Certificateholder is identified to the Master Servicer or the Special Servicer, as applicable, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Directing Certificateholder as the case may be.

 

(e)        Upon request, the Certificate Administrator shall deliver to the Depositor, Trustee, the Special Servicer, the Operating Advisor, the Master Servicer and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder, a list of each Controlling Class Certificateholder as reflected in the Certificate Register, including names and addresses.  In addition to the foregoing, within five (5) Business Days of receiving notice of the selection of a new Directing Certificateholder or the existence of a new Controlling Class Certificateholder, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Master Servicer and the Special Servicer.  Notwithstanding the foregoing, Argentic Securities Income USA LLC shall be the initial Directing Certificateholder (but not a Loan-Specific Directing Certificateholder) and shall remain so until a successor is appointed pursuant to the terms of this Agreement or until a Consultation Termination Event occurs and is continuing.

 

Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Directing Certificateholder. 

 

(f)        If the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator shall notify the related Certificateholders of such Class (through the Depository) of the Class becoming the Controlling Class.

 

(g)        Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that:  (i) the Directing Certificateholder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Directing Certificateholder may act solely in the interests of the Holders of the Controlling Class or in its

 

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own interest; (iii) the Directing Certificateholder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class (or in the case of a Loan-Specific Directing Certificateholder has no liabilities or duties to the Controlling Class or the Holders of any Class of Certificates); (iv) the Directing Certificateholder may take actions that favor interests of the Holders of one or more Classes including the Controlling Class or itself over the interests of the Holders of one or more other Classes of Certificates; and (v) the Directing Certificateholder shall have no liability whatsoever (other than to a Controlling Class Certificateholder; provided that a Loan-Specific Directing Certificateholder shall have no such liability) for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder may take any action whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal of the Directing Certificateholder for having so acted.

 

(h)        All requirements of the Master Servicer and the Special Servicer to provide notices, reports, statements or other information (including the access to information on a website) to the Directing Certificateholder contained in this Agreement shall also apply to each Companion Holder with respect to information relating to the related Serviced AB Mortgage Loan or a Serviced Whole Loan, as applicable; provided, however, that nothing in this subsection (h) shall in any way eliminate the obligation to deliver any information required to be delivered under the related Intercreditor Agreement.

 

(i)         Until it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor shall be entitled to rely on the most recent notification with respect to the identity and contact information of the Controlling Class Certificateholder, the Directing Certificateholder and any Serviced AB Whole Loan Controlling Holder.

 

(j)         With respect to a Serviced Whole Loan and any approval and consent rights in this Agreement with respect to such Serviced Whole Loan, the related Serviced Whole Loan Controlling Holder shall exercise such rights in accordance with the related Intercreditor Agreement.

 

(k)        The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request from the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, or any Certificateholder and provide such information to the requesting party.

 

(l)         Promptly upon its determination of a change in the Controlling Class, the Certificate Administrator shall (i) include on its statement made available pursuant to Section 4.02(a) of this Agreement the identity of the new Controlling Class and (ii) provide to the Master Servicer, the Special Servicer and the Operating Advisor notice of such event and the identity and contact information of the new Controlling Class Certificateholder (the cost of obtaining such information from DTC being an expense of the Trust).  The Certificate Administrator shall notify the Operating Advisor, the Master Servicer and the Special Servicer within ten (10) Business Days of the existence or cessation of (i) any Control Termination Event, (ii) any Consultation Termination Event or (iii) any Operating Advisor Consultation Event.  Upon the Certificate Administrator’s determination that a Control Termination Event, a Consultation

 

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Termination Event or an Operating Advisor Consultation Event has occurred or is terminated, the Certificate Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s Website pursuant to this provision.

 

In the event that a Control Termination Event has occurred due to a reduction of the Certificate Balance of the Class E-RR Certificates (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.05(a)) to less than 25% of the Original Certificate Balance thereof, such special notice shall state “A Control Termination Event has occurred due to the reduction of the Certificate Balance of the Class E-RR Certificates to less than 25% of the Original Certificate Balance thereof.”

 

In the event that a Consultation Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates below 25% of its Original Certificate Balance, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts, such special notice shall state:  “A Consultation Termination Event has occurred because no Class of Control Eligible Certificates exists where such Class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts.”

 

In the event that an Operating Advisor Consultation Event has occurred due to the reduction of the aggregate Certificate Balance of the Horizontal Risk Retention Certificates to 25% or below of their aggregate Original Certificate Balance, taking into account the application of any Cumulative Appraisal Reduction Amounts, such special notice shall state:  “An Operating Advisor Consultation Event has occurred because the aggregate Certificate Balance of the Horizontal Risk Retention Certificates to 25% or below of their aggregate Original Certificate Balance.”

 

With respect to any Mortgage Loan determined to be an Excluded DCH Loan, none of the Directing Certificateholder or any Controlling Class Certificateholder shall have any consent or consultation rights with respect to the servicing of such Excluded DCH Loan and a Control Termination Event and Consultation Termination Event shall be deemed to have occurred with respect to such Excluded DCH Loan.

 

Section 3.24    Intercreditor Agreements.  (a)  Each of the Master Servicer and Special Servicer acknowledges and agrees that each Serviced Whole Loan being serviced under this Agreement and each Mortgage Loan with mezzanine debt is subject to the terms and provisions of the related Intercreditor Agreement and each agrees to service each such Serviced Whole Loan, and each Mortgage Loan with mezzanine debt in accordance with the related Intercreditor Agreement and this Agreement, including, without limitation, effecting distributions and allocating reimbursement of expenses in accordance with the related Intercreditor Agreement and, in the event of any conflict between the provisions of this Agreement and the related Intercreditor Agreement, the related Intercreditor Agreement shall govern.  Notwithstanding anything contrary in this Agreement, each of the Master Servicer and Special Servicer agrees not to take any action with respect to a Serviced Whole Loan, or a Mortgage Loan with mezzanine debt or the related Mortgaged Property without the prior consent of the related Companion Holder or mezzanine lender, as applicable, to the extent that the related Intercreditor Agreement provides that such Companion Holder or mezzanine lender, as applicable, is required or permitted to consent 

 

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to such action.  Each of the Master Servicer and Special Servicer acknowledges and agrees that each Companion Holder and each mezzanine lender or its respective designee has the right to purchase the related Mortgage Loan pursuant to the terms and conditions of this Agreement and the related Intercreditor Agreement to the extent provided for therein.  Each of the Master Servicer and the Special Servicer further acknowledges and agrees that any Serviced Whole Loan Controlling Holder will have the right to replace the Special Servicer solely with respect to the related Serviced Whole Loan, to the extent provided for herein and in the related Intercreditor Agreement.

 

(b)        Neither the Master Servicer nor the Special Servicer shall have any liability for any cost, claim or damage that arises from any entitlement in favor of a Companion Holder or a mezzanine lender under the related Intercreditor Agreement or conflict between the terms of this Agreement and the terms of such Intercreditor Agreement.  Notwithstanding any provision of any Intercreditor Agreement that may otherwise require the Master Servicer or the Special Servicer to abide by any instruction or direction of a Companion Holder or a mezzanine lender, neither the Master Servicer nor the Special Servicer shall be required to comply with any instruction or direction the compliance with which requires an Advance that constitutes or would constitute a Nonrecoverable Advance.  In no event shall any expense arising from compliance with an Intercreditor Agreement constitute an expense to be borne by the Master Servicer or the Special Servicer for its own account without reimbursement.  In no event shall the Master Servicer or the Special Servicer be required to consult with or obtain the consent of any Companion Holder or a mezzanine lender unless such Companion Holder or mezzanine lender has delivered notice of its identity and contact information to each of the parties to this Agreement (upon which notice each of the parties to this Agreement shall be conclusively entitled to rely).  As of the Closing Date, the contact information for the Companion Holders and mezzanine lenders is as set forth in the related Intercreditor Agreement.  In no event shall the Master Servicer or the Special Servicer, as the case may be, be required to consult with or obtain the consent of a new Directing Certificateholder or a new Controlling Class Certificateholder unless the Certificate Administrator has delivered notice to the Master Servicer or the Special Servicer, as applicable, as required under Section 3.23(e) or the Master Servicer or the Special Servicer, as applicable, have actual knowledge of the identity and contact information of a new Directing Certificateholder or a new Controlling Class Certificateholder.

 

(c)        No direction or disapproval of the Companion Holders or any mezzanine lender shall (a) require or cause the Master Servicer or the Special Servicer to violate the terms of a Mortgage Loan or Serviced Companion Loan, applicable law or any provision of this 

Agreement, including the Master Servicer’s or the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of each Trust REMIC and the grantor trust status of the Grantor Trust, (b) result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or (c) materially expand the scope of the Special Servicer’s, Trustee’s, the Certificate Administrator’s or the Master Servicer’s responsibilities under this Agreement.

 

(d)       With respect to any Serviced Pari Passu Companion Loan, notwithstanding any rights the Operating Advisor or the Directing Certificateholder hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Companion Loan, to the extent the related Intercreditor Agreement provides that such right is exercisable by the

 

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related Companion Holder or is exercisable in conjunction with any related Companion Holder, the Directing Certificateholder shall not be permitted to exercise such right or, to the extent provided in the related Intercreditor Agreement, shall be required to exercise such right in conjunction with the related Companion Holder, as applicable (except to the extent that the Directing Certificateholder is the related Serviced Whole Loan Controlling Holder).  Additionally, notwithstanding anything in this Agreement to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall consult, seek the approval or obtain the consent of the holder of any Serviced Companion Loan with respect to any matters with respect to the servicing of such Companion Loan to the extent required under related Intercreditor Agreement and shall not take such actions requiring consent of the related Companion Holder without such consent.  In addition, notwithstanding anything to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall deliver reports and notices to the related Companion Holder as required under the Intercreditor Agreement.

 

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

 

(f)        Each Serviced Pari Passu Companion Loan Holder shall have the right to attend (in person or telephonically, in the discretion of the Master Servicer or Special Servicer, as the case may be) annual meetings with the Master Servicer or the Special Servicer at the offices

 

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of the Master Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

(g)        With respect to any Serviced Whole Loan, the Special Servicer shall not modify, waive or amend the terms of the related Intercreditor Agreement such that the monthly remittance to the holder of the related Companion Loan is required earlier than 2 Business Days after receipt by the Master Servicer of the related Periodic Payment without the consent of the Master Servicer.

 

(h)        To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full.

 

Section 3.25    Rating Agency Confirmation.  (a)  Notwithstanding the terms of any related Mortgage Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “RAC Requesting Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within ten (10) Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such RAC Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again (which may be through direct communication).  The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.”  Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such RAC Requesting Party may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section 13.10(d).

 

If there is no response to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC No-Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as the case may be, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or the Special Servicer, such 

 

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condition shall be deemed not to apply (as if such requirement did not exist) if (i) the replacement master servicer or special servicer is listed on S&P’s Select Servicer List as a “U.S. Commercial Mortgage Master Servicer” or “U.S. Commercial Mortgage Special Servicer,” as applicable, if S&P is the non-responding Rating Agency, (ii) the replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency or (iii) KBRA has not publicly cited servicing concerns with respect to the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization transaction serviced by such replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

Any Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material necessary for the Rating Agency to process such request.  Such written Rating Agency Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Promptly following the Master Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.25(a) following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall promptly post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

(b)        Notwithstanding anything to the contrary in this Section 3.25, for purposes of the provisions of any Mortgage Loan document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral) or release or substitution of any collateral, any Rating Agency Confirmation requirement in the Mortgage Loan documents for which the Master Servicer or the Special Servicer would have been permitted to waive obtaining or to make a determination with respect to such Rating Agency Confirmation pursuant to Section 3.25(a) shall be deemed not to apply (as if such requirement did not exist).

 

(c)        For all other matters or actions not specifically discussed in Section 3.25(a) above, the applicable RAC Requesting Party shall deliver Rating Agency Confirmation from each Rating Agency.

 

Section 3.26    The Operating Advisor.  (a)  The Operating Advisor shall review (i) the actions of the Special Servicer with respect to any Specially Serviced Loan (as provided in Section 3.08(a), Section 3.08(b), Section 3.18(a), Section 3.18(b), Section 3.19(d), Section 3.26 and Section 6.08) and after the occurrence and during the continuance of an Operating Advisor Consultation Event the actions of the Special Servicer with respect to Major Decisions relating to

 

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any Mortgage Loan, (ii) all reports by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s Website and that are relevant to the Operating Advisor’s obligations hereunder and (iii) each Asset Status Report (after the occurrence and during the continuance of an Operating Advisor Consultation Event) and (iv) each Final Asset Status Report delivered to the Operating Advisor by the Special Servicer.  The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard.  Furthermore, the Operating Advisor shall have no obligation or responsibility at any time to review the actions of the Master Servicer for compliance with the Servicing Standard, and the Operating Advisor will not be required to consider such Master Servicer actions in connection with any Operating Advisor Annual Report.

 

(b)        The Operating Advisor and its Affiliates will be obligated to keep confidential any “Privileged Information” received from the Special Servicer or Directing Certificateholder in connection with the Directing Certificateholder’s exercise of its rights under this Agreement (including, without limitation, in connection with the review and/or approval of any Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information.  Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(c)        (i)  Based on the Operating Advisor’s review of (i) any assessment of compliance report, attestation report, and other information delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year, (ii) prior to the occurrence and continuance of an Operating Advisor Consultation Event, with respect to any Specially Serviced Loan, any related Final Asset Status Report or approved or deemed approved Major Decision Reporting Package provided to the Operating Advisor by the Special Servicer, and (iii) after the occurrence and continuance of an Operating Advisor Consultation Event, any Asset Status Report and any Major Decision Reporting Package provided to the Operating Advisor with respect to any Mortgage Loan, the Operating Advisor shall (but only if any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan was a Specially Serviced Loan at any time during the prior calendar year or if an Operating Advisor Consultation Event occurred during the prior calendar year) deliver to the Certificate Administrator and the 17g-5 Information Provider within one hundred twenty (120) days of the end of the prior calendar year, an annual report (the “Operating Advisor Annual Report”), substantially in the form of Exhibit V (which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged Information; provided, however, that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement), setting forth whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties pursuant to this Agreement with respect to Specially Serviced Loans (and, after the occurrence and continuance of an Operating Advisor Consultation Event, also with respect to Major Decisions on Non-Specially Serviced Loans) during the prior calendar year on an “asset-level basis” and identifying (1) which, if any, standards with which the Operating Advisor believes, in its sole discretion exercised in 

 

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good faith, the Special Servicer has failed to comply and (2) any material deviations from the Special Servicer’s obligations hereunder with respect to the resolution or liquidation of any Specially Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan); provided, further, however, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report; provided, further, that the Operating Advisor shall prepare a separate Operating Advisor Annual Report relating to each Excluded Special Servicer and any Excluded Special Servicer Loan(s) serviced by such Excluded Special Servicer.  In preparing any Operating Advisor Annual Report, the Operating Advisor shall not be required to report on instances of non-compliance with, or deviation from, the Servicing Standard or the Special Servicer’s obligations under this Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.  Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(c), each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially Serviced Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other than with respect to any REO Property related to a Non-Serviced Mortgage Loan) and (B) comply with all of the confidentiality requirements described in this Agreement regarding Privileged Information (subject to any permitted exceptions).  Such Operating Advisor Annual Report shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)); provided, however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider.  The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer.  Only as used in this Section 3.26 in connection with the Operating Advisor Annual Report, the term “asset-level basis” refers to the Special Servicer’s performance of its duties as they relate to the Specially Serviced Loans (and, after the occurrence and continuance of an Operating Advisor Consultation Event, also with respect to Major Decisions on Non-Specially Serviced Loans), taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any assessment of compliance report, attestation report, Major Decision Reporting Package, Asset Status Report (during the continuance of an Operating Advisor Consultation Event), Final Asset Status Report and any other information delivered to the Operating Advisor by the Special Servicer (other than any communications between the Directing Certificateholder and the Special Servicer that would be Privileged Information) pursuant to this Agreement.

 

(ii)        In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions in the related Operating Advisor Annual

 

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Report, and the Operating Advisor shall not be subject to any liability arising from such limitations or prohibitions.  The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of any information it is provided without liability for any such reliance hereunder.  In the event a lack of access to Privileged Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor shall set forth any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

 

(d)        [RESERVED].

 

(e)        (i)  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, after the calculation has been finalized (and, if an Operating Advisor Consultation Event has occurred and is continuing, prior to the utilization by the Special Servicer) of any of the calculations related to (i) Appraisal Reduction Amounts calculated by the Special Servicer, (ii) Cumulative Appraisal Reduction Amounts calculated by the Special Servicer, (iii) Collateral Deficiency Amounts calculated by the Special Servicer or (iv) net present value in accordance with Section 1.02(iv) calculated by the Special Servicer, the Special Servicer shall forward such calculations, together with any supporting material or additional information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Communications), to the Operating Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations, and the Operating Advisor shall promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials, recalculate and review for accuracy and consistency with this Agreement the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)        In connection with this Section 3.26(e), in the event the Operating Advisor does not agree with the mathematical calculations of the Cumulative Appraisal Reduction Amount, Appraisal Reduction Amount or Collateral Deficiency Amount (in each case, as calculated by the Special Servicer) or net present value or the application of the applicable non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer shall consult with each other in order to resolve any material inaccuracy in the mathematical calculations or the application of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement within five (5) Business Days of delivery of such calculations.  The Master Servicer shall cooperate with the Special Servicer and provide any information reasonably requested by the Special Servicer necessary for the calculation of the Cumulative Appraisal Reduction Amount that is in the Master Servicer’s possession or reasonably obtainable by the Master Servicer.  In the event the Operating Advisor and the Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator shall examine the calculations and supporting materials provided by the Operating Advisor and 

 

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the Special Servicer and determine which calculation is to apply and shall provide such parties prompt written notice of its determination.

 

(f)        Notwithstanding the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor’s review shall be limited to an after-the-action review of any assessment of compliance, attestation report, Major Decision Reporting Package relating to a Specially Serviced Loan, Final Asset Status Report and other information delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor), and, therefore, it shall have no specific involvement with respect to collateral substitutions, assignments, workouts, modifications, consents, waivers, lockbox management, insurance policies, borrower substitutions, lease changes, additional borrower debt, defeasances, property management changes, releases from escrow, assumptions and other similar actions that the Special Servicer may perform under this Agreement and will have no obligations at any time with respect to any Non-Serviced Mortgage Loan. In addition, with respect to the Operating Advisor’s review of net present value and Cumulative Appraisal Reduction Amount calculations as required in Section 3.26(e) above, the Operating Advisor’s recalculation shall not take into account the reasonableness of Special Servicer’s property and borrower performance assumptions or other similar discretionary portions of the net present value and Cumulative Appraisal Reduction Amount calculation.

 

(g)       The Operating Advisor and its Affiliates shall keep all “Privileged Information” confidential and shall not disclose such Privileged Information to any Person (including Certificateholders other than the Directing Certificateholder), other than (1) to the extent expressly required by this Agreement to the other parties to this Agreement with a notice indicating that such information is Privileged Information, (2) pursuant to a Privileged Information Exception or (3) where necessary to support specific findings or conclusions concerning allegations of deviations from the Servicing Standard (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation by the Operating Advisor to replace the Special Servicer.  Each party to this Agreement that receives Privileged Information from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer and, unless a Control Termination Event has occurred and is continuing, the Directing Certificateholder (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan or any Excluded DCH Loan) other than pursuant to a Privileged Information Exception.  In addition and for the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to Other Securitizations that involve the same parties or borrower involved in this securitization, the knowledge of the employees performing operating advisor functions for such Other Securitizations shall not be imputed to the employees of the Operating Advisor involved in this securitization.  Notwithstanding the foregoing, the Operating Advisor shall be permitted to share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.

 

(h)        [RESERVED].

 

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(i)         As compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each Remittance Date with respect to each Mortgage Loan (excluding each Non-Serviced Mortgage Loan, each Servicing Shift Mortgage Loan and each Companion Loan) and each REO Loan.  As to each Mortgage Loan and each REO Loan, the Operating Advisor Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the related Mortgage Loan or REO Loan, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on the related Mortgage Loan or deemed to be due on such REO Loan is computed.  In addition, the Depositor shall pay the Operating Advisor a fee of $5,000 (the “Operating Advisor Upfront Fee”) on the Closing Date.

 

The Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a) and/or Section 6.04(b), such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.05(a).  Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor has consultation obligations hereunder.  The Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection Account as provided in Section 3.05(a)(ii) of this Agreement, but, with respect to the period when the outstanding Certificate Balances of the Control Eligible Certificates has not been reduced to zero as a result of the allocation of Realized Losses to such Certificates, only to the extent such Operating Advisor Consulting Fee is actually received from the related Mortgagor.  When the Operating Advisor has consultation obligations with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer, as the case may be, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection with such Major Decision that are consistent with the efforts in accordance with the Servicing Standard that the Master Servicer or the Special Servicer, as applicable, would use to collect any borrower-paid fees not specified in the Mortgage Loan documents owed to it, and, only to the extent not prohibited by the related Mortgage Loan documents.  The Master Servicer or Special Servicer, as the case may be, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction.  Notwithstanding the foregoing, the Operating Advisor will have no obligations or consultation rights in its capacity as operating advisor with respect to: any Non-Serviced Whole Loan or any related REO Property; provided, further, that the Operating Advisor shall not be entitled to an Operating Advisor Consulting Fee with respect to any Non-Serviced Whole Loan or Servicing Shift Whole Loan.

 

(j)         After the occurrence and during the continuance of a Consultation Termination Event, the Operating Advisor may be removed upon (i) the written direction of

 

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Holders of Certificates evidencing not less than 25% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates (taking into account the application of Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Cumulative Appraisal Reduction Amounts are allocable) requesting a vote to replace the Operating Advisor with a replacement Operating Advisor selected by such Certificateholders (provided that the proposed replacement Operating Advisor is an Eligible Operating Advisor), (ii) payment by such requesting Holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and the Certificate Administrator of Rating Agency Confirmation from each Rating Agency (which confirmations will be obtained by the Certificate Administrator at the expense of such Holders and will not constitute an additional expense of the Trust).  The Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website in accordance with Section 3.13(b), and concurrently by mail, and conduct the solicitation of votes of all Certificates in such regard.  Upon the vote or written direction of Holders of Certificates evidencing at least 75% of the Voting Rights (taking into account the application of Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Cumulative Appraisal Reduction Amounts are allocable), the Trustee shall immediately terminate all of the rights and obligations of the Operating Advisor under this Agreement (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights (arising out of events occurring prior to such termination)) by prior written notice to the Operating Advisor, and the proposed successor operating advisor will be appointed.

 

(k)        After the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Holders of Certificates representing at least 25% of the Voting Rights (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate the Operating Advisor for cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided that no such termination shall be effective until a successor operating advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.  No such termination shall terminate, change, reduce, or otherwise modify the rights and obligations of the Operating Advisor that accrued prior to such termination, including the right to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such termination).  The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible Operating Advisor.  Upon any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee will, as soon as possible, be required to give written notice of the termination and appointment to the Special Servicer, the Master Servicer, the Certificate Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website), the Depositor, the Directing Certificateholder (only if no Consultation Termination Event has occurred and is continuing), any Companion Loan holder and the Certificateholders.

 

(l)         The Holders of Certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Trustee of

 

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the occurrence of such Operating Advisor Termination Event.  Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder.  Upon any such waiver of an Operating Advisor Termination Event by certificateholders, the trustee and the certificate administrator will be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to such Operating Advisor Termination Event prior to such waiver from the Trust.

 

(m)       Prior to the occurrence and continuance of a Control Termination Event, the Directing Certificateholder shall have the right to consent, such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating Advisor appointed pursuant to this Section 3.26; provided, further, that such consent will be deemed to have been granted if no objection is made within ten (10) Business Days following the Directing Certificateholder’s receipt of the request for consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(n)        The Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the Directing Certificateholder, and (b) upon the appointment of, and the acceptance of such appointment by, a successor operating advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency.  If no successor operating advisor has been appointed and has accepted such appointment within thirty (30) days of receipt by the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the Directing Certificateholder of the resigning Operating Advisor’s notice of resignation, the resigning Operating Advisor may petition a court of competent jurisdiction for the appointment of a successor operating advisor that is an Eligible Operating Advisor.  No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and obligations.  The resigning Operating Advisor shall pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 3.26.

 

(o)        [RESERVED].

 

(p)        In the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor Expenses pursuant to Section 3.26(i) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(q)        The parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed, that (i) subject to Section 6.04, the Operating Advisor shall have no liability to any Certificateholder for any actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other duty except with respect to its specific obligations under this

 

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Agreement, and shall have no duty or liability to any particular Class of Certificates or particular Certificateholders or any third party, and (iv) the Operating Advisor does not constitute an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended.

 

(r)     
   [RESERVED]

 

(s)        The Operating Advisor shall at all times be an Eligible Operating Advisor and if the Operating Advisor ceases to be an Eligible Operating Advisor, the Operating Advisor shall immediately resign under Section 3.26(n) of this Agreement and the Trustee shall appoint a successor operating advisor subject to and in accordance with this Section 3.26.  Notwithstanding the foregoing, if the Trustee is unable to find a successor operating advisor within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement.

 

(t)        The Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy clauses (c), (d) and (f) of the definition of “Eligible Operating Advisor” and so long as the related agreements or arrangements with such agents or subcontractors are consistent with the provisions of this Agreement related to the Operating Advisor’s duties and obligations; provided that no agent or subcontractor may (i) be affiliated with a Sponsor, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior to the Closing Date.  Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable for its obligations hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its obligations under this Agreement.  The Operating Advisor shall be entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Operating Advisor by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(u)        With respect to the determination of whether an Operating Advisor Consultation Event has occurred and is continuing, or has terminated, the Operating Advisor is entitled to rely solely on its receipt from the Certificate Administrator of notice thereof pursuant to Section 3.23(l), and, with respect to any obligations of the Operating Advisor that are performed only after the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor shall have no obligation to perform any such duties until the receipt of such notice or actual knowledge of the occurrence of an Operating Advisor Consultation Event.

 

(v)        Notwithstanding anything in this Agreement to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance shall be based on the provisions of this Agreement and (ii) so long as LNR Partners, LLC is acting as Special Servicer, the Special Servicer shall provide the Operating Advisor reasonable access, at the Special Servicer’s offices during normal business hours, to the Special Servicer’s policies and procedures. 

  

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The Operating Advisor will be permitted to review such policies and procedures but will not be permitted to retain hard copies and will not be provided with any electronic copies or soft copies. The Operating Advisor shall keep all information contained in the policies and procedures strictly confidential, except that (A) the Operating Advisor may disclose such information if (i) such information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the Operating Advisor, or (ii) such disclosure is required by applicable law, rule, order or regulation (as demonstrated by evidence reasonably satisfactory to the Special Servicer) and (B) the Operating Advisor may disclose any portion of the policies and procedures when it deems such disclosure necessary to support specific conclusions concerning allegations of material deviations from the Servicing Standard or otherwise to describe fairly and accurately the Special Servicer’s performance under this Agreement (i) in the Operating Advisor Annual Report, or (ii) in connection with a recommendation by the Operating Advisor to replace LNR Partners, LLC as the Special Servicer pursuant to the provisions of this Agreement.  Notwithstanding the foregoing, the Operating Advisor will be permitted to share such information with its Affiliates and any subcontractors of the Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s obligations under this Agreement and provided such Operating Advisor Affiliates and subcontractors agree in writing prior to their receipt of such information to be bound by the same confidentiality provisions applicable to the Operating Advisor.  The Operating Advisor’s assessment may not take into account the fact that LNR Partners, LLC limited the Operating Advisor’s access to the Special Servicer’s written policies and procedures pursuant to the provisions of this Agreement.  Nothing set forth herein shall limit or affect the scope of the Operating Advisor’s asset-level review in connection with its preparation of the Operating Advisor Annual Report, provided that the Operating Advisor’s access to or reliance upon the Special Servicer’s written policies and procedures shall be subject to the terms of this paragraph.  During any period when the Special Servicer is not LNR Partners, LLC, or an Affiliate of LNR Partners, LLC, the requirements and limitations contained in this paragraph with respect to the Special Servicer shall be null and void, and the Operating Advisor shall have adequate and timely access to the policies and procedures of any successor special servicer as the Operating Advisor determines necessary to fulfill its duties under this Agreement.

 

Section 3.27    Companion Paying Agent.  (a)  With respect to each of the Serviced Companion Loans, the Master Servicer shall be the Companion Paying Agent hereunder.  The Companion Paying Agent undertakes to perform such duties and only such duties as are specifically set forth in this Agreement.

 

(b)        No provision of this Agreement shall be construed to relieve the Companion Paying Agent from liability for its negligent failure to act, bad faith or its own willful misfeasance; provided, however, that the duties and obligations of the Companion Paying Agent shall be determined solely by the express provisions of this Agreement.  The Companion Paying Agent shall not be liable except for the performance of such duties and obligations, no implied covenants or obligations shall be read into this Agreement against the Companion Paying Agent.  In the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying Agent may conclusively rely, as to the truth and correctness of the statements or conclusions expressed therein, upon any resolutions, certificates, statements, opinions, reports, documents, orders or other instrument furnished to the Companion Paying Agent by any Person and which on their face do not contradict the requirements of this Agreement.

 

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(c)        In the case of each of the Serviced Companion Loans, upon the resignation or removal of the Master Servicer pursuant to Article VII of this Agreement, the Master Servicer, as the Companion Paying Agent, shall be deemed simultaneously to resign or be removed.

 

(d)       This Section 3.27 shall survive the termination of this Agreement or the resignation or removal of the Companion Paying Agent, as regards to rights accrued prior to such resignation or removal.

 

Section 3.28    Serviced Companion Noteholder Register.  The Companion Paying Agent shall maintain a register (the “Serviced Companion Noteholder Register”) with respect to each Serviced Companion Loan on which it will record the names and address of, and wire transfer instructions for, the Serviced Companion Noteholders from time to time, to the extent such information is provided in writing to it by each Serviced Companion Noteholder.  The initial Serviced Companion Noteholders, along with their respective name and address, are listed on Exhibit S hereto.  In the event a Serviced Companion Noteholder transfers a Serviced Companion Loan without notice to the Companion Paying Agent, the Companion Paying Agent shall have no liability for any misdirected payment in such Serviced Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Companion Paying Agent shall promptly provide the name and address of any Serviced Companion Noteholder to any party hereto or any successor Serviced Companion Noteholder upon written request and any such Person may, without further investigation, conclusively rely upon such information.  The Companion Paying Agent shall have no liability to any Person for the provision of any such name and address. 

 

For the avoidance of doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to a Serviced Companion Noteholder with respect to a Serviced Companion Loan that has been included in an Other Securitization shall be provided to the Other Servicer under the Other Pooling and Servicing Agreement.

 

Section 3.29    Certain Matters Relating to the Whole Loans.  (a)  In the event that any of the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer shall be replaced in accordance with the terms of the applicable Non-Serviced PSA, the Master Servicer and the Special Servicer shall acknowledge its successor as the successor to the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the case may be.

 

(b)        If any of the Trustee, the Certificate Administrator or the Master Servicer receives notice from a Rating Agency that the Master Servicer is no longer an “approved” master servicer by any of the Rating Agencies rating the Certificates, then the Trustee, the Certificate Administrator or the Master Servicer, as applicable, shall promptly notify each Non-Serviced Master Servicer of the same.

 

(c)        In connection with the securitization of each Serviced Pari Passu Companion Loan (in each case, only while it is a Serviced Companion Loan), upon the request of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master Servicer, the Special Servicer and the Trustee, as applicable, shall use reasonable efforts to

 

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cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide information relating to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

(d)       In connection with the sale of any Non-Serviced Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices or materials required to be furnished by the Non-Serviced Special Servicer to the holder of the related Non-Serviced Mortgage Loan pursuant to the related Intercreditor Agreement, the Special Servicer shall, prior to the occurrence and continuance of a Control Termination Event, forward such materials to the Directing Certificateholder for its consent, if such consent is required.  The Special Servicer may (with the consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event) waive any timing or delivery requirements related to such sale to the extent set forth in the related Intercreditor Agreement.

 

(e)        With respect to any Non-Serviced Mortgage Loan, the Directing Certificateholder, prior to the occurrence and continuance of a Consultation Termination Event, or the Operating Advisor, following the occurrence and during the continuance of a Consultation Termination Event, shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling Note Holder” (or similar term identified in the related Intercreditor Agreement) under the related Intercreditor Agreement.

 

(f)        With respect to each Mortgage Loan that is part of a Whole Loan, this Agreement is subject to the related Intercreditor Agreement and incorporates by reference all provisions required to be included herein pursuant to such Intercreditor Agreement.

 

(g)        With respect to each Serviced Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such Asset Review by providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset Representations Reviewer or such other requesting party, but only to the extent such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be, but in any event excluding any documents known to the Master Servicer, the Special Servicer, the Trustee or the Custodian to contain information that is proprietary to the related originator or Mortgage Loan Seller or any draft documents or privileged or internal communications.

 

(h)        With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or Special Servicer shall receive any communication from the applicable Non-Serviced Master Servicer or Non-Serviced Special Servicer regarding any “Master Servicer Decision” pursuant to clause (x) of the definition of such term, then the Master Servicer or Special Servicer shall forward the communication to the Directing Certificateholder (and to the Master Servicer, if the Special Servicer is forwarding such communication) and the Master Servicer shall reasonably cooperate with the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special

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Servicer, as the case may be, in effecting any action by the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, in any such case subject to and consistent with the related Intercreditor Agreement.

 

(i)         During the period from and after the date on which a Serviced Pari Passu Companion Loan is deposited into an Other Securitization, not later than 5:00 p.m. (New York City time) on each related Serviced Whole Loan Remittance Date the Master Servicer shall prepare (if and to the extent necessary) and deliver or cause to be delivered in electronic format to the related other master servicer under the related Other Pooling and Servicing Agreement the following reports and data files with respect to such Serviced Pari Passu Companion Loan: (A) to the extent the Master Servicer has received the CREFC® Special Servicer Loan File at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) the CREFC® Loan Setup File (only with respect to the first “distribution date” (or analogous term) as defined in the related Other Pooling and Servicing Agreement), (C) the most recent CREFC® Property File and the CREFC® Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File pursuant to Section 3.12(c) by the Special Servicer and the Master Servicer), (D) a CREFC® Servicer Watch List with information that is current as of such Serviced Whole Loan Remittance Date, (E) a CREFC® Financial File, (F) a CREFC® Loan Level Reserve/LOC Report, (G) a CREFC® Advance Recovery Report, (H) a CREFC® Total Loan Report and (I) the CREFC® Loan Periodic Update File.  Additionally, not later than 5:00 p.m. (New York City time) on each related Serviced Whole Loan Remittance Date, the Master Servicer shall deliver or cause to be delivered in electronic format to the related other master servicer under the related Other Pooling and Servicing Agreement any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports received from the Special Servicer.  In no event shall any report described in this subsection be required to reflect information that has not been collected by or delivered to the Master Servicer, or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior to the Business Day on which the report is due.  In addition, the Master Servicer shall deliver or cause to be delivered in electronic format to the related other master servicer under the related Other Pooling and Servicing Agreement any and all other reports required to be delivered by the Master Servicer to the Certificate Administrator hereunder pursuant to the terms hereof to the extent related to such Serviced Pari Passu Companion Loan.

 

(j)         On a Servicing Shift Date, (i) the Custodian shall, upon receipt of a Request for Release, transfer the related Mortgage File (other than the Mortgage Note evidencing the related Servicing Shift Mortgage Loan, the original of which shall be retained by the Custodian) for the related Servicing Shift Whole Loan to the related Non-Serviced Trustee under the related Non-Serviced PSA and retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan Seller that the applicable Servicing Shift Control Note has been or is being securitized and identifying the related Servicing Shift Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File for the related Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in clauses (x) and (xii) of the definition of “Mortgage File” for the related Servicing Shift Whole Loan, to the related Non-Serviced Master Servicer identified in the above referenced notice from the Mortgage Loan Seller on the related Servicing Shift Date.

 

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(k)        Promptly upon any change in the identity of the Master Servicer, the successor Master Servicer shall deliver notice of such change (together with the contact information of such successor Master Servicer) to each Non-Serviced Trustee, Non-Serviced Certificate Administrator, Non-Serviced Special Servicer, Non-Serviced Master Servicer and Non-Serviced Operating Advisor.

 

(l)         With respect to any Servicing Shift Mortgage Loan that is also a Serviced Mortgage Loan, the Directing Certificateholder identified in clause (B) of the definition of “Directing Certificateholder”, prior to the occurrence and continuance of a Consultation Termination Event, or the Operating Advisor, following the occurrence and during the continuance of a Consultation Termination Event, shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling Note Holder” (or similar term identified in the related Intercreditor Agreement) under the related Intercreditor Agreement.

 

Section 3.30    [RESERVED].

 

Section 3.31    Resignation Upon Prohibited Risk Retention Affiliation.  Upon the occurrence of (i) a Servicing Officer of the Master Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as applicable, obtaining actual knowledge that the Master Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become Risk Retention Affiliated with or a Risk Retention Affiliate of a Third Party Purchaser (in such case, an “Impermissible TPP Affiliate”), (ii) the Master Servicer, Certificate Administrator or the Trustee receiving written notice by any other party to this Agreement, a Third Party Purchaser, any Sponsor or any Underwriter or Initial Purchaser that the Master Servicer, Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate, or (iii) the Operating Advisor or the Asset Representations Reviewer obtaining actual knowledge that it is or has become a Risk Retention Affiliate of a Third Party Purchaser or any other party to this Agreement (other than the Operating Advisor and Asset Representations Reviewer) (such Operating Advisor and Asset Representations Reviewer, together with an Impermissible TPP Affiliate, an “Impermissible Risk Retention Affiliate”), then, in each case, such Impermissible Risk Retention Affiliate shall promptly notify the Sponsors and the other parties to this Agreement and resign in accordance with Section 3.26, Section 6.05, Section 7.03, Section 8.07 or Section 12.03, as applicable.  The resigning Impermissible Risk Retention Affiliate shall bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Trust and each Rating Agency in connection with such resignation as and to the extent required under this Agreement, provided, however, if the affiliation causing an Impermissible Risk Retention Affiliate is the result of a Third Party Purchaser acquiring an interest in such Impermissible Risk Retention Affiliate or an affiliate of such Impermissible Risk Retention Affiliate, then such costs and expenses shall be an expense of the Trust.

 

Section 3.32    Litigation Control.  (a)  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any Serviced Companion Loan or any related REO Loan or related REO Property, the Special Servicer shall, in accordance with the Servicing Standard, direct, manage, prosecute and/or defend any action brought by a Mortgagor, guarantor, or other obligor on the related Note or any Affiliates thereof (each a “Borrower-Related Party”) against the Trust, the Master Servicer and/or the Special Servicer or any predecessor master servicer or special servicer, and represent the interests of the Trust in any litigation relating to the rights and

 

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obligations of the Trust, or of the Mortgagor or other Borrower-Related Party under the related Mortgage Loan documents, or with respect to the related Mortgaged Property or other collateral securing such Mortgage Loan (or Serviced Whole Loan), or otherwise with respect to the enforcement of the obligations of a Borrower-Related Party under the related Mortgage Loan documents (“Trust-Related Litigation”).  In the event that the Master Servicer is named in any Trust-Related Litigation but the Special Servicer is not named in such Trust-Related Litigation (regardless of whether the Trust is named in such Trust-Related Litigation), the Master Servicer shall notify the Special Servicer of such litigation as soon as practicable but in any event no later than within ten (10) Business Days of the Master Servicer receiving service of such Trust-Related Litigation.  The Operating Advisor shall not be required to review the actions of the Special Servicer with respect to Trust-Related Litigation unless such review is otherwise related to the performance of the Operating Advisor’s duties, rights and obligations in respect of a Final Asset Status Report and/or Asset Status Report.

 

(b)        To the extent the Master Servicer is named in the Trust-Related Litigation, and neither the Trust nor the Special Servicer is named, in order to effectuate the role of the Special Servicer as contemplated by the immediately preceding subsection, the Master Servicer shall (i) provide monthly status reports to the Special Servicer, regarding such Trust-Related Litigation; (ii) seek to have the Trust replace the Master Servicer as the appropriate party to the lawsuit; and (iii) so long as the Master Servicer remains a party to the lawsuit, consult with and act at the direction of the Special Servicer with respect to decisions and resolutions related to the interests of the Trust in such Trust-Related Litigation, including but not limited to the selection of counsel; provided that the Master Servicer shall have the right to engage separate counsel relating to claims against the Master Servicer to the extent set forth in Section 3.32(e); and provided, however, that if there are claims against the Master Servicer and the Master Servicer has not determined that separate counsel is required for such claims, such counsel shall be reasonably acceptable to the Master Servicer.

 

(c)        The Special Servicer shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any Trust-Related Litigation or (ii) initiate any material Trust-Related Litigation unless and until it has notified in writing the Directing Certificateholder (only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuance of a Consultation Termination Event) (to the extent the identity of the Directing Certificateholder is actually known to the Special Servicer; provided that the Special Servicer shall make due inquiry of the Certificate Administrator as to the identity of the Directing Certificateholder) and the related holder of any Serviced Companion Loan (if such matter affects such related Serviced Companion Loan) (to the extent the identity of the holder of such Serviced Companion Loan is actually known to the Special Servicer) and the Directing Certificateholder (only if the related Mortgage Loan is not an Excluded Loan and prior to the occurrence and continuation of a Control Termination Event) has not objected in writing within five (5) Business Days of having been notified thereof and having been provided with all information that the Directing Certificateholder has reasonably requested with respect thereto promptly following its receipt of the subject notice (it being understood and agreed that if such written objection has not been received by the Special Servicer within such 5 Business Day period, then the Directing Certificateholder shall be deemed to have approved the taking of such action); provided that, if the Special Servicer determines (consistent with the Servicing Standard) that immediate action is necessary to protect the interests of the Certificateholders and, with respect to a Serviced Whole

 

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Loan, the related Companion Holders, the Special Servicer may take such action without waiting for the Directing Certificateholder’s response.

 

(d)       Notwithstanding the foregoing, neither the Special Servicer nor the Master Servicer shall follow any advice, direction or consultation provided by the Directing Certificateholder, the holder of a Serviced Companion Loan or the Risk Retention Consultation Party (or any other party to this Agreement) that would require or cause the Special Servicer or the Master Servicer, as applicable, to violate any applicable law, be inconsistent with the Servicing Standard, require or cause the Special Servicer or the Master Servicer, as applicable, to violate provisions of this Agreement, require or cause the Special Servicer or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan or Serviced Whole Loan, expose any Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or liability, cause any REMIC created hereunder to fail to qualify as a REMIC, result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions or materially expand the scope of the Special Servicer’s or the Master Servicer’s, as the case may be, responsibilities under this Agreement.

 

(e)       
Notwithstanding the right of the Special Servicer to represent the interests of the Trust in Trust-Related Litigation, and
subject to the rights of the Special Servicer to direct the Master Servicer’s actions in this Section 3.32,
the Master Servicer shall retain the right to make determinations relating to claims against the Master Servicer, including
but not limited to the right to engage separate counsel and to appear in any proceeding on its own behalf in such Master
Servicer’s reasonable discretion, the cost of which shall be subject to indemnification as and to the extent provided
in this Agreement.

 

(f)        Further, nothing in this section shall require the Master Servicer to take or fail to take any action which, in such Master Servicer’s good faith and reasonable judgment, may (i) result in a violation of the REMIC Provisions or (ii) subject such Master Servicer to liability or materially expand the scope of such Master Servicer’s obligations under this Agreement.

 

(g)        Notwithstanding the Master Servicer’s right to make determinations relating to claims against the Master Servicer, the Special Servicer shall have the right at any time in accordance with the Servicing Standard to (i) direct the Master Servicer to settle any claims asserted against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation) (and with respect to any material settlements with respect to any Mortgage Loan other than an Excluded Loan, with the consent or consultation of the Directing Certificateholder prior to a Control Termination Event or Consultation Termination Event, respectively) and (ii) otherwise reasonably direct the actions of the Master Servicer relating to claims against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Trust-Related Litigation), provided in either case that (A) such settlement or other direction does not require any admission of liability or wrongdoing on the part of the Master Servicer, (B) the cost of such settlement or any resulting judgment is and shall be paid by the Trust and payment of such cost or judgment is provided for in this Agreement, (C) the Master Servicer is and shall be indemnified as and to the extent provided in this Agreement for all costs and expenses of the Master Servicer incurred in defending and settling the Trust-Related Litigation and for any judgment, (D) any such action taken by the Master Servicer at the direction of the Special Servicer shall be deemed (as to the Master Servicer) to be in compliance with the Servicing

 

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Standard and (E) the Special Servicer provides the Master Servicer with assurance reasonably satisfactory to the Master Servicer as to the items in clauses (A), (B) and (C).

 

(h)        In the event both the Master Servicer and the Special Servicer or Trust are named in Trust-Related Litigation, the Master Servicer and the Special Servicer shall cooperate with each other to afford the Master Servicer and the Special Servicer the rights afforded to such party in this Section 3.32.

 

This Section 3.32 shall not apply in the event the Special Servicer authorizes the Master Servicer, and the Master Servicer agrees (both authority and agreement to be in writing), to make certain decisions or control certain Trust-Related Litigation on behalf of the Trust in accordance with the Servicing Standard.

 

Notwithstanding the foregoing, (i) in the event that any action, suit, litigation or proceeding names the Trustee in its individual capacity, or in the event that any judgment is rendered against the Trustee in its individual capacity, the Trustee, upon prior written notice to the Master Servicer or the Special Servicer, as the case may be, may retain counsel and appear in any such proceeding on its own behalf in order to protect and represent its interests (but not to otherwise direct, manage or prosecute such litigation or claim); (ii) in the event of any action, suit, litigation or proceeding, other than an action, suit, litigation or proceeding relating to the enforcement of the obligations of a Mortgagor, guarantor or other obligor under the related Mortgage Loan documents, or otherwise relating to one or more Mortgage Loans or Mortgaged Properties, neither the Master Servicer nor the Special Servicer shall, without the prior written consent of the Trustee, (A) initiate an action, suit, litigation or proceeding in the name of the Trustee, whether in such capacity or individually, (B) engage counsel to represent the Trustee, or (C) prepare, execute or deliver any government filings, forms, permits, registrations or other documents or take any other similar actions with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state (provided that neither the Master Servicer nor the Special Servicer shall be responsible for any delay due to the unwillingness of the Trustee to grant such consent); and (iii) in the event that any court finds that the Trustee is a necessary party in respect of any action, suit, litigation or proceeding relating to or arising from this Agreement or any Mortgage Loan, the Trustee shall have the right to retain counsel and appear in any such proceeding on its own behalf in order to protect and represent its interests, whether as Trustee or individually (but not to otherwise direct, manage or prosecute such litigation or claim); provided, however, that nothing in this subsection shall be interpreted to preclude the Special Servicer (with respect to any material Trust-Related Litigation with respect to any Mortgage Loan other than an Excluded Loan, with the consent or consultation of the Directing Certificateholder prior to the occurrence and continuance of a Control Termination Event or Consultation Termination Event, respectively, to the extent required in Section 3.32(c), respectively) from initiating any action, suit, litigation or proceeding in its name as representative of the Trustee of the Trust.

 

Section 3.33    Delivery of Excluded Information to the Certificate Administrator.  Any Excluded Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan file to  

 

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cmbsexcludedinformation@wellsfargo.com.  For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.33 shall not be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate Administrator pursuant to this Section 3.33 shall be posted on the Certificate Administrator’s Website under the “Excluded Information” section, as provided under Section 3.13.  When so posted, the Excluded Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Loans on the Certificate Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans).  None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded Information in accordance with this Section 3.33 until such party has received written notice with respect to the related Excluded Controlling Class Loan in the form of Exhibit P-1E to this Agreement.  Nothing set forth in this Agreement shall prohibit the Directing Certificateholder or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Certificateholder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate Administrator’s Website on account of it constituting Excluded Information, such Directing Certificateholder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information in accordance with Section 4.02(f) of this Agreement.

 

[End of Article III]

 

ARTICLE
iv

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01    Distributions.

 

(a)        Distributions of Available Funds. On each Distribution Date, to the extent of the Available Funds for such Distribution Date, the Certificate Administrator shall be deemed to transfer the Lower-Tier Distribution Amount from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account in the amounts and priorities set forth in Section 4.01(c) with respect to each Class of Lower-Tier Regular Interests, and immediately thereafter, shall make distributions thereof from the Upper-Tier REMIC Distribution Account in the following order of priority, satisfying in full, to the extent required and possible, each priority before making any distribution with respect to any succeeding priority:

 

(i)         first, to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-D Certificates, pro rata (based upon their respective entitlements to interest for such Distribution Date), in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount in respect of such Classes of Certificates;

 

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(ii)        second, to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates in reduction of the Certificate Balances thereof:  (I) prior to the Cross-Over Date: (1) first, to the Holders of the Class A-SB Certificates, up to an amount equal to the Principal Distribution Amount, until the outstanding Certificate Balance of the Class A-SB Certificates has been reduced to the Class A-SB Planned Principal Balance for such Distribution Date; (2) second, to the Holders of the Class A-1 Certificates, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clause (1) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-1 Certificates has been reduced to zero; (3) third, to the Holders of the Class A-2 Certificates up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1) and (2) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-2 Certificates has been reduced to zero; (4) fourth, to the Holders of the Class A-3 Certificates up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1), (2) and (3) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-3 Certificates has been reduced to zero; (5) fifth, to the Holders of the Class A-4 Certificates, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1), (2), (3) and (4) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-4 Certificates has been reduced to zero; and (6) sixth, to the Holders of the Class A-SB Certificates, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in sub-clauses (1), (2), (3), (4) and (5) above have been made on such Distribution Date), until the outstanding Certificate Balance of the Class A-SB Certificates has been reduced to zero; and (II) on or after the Cross-Over Date, to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata (based on their respective Certificate Balances) up to an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of each of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates is reduced to zero, without regard to the Class A-SB Planned Principal Balance;

 

(iii)       third, to the Holders of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, first (A) up to an amount equal to, and pro rata (based upon the aggregate unreimbursed Realized Losses previously allocated to each such Class) with, the aggregate unreimbursed Realized Losses previously allocated to each such Class, then (B) up to an amount equal to, and pro rata in accordance with, all accrued and unpaid interest on the amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed;

 

(iv)        fourth, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(v)         fifth, after the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates have been reduced to zero, to the Holders of the

 

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Class A-S Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class A-S Certificates has been reduced to zero;

 

(vi)       sixth, to the Holders of the Class A-S Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed;

 

(vii)      seventh, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(viii)     eighth,
after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holders of the Class B
Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or
the portion thereof remaining after any distributions in respect of the Class A Certificates on such Distribution Date),
until the outstanding Certificate Balance of the Class B Certificates has been reduced to zero;

 

(ix)        ninth, to the Holders of the Class B Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed;

 

(x)         tenth, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(xi)        eleventh, after the Certificate Balances of the Class A and Class B Certificates have been reduced to zero, to the Holders of the Class C Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A and Class B Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class C Certificates has been reduced to zero;

 

(xii)       twelfth, to the Holders of the Class C Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed;

 

 

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(xiii)      thirteenth, to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(xiv)      fourteenth, after the Certificate Balances of the Class A, Class B and Class C Certificates have been reduced to zero, to the Holders of the Class D Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B and Class C Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class D Certificates has been reduced to zero;

 

(xv)       fifteenth, to the Holders of the Class D Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed;

 

(xvi)     sixteenth, to the Holders of the Class E-RR Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(xvii)    seventeenth,
after the Certificate Balances of the Class A, Class B, Class C and Class D Certificates have been reduced
to zero, to the Holders of the Class E-RR Certificates, in reduction of the Certificate Balance thereof, up to an amount
equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A,
Class B, Class C and Class D Certificates on such Distribution Date), until the outstanding Certificate Balance
of the Class E-RR Certificates has been reduced to zero;

 

(xviii)    eighteenth,
to the Holders of the Class E-RR Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses
previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set
forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was
allocated to such Class until the date such Realized Loss is reimbursed;

 

(xix)      nineteenth, to the Holders of the Class F-RR Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(xx)       twentieth, after the Certificate Balances of the Class A, Class B, Class C, Class D and Class E-RR Certificates have been reduced to zero, to the Holders of the Class F-RR Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class D and Class E-RR Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class F-RR Certificates has been reduced to zero;

 

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(xxi)      twenty-first, to the Holders of the Class F-RR Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed;

 

(xxii)     twenty-second,
to the Holders of the Class G-RR Certificates, in respect of interest, up to an amount equal to the Interest Distribution
Amount in respect of such Class of Certificates;

 

(xxiii)    twenty-third, after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E-RR and Class F-RR Certificates have been reduced to zero, to the Holders of the Class G-RR Certificates, in reduction of the Certificate Balance

 

thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class D, Class E-RR and Class F-RR Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class G-RR Certificates has been reduced to zero;

 

(xxiv)    twenty-fourth,
to the Holders of the Class G-RR Certificates, first (A) up to an amount equal to the unreimbursed Realized Losses
previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the amount set
forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related Realized Loss was
allocated to such Class until the date such Realized Loss is reimbursed;

 

(xxv)     twenty-fifth, to the Holders of the Class H-RR Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount in respect of such Class of Certificates;

 

(xxvi)    twenty-sixth, after the Certificate Balances of the Class A, Class B, Class C, Class D, Class E-RR, Class F-RR and Class G-RR Certificates have been reduced to zero, to the Holders of the Class H-RR Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Principal Distribution Amount (or the portion thereof remaining after any distributions in respect of the Class A, Class B, Class C, Class D, Class E-RR, Class F-RR and Class G-RR Certificates on such Distribution Date), until the outstanding Certificate Balance of the Class H-RR Certificates has been reduced to zero;

 

(xxvii)   twenty-seventh,
to the Holders of the Class H-RR Certificates, first (A) up to an amount equal to the unreimbursed Realized
Losses previously allocated to such Class, then (B) up to an amount equal to all accrued and unpaid interest on the
amount set forth in clause (A) at the Pass-Through Rate for such Class compounded monthly from the date the related
Realized Loss was allocated to such Class until the date such Realized Loss is reimbursed; and

 

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(xxviii)  twenty-eighth,
to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount, if any, of the Available
Funds remaining in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If, in connection with any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution to DTC based on the receipt of payments as of the Determination Date and additional Periodic Payments, balloon payments or unscheduled principal payments are subsequently received by the Master Servicer and required to be part of the Available Funds for such Distribution Date, the Master Servicer shall promptly notify the Certificate Administrator and the Certificate Administrator will use commercially reasonable efforts to cause DTC to make the revised distribution on a timely basis on such Distribution Date.  None of the Master Servicer, the Special Servicer or the Certificate Administrator shall be liable or held responsible for any resulting delay in the making of such distribution to Certificateholders solely on the basis of the actions described in the preceding sentence.

 

(b)        [RESERVED].

 

(c)        On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of principal or reimbursement of Realized Losses in an amount equal to the amount of principal or reimbursement of Realized Losses actually distributable to the Holders of the respective Related Certificates as provided in Section 4.01(a), Section 4.01(d), Section 4.01(f) and Section 4.01(i) such that at all times the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests is equal to the Certificate Balance of the Class of Related Certificates.  On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of its Related Certificates plus a pro rata portion of the Interest Distribution Amount in respect of (i) in the case of the Class LA1, Class LA2, Class LASB, Class LA3 and Class LA4 Uncertificated Interests, the Class X-A Certificates, (ii) in the case of the Class LAS, Class LB and Class LC Uncertificated Interests, the Class X-B Certificates and (iii) in the case of the Class LD Uncertificated Interest, the Class X-D Certificates, in each case, computed based on an interest rate equal to the excess of the Weighted Average Net Mortgage Rate over the Pass-Through Rate of the Related Certificates and a notional amount equal to its related Lower-Tier Principal Amount, in each case to the extent actually distributable thereon as provided in Section 4.01(a) or Section 4.01(b), as applicable.  Amounts distributable pursuant to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”, and shall be made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier REMIC Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Related Certificates with respect thereto, as adjusted for the allocation of Realized Losses, as provided in Sections 4.04(b) and 4.04(c).  The initial principal balance of each Lower-Tier Regular Interest shall equal the respective Original Lower-Tier Principal Amount.  The pass-through rate with respect to each Lower-Tier Regular Interest shall be the rate per annum set forth in the Preliminary Statement hereto.

 

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Any amount that remains in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount and distribution of Prepayment Premiums and Yield Maintenance Charges pursuant to Section 4.01(e) shall be distributed to the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Available Funds for such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

 

(d)       So long as the Certificate Balance of any Class of Certificates has been reduced to zero, such Class shall not be entitled to any further distributions in respect of interest or principal other than reimbursement of Realized Losses (with interest as provided herein) and other amounts provided for in this Section 4.01.

 

(e)        Funds on deposit in the Distribution Account on each Distribution Date that represent Prepayment Premiums or Yield Maintenance Charges received by the Trust with respect to any Mortgage Loan or REO Loan during the related Collection Period, in each case net of any Liquidation Fees or Workout Fees payable therefrom, shall be distributable as follows: if any Yield Maintenance Charge or Prepayment Premium is collected during any particular Collection Period with respect to any Mortgage Loan, then on the Distribution Date corresponding to that Collection Period, the Certificate Administrator shall pay that Yield Maintenance Charge or Prepayment Premium (net of any Liquidation Fee or Workout Fee payable therefrom) in the following manner:  (i) to each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates, the product of (A)  such Yield Maintenance Charge or Prepayment Premium, (B) the related Base Interest Fraction for such Class of Certificates, and (C) a fraction, the numerator of which is equal to the amount of principal distributed to such Class of Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates for that Distribution Date, (ii) to the Class X-A Certificates, the excess, if any, of (A) the product of (I)  such Yield Maintenance Charge or Prepayment Premium and (II) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates for that Distribution Date, over (B) the amount of such Yield Maintenance Charge or Prepayment Premium distributed to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates as described above, and (iii) to the Class X-B Certificates, any remaining portion of such Yield Maintenance Charge or Prepayment Premium not distributed as described above.

 

For purposes of the first paragraph of this Section 4.01(e), the relevant “Base Interest Fraction” in connection with any Principal Prepayment of any Mortgage Loan that provides for the payment of a Yield Maintenance Charge or Prepayment Premium, and with respect to any Class of Principal Balance Certificates, shall be a fraction (A) the numerator of which is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on such Class for the related Distribution Date, and (ii) the applicable Discount Rate and (B) the denominator of which is the difference between (i) the Mortgage Rate on such Mortgage Loan and (ii) the applicable Discount Rate; provided that:  (a) under no circumstances will the Base Interest Fraction be greater than 1.0; (b) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is greater than or equal to the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction will equal zero; and

 

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(c) if the applicable Discount Rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through Rate on such Class for the related Distribution Date, then the Base Interest Fraction shall be equal to 1.0.  If a Mortgage Loan provides for a step-up in the Mortgage Rate, then the Mortgage Rate used in the determination of the Base Interest Fraction will be the Mortgage Rate in effect at the time of the prepayment.

 

For purposes of the preceding paragraph, the relevant “Discount Rate” in connection with any Prepayment Premium or Yield Maintenance Charge collected on any prepaid Mortgage Loan or REO Loan and distributable on any Distribution Date shall be a rate per annum equal to (i) if a discount rate was used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Loan, as the case may be, such discount rate (as reported by the Master Servicer), converted (if necessary) to a monthly equivalent yield, or (ii) if a discount rate was not used in the calculation of the applicable Prepayment Premium or Yield Maintenance Charge pursuant to the terms of the relevant Mortgage Loan or REO Loan, as the case may be, the yield calculated by the linear interpolation of the yields (as reported under the heading “U.S. Government Securities/Treasury Constant Maturities” in Federal Reserve Statistical Release H.15 (519) published by the Federal Reserve Board for the week most recently ended before the date of the relevant prepayment (or deemed prepayment) of U.S. Treasury constant maturities with a maturity date, one longer and one shorter, most nearly approximating the related Stated Maturity Date (in the case of a Mortgage Loan or REO Loan that is not, or is not related to, an ARD Loan) or the related Anticipated Repayment Date (in the case of a Mortgage Loan or REO Loan that is, or is related to, an ARD Loan), such interpolated yield converted to a monthly equivalent yield.  If Federal Reserve Statistical Release H.15 (519) is no longer published, the Master Servicer shall select a comparable publication as the source of the applicable yields of U.S. Treasury constant maturities.

 

No Yield Maintenance Charge or Prepayment Premium shall be distributed to the Holders of the Class X-D, Class E-RR, Class F-RR, Class G-RR, Class H-RR, Class R or Class V Certificates.  After the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates have been reduced to zero, all Yield Maintenance Charges and Prepayment Premiums with respect to the Mortgage Loans shall be distributed to the Holder of the Class X-B Certificates.

 

All distributions of Yield Maintenance Charges and Prepayment Premiums made in respect of the respective Classes of Regular Certificates on each Distribution Date pursuant to Section 4.01(e) shall first be deemed to be distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests, pro rata based upon the amount of principal distributed in respect of each such Class of Lower-Tier Regular Interests for such Distribution Date pursuant to Section 4.01(c) above.

 

(f)        On each Distribution Date, the Certificate Administrator shall withdraw amounts from the Gain-on-Sale Reserve Account and shall distribute such amounts to reimburse the Holders of the Principal Balance Certificates (in order of their principal distribution priority) (first deeming such amounts to be distributed with respect to the Related Lower Tier Regular Interests) up to an amount equal to all Realized Losses, if any, previously deemed allocated to them and unreimbursed after application of the Available Funds for such Distribution Date.  Amounts paid from the Gain-on-Sale Reserve Account shall not reduce the Certificate Balances

 

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of the Classes of Certificates receiving such distributions.  Any amounts remaining in the Gain-on-Sale Reserve Account after such distributions shall be applied to offset future Realized Losses with respect to the Principal Balance Certificates and related shortfalls allocable to the Regular Certificates.  Upon termination of the Trust, any amounts remaining in the Gain-on-Sale Reserve Account shall be distributed to the Holders of the Class R Certificates from the Lower-Tier REMIC in respect of the Class LR Interest.

 

(g)        All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata among the outstanding Certificates in such Class based on their respective Percentage Interests.  Except as otherwise specifically provided in Sections 4.01(h), 4.01(i) and 9.01, all such distributions with respect to each Class on each Distribution Date shall be made to the Certificateholders of the respective Class of record at the close of business on the related Record Date and shall be made by wire transfer of immediately available funds to the account of any such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided the Certificate Administrator with wiring instructions no less than five (5) Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Distribution Dates), or otherwise by check mailed to such Certificateholder at its address in the Certificate Register.  The final distribution on each Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to such Certificate) shall be made in like manner, but only upon presentation and surrender of such Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures.  Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating firm”) for which it acts as agent.  Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents.  None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer, the Special Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.

 

(h)        Except as otherwise provided in Section 9.01, whenever the Certificate Administrator expects that the final distribution with respect to any Class of Certificates (determined without regard to any possible future reimbursement of any amount of Realized Losses previously allocated to such Class of Certificates) will be made on the next Distribution Date, the Certificate Administrator shall, no later than the related P&I Advance Determination Date, post on the Certificate Administrator’s Website pursuant to Section 3.13(b) a notice in electronic format to the effect that:

 

(i)         the Certificate Administrator expects that the final distribution with respect to such Class of Certificates will be made on such Distribution Date but only upon presentation and surrender of such Certificates at the offices of the Certificate Registrar or such other location therein specified; and

 

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(ii)        no interest shall accrue on such Certificates from and after such Distribution Date.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment of funds.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust hereunder by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h).

 

(i)         Distributions in reimbursement of Realized Losses previously allocated to the Regular Certificates shall be made in the amounts and manner specified in Section 4.01(a), Section 4.01(b) or Section 4.01(d), as applicable, to the Holders of the respective Class otherwise entitled to distributions of interest and principal on such Class on the relevant Distribution Date; provided that all distributions in reimbursement of Realized Losses previously allocated to a Class of Certificates which has since been retired shall be to the prior Holders that surrendered the Certificates of such Class upon retirement thereof and shall be made by check mailed to the address of each such prior Holder last shown in the Certificate Register.  Notice of any such distribution to a prior Holder shall be made in accordance with Section 13.05 at such last address.  The amount of the distribution to each such prior Holder shall be based upon the aggregate Percentage Interest evidenced by the Certificates surrendered thereby.  If the check mailed to any such prior Holder is returned uncashed, then the amount thereof shall be set aside and held uninvested in trust for the benefit of such prior Holder, and the Certificate Administrator shall attempt to contact such prior Holder in the manner contemplated by Section 4.01(h) as if such Holder had failed to surrender its Certificates.

 

(j)         On each Distribution Date, any Excess Interest received during the related Collection Period shall be distributed from the Excess Interest Distribution Account to the Holders of the Class V Certificates. Excess Interest will not be available to pay any other amounts except for distributions on Class V Certificates as set forth in the prior sentence.

 

(k)        On each Serviced Whole Loan Remittance Date, with respect to any Serviced Companion Loan, the Companion Paying Agent shall make withdrawals and payments from the Companion Distribution Account for each Companion Loan in the following order of priority:

 

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(i)    to pay to the Master Servicer for deposit into the Collection Account, as applicable, any amounts deposited by the Master Servicer in the Companion Distribution Account not required to be deposited therein;

 

(ii)   to the extent permitted under the related Intercreditor Agreement and not otherwise previously reimbursed, to pay the Trustee or the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05, to the extent that any such amounts relate solely to a Serviced Whole Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related Intercreditor Agreement;

 

(iii)  to pay all amounts remaining in the Companion Distribution Account related to such Serviced Companion Loan to the related Companion Holder, in accordance with the related Intercreditor Agreement; and

 

(iv)  to clear and terminate the Companion Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

All distributions from the Companion Distribution Account required hereunder shall be made by the Companion Paying Agent to the related Companion Holder by wire transfer in immediately available funds on each Serviced Whole Loan Remittance Date (and on each additional date required by this Agreement or the related Intercreditor Agreement) to the account of such Companion Holder or an agent therefor appearing on the Serviced Companion Noteholder Register on the related Record Date (or, if no such account so appears or information relating thereto is not provided at least five Business Days prior to the related Record Date, by check sent by first class mail to the address of such Companion Holder or its agent appearing on the Serviced Companion Noteholder Register).  Any such account shall be located at a commercial bank in the United States.

 

On the final Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Remittance Date.

 

Section 4.02    Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney.  (a)  On each Distribution Date, the Certificate Administrator shall make available pursuant to Section 3.13(b) on the Certificate Administrator’s Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G hereto and based in part upon information supplied to the Certificate Administrator in the related CREFC® Investor Reporting Package in accordance with CREFC® guidelines) as to the distributions made on such Distribution Date (each, a “Distribution Date Statement”) which shall include:

 

(i)         the amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the Certificate Balance thereof;

 

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(ii)        the aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including the previous Distribution Date to and including such Distribution Date and details of P&I Advances as of the P&I Advance Date;

 

(iii)        the aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid to the Master Servicer and the Special Servicer, compensation paid to the Operating Advisor, compensation paid to the Asset Representations Reviewer and CREFC® Intellectual Property Royalty License Fees paid to CREFC®, in each case, with respect to the Collection Period for such Determination Date together with detailed calculations of servicing compensation paid to the Master Servicer and the Special Servicer;

 

(iv)       the aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans, outstanding immediately before and immediately after such Distribution Date;

 

(v)        the aggregate amount of unscheduled payments received;

 

(vi)       the number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average Mortgage Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period for such Distribution Date;

 

(vii)      the number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days to 120 days, (D) current but specially serviced or in foreclosure but not an REO Property and (E) for which the related Mortgagor is subject to oversight by a bankruptcy court;

 

(viii)     the value of any REO Property (and, with respect to any Serviced Whole Loan, the trust’s interest therein) included in the Trust Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on the most recent Appraisal or valuation;

 

(ix)        the Available Funds for such Distribution Date;

 

(x)         the Interest Distribution Amount, Interest Accrual Amount and Interest Shortfall in respect of such Class of Certificates for such Distribution Date, separately identifying any Interest Distribution Amount, Interest Accrual Amount or Interest Shortfall, for such Distribution Date allocated to such Class of Certificates;

 

(xi)        the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates allocable to (A) Yield Maintenance Charges, (B)  in the case of the Class V Certificates, Excess Interest and (C) Prepayment Premiums;

 

(xii)       the Pass-Through Rate for such Class of Certificates for such Distribution Date and the next succeeding Distribution Date;

 

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(xiii)      the Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date, with respect to the pool of Mortgage Loans;

 

(xiv)      the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates immediately before and immediately after such Distribution Date, separately identifying any reduction therein as a result of the allocation of any Realized Loss on such Distribution Date and the aggregate amount of all reductions as a result of allocations of Realized Losses in respect of the Principal Balance Certificates to date;

 

(xv)       the Certificate Factor for each Class of Certificates (other than the Class R and Class V Certificates) immediately following such Distribution Date;

 

(xvi)      the amount of any Cumulative Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the amount allocable to the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan basis and the total Cumulative Appraisal Reduction Amount effected in connection with such Distribution Date;

 

(xvii)     the current Controlling Class;

 

(xviii)   the number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)      a loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment occurring;

 

(xx)       a loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxi)      all deposits into, withdrawals from, and the balance of the Interest Reserve Account on the P&I Advance Date;

 

(xxii)     in the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Section 4.01(a), Section 4.01(b), Section 4.01(c), Section 4.01(d) and Section 4.01(f);

 

(xxiii)    the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates in reimbursement of previously allocated Realized Losses;

 

(xxiv)    the aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination Date, with respect to the pool of Mortgage Loans;

 

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(xxv)     with respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates) and (C) the amount of any Realized Loss allocated to the Principal Balance Certificates in connection with such Liquidation Event;

 

(xxvi)    with respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein) included in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments or recoveries with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the loan number of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection with that determination (separately identifying the portion thereof allocable to distributions on the Certificates) and (C) the amount of any Realized Loss allocated to the Principal Balance Certificates in respect of the related REO Loan in connection with that determination;

 

(xxvii)   the aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)  [RESERVED];

 

(xxix)     the then-current credit support levels for each Class of Certificates;

 

(xxx)      the aggregate amount of Prepayment Premiums and Yield Maintenance Charges on the Mortgage Loans (each separately identified) collected since the previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

(xxxi)     a loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

(xxxii)    a loan-by-loan listing of any material breach of the representations and warranties given with respect to a Mortgage Loan by the applicable Mortgage Loan Seller;

 

(xxxiii)
 an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates, which
information will be provided to the Certificate Administrator by the Master Servicer; and

 

(xxxiv)  the
amount of any Excess Interest actually received.

 

In
the case of information furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii),
(xxiv), (xxv) and (xxxiv) above, the amounts shall be expressed as a dollar amount in the aggregate for all
Certificates of each applicable Class and per Definitive Certificate.

 

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The
Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by
virtue of its receipt and posting of such information to the Certificate Administrator’s website or filing such information
pursuant to this Agreement, including, but not limited to, filing via the EDGAR system, unless the Certificate Administrator has
an explicit obligation to review or prepare such information.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in clauses (i)
and (x) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which
person was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable,
or that a Certificateholder or Certificate Owner reasonably requests, to enable Certificateholders to prepare their tax returns
for such calendar year.  Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the
Code as from time to time are in force.

 

Upon
receipt of an Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for
such period in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the
Certificate Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report
Summary from the Asset Representations Reviewer.

 

(b)       
[RESERVED].

 

(c)       
Each of the Master Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media, bulletin
board service or Internet website (in addition to making information available as provided herein) any reports or other information
the Master Servicer or the Special Servicer, as applicable, is required or permitted to provide to any party to this Agreement,
the Rating Agencies or any Certificateholder or any prospective Certificateholder that has provided the Master Servicer or the
Special Servicer, as applicable, with an Investor Certification or has executed a “click-through” confidentiality
agreement in accordance with Section 3.13 (which may be a licensed or registered investment advisor) to the extent
such action does not conflict with the terms of this Agreement (including without limitation, any requirements to keep Privileged
Information confidential), the terms of the Mortgage Loans or applicable law.  Notwithstanding this paragraph, the availability
of such information or reports on the Internet or similar electronic media shall not be deemed to satisfy any specific delivery
requirements in this Agreement except as set forth herein.  In connection with providing access to the Master Servicer’s
or Special Servicer’s Internet website, the Master Servicer or the Special Servicer, as applicable, shall take reasonable
measures to ensure that only such parties listed above may access such information including, without limitation, requiring registration,
a confidentiality agreement and acceptance of a disclaimer.  Neither the Master Servicer nor the Special Servicer, as the
case may be, shall be liable for dissemination of this information in accordance with this Agreement, and neither the Master Servicer
nor the Special Servicer shall be responsible for any information delivered, produced, or made available pursuant to Section 3.13
and Section 4.02(a), other than information produced by the Master Servicer or the Special Servicer, as applicable; 

 

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provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports.  The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report.

 

The
Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide the
Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties as may be necessary
for the Master Servicer to prepare each report and any supplemental information to be provided by the Master Servicer to the Certificate
Administrator.  None of the Certificate Administrator, the Trustee or the Depositor shall have any obligation to recompute,
verify or recalculate the information provided thereto by the Master Servicer.  Unless the Certificate Administrator has
actual knowledge that any report or file received from the Master Servicer contains erroneous information, the Certificate Administrator
is authorized to rely thereon in calculating and making distributions to Certificateholders in accordance with Section 4.01,
preparing the Distribution Date Statement required by Section 4.02(a) and allocating Realized Losses to the Certificates
in accordance with Section 4.04.

 

Notwithstanding
the foregoing, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be
disclosed pursuant to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c)
or of Section 4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure,
in the reasonable belief of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law
or any provision of a Mortgage Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged
Properties.  The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems
appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

 

(d)      
Upon the written request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of a Certificate
that is a Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate as such
and, in any case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as reasonably
practicable, at the expense of the requesting party, the Certificate Administrator shall make available to the requesting party
such information that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate
Administrator as is requested by such person, for purposes of satisfying applicable reporting requirements under Rule 144A
under the Securities Act.  Neither the Certificate Registrar, nor the Certificate Administrator shall have any responsibility
for the sufficiency under Rule 144A or any other securities laws of any available information so furnished to any person
including any prospective purchaser of a Certificate or any interest therein, nor for the content or accuracy of any information
so furnished which was prepared or delivered to them by another.

 

(e)       
The information to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder
by the parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except
as

 

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specifically
provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)       
Upon the reasonable request of the Directing Certificateholder or any Controlling Class Certificateholder that, in either
case, is an Excluded Controlling Class Holder with respect to any Excluded Controlling Class Loan identified to the
Master Servicer’s (in the case of a Non-Specially Serviced Loan) or the Special Servicer’s (in the case of
a Specially Serviced Loan) reasonable satisfaction (at the expense of the Directing Certificateholder or such Controlling Class Certificateholder)
and if such information is in the Master Servicer’s or the Special Servicer’s possession, as applicable, the Master
Servicer or the Special Servicer, shall provide or make available (or forward electronically) to the Directing Certificateholder
or such Controlling Class Certificateholder, as applicable, (at the expense of the Directing Certificateholder or such Controlling
Class Certificateholder, as applicable) any Excluded Information (available to Privileged Persons through the Certificate
Administrator’s Website but not accessible to the Directing Certificateholder or such Controlling Class Certificateholder,
as applicable, through the Certificate Administrator’s Website because the Directing Certificateholder or such Controlling
Class Certificateholder, as applicable, is an Excluded Controlling Class Holder with respect to another Excluded Controlling
Class Loan) relating to any Excluded Controlling Class Loan with respect to which the Directing Certificateholder or
such Controlling Class Certificateholder, as applicable, is not a Borrower Party; provided that, in connection therewith,
the Master Servicer or the Special Servicer may require a written confirmation executed by the requesting Person substantially
in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, generally to the effect that such
Person is the Directing Certificateholder or a Controlling Class Certificateholder, will keep such Excluded Information confidential
and is not a Borrower Party, upon which the Master Servicer or the Special Servicer may conclusively rely.  In addition,
the Master Servicer and the Special Servicer shall be entitled to conclusively rely on delivery from the Directing Certificateholder
or a Controlling Class Certificateholder, as applicable, of an Investor Certification substantially in the form of Exhibit
P-1B that such Directing Certificateholder or Controlling Class Certificateholder is not an Excluded Controlling Class Holder
with respect to a particular Mortgage Loan.  For the avoidance of doubt, the Special Servicer referenced in this Section 4.02(f)
shall include any applicable Excluded Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section
4.03    P&I Advances.  (a)  On or before 4:00 p.m., New York City time, on each P&I
Advance Date, the Master Servicer shall (i) remit to the Certificate Administrator for deposit from its own funds into the
Lower-Tier REMIC Distribution Account, an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect
of the related Distribution Date, (ii) apply amounts held in the Collection Account, for future distribution to Certificateholders
in subsequent months in discharge of any such obligation to make such P&I Advances or (iii) make such P&I Advances
in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made.  Any amounts
held in the Collection Account for future distribution and so used to make P&I Advances shall be appropriately reflected in
the Master Servicer’s records and replaced by the Master Servicer by deposit in the Collection Account on or before the
next succeeding P&I Advance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent
principal and/or interest in respect of which such P&I Advances were made).  The Master Servicer shall notify the Certificate

 

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Administrator
of (i) the aggregate amount of P&I Advances to be made by the Master Servicer for a Distribution Date and (ii) the
amount of any Nonrecoverable P&I Advances for such Distribution Date, on or before two (2) Business Days prior to such
Distribution Date.  If the Master Servicer fails to make a required P&I Advance by 4:00 p.m., New York City time, on
any P&I Advance Date, the Trustee shall make such P&I Advance pursuant to Section 7.05 by noon, New York City
time, on the related Distribution Date, unless the Master Servicer shall have cured such failure (and provided written notice
of such cure to the Trustee and the Certificate Administrator) by 11:00 a.m., New York City time, on such Distribution Date. 
In the event that the Master Servicer fails to make a required P&I Advance hereunder, the Certificate Administrator shall
notify the Trustee of such circumstances by 4:30 p.m., New York City time, on the related P&I Advance Date.  Notwithstanding
the foregoing, the portion of any P&I Advance equal to the CREFC® Intellectual Property Royalty License Fee
shall not be remitted to the Certificate Administrator for deposit into the Lower-Tier REMIC Distribution Account but shall be
deposited into the Collection Account for payment to CREFC® on such Distribution Date.

 

If
the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Serviced Whole
Loan, then it shall provide to the related other master servicer and Other Trustee under the Other Pooling and Servicing Agreement
written notice of the amount of such P&I Advance with respect to such Mortgage Loan within two (2) Business Days of making
such P&I Advance.

 

If
the Master Servicer or the Trustee makes a P&I Advance with respect to a Non-Serviced Mortgage Loan, then it shall provide
to the related Non-Serviced Master Servicer and Non-Serviced Trustee written notice of the amount of such P&I Advance within
two (2) Business Days of making such P&I Advance.

 

(b)       
Subject to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the
Master Servicer with respect to any Distribution Date, and each Mortgage Loan, shall be equal to:  (i) the Periodic
Payments (net of related Servicing Fees and, in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Non-Serviced
Primary Servicing Fee Rate) other than Balloon Payments, that were due on such Mortgage Loan (including any Non-Serviced Mortgage
Loan) and any related REO Loan (other than any portion of an REO Loan related to a Companion Loan) during the related Collection
Period and were not received as of the close of business on the Business Day preceding the related P&I Advance Date (or not
advanced by any Sub-Servicer on behalf of the Master Servicer) and (ii) with respect to each such Mortgage Loan delinquent
in respect of its Balloon Payment as of the P&I Advance Date (including any REO Loan (other than any portion of an REO Loan
related to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed
Scheduled Payment therefor.  Subject to subsection (c) below, the obligation of the Master Servicer to make such
P&I Advances is mandatory, and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) or REO Loan (other
than any portion of an REO Loan related to a Companion Loan), shall continue until the Distribution Date on which the proceeds,
if any, received in connection with a Liquidation Event or the disposition of the REO Property, as the case may be, with respect
thereto are to be distributed.  No P&I Advances shall be made with respect to any Companion Loan.

 

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(c)            
Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I Advance
would, if made, constitute a Nonrecoverable P&I Advance. With respect to each Serviced Mortgage Loan, the Master Servicer,
the Special Servicer or the Trustee shall make its determination that a P&I Advance that has been made on such Serviced Mortgage
Loan is a Nonrecoverable Advance or that any proposed P&I Advance would, if made, constitute a Nonrecoverable Advance with
respect to such Serviced Mortgage Loan independently of any determination made by the applicable Other Servicer or Other Trustee,
as the case may be, under the applicable Other Pooling and Servicing Agreement in respect of the related Serviced Companion Loan.
If the Master Servicer, the Special Servicer or the Trustee determines that a proposed P&I Advance with respect to a Serviced
Mortgage Loan, if made, or any outstanding P&I Advance with respect to a Serviced Mortgage Loan previously made, would be,
or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall
provide the applicable Other Servicer written notice of such determination within two (2) Business Days of the date of such
determination. If the Master Servicer receives written notice from the related Other Servicer, as the case may be, that an Other
Servicer or the Other Trustee has determined, in accordance with the applicable Other Pooling and Servicing Agreement with respect
to a Serviced Companion Loan, that any proposed advance under the applicable Other Pooling and Servicing Agreement that is similar
to a P&I Advance would be, or any outstanding advance under such Other Pooling and Servicing Agreement that is similar to
a P&I Advance is, a nonrecoverable advance, then the Master Servicer, the Special Servicer or the Trustee may, based upon
such determination, determine that any P&I Advance previously made or proposed to be made with respect to the related Serviced
Mortgage Loan will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer and the Trustee shall
not be required to make any additional P&I Advances with respect to the related Serviced Mortgage Loan unless and until the
Master Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances with respect to the related
Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be as a result of consultation with
the related Other Servicer, as the case may be, or otherwise. For the avoidance of doubt, the Master Servicer, the Special Servicer
or the Trustee, as the case may be, shall have the sole discretion provided in this Agreement to determine that any future P&I
Advance or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable Advance.

 

With
respect to each Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer or the Trustee shall make its determination
(based on information provided by the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer) that a P&I
Advance that has been made on such Non-Serviced Mortgage Loan is a Nonrecoverable Advance or that any proposed P&I Advance
would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced Mortgage Loan independently of any determination
made by the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer or the Non-Serviced Trustee,
as the case may be, under the applicable Non-Serviced PSA in respect of the related Non-Serviced Companion Loan. If the Master
Servicer, the Special Servicer or the Trustee determines that a proposed P&I Advance with respect to a Non-Serviced Mortgage
Loan, if made, or any outstanding P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would be, or is,
as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable, shall provide
the applicable Non-Serviced Master Servicer and Non-Serviced Special Servicer written notice of such determination within two
(2) Business Days of the date of such determination. If the Master Servicer receives written notice from the related

 

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Non-Serviced
Master Servicer or the related Non-Serviced Special Servicer, as the case may be, that either has determined, or the Non-Serviced
Trustee has determined, in accordance with the applicable Non-Serviced PSA with respect to a Non-Serviced Companion Loan, that
any proposed advance under the applicable Non-Serviced PSA that is similar to a P&I Advance would be, or any outstanding advance
under such Non-Serviced PSA that is similar to a P&I Advance is, a nonrecoverable advance, then the Master Servicer, the Special
Servicer or the Trustee may, based upon such determination, determine that any P&I Advance previously made or proposed to
be made with respect to the related Non-Serviced Mortgage Loan will be a Nonrecoverable P&I Advance. Thereafter, in either
case, the Master Servicer and the Trustee shall not be required to make any additional P&I Advances with respect to the related
Non-Serviced Mortgage Loan unless and until the Master Servicer or the Trustee, as the case may be, determines that any such additional
P&I Advances with respect to the related Non-Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination
may be as a result of consultation with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer,
as the case may be, or otherwise. For the avoidance of doubt, the Master Servicer, the Special Servicer or the Trustee, as the
case may be, shall have the sole discretion provided in this Agreement to determine that any future P&I Advance or outstanding
P&I Advance would be, or is, as applicable, a Nonrecoverable Advance.

 

(d)           
In connection with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a),
the Master Servicer shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any
amounts then on deposit in the Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder
(unless related thereto), except to the extent permitted pursuant to the terms of the related Intercreditor Agreement), interest
at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but
not including the date of reimbursement; provided, however, that no interest will accrue on any P&I Advance
(i) if the related Periodic Payment is received on or before the related Due Date has passed and any applicable Grace Period
has expired or (ii) if the related Periodic Payment is received after the Determination Date but on or prior to the related
P&I Advance Date. The Master Servicer shall reimburse itself and/or the Trustee, as the case may be, for any outstanding P&I
Advance, subject to Section 3.17 of this Agreement, as soon as practicably possible after funds available for such
purpose are deposited in the Collection Account.

 

(e)            
Notwithstanding the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Excess Interest,
Yield Maintenance Charges, Default Interest, late payment charges, Prepayment Premiums, or Balloon Payments or make any P&I
Advance with respect to any Companion Loan and (ii) if an Appraisal Reduction Amount has been determined with respect to
any Mortgage Loan (or, in the case of a Non-Serviced Whole Loan, an “appraisal reduction amount” has been made in
accordance with the related Non-Serviced PSA and the Master Servicer has notice of such appraisal reduction amount) then in the
event of subsequent delinquencies thereon, the interest portion of the P&I Advance in respect of such Mortgage Loan for the
related Distribution Date shall be reduced (it being herein acknowledged that there shall be no reduction in the principal portion
of such P&I Advance) to equal the product of (x) the amount of the interest portion of such P&I Advance for such
Mortgage Loan for such Distribution Date without regard to this Section 4.03(e), and (y) a fraction, expressed
as a percentage, the numerator of which is equal to the Stated Principal Balance of such Mortgage Loan

 

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immediately prior to such
Distribution Date, net of the related Appraisal Reduction Amount (or, in the case of a Serviced Whole Loan, the portion of such
Appraisal Reduction Amount allocated to the related Mortgage Loan), if any, and the denominator of which is equal to the Stated
Principal Balance of such Mortgage Loan immediately prior to such Distribution Date. For purposes of the immediately preceding
sentence, the Periodic Payment due on the Maturity Date for a Balloon Mortgage Loan will be the Assumed Scheduled Payment for
the related Distribution Date.

 

(f)            
In no event shall either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion
Loan.

 

Section
4.04       Allocation of Realized Losses. (a)  On each Distribution Date, immediately
following the distributions to be made on such date pursuant to Section 4.01, the Certificate Administrator shall
calculate the Realized Loss for such Distribution Date. Any allocation of Realized Losses to a Class of Regular Certificates
shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized Losses so allocated to a Class of
Regular Certificates shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests
evidenced thereby. The allocation of Realized Losses shall constitute an allocation of losses and other shortfalls experienced
by the Trust. Reimbursement of previously allocated Realized Losses will not constitute distributions of principal for any purpose
and will not result in an additional reduction in the Certificate Balance of the Class of Certificates in respect of which
any such reimbursement is made. With respect to any Class of Principal Balance Certificates, to the extent that any Nonrecoverable
Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans (including REO Loans) and
previously resulted in a reduction of the Principal Distribution Amount are subsequently recovered on the related Mortgage Loan
or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the
amount of such recovery will be added to the Certificate Balance of the Class or Classes of Principal Balance Certificates
that previously were allocated Realized Losses in sequential order according to the priority of payments for the Principal Balance
Certificates (and in the case of the Principal Balance Certificates that are Senior Certificates, on a pro rata basis
according to the amount of unreimbursed Realized Losses on such Classes), in each case up to the lesser of (A) the unallocated
portion of such recovery and (B) the amount of the unreimbursed Realized Losses previously allocated to the subject class
of certificates; and (ii) the Interest Shortfall with respect to each affected class of Certificates for the next Distribution
Date shall be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored
write-down for the reimbursed class of Principal Balance Certificates had never been written down. If the Certificate Balance
of any Class of Principal Balance Certificates is so increased, the amount of unreimbursed Realized Losses of such Class of
Principal Balance Certificates shall be decreased by such amount.

 

(b)           
On each Distribution Date, the Certificate Balances of the Principal Balance Certificates will be reduced without distribution,
as a write-off to the extent of any Realized Losses, if any, allocable to such Certificates with respect to such Distribution
Date. Any such write-off shall be allocated first, to the Class H-RR Certificates, second, to the Class G-RR
Certificates, third, to the Class F-RR Certificates, fourth, to the Class E-RR Certificates, fifth,
to the Class D Certificates, sixth, to the Class C Certificates, seventh, to the Class B Certificates,
eighth, to the Class A-S Certificates and then, pro rata (based on their respective Certificate
Balances), to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, in each

 

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case
until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero.

 

(c)            
With respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates pursuant
to Section 4.04(a) or Section 4.04(b), with respect to such Distribution Date shall reduce the Lower-Tier
Principal Amount of the Related Lower-Tier Regular Interest with respect thereto as a write-off.

 

Section
4.05       Appraisal Reduction Amounts; Collateral Deficiency Amounts. (a)  For
purposes of (x) determining the Controlling Class (and whether a Control Termination Event or an Operating Advisor Consultation
Event has occurred and is continuing) and (y) determining the Voting Rights of the related Classes for purposes of removal
of the Special Servicer or the Operating Advisor, Cumulative Appraisal Reduction Amounts (with respect to a Serviced Whole Loan,
to the extent allocated to the related Mortgage Loan) shall be allocated to each Class of Principal Balance Certificates
in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class is
reduced to zero (i.e., first, to the Class H-RR Certificates, second, to the Class G-RR Certificates,
third, to the Class F-RR Certificates, fourth, to the Class E-RR Certificates, fifth, to the Class D
Certificates, sixth, to the Class C Certificates, seventh, to the Class B Certificates, eighth,
to the Class A-S Certificates, and finally, pro rata based on their respective interest entitlements,
to the Senior Certificates (other than the Class X-A, Class X-B and Class X-D Certificates).

 

As
of the first Determination Date after a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becomes an AB Modified Loan, the
Special Servicer shall calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into
account the most recent Appraisal obtained by the Special Servicer with respect to such Mortgage Loan, and all other information
in its possession relevant to a Collateral Deficiency Amount determination. Upon obtaining knowledge or receipt of notice by the
Master Servicer that a Non-Serviced Mortgage Loan has become an AB Modified Loan, the Master Servicer shall (i) promptly
request from the related Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee the most recent
appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the Master Servicer
to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as of the first
Determination Date following receipt by the Master Servicer of the appraisal and any other information set forth in the immediately
preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral Deficiency
Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Non-Serviced
Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information in its possession relevant to a Collateral
Deficiency Amount determination. Upon obtaining actual knowledge or receipt of notice by any other party to this Agreement that
a Non-Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. None
of the Master Servicer (with respect to Mortgage Loans other than Non-Serviced Mortgage Loans), the Special Servicer (with respect
to Non-Serviced Mortgage Loans), the Operating Advisor, the Trustee or the Certificate Administrator shall calculate or verify
any Collateral Deficiency Amount.

 

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With
respect to any Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, calculated for purposes of determining
(i) the Voting Rights of the related Classes for purposes of removal of the Special Servicer or the Operating Advisor or (ii) 
the Controlling Class or the occurrence and continuance of a Control Termination Event or an Operating Advisor Consultation
Event, the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The
Special Servicer (in the case of a Mortgage Loan other than a Non-Serviced Mortgage Loan) or the Master Servicer (in the case
of a Non-Serviced Mortgage Loan), shall notify the Master Servicer or the Special Servicer, as the case may be (and the Master
Servicer shall notify the Certificate Administrator), of the amount of any Appraisal Reduction Amount (which notification from
the Master Servicer to the Certificate Administrator shall be made by delivery of the CREFC® Loan Periodic Update
File in accordance with Section 3.12(d)), any Collateral Deficiency Amount and (except in the case of the Master Servicer)
any resulting Cumulative Appraisal Reduction Amount with respect to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan,
if any (which notification shall be satisfied through delivery of such Appraisal Reduction Amount, Collateral Deficiency Amount
and Cumulative Appraisal Reduction Amount as included in the CREFC® Appraisal Reduction Template included in the
CREFC® Investor Reporting Package or such other report or reports mutually agreed upon between the Master Servicer
and the Certificate Administrator (which shall be delivered by the Master Servicer simultaneously with the CREFC®
Loan Periodic Update File in accordance with Section 3.12(d)) and the Certificate Administrator shall promptly post
notice of such Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal Reduction Amount, as applicable,
to the Certificate Administrator’s Website. Based on information in its possession, the Certificate Administrator shall
determine from time to time which Class of Certificates is the Controlling Class. Promptly upon its determination of a change
in the Controlling Class, the Certificate Administrator shall notify the Master Servicer, the Special Servicer and the Operating
Advisor of such event, including the identity and contact information of the new Controlling Class Certificateholder and
the identity of the Controlling Class as set forth in Section 3.23(l) (the cost of obtaining such information
from the Depository being an expense of the Trust).

 

(b)           
(i)  The Holders of the majority of Voting Rights of any Class of Control Eligible Certificates that is determined
at any time of determination to no longer be the Controlling Class (any such Class, an “Appraised-Out Class”)
as a result of an Appraisal Reduction Amount or Collateral Deficiency Amount (as applicable) in respect of such Class shall
have the right and, with respect to a Serviced Whole Loan, the Other Servicers shall have the right upon the request of similarly
situated holders of certificates in the related Other Securitization, at their sole expense, to require the Special Servicer to
order (or, with respect to a Non-Serviced Mortgage Loan, require the Master Servicer to request from the applicable Non-Serviced
Special Servicer) a second Appraisal with respect to any Mortgage Loan (or Serviced Whole Loan) for which an Appraisal Reduction
Event has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting Holders”).
With respect to any such Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan), the Special Servicer shall use
commercially reasonable efforts to cause such second Appraisal to be (A) delivered within thirty (30) days from receipt
of the Requesting Holders’ written request and (B) prepared on an “as-is” basis by an MAI appraiser (provided
that such MAI appraiser may not be the same MAI appraiser that provided the Appraisal in respect of which the Requesting Holders
are requesting the Special Servicer to obtain an

 

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additional Appraisal). With respect to any such Non-Serviced Mortgage Loan, the
Master Servicer shall use commercially reasonable efforts to obtain such second appraisal from the applicable Non-Serviced Special
Servicer and to forward such second appraisal to the Special Servicer.

 

(ii)            
Upon receipt of any supplemental Appraisal pursuant to clause (i) above, the Master Servicer (for Collateral Deficiency
Amounts on Non-Serviced Mortgage Loans), the applicable Non-Serviced Special Servicer (for Appraisal Reduction Amounts on Non-Serviced
Mortgage Loans to the extent provided for in the applicable Non-Serviced PSA and applicable Intercreditor Agreement) and the Special
Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal,
any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount (as applicable) is warranted, and if so warranted,
the Special Servicer shall recalculate the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based on
such supplemental Appraisal and (in the case of a Mortgage Loan other than a Non-Serviced Mortgage Loan) any information received
from the Master Servicer. If required by such recalculation, the Appraised-Out Class shall be reinstated as the Controlling
Class and each other Appraised-Out Class shall, if applicable, have its related Certificate Balance notionally restored
to the extent required by such recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable.
The Holders of an Appraised-Out Class requesting any supplemental Appraisal pursuant to clause (i) above shall
refrain from exercising any direction, control, consent and/or similar rights of the Controlling Class until such time, if
any, as the Class is reinstated as the Controlling Class (such period beginning upon receipt by the Special Servicer
or the Master Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i) above to but excluding
the date on which either (A) the Special Servicer, the Master Servicer or Non-Serviced Special Servicer determines that no
recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted or (B) the Special Servicer,
the Master Servicer or Non-Serviced Special Servicer recalculates the Appraisal Reduction Amount or Collateral Deficiency Amount,
as applicable, based on the supplemental Appraisal, the “Appraisal Review Period”). The rights of the Controlling
Class during each Appraisal Review Period shall be exercised by the next most senior Class of Control Eligible Certificates,
if any.

 

(c)            
With respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan), and each Serviced Whole Loan as to which an Appraisal
Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such purposes
taking into account any amendment or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole Loan)),
the Special Servicer shall (1) within thirty (30) days of the occurrence or of each anniversary of the related Appraisal
Reduction Event, and (2) upon its determination that the value of the related Mortgaged Property has materially changed,
notify the Master Servicer of the occurrence of such anniversary or determination and order an Appraisal (which may be an update
of a prior Appraisal), the cost of which shall be paid by the Master Servicer as a Servicing Advance or to the extent it would
be a Nonrecoverable Advance, an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following
receipt of any such Appraisal or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section 4.05(b)
above), shall deliver a copy thereof to the Master Servicer, the Certificate Administrator, the Trustee, the Operating Advisor
and ((i) prior to the

 

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occurrence and continuance of any Consultation Termination Event and (ii) other than with respect
to any Excluded DCH Loan) the Directing Certificateholder. Based upon such Appraisal or internal valuation (or any Appraisal obtained
in accordance with Section 4.05(b) above) and receipt of information requested by the Special Servicer from the Master
Servicer that is in the possession of the Master Servicer and reasonably necessary to calculate the Appraisal Reduction Amount,
the Special Servicer shall determine or redetermine, as applicable, and report to the Master Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor and ((i) prior to the occurrence and continuance of any Consultation Termination Event
and (ii) other than with respect to any Excluded DCH Loan) the Directing Certificateholder, the amount and calculation or
recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount with respect to such Mortgage Loan, Companion
Loan or Serviced Whole Loan, as applicable, and such report shall be delivered in the CREFC® Appraisal Reduction
Template format; provided, however, that the Special Servicer shall not be liable for failure to comply with such
duties insofar as such failure results from a failure of the Master Servicer to provide sufficient information to the Special
Servicer to comply with such duties or failure by the Master Servicer to otherwise comply with its obligations hereunder. Following
the Master Servicer’s receipt from the Special Servicer of the calculation of the Appraisal Reduction Amounts, the Master
Servicer shall provide such information to the Certificate Administrator in the form of the CREFC® Loan Periodic
Update File and the CREFC® Appraisal Reduction Template provided to it by the Special Servicer or such other report
or reports mutually agreed upon between the Master Servicer and the Certificate Administrator. Such report shall also be forwarded
by the Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the
related Serviced Companion Loan has been included in an Other Securitization, to the Other Servicer of such Other Securitization
into which the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master
Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan). If the Special Servicer is required
to redetermine the Appraisal Reduction Amount or Collateral Deficiency Amount, such redetermined Appraisal Reduction Amount or
Collateral Deficiency Amount shall replace the prior Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable,
with respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable. Prior to the occurrence and continuance
of a Consultation Termination Event and other than with respect to any Excluded DCH Loan, the Special Servicer shall consult with
the Directing Certificateholder with respect to any Appraisal, valuation or downward adjustment in connection with an Appraisal
Reduction Amount or Collateral Deficiency Amount. Notwithstanding the foregoing but subject to Section 4.05(b), the
Special Servicer will not be required to obtain an Appraisal or conduct an internal valuation, as applicable, with respect to
a Mortgage Loan or related Companion Loan or Serviced Whole Loan as to which an Appraisal Reduction Event has occurred to the
extent the Special Servicer has obtained an Appraisal or conducted such a valuation (in accordance with requirements of this Agreement),
as applicable, with respect to the related Mortgaged Property within the twelve-month period immediately prior to the occurrence
of such Appraisal Reduction Event. Instead, the Special Servicer may use such prior Appraisal or valuation, as applicable, in
calculating any Appraisal Reduction Amount or Collateral Deficiency Amount with respect to such Mortgage Loan or related Companion
Loan or Serviced Whole Loan; provided that the Special Servicer is not aware of any material change to the related Mortgaged
Property having occurred and affecting the validity of such Appraisal or valuation.

 

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The
Master Servicer shall deliver by electronic mail to the Special Servicer any information in its possession that is reasonably
required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver
such information, within four (4) Business Days following the Special Servicer’s reasonable request therefor; provided
that the Special Servicer’s failure to timely make such request shall not relieve the Master Servicer of its obligation
to use reasonable efforts to provide such information to the Special Servicer within four (4) Business Days following the
Special Servicer’s reasonable request.

 

(d)           
Any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole Loan previously
subject to an Appraisal Reduction Amount, which has become a Corrected Loan (for such purposes taking into account any amendment
or modification of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan, as applicable), and with
respect to which no other Appraisal Reduction Event has occurred and is continuing, will no longer be subject to an Appraisal
Reduction Amount. Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable
party under and in accordance with and pursuant to the terms of the applicable Non-Serviced PSA.

 

(e)            
Each Serviced Whole Loan will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with
respect to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect
of a Serviced AB Whole Loan in respect of an AB Modified Loan will be allocated in accordance with the related Intercreditor Agreement
or, if no allocation is specified in the related Intercreditor Agreement, then, first, to the related AB Subordinate Companion
Loan (until its principal balance is notionally reduced to zero by such Appraisal Reduction Amounts) and second, pro rata
between the related Serviced AB Mortgage Loan and any Serviced Pari Passu Companion Loans. Any Appraisal Reduction Amount
that would impact any Serviced Pari Passu Whole Loan will be allocated in accordance with the related Intercreditor Agreement
or, if no allocation is specified in the related Intercreditor Agreement, then, pro rata, between the related Serviced
Pari Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan, based upon their respective outstanding principal
balances.

 

Section
4.06       Grantor Trust Reporting. (a)  The parties intend that the portions of
the Trust Fund constituting the Grantor Trust, shall constitute, and that the affairs of the Grantor Trust shall be conducted
so as to qualify such portion as, a “grantor trust” under subpart E, part I of subchapter J of the Code, and the provisions
hereof shall be interpreted consistently with this intention. In furtherance of such intention, neither the Trustee nor the Certificate
Administrator shall have the power to vary the investment of the Holders of the Class V Certificates in the Grantor Trust
so as to improve their rate of return. The Certificate Administrator shall prepare or cause to be prepared, submit to the Trustee
for execution (and the Trustee shall timely execute and timely return to the Certificate Administrator) and timely file all Tax
Returns in respect of the Grantor Trust. In addition, the Certificate Administrator shall (A) file, or cause to be filed,
Internal Revenue Service Form 1041, Form 1099 or such other form as may be applicable with the Internal Revenue Service
with copies of the statements in the following clause and (B) furnish, or cause to be furnished, to the Holders of the Class V
Certificates, the Excess Interest and Excess Interest Distribution Account, in the time or times and in the manner required by
the Code.

 

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(b)           
As of the Closing Date no Class V Certificate is held through a “middleman” as defined by the WHFIT Regulations.
If the Certificate Administrator receives notice that the Class V Certificates are held through a “middleman”
as defined by the WHFIT Regulations, then the Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report
as required under the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator
to do so is provided to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume
that DTC is the only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate
Administrator with the identities of other “middlemen” as defined by the WHFIT Regulations that are Certificateholders.
The Certificate Administrator shall be entitled to indemnification in accordance with the terms of this Agreement in the event
that the Internal Revenue Service makes a determination that the first sentence of this paragraph is incorrect.

 

(c)            
The Certificate Administrator shall report required WHFIT information using the accrual method, except to the extent the WHFIT
Regulations specifically require a different method. The Certificate Administrator shall be under no obligation to determine whether
any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available (via its website) WHFIT
information to Certificateholders annually. In addition, the Certificate Administrator shall not be responsible or liable for
providing subsequently amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(d)           
The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor
for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to
the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.
Each Holder of a Class V Certificate, by acceptance of its interest in such Class of securities, will be deemed to have
agreed to provide the Certificate Administrator with information regarding any sale of such securities, including the price, amount
of proceeds and date of sale. Absent receipt of information regarding any sale of a Class V Certificate, including the price,
amount of proceeds and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume
there is no secondary market trading of WHFIT interests.

 

(e)            
To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on an appropriate
website the CUSIP for the Class V Certificates. The CUSIP so published will represent the Rule 144A CUSIP. The Certificate
Administrator shall make reasonable good faith efforts to keep the website accurate and updated to the extent such CUSIP has been
received. Absent the receipt of such CUSIP, the Certificate Administrator shall use a reasonable identifier number in lieu of
a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate
or untimely CUSIP information.

 

Section
4.07       Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document
Request Tool. (a)  The Certificate Administrator shall make available, only to Privileged Persons, the Investor
Q&A Forum. The “Investor Q&A Forum” shall be a service available on the Certificate Administrator’s
Website, where (i) Certificateholders and beneficial owners of Certificates that are Privileged Persons may submit questions
to (A) the Certificate

 

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Administrator relating to the Distribution Date Statement, (B) the Master Servicer or the Special
Servicer, as the case may be, relating to the reports being made available pursuant to Section 3.13(b) and Section 3.13(e),
the Mortgage Loans (excluding any Non-Serviced Mortgage Loan) or the related Mortgaged Properties or (C) the Operating Advisor
relating to the Operating Advisor Annual Report or other reports prepared by the Operating Advisor or actions by the Special Servicer
referenced in any Operating Advisor Annual Report (each an “Inquiry” and collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers
thereto. Upon receipt of an Inquiry for the Master Servicer, the Special Servicer, Certificate Administrator or the Operating
Advisor, as applicable, and in the case of any Inquiry relating to a Non-Serviced Mortgage Loan, to the related Non-Serviced Master
Servicer or related Non-Serviced Special Servicer, as applicable, the Certificate Administrator shall forward the Inquiry to the
appropriate person (in the case of the Master Servicer to the following: REAM_InvestorRelations@wellsfargo.com), in each case
within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Master Servicer,
the Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, unless such party determines not
to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, the Special Servicer
or the Operating Advisor, as applicable, shall be delivered to the Certificate Administrator by electronic mail. In the case of
an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an
answer from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable; provided
that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain
such answer. The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or
receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website.
If the Certificate Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective
sole discretion, that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry
would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation
of applicable law, the applicable Mortgage Loan documents or this Agreement, (iv) answering any Inquiry would materially
increase the duties of, or result in significant additional cost or expense to, the Master Servicer, the Special Servicer, the
Certificate Administrator or the Operating Advisor, as applicable, (v) answering any Inquiry would require the disclosure
of Privileged Information (subject to the Privileged Information Exception), (vi) that answering the Inquiry would or is reasonably
expected to result in a waiver of an attorney-client privilege or disclosure of attorney work product or (vii) answering
any Inquiry is otherwise, for any reason, not advisable, it shall not be required to answer such Inquiry and, in the case of the
Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator of such determination.
In addition, no party shall post or otherwise disclose any direct communications with the Directing Certificateholder as part
of its response to any Inquiries. The Certificate Administrator shall notify the Person who submitted such Inquiry in the event
that the Inquiry will not be answered. Any notice by the Certificate Administrator to the Person who submitted an Inquiry that
will not be answered shall include the following statement: “Because the Pooling and Servicing Agreement provides that the
Master Servicer, the Special Servicer, the Certificate Administrator and the Operating Advisor shall not answer an Inquiry if
it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the
Pooling and Servicing

 

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Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law or the applicable Mortgage Loan documents, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional costs or expenses to the Trustee, the
Master Servicer, the Special Servicer, the Certificate Administrator or Operating Advisor, as applicable, (v) answering any
Inquiry would require the disclosure of Privileged Information, or (vi) answering any Inquiry is otherwise, for any reason,
not advisable, no inference should or may be drawn from the fact that the Master Servicer, the Special Servicer, the Certificate
Administrator or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum
will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters
or any of their respective Affiliates. None of the Underwriters, Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Operating Advisor or any of their respective Affiliates will certify to any of the information
posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such
information. The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website any
Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial
in nature. The Investor Q&A Forum will not reflect questions, answers and other communications that are not submitted via
the Certificate Administrator’s Website. Notwithstanding the foregoing, the Operating Advisor shall not be required to respond
to any Inquiries from Certificateholders for which its response would require the Operating Advisor to provide information to
such inquiring Certificateholders that they are otherwise not entitled to receive under the terms of this Agreement.

 

(b)           
The Certificate Administrator shall make available to any Certificateholder and any Certificate Owner that is a Privileged Person,
the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s
Website, where Certificateholders and Certificate Owners that are Privileged Persons can register and thereafter obtain information
with respect to any other Certificateholder or Certificate Owner that has so registered. Any person registering to use the Investor
Registry shall certify that (a) it is a Certificateholder or a Certificate Owner and a Privileged Person and (b) it
grants authorization to the Certificate Administrator to make its name and contact information available on the Investor Registry
for at least forty-five (45) days from the date of such certification to persons entitled to access to the Investor Registry.
Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and email
address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder
or Certificate Owner notifies the Certificate Administrator that it wishes to be removed from the Investor Registry (which notice
may not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from
the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information submitted
on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)            
The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool.
The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information
Provider’s Website, where NRSROs may (i) submit questions to the Certificate Administrator relating to any

 

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Distribution
Date Statements, or submit questions to the Master Servicer or the Special Servicer, as the case may be, relating to the reports
prepared by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view Rating Agency
Inquiries that have been previously submitted and answered, together with the responses thereto. In addition, NRSROs may use the
forum to submit requests (each such submission also, a “Rating Agency Inquiry”) to the Master Servicer for
loan-level reports and other related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special
Servicer, the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate person (in the case of the
Master Servicer to the following: RAInvRequests@wellsfargo.com), in each case within a commercially reasonable period of time
following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Master Servicer
or the Special Servicer, as the case may be, unless it determines not to answer such Rating Agency Inquiry as provided below,
shall reply by email to the Certificate Administrator. The 17g-5 Information Provider shall post (within a commercially reasonable
period of time following receipt of such response) such Rating Agency Inquiry with the related response thereto (or such reports,
as applicable) to the Rating Agency Q&A Forum and Document Request Tool. Any reports posted by the 17g-5 Information Provider
in response to an inquiry may be posted on a separate website or web page accessible by a link on the 17g-5 Information Provider’s
Website. If the Certificate Administrator, the Master Servicer or the Special Servicer determines, in its respective sole discretion,
that (i) answering any Rating Agency Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement
or any Mortgage Loan documents, (ii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver
of an attorney-client privilege with, or the disclosure of attorney work product, or (iii) (A) answering any Rating
Agency Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate
Administrator, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Master
Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in the
case of the Certificate Administrator) that the performance of such duties or the payment of such costs and expenses is beyond
the scope of its duties in its capacity as Certificate Administrator, Master Servicer or Special Servicer, as applicable, under
this Agreement, it shall not be required to answer such Rating Agency Inquiry and shall promptly notify the 17g-5 Information
Provider by email of such determination. The 17g-5 Information Provider shall promptly thereafter post the Rating Agency Inquiry
with the reason it was not answered to the Rating Agency Q&A Forum and Document Request Tool. The 17g-5 Information Provider
will not be liable for the failure by any other such Person to so answer. Questions posted on the Rating Agency Q&A Forum
and Document Request Tool shall not be attributed to the submitting NRSRO. Answers posted on the Rating Agency Q&A Forum and
Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any other person.
None of the Underwriters, the Depositor, or any of their respective Affiliates will certify to any of the information posted in
the Rating Agency Q&A Forum and Document Request Tool and no such party shall have any responsibility or liability for the
content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s
Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is
administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions,
answers and other communications that are not submitted via the 17g-5 Information Provider’s Website.

 

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Section
4.08       Secure Data Room. (a)  The Certificate Administrator shall create a
Secure Data Room and the Depositor shall, upon the receipt of each Mortgage Loan Seller’s Diligence File Certification and
within 120 days following the Closing Date, deliver to the Certificate Administrator an electronic copy of the Diligence
Files for the Mortgage Loans that have been uploaded by the Mortgage Loan Sellers to the Designated Site. Upon receipt thereof,
the Certificate Administrator shall promptly upload the contents of each Diligence File actually received by it to the Secure
Data Room. Access to the Secure Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations
Reviewer and (ii) any other Person at the direction of the Depositor, in each case, upon the occurrence of an Affirmative
Asset Review Vote and receipt by the Certificate Administrator of a certification substantially in the form of Exhibit RR
hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate
Administrator’s website). In no case whatsoever shall Certificateholders be permitted to access the Secure Data Room. For
the avoidance of doubt, the Certificate Administrator shall be under no obligation to post any documents or information to the
Secure Data Room other than the contents of the Diligence Files initially delivered to it by the Depositor.

 

(b)           
The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates
to the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered
to the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the
Secure Data Room. In the event that any document or information is posted in error, the Certificate Administrator may remove such
document or information from the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical
or electronic copies of any document or information provided to it for posting to the Secure Data Room. The Certificate Administrator
shall not be responsible or held liable for any other Person’s use or dissemination of the documents or information contained
on the Secure Data Room; provided that such event or occurrence is not also a result of its own negligence, bad faith or
willful misconduct. The Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan
basis and any Person with access to the Secure Data Room shall covenant to access only the information necessary to perform its
duties and responsibilities under this Agreement.

 

(c)            
Upon the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator
shall transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the
Depositor or the Master Servicer, and all costs and expenses associated with the transfer of the Diligence Files shall be payable
as part of the costs and expenses associated with the transfer of its responsibilities upon the resignation or removal of the
Certificate Administrator pursuant to Section 8.07. Following the date on which any Mortgage Loan is paid in full,
liquidated, repurchased or otherwise removed from the Trust, the Special Servicer may direct the Certificate Administrator in
writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided that absent such
direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data Room. Following
the termination of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted to delete
all files from the Secure Data Room. Upon

 

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deletion, in no event shall the Certificate Administrator be obligated to reproduce
or retrieve such deleted files.

 

[End
of Article IV]

 

ARTICLE
V

THE CERTIFICATES

 

Section
5.01       The Certificates. (a)  The Certificates will be substantially in the
respective forms annexed hereto as Exhibits A-1 through and including A-3, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable judgment of the
Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable laws, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution
thereof. The Class X Certificates shall be issuable only in minimum Denominations of authorized initial Notional Amount of
not less than $1,000,000 and in integral multiples of $1.00 in excess thereof. The Registered Certificates (other than the Class X-A
and Class X-B Certificates) shall be issuable only in minimum Denominations of authorized initial Certificate Balance of
not less than $10,000, and in integral multiples of $1.00 in excess thereof. The Non-Registered Certificates (other than the Class X-D,
Class R and Class V Certificates) shall be issuable in minimum Denominations of authorized initial Certificate Balance
of not less than $100,000, and in integral multiples of $1.00 in excess thereof. If the Original Certificate Balance or initial
Notional Amount, as applicable, of any Class of Certificates does not equal an integral multiple of $1.00, then a single
additional Certificate of such Class may be issued in a minimum denomination of authorized initial Certificate Balance or
initial Notional Amount, as applicable, that includes the excess of (i) the Original Certificate Balance or initial Notional
Amount, as applicable, of such Class over (ii) the largest integral multiple of $1.00 that does not exceed such amount.
The Class V Certificates shall be issued, maintained and transferred in minimum percentage interests of 5% of such Class V
Certificates and in integral multiples of 1% in excess thereof. The Class R Certificates shall be issued, maintained and
transferred in minimum percentage interests of 10% of such Class R Certificates and in integral multiples of 1% in excess
thereof.

 

(b)           
One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

Section
5.02       Form and Registration. No transfer of any Non-Registered Certificate shall be
made unless that transfer is made pursuant to an effective registration statement under the Securities Act, and effective registration
or qualification under applicable state securities laws, or is made in a transaction which does not require such registration
or qualification. If a

 

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transfer (other than one by the Depositor to an Affiliate thereof or by the Initial Purchasers to a Retaining
Party) is to be made in reliance upon an exemption from the Securities Act, and under the applicable state securities laws, then
the following subsections (a)-(d) shall apply.

 

(a)            
Each Class of the Non-Registered Certificates sold to institutions that are non-United States Securities Persons in Offshore
Transactions in reliance on Regulation S under the Act shall initially be represented by a temporary book-entry certificate in
definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto
(each a “Temporary Regulation S Book-Entry Certificate”), which shall be deposited on the Closing Date on behalf
of the purchasers of the Non-Registered Certificates represented thereby with the Certificate Registrar, at its principal trust
office, as custodian, for the Depository, and registered in the name of the Depository or the nominee of the Depository for the
account of designated agents holding on behalf of Euroclear and/or Clearstream. Prior to the expiration of the 40-day period commencing
on the later of the commencement of the offering and the Closing Date (the “Restricted Period”), beneficial
interests in each Temporary Regulation S Book-Entry Certificate may be held only through Euroclear or Clearstream. After the expiration
of the Restricted Period, a beneficial interest in a Temporary Regulation S Book-Entry Certificate may be exchanged for an interest
in the related Regulation S Book-Entry Certificate in the applicable form set forth as an exhibit hereto in accordance with the
procedures set forth in Section 5.03(f). During the Restricted Period, distributions due in respect of a beneficial
interest in a Temporary Regulation S Book-Entry Certificate shall only be made upon delivery to the Certificate Registrar by Euroclear
or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of the Restricted Period,
distributions due in respect of any beneficial interests in a Temporary Regulation S Book-Entry Certificate shall not be made
to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Book-Entry Certificate
of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S Book-Entry
Certificate or a Regulation S Book-Entry Certificate may from time to time be increased or decreased by adjustments made on the
records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided;

 

On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Book-Entry Certificates, which shall be held by the
Certificate Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National
Association is hereby initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the
authentication and delivery of the Certificates in connection with transfers and exchanges as herein provided. If Wells Fargo
Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated
as Authenticating Agent. If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent,
which may be the Trustee or an Affiliate thereof.

 

(b)           
Certificates of each Class of Non-Registered Certificates (other than any Risk Retention Certificates during the Transfer
Restriction Period and other than in connection with the initial issuance of a Class V Certificate) offered and sold to Qualified Institutional Buyers in reliance on Rule 144A shall be represented by Rule 144A
Book-Entry Certificates, which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as
custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository. The aggregate Certificate
Balance of a Rule 144A Book-Entry

 

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Certificate may from time to time be increased or decreased by adjustments made on the
records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)            
Certificates of each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional
Accredited Investors that are not Qualified Institutional Buyers (the “Non-Book Entry Certificates”) shall
be in the form of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered
in the name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book
Entry Certificates to the respective beneficial owners or owners. For the avoidance of doubt, the Class R and Class V
Certificates shall only be in the form of Definitive Certificates, and the Risk Retention Certificates shall be issued in the
form of Definitive Certificates at all times during the Transfer Restriction Period.

 

(d)           
Owners of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery
of certificated Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository
is no longer willing or able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates
of such Class or ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a
qualified successor within ninety (90) days of such notice or (ii) the Trustee has instituted or has been directed to
institute any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by
counsel that in connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession
of the Certificates of such Class; provided, however, that under no circumstances will certificated Non-Registered
Certificates be issued to beneficial owners of a Temporary Regulation S Book-Entry Certificate. Upon notice of the occurrence
of any of the events described in clause (i) or (ii) above with respect to any Certificates of a Class that
are in the form of Book-Entry Certificates and upon surrender by the Depository of any Book-Entry Certificate of such Class and
receipt from the Depository of instructions for re-registration, the Certificate Registrar shall issue Certificates of such Class in
the form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued for a Rule 144A Book-Entry Certificate,
the same legends regarding transfer restrictions borne by such Book-Entry Certificate), and thereafter the Certificate Registrar
shall recognize the Holders of such Definitive Certificates as Certificateholders under this Agreement. Unless and until Definitive
Certificates are issued in respect of a Class of Book-Entry Certificates, beneficial ownership interests in such Class of
Certificates will be maintained and transferred on the book entry records of the Depository and Depository Participants, and all
references to actions by Holders of such Class of Certificates will refer to action taken by the Depository upon instructions
received from the related registered Holders of Certificates through the Depository Participants in accordance with the Depository’s
procedures and, except as otherwise set forth herein, all references herein to payments, notices, reports and statements to Holders
of such Class of Certificates will refer to payments, notices, reports and statements to the Depository or its nominee as
the registered Holder thereof, for distribution to the related registered Holders of Certificates through the Depository Participants
in accordance with the Depository’s procedures.

 

(e)            
From and after the Closing Date and during the Transfer Restriction Period, the Risk Retention Certificates shall only be held
as Definitive Certificates and shall be held in the Retained Certificate Safekeeping Account by the Certificate Administrator
(and each Retaining Party’s respective interest shall be tracked in the form of an entry in the Certificate Administrator’s

 

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trust accounting system under the Retained Certificate Safekeeping Account), as custodian for, and for the benefit of, the Holder
of the related Certificate. The Certificate Administrator shall hold the Risk Retention Certificates in safekeeping and shall
release the same only upon receipt of written instructions from the holder(s) of the Risk Retention Certificates and the Retaining
Sponsor, indicating whether such release is in connection with the termination of the Transfer Restriction Period or in connection
with a Retaining Party’s intent to transfer pursuant to Section 5.03(i), in each case, in accordance with any
additional authentication procedures as may be utilized by the Certificate Administrator and in accordance with this Agreement. 
After its release of the Risk Retention Certificates in accordance with the provisions of this Agreement, the Certificate Administrator
shall have no obligation or liability with respect to the safekeeping of the Risk Retention Certificates. There shall be, and
hereby is, established by the Certificate Administrator an account which will be designated the “Retained Certificate Safekeeping
Account” and in which the Risk Retention Certificates shall be held and which shall be governed by and subject to this Agreement. 
In addition, on and after the date hereof, the Certificate Administrator may establish any number of subaccounts to the Retained
Certificate Safekeeping Account for a Retaining Party.  Such subaccounts shall be marked or evidenced as being for the benefit
of the Holder of the related Certificate. The Risk Retention Certificates to be delivered in physical form to the Certificate
Administrator shall be delivered as set forth herein. No amounts distributable to the Holders of the Risk Retention Certificates
shall be remitted to the Retained Certificate Safekeeping Account, but shall be remitted directly to the Retaining Parties in
accordance with written instructions provided separately by the Retaining Parties to the Certificate Administrator on the Closing
Date.  Under no circumstances by virtue of safekeeping the Risk Retention Certificates shall the Certificate Administrator
be obligated to bring legal action or institute proceedings against any person on behalf of a Retaining Party. During the Transfer
Restriction Period and for such longer time as a Retaining Party may request, the Certificate Administrator shall hold the Definitive
Certificates representing the Risk Retention Certificates owned by such Party at the below location, or any other location; provided
the Certificate Administrator has given notice to the Retaining Parties of such new location:

 

Wells
Fargo Bank, N.A.

Attn: Security Control and Transfer (SCAT) – MAC N9345-010

425 E Hennepin Avenue

Minneapolis, MN 55414

 

On
the Closing Date, and upon completion of each transfer of the Risk Retention Certificates during the Transfer Restriction Period,
the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the Retaining Parties
substantially in the form of Exhibit TT hereto evidencing its receipt of the Risk Retention Certificates.

 

The
Certificate Administrator shall make available to each Retaining Party its respective account information as mutually agreed upon
by the Certificate Administrator and such Retaining Party, and in accordance with the Certificate Administrator’s policies
and procedures. Any transfer of a Risk Retention Certificate shall be subject to Section 5.03(g) and Section 5.03(i).

 

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For
the sake of clarity, after the Transfer Restriction Period, the Risk Retention Certificates may be transferred at the direction
of the Holder thereof in the same manner prescribed herein for other Certificates, subject to Section 5.03(i).

 

Section
5.03       Registration of Transfer and Exchange of Certificates. (a)  The Certificate
Administrator shall keep or cause to be kept at the Corporate Trust Office books (the “Certificate Register”)
in which, subject to such reasonable regulations as it may prescribe, the Certificate Administrator shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity,
being the “Certificate Registrar”). In such capacities, the Certificate Administrator shall be responsible
for, among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates
of each Class of Non-Registered Certificates represented by a Temporary Regulation S Book-Entry Certificate, a Regulation
S Book-Entry Certificate and a Rule 144A Book-Entry Certificate and accepting Certificates for exchange and registration
of transfer, (ii) holding the Risk Retention Certificates (during such times as required hereunder) as Definitive Certificates
on behalf of each Holder of such Certificate and (iii) transmitting to the Depositor, the Master Servicer and the Special
Servicer any notices from the Certificateholders. No fee or service charge shall be imposed by the Certificate Registrar for its
services in respect of any registration of Transfer or exchange of any Certificate (other than Definitive Certificates) referred
to in this Section 5.03.

 

(b)           
Subject to the restrictions on transfer set forth in this Article V, upon surrender for registration of transfer of
any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)            
Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a holder of a beneficial interest
in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at
any time during the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in
the Temporary Regulation S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Temporary Regulation S Book-Entry
Certificate of the same Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange
of such interest for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate. Upon receipt by
the Certificate Registrar, as registrar, at its office designated in Section 5.07, of (1) instructions given
in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit,
or cause to be credited, a beneficial interest in the Temporary Regulation S Book-Entry Certificate in an amount equal to the
beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, (2) a written order given in accordance
with the Depository’s procedures containing information regarding the Euroclear or Clearstream account to be credited with
such increase and the name of such account and (3) a certificate in the form of Exhibit I hereto given by the
holder of such beneficial interest stating that the transfer of such interest has been made in compliance with the transfer restrictions
applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Book-Entry Certificate
and to increase, or

 

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cause to be increased, the Certificate Balance of the Temporary Regulation S Book-Entry Certificate by the
aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry Certificate to be exchanged, to credit
or cause to be credited to the account of the Person specified in such instructions (who shall be the agent member of Euroclear
or Clearstream, or both) a beneficial interest in the Temporary Regulation S Book-Entry Certificate equal to the reduction in
the Certificate Balance of the Rule 144A Book-Entry Certificate, and to debit, or cause to be debited, from the account of
the Person making such exchange or transfer the beneficial interest in the Rule 144A Book-Entry Certificate that is being
exchanged or transferred.

 

(d)           
Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate. If a holder of a beneficial interest in the
Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time
following the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest in the
Regulation S Book-Entry Certificate of the same Class, or to transfer its interest in such Rule 144A Book-Entry Certificate
to a Person who is required to take delivery thereof in the form of an interest in a Regulation S Book-Entry Certificate, such
holder may, subject to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent
beneficial interest in such Regulation S Book-Entry Certificate. Upon receipt by the Certificate Registrar, as registrar, at its
office designated in Section 5.07, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the
Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry Certificate
to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding
the participant account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit J
hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in
compliance with the transfer restrictions applicable to the Book-Entry Certificates and pursuant to and in accordance with Regulation
S, or (B) that the transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an
interest in the Regulation S Book-Entry Certificate, without any registration of such Certificates under the Act (in which case
such certificate shall enclose an Opinion of Counsel to such effect and such other documents as the Certificate Registrar may
reasonably require), then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Rule 144A Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the
Regulation S Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry
Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Regulation S Book-Entry Certificate equal to the reduction in the Certificate Balance of the Rule 144A Book-Entry
Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial
interest in the Rule 144A Book-Entry Certificate that is being exchanged or transferred.

 

(e)            
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate.
If a holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary
Regulation S Book-Entry Certificate or Regulation S

 

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Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate
of the same Class, or to transfer its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Book-Entry Certificate,
such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Book-Entry Certificate of the
same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07, of
(1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as
registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Book-Entry Certificate equal to the beneficial
interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to be exchanged, such instructions
to contain information regarding the participant account with the Depository to be credited with such increase, (2) with
respect to a transfer of an interest in the Regulation S Book-Entry Certificate, information regarding the participant account
of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation
S Book-Entry Certificate for an interest in the Rule 144A Book-Entry Certificate (i) during the Restricted Period, a
certificate in the form of Exhibit K hereto given by the holder of such beneficial interest and stating that the Person
transferring such interest in the Temporary Regulation S Book-Entry Certificate reasonably believes that the Person acquiring
such interest in the Rule 144A Book-Entry Certificate is a Qualified Institutional Buyer or (ii) after the Restricted
Period, an Investment Representation Letter in the form of Exhibit C attached hereto from the transferee to the effect
that such transferee is a Qualified Institutional Buyer (an “Investment Representation Letter”) and is obtaining
such beneficial interest in a transaction meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct
the Depository to reduce, or cause to be reduced, the Certificate Balance of the Temporary Regulation S Book-Entry Certificate
or Regulation S Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Rule 144A
Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the Temporary Regulation S Book-Entry
Certificate or Regulation S Book-Entry Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository,
concurrently with such reduction, to credit, or cause to be credited, to the account of the Person specified in such instructions,
a beneficial interest in the Rule 144A Book-Entry Certificate equal to the reduction in the Certificate Balance of the Temporary
Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate and to debit, or cause to be debited, from the account
of the Person making such transfer the beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation
S Book-Entry Certificate that is being transferred.

 

(f)            
Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary Regulation
S Book-Entry Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be,
a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream,
as applicable, has received a certificate substantially in the form of Exhibit L hereto from the holder of a beneficial
interest in such Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period, for interests
in the Regulation S Book-Entry Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering
to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Book-Entry
Certificate, representing the aggregate Certificate Balance

 

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of interests in the Temporary Regulation S Book-Entry Certificate
initially exchanged for interests in the Regulation S Book-Entry Certificate. The delivery to the Certificate Registrar by Euroclear
or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar
as conclusive evidence that the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream
pursuant to the terms of this Agreement and the Temporary Regulation S Book-Entry Certificate. Upon any exchange of interests
in the Temporary Regulation S Book-Entry Certificate for interests in the Regulation S Book-Entry Certificate, the Certificate
Registrar shall endorse the Temporary Regulation S Book-Entry Certificate to reflect the reduction in the Certificate Balance
represented thereby by the amount so exchanged and shall endorse the Regulation S Book-Entry Certificate to reflect the corresponding
increase in the amount represented thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation
S Book-Entry Certificate, and the Certificates evidenced thereby, shall in all respects be entitled to the same benefits under
this Agreement as the Regulation S Book-Entry Certificate and Rule 144A Book-Entry Certificate authenticated and delivered
hereunder.

 

(g)           
Non-Book Entry Certificate to Book-Entry Certificate. If a holder of a Non-Book Entry Certificate (other than (a) a Risk
Retention Certificate during the Transfer Restriction Period or (b) a Class R Certificate) wishes at any time to exchange
its interest in such Non-Book Entry Certificate for an interest in a Book-Entry Certificate of the same Class, or to transfer
all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest
in a Book-Entry Certificate, such holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable,
and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest
in the appropriate Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.07, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions
from such holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest
in the applicable Book-Entry Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to
be exchanged, such instructions to contain information regarding the participant account with the Depository to be credited with
such increase and (3) a certificate in the form of Exhibit M hereto (in the event that the applicable Book-Entry
Certificate is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N hereto (in the event that
the applicable Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form of Exhibit O hereto
(in the event that the applicable Book-Entry Certificate is the Rule 144A Book-Entry Certificate), then the Certificate Registrar,
as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute,
authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the
portion retained by such transferor and shall instruct the Depository to increase, or cause to be increased, such Book-Entry Certificate
by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause
to be credited, to the account of the Person specified in such instructions a beneficial interest in the applicable Book-Entry
Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled. Upon the written direction
of the Depositor (which may be by email to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate, the Certificate Registrar shall
execute any instrument as may be reasonably required by the Depository to effect such exchange.

 

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(h)           
Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted
by Section 5.02(d), and subject to the issuance and transfer of a Risk Retention Certificate during the Transfer Restriction
Period in accordance with Section 5.03(i), no Non-Book Entry Certificate shall be issued to a transferee of an interest
in any Rule 144A Book-Entry Certificate, Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate
or to a transferee of a Non-Book Entry Certificate (or any portion thereof).

 

(i)             
Transfers of Risk Retention Certificates. During a Transfer Restriction Period, if a Transfer of any Risk Retention Certificate
after the Closing Date is to be made, then the following documents shall be delivered to the Certificate Administrator, who shall
facilitate such transfer in conjunction with the Certificate Registrar and shall refuse to register such transfer unless it receives
(and, upon receipt, may conclusively rely upon) (i) instruction from the Certificateholder desiring to effect such transfer
and the Retaining Sponsor pursuant to Section 5.02(e) directing the Certificate Administrator to release such Risk
Retention Certificate from the Retained Certificate Safekeeping Account in connection with a transfer of such Risk Retention Certificate,
(ii) a certification from such Certificateholder’s prospective Transferee substantially in the form attached hereto
as Exhibit D-3, which such certification must be countersigned by the Retaining Sponsor, (iii) a certification
from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit D-4,
which such certification must be countersigned by the Retaining Sponsor, (iv) an IRS Form W-9 completed by the prospective
Transferee and (v) wiring instructions and contact information of the prospective Transferee. After the Transfer Restriction
Period, and for so long as the Risk Retention Certificate, as applicable, is not held in safekeeping, the Certificate Registrar
shall refuse to register any Transfer unless it receives (x) a certification from such Certificateholder’s prospective
Transferee substantially in the form attached hereto as Exhibit D-3 and (y) a certification from the Certificateholder
desiring to effect such transfer substantially in the form attached hereto as Exhibit D-4; provided that after
the Transfer Restriction Period, the countersignature of the Retaining Sponsor to such certifications shall not be required. Upon
receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.02(e) and Section 5.03(n),
reflect such Risk Retention Certificate, in the name of the prospective Transferee. For the avoidance of doubt, in no event shall
a Risk Retention Certificate be held as a Book-Entry Certificate during the Transfer Restriction Period.

 

(j)             
Other Exchanges. In the event that a Book-Entry Certificate is exchanged for a Definitive Certificate, such Certificates
may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of subsections (c)
through (f) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A
or Regulation S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate
Registrar.

 

(k)           
Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates,
transfers of interests in the Temporary Regulation S Book-Entry Certificate to U.S. persons (as defined in Regulation S)
shall be limited to transfers made pursuant to the provisions of subsection (e) above.

 

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(l)             
If Non-Registered Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend
relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor
the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.

 

(m)         
All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(n)           
With respect to the ERISA Restricted Certificates, no sale, transfer, pledge or other disposition (other than any initial transfer
to the Initial Purchasers or, with respect to the Risk Retention Certificates, a Retaining Party) of any such Certificate shall
be made unless the Trustee and Certificate Administrator shall have received either (i) a representation letter from the
proposed purchaser or transferee of such Certificate substantially in the form of Exhibit F-1 attached hereto, to the effect
that such proposed purchaser or transferee is not and will not be (A) an employee benefit plan subject to the fiduciary responsibility
provisions of ERISA or a plan subject to Section 4975 of the Code or a governmental plan (as defined in Section 3(32)
of ERISA) or any other plan subject to any federal, state or local law (“Similar Law”) which is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (B) a person acting
on behalf of or using the assets of any such Plan (including an entity whose underlying assets include Plan assets by reason of
investment in the entity by such Plan and the application of Department of Labor Regulation § 2510.3-101, as modified
by Section 3(42) of ERISA), other than an insurance company using the assets of its “insurance company general account”
(as such term is defined in Section V(e) of Prohibited Transaction Class Exemption 95-60) under circumstances whereby
the purchase and holding of such Certificates by such insurance company would be exempt from the prohibited transaction provisions
of ERISA and the Code under Sections I and III of Prohibited Transaction Class Exemption 95-60 (or, in the case of a
Plan subject to Similar Law, where the purchase, holding and disposition by such Plan would not constitute or result in a non-exempt
violation of applicable Similar Law) or (ii) if such Certificate is presented for registration in the name of a purchaser
or transferee that is any of the foregoing, an Opinion of Counsel in form and substance satisfactory to the Trustee, the Certificate
Administrator and the Depositor to the effect that the acquisition and holding of such Certificate by such purchaser or transferee
will not constitute or result in a non-exempt “prohibited transaction” within the meaning of ERISA or Section 4975
of the Code or a non-exempt violation of any Similar Law, and will not subject the Trustee, the Certificate Administrator, the
Certificate Registrar, the Master Servicer, the Special Servicer, any sub-servicer, the Initial Purchasers, the Underwriters,
the Operating Advisor, the Asset Representations Reviewer or the Depositor to any obligation or liability (including obligations
or liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth in the Agreement.
The Trustee and Certificate Administrator shall not register the sale, transfer, pledge or other disposition of any ERISA Restricted
Certificate unless the Trustee and Certificate Administrator have received either the representation letter described in clause (i)
above or the Opinion of Counsel described in

 

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clause (ii) above. The costs of any of the foregoing representation
letters or Opinions of Counsel shall not be borne by any of the Depositor, the Master Servicer, the Special Servicer, any sub-servicer,
the Trustee, the Certificate Administrator, the Certificate Registrar, the Initial Purchasers, the Underwriters, the Operating
Advisor, the Asset Representations Reviewer or the Trust. Each Certificate Owner of an ERISA Restricted Certificate shall be deemed
to represent that it is not and will not become a Person specified in clauses (i)(A) or (i)(B) above. Any transfer,
sale, pledge or other disposition of any ERISA Restricted Certificates that would constitute or result in a prohibited transaction
under ERISA, Section 4975 of the Code or any Similar Law, or would otherwise violate the provisions of this Section 5.03(n)
shall be deemed absolutely null and void ab initio, to the extent permitted under applicable law.

 

(o)           
No Class R or Class V Certificate may be purchased by or transferred to any prospective purchaser or transferee that
is or will be a Plan, or any person acting on behalf of a Plan or using the assets of a Plan (including an entity whose underlying
assets include Plan assets by reason of investment in the entity by such Plan and the application of Department of Labor Regulation
§ 2510.3-101, as modified by Section 3(42) of ERISA) to purchase such Class R or Class V Certificate.
Each prospective transferee of a Class R or Class V Certificate shall deliver to the transferor and the Certificate
Administrator a representation letter, substantially in the form of Exhibit F-2, stating that the prospective transferee
is not and will not become a Plan or a person acting on behalf of or using the assets of a Plan. Each Holder of a Class R
or Class V Certificate shall be deemed to represent that it is not and will not become a Person specified in the second preceding
sentence. Any attempted or purported transfer in violation of these transfer restrictions shall be null and void ab initio
and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect
to the applicable Certificates.

 

(p)           
Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual
Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual
Ownership Interest are expressly subject to the following provisions:

 

(i)            
Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold
such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not
a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its
status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
described in the first sentence of this Section 5.03(p) by a Person who is not a Permitted Transferee or by a Person
who is acting as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect,
and the immediately preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of
the Residual Ownership Interest as soon and as fully as possible.

 

(ii)            
No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without
the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and
such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, the

 

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Certificate Registrar shall, as a condition to such consent, (x) require the proposed
transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor,
an affidavit in substantially the form attached as Exhibit  D-1 (a “Transferee Affidavit”) of the
proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed
transferee historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee
understands that, as the holder of a Residual Ownership Interest, it may incur tax liabilities in excess of cash flows generated
by the residual interest, (3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership
Interest as they become due, (4) the proposed transferee will not cause income with respect to the Residual Ownership Interest
to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty,
of such proposed transferee or any other U.S. Tax Person, (5) the proposed transferee will not transfer the Residual
Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual
knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman)
for a Person that is not a Permitted Transferee, and (6) the proposed transferee expressly agrees to be bound by and to abide
by the provisions of this Section 5.03(p) and (y) other than in connection with the initial issuance of a Class R
Certificate, require a statement from the proposed transferor substantially in the form attached as Exhibit D-2 (the “Transferor
Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee
and has no actual knowledge or reason to know that the proposed transferee’s statements in its Transferee Affidavit are
false.

 

(iii)            
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register;
provided, however, that the Certificate Registrar shall not be required to conduct any independent investigation
to determine whether a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has
occurred a Transfer to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman)
in contravention of the foregoing restrictions, and in any event not later than sixty (60) days after a request for information
from the transferor of such Residual Ownership Interest or such agent, the Certificate Registrar agrees to furnish to the Internal
Revenue Service and the transferor of such Residual Ownership Interest or such agent such information necessary to the application
of Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total
anticipated excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such Transfer.
At the election of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing
such information to the transferor or to such agent referred to above; provided, however, that such Persons shall
in no event be excused from furnishing such information.

 

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(q)           
The Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(r)            
Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding
requirements respecting payments to Certificateholders and other payees of interest or original issue discount that the Certificate
Administrator reasonably believes are applicable under the Code. The consent of Certificateholders or payees shall not be required
for such withholding, and the Certificateholders shall be required to provide the Certificate Administrator with such forms and
such other information reasonably required by the Certificate Administrator. If the Certificate Administrator does withhold any
amount from interest or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal
withholding requirements, the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall
be deemed to have been distributed to such Persons for all purposes of this Agreement.

 

(s)            
Each Certificate Owner of a Non-Registered Certificate shall be deemed to have represented and agreed as follows:

 

(i)            
Such Certificate Owner (A)(i) is a Qualified Institutional Buyer, (ii) is acquiring such Non-Registered Certificate
for its own account or for the account of another Qualified Institutional Buyer, as the case may be, and (iii) is aware that
the sale of the Non-Registered Certificates to it is being made in reliance on Rule 144A, (B)(i) (except with respect to
the Class R Certificates) is an Institutional Accredited Investor that is not a Qualified Institutional Buyer and that is
purchasing such Non-Registered Certificate for its own account or for the account of another Institutional Accredited Investor,
and (ii) is not acquiring such Non-Registered Certificate with a view to any resale or distribution of such Non-Registered
Certificate other than in accordance with the restrictions set forth in this Section 5.03, or (C) (except with respect
to the Class R Certificates) is an institution that is not a United States Securities Person, and is purchasing such Non-Registered
Certificate in an Offshore Transaction.

 

(ii)            
Such Certificate Owner understands that the Non-Registered Certificates have not been and will not be registered or qualified
under the Securities Act or any state or foreign securities laws and may not be reoffered, resold, pledged or otherwise transferred
except (A) to a person whom the purchaser reasonably believes is a Qualified Institutional Buyer in a transaction meeting
the requirements of Rule 144A, (B) (except with respect to the Class R Certificates) to an institution that is a non-United
States Securities Person in an Offshore Transaction in accordance with Rule 903 or 904 of Regulation S, or (C) (except
with respect to the Class R Certificates) to an Institutional Accredited Investor that is not a Qualified Institutional Buyer,
and in each case, in accordance with any applicable federal securities laws and any applicable securities laws of any state of
the United States or any other jurisdiction.

 

(iii)            
Such Certificate Owner understands that, if the purchaser of a Non-Registered Certificate is not a Qualified Institution Buyer
or a non-United States Securities Person, the Non-Registered Certificates purchased by such purchaser may not be transferred in
book-entry form and may be transferred in physical form only in compliance

 

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with the restrictions in clause (ii)(C) above
and no such transfer of the Non-Registered Certificates owned by such Certificate Owner will be permitted unless the purchaser
provides certification that the transfer complies with such restrictions, as described in this Section 5.03.

 

(iv)            
Such Certificate Owner is duly authorized to purchase the Non-Registered Certificates and its purchase of investments having the
characteristics of the Non-Registered Certificate is authorized under, and not directly or indirectly in contravention of, any
law, rule, regulation, charter, trust instrument or other operative document, investment guidelines or list of permissible or
impermissible investments that is applicable to such Certificate Owner.

 

(t)             
Each beneficial owner of a Certificate or any interest therein that is a Plan subject to ERISA or Section 4975 of the Code (an
“ERISA Plan”) or is acting on behalf of or using the assets of such an ERISA Plan, as a condition of its purchase
of such Certificate, will be deemed to have represented that none of the Depositor, any Underwriter, any Initial Purchaser, the
Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor or the Asset Representations
Reviewer, or any of their respective affiliated entities (the “Transaction Parties”), has provided any investment
recommendation or investment advice on which the ERISA Plan or the fiduciary making the investment decision for the ERISA Plan
has relied in connection with the decision to acquire Certificates, and they are not otherwise acting as a fiduciary (within the
meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code) to the ERISA Plan in connection with the ERISA Plan’s
acquisition of Certificates (unless an applicable prohibited transaction exemption is available (all of the conditions of which
are satisfied) to cover the purchase and holding of the Certificates or the transaction is not otherwise prohibited), and the
ERISA Plan fiduciary making the decision to acquire the Certificates is exercising its own independent judgment in evaluating
the investment in the Certificates.

 

Section
5.04       Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate
is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Certificate and (b) there is delivered to the Certificate Registrar such security or indemnity as may
be required by it to save it harmless, then, in the absence of actual notice to the Certificate Registrar that such Certificate
has been acquired by a bona fide purchaser, the Certificate Registrar shall execute, authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest
in the Trust. In connection with the issuance of any new Certificate under this Section 5.04, the Certificate Registrar
may require the payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar)
connected therewith. Any replacement Certificate issued pursuant to this Section 5.04 shall constitute complete and
indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

 

Section
5.05       Persons Deemed Owners. The Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee and the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement
and for all other purposes whatsoever, and none of the Master Servicer, the Special Servicer, the Certificate

 

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Administrator, the
Trustee, the Certificate Registrar or any agent of any of them shall be affected by any notice to the contrary; provided,
however, that to the extent that a party to this Agreement responsible for distributing any report, statement or other
information required to be distributed to Certificateholders has been provided an Investor Certification, such party to this Agreement
shall distribute such report, statement or other information to such beneficial owner (or prospective transferee).

 

Section
5.06       Access to List of Certificateholders’ Names and Addresses; Special Notices.
(a)  The Certificate Registrar shall maintain in as current form as is reasonably practicable the most recent list available
to it of the names and addresses of the Certificateholders. If any Certificateholder that has provided an Investor Certification
(i) requests in writing from the Certificate Registrar a list of the names and addresses of Certificateholders, (ii) states
that such Certificateholder desires to communicate with other Certificateholders with respect to its rights under this Agreement
or under the Certificates and (iii) provides a copy of the communication which Certificateholder proposes to transmit, then
the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, furnish such Certificateholder
(at such Certificateholder’s sole cost and expense) a current list of the Certificateholders. In addition, upon written
request to the Certificate Administrator of any Certificateholder or Certificate Owner (if applicable) that has provided an Investor
Certification, the Certificate Administrator shall promptly notify such Certificateholder or Certificate Owner of the identity
of the then-current Directing Certificateholder. Every Certificateholder, by receiving and holding a Certificate, agrees that
the Certificate Registrar shall not be held accountable by reason of the disclosure of any such information as to the list of
the Certificateholders hereunder, regardless of the source from which information was derived. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the Depositor shall be entitled to a list of the
names and addresses of Certificateholders from time to time upon request therefor.

 

(b)           
(i)  The Certificate Administrator shall include in any Form 10-D any written request received in accordance with
Section 11.04(a) prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution
Date preceding such Distribution Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners related to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement.
Any Form 10-D containing such disclosure (a “Special Notice”) regarding the request to communicate shall
include the following and no more than the following (a) the name of the Certificateholder or Certificate Owner making the
request, (b) the date the request was received, (c) a statement to the effect that the Certificate Administrator has
received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner. It is
hereby understood that a disclosure in substantially the following form shall be deemed to satisfy the requirements in the preceding
sentence: “On [date], the Certificate Administrator received from [name], a Certificateholder or Certificate Owner, a request
to communicate with other Certificateholders and Certificate Owners in the securitization transaction to which this report on
Form 10-D relates (the “Securitization”). The requesting Certificateholder or Certificate Owner is interested
in communicating with other Certificateholders and Certificate Owners with regard to the possible exercise of rights under the
pooling and servicing agreement

 

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governing the Securitization. Other Certificateholders and Certificate Owners may contact the
requesting Certificateholder or Certificate Owner at [telephone number], [email address] and/or [mailing address].”

 

(ii)            
In verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) one of the following
documents confirming ownership of such Certificate: a trade confirmation, an account statement, a letter from a broker-dealer
or another document acceptable to the Certificate Administrator that is similar to any of the foregoing documents). The Certificate
Administrator shall not have any obligation to verify the information provided by any Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Additionally, any expenses the Certificate Administrator
incurs in connection with any request to communicate will be paid by the Trust.

 

Section
5.07       Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause
to be maintained an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer
or exchange and where notices and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement
may be served. The Certificate Registrar initially designates its office at 600 South 4th Street, 7th Floor,
MAC N9300-070, Minneapolis, Minnesota 55479 as its office for such purposes. The Certificate Registrar shall give prompt written
notice to the Certificateholders and the Mortgagors of any change in the location of the Certificate Register or any such office
or agency.

 

Section
5.08       Appointment of Certificate Administrator. (a)  Wells Fargo Bank, National
Association is hereby initially appointed Certificate Administrator in accordance with the terms of this Agreement. If the Certificate
Administrator resigns or is terminated, the Trustee shall appoint a successor certificate administrator which may be the Trustee
or an Affiliate thereof to fulfill the obligations of the Certificate Administrator hereunder which must satisfy the eligibility
requirements set forth in Section 8.06.

 

(b)           
The Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s
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.

 

(c)            
The Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses
of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and
the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken or suffered or omitted by it hereunder in good faith and in accordance therewith.

 

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(d)           
The Certificate Administrator shall not be personally liable for any action reasonably 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)            
The Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys shall
not relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)            
The Certificate Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the Special
Servicer or the Depositor.

 

Section
5.09       [RESERVED].

 

Section
5.10       Voting Procedures. With respect to any matters submitted to Certificateholders
for a vote, the Certificate Administrator shall administer such vote through the Depository with respect to Book-Entry Certificates
and directly with registered Holders by mail with respect to Definitive Certificates. In each case, such vote shall be administered
in accordance with the following procedures, unless different procedures are otherwise described herein with respect to a specific
vote:

 

(a)            
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed.
The notice and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered
Holders of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(b)           
In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the
Certificate Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes
with an outstanding Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a
Holder has cast its vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall
be communicated by the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has
passed, votes may not be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient
portion of the Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote
without taking into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates
are subject to and shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

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(c)            
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.10(a) above. The Certificate
Administrator shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds
with the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent
manifest error, re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)           
Any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)            
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of
the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

[End
of Article V]

 

ARTICLE
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER AND THE DIRECTING
CERTIFICATEHOLDER

 

Section
6.01       Representations, Warranties and Covenants of the Master Servicer, Special Servicer,
the Operating Advisor and the Asset Representations Reviewer. (a)  The Master Servicer, for itself only, hereby
represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders, each Serviced
Companion Noteholder, the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations Reviewer and
the Operating Advisor, as of the Closing Date, that:

 

(i)            
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of
the United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

(iv)           
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, 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, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, 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, order or decree of any court or arbiter, or any
order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Master
Servicer’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Master Servicer
to perform its obligations under this Agreement;

 

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

 

(vii)          
The Master Servicer has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07;

 

(viii)          
No consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court
is required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance by
the Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby,
other than (A) such consents, approvals, authorizations,

 

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orders, qualifications, registrations, filings or notices as have
been obtained, made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or
(B) where the lack of such consent, approval, authorization, order, qualification, registration, filing or notice would not
have a material adverse effect on the performance by the Master Servicer under this Agreement; and

 

(ix)            To its actual knowledge, the Master Servicer is not a Risk Retention Affiliate of a Third Party Purchaser.

 

(b)            
The Special Servicer, for itself only, hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit
of the Certificateholders, each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer,
the Asset Representations Reviewer and the Operating Advisor, as of the Closing Date, that:

 

(i)             
The Special Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the
State of Florida;

 

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

 

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

 

(iv)           
This Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and
binding obligation of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and, to the extent applicable, the rights of creditors of national banks or of “financial
companies” (as defined in Section 201 of the Dodd-Frank Act) or their Affiliates, and (B) general principles of
equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)            
The Special Servicer is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any
order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Special
Servicer’s good faith and reasonable judgment, is likely to

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materially and adversely affect the ability of the Special Servicer
to perform its obligations under this Agreement;

 

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

 

(vii)          
The Special Servicer has errors and omissions coverage which is in full force and effect or is self-insuring with respect to such
risks, which in either case complies with the requirements of Section 3.07; and

 

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

 

(c)            
The Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the Certificateholders,
each Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, as
of the Closing Date, that:

 

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

 

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

 

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

 

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

 

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

 

(vi)           
The Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.07;

 

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

 

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

 

(ix)            
The Operating Advisor is an Eligible Operating Advisor.

 

(d)            
The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)             
The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under
the laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in

 

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which
any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

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

 

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

 

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

 

(vii)          
The Asset Representations Reviewer has errors and omissions coverage that is in full force and effect or is self-insuring with
respect to such risks, which in either case complies with the requirements of Section 3.07;

 

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

 

(ix)            
The Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

  

(e)             
The representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery
of this Agreement. Upon written notice or actual knowledge by any party to this Agreement (or upon written notice thereof from
any Certificateholder or any Companion Holder) of a breach of any of the representations and warranties set forth in this Section 6.01
which materially and adversely affects the interests of any party to this Agreement, the Certificateholders, the party discovering
such breach shall give prompt written notice to the other parties hereto, each certifying Certificateholder, and, prior to the
occurrence and continuance of a Control Termination Event, the Directing Certificateholder.

 

Section
6.02       Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special
Servicer and the Asset Representations Reviewer. The Depositor, the Master Servicer, the Operating Advisor, the Special Servicer
and the Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the respective obligations
specifically imposed upon and undertaken by the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and
the Asset Representations Reviewer herein.

 

Section
6.03       Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating
Advisor, the Special Servicer or the Asset Representations Reviewer. (a)  Subject to subsection (b)
below, each of the Depositor, the Master Servicer and the Special Servicer will keep in full effect its existence, rights and
franchises as an entity under the laws of the jurisdiction of its incorporation or organization, and each will obtain and preserve
its qualification to do business as a foreign entity in each jurisdiction in which qualification is or shall be necessary to protect
the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans or Companion Loans and to perform
its respective duties under this Agreement.

 

(b)           
Each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
may be merged or consolidated with or into any Person, or transfer all or substantially all of its assets (which may be limited
to all or substantially all of its assets related to commercial mortgage loan servicing, asset representations reviewing or commercial
mortgage surveillance, as the case may be) to any Person, in which case any Person resulting from any merger or consolidation
to which the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer
shall be a party, or any Person succeeding to the business of the Depositor, the Master Servicer, the Special

 

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Servicer, the Operating
Advisor, or the Asset Representations Reviewer, shall be the successor of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, or the Asset Representations Reviewer (such Person, in the case of the Master Servicer or the Special Servicer,
in each of the foregoing cases, the “Surviving Entity”), as the case may be, hereunder, without the execution
or filing of any paper (other than an assumption agreement wherein the successor shall agree to perform the obligations of and
serve as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, or the Asset Representations Reviewer,
as the case may be, in accordance with the terms of this Agreement) or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however, that with respect to such merger, consolidation
or succession, Rating Agency Confirmation is received from each Rating Agency with respect to the Classes of Certificates and,
with respect to any class of Serviced Companion Loan Securities, a confirmation is received from each applicable rating agency
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that
such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates as described in Section 3.25); provided, further, that if
the Master Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor enters into a merger and
the Master Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as applicable, is the
surviving entity under applicable law, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall
not, as a result of the merger, be required to provide a Rating Agency Confirmation with respect to ratings of the Classes of
Certificates or, with respect to any class of Serviced Companion Loan Securities, a confirmation of the rating agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings; provided, further,
that for so long as the Trust, and, with respect to any Serviced Companion Loan included as part of the trust in a related Other
Securitization, is subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer or
the Operating Advisor notifies the Depositor in writing (a “Merger Notice”) of any such merger, consolidation,
conversion or other change in form, and the Depositor or the depositor in such Other Securitization, as the case may be, notifies
the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, in writing that the Depositor or the depositor
in such Other Securitization, as the case may be, has discovered that such successor entity has not complied with its Exchange
Act reporting obligations under any other commercial mortgage loan securitization (and specifically identifying the instance of
noncompliance), then it shall be an additional condition to such succession that the Depositor or the depositor in such Other
Securitization, as the case may be, shall have consented (which consent shall not be unreasonably withheld or delayed) to such
successor entity. Notwithstanding the foregoing, no Master Servicer, Special Servicer or Operating Advisor may remain the Master
Servicer, the Special Servicer or the Operating Advisor, as applicable, under this Agreement after (x) being merged or consolidated
with or into any Person that is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person
if such Person is a Prohibited Party, except to the extent (i) the Master Servicer, the Special Servicer or Operating Advisor,
as applicable, is the surviving entity of such merger, consolidation or transfer and has been and continues to be in compliance
with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer,
which consent shall not be unreasonably withheld. If, within sixty (60) days following the date of delivery of the Merger
Notice to the Depositor or the depositor in such Other Securitization, as the case may be, the Depositor or depositor in such
Other Securitization, as the case may be, shall have failed to notify

 

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the Master Servicer or the Special Servicer, as applicable,
in writing of the Depositor’s determination, or depositor’s determination, in the case of an Other Securitization,
to grant or withhold such consent, such failure shall be deemed to constitute a grant of such consent. If the conditions to the
provisions in the second preceding sentence are not met, the Trustee may terminate, and if the conditions set forth in the third
proviso of the third preceding sentence are not met the Trustee shall terminate, the applicable Surviving Entity’s servicing
of the Mortgage Loans pursuant hereto, such termination to be effected in the manner set forth in Section 7.01.

 

(i)        
The Asset Representations Reviewer shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction
of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties
under this Agreement.

 

(ii)       
Any Person into which the Asset Representations Reviewer may be merged or consolidated, or any Person resulting from any merger
or consolidation to which the Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the
Asset Representations Reviewer, shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed to
have assumed all of the liabilities and obligations of such Asset Representations Reviewer hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that the Trustee has received a Rating Agency Confirmation with respect to such successor or
surviving Person.

 

Section
6.04       Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and Others. (a)  None of the Depositor, the Master Servicer
(including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer or any of the partners, directors, officers, shareholders, members, managers, employees or agents of any of the foregoing
shall be under any liability to the Trust, the Certificateholders or the Companion Holders 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, the Master Servicer (including in its capacity as Companion Paying Agent,
if applicable), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person against any
breach of warranties or representations made herein or any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence in the performance of such party’s duties or by reason of negligent disregard of such party’s
obligations and duties hereunder. The Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if
applicable), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer,
shareholder, member, manager, employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion
Paying Agent, if applicable), the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, and any of the
partners, directors, officers, shareholders, members, managers, employees or agents of any of the foregoing may rely on any document
of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder.
The Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer,
the Asset Representations Reviewer and the Operating Advisor and any partner, director, officer, shareholder, member, manager,
employee or

 

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agent of any of the foregoing shall be indemnified and held harmless by the Trust against any and all claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and
expenses (including, without limitation, costs and expenses of litigation and of enforcement of this indemnity, and of investigation,
counsel fees, damages, judgments and amounts paid in settlement) incurred in connection with any actual or threatened legal or
administrative action (whether in equity or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion Loans
or the Certificates, other than any loss, liability or expense: (i) specifically required to be borne thereby pursuant to
the terms hereof; (ii) incurred in connection with any breach of a representation or warranty made by it herein; (iii) incurred
by reason of bad faith, willful misconduct or negligence in the performance of its obligations or duties hereunder, or by reason
of negligent disregard of such obligations or duties; or (iv) in the case of the Depositor and any of its partners, directors,
officers, shareholders, members, managers, employees and agents, incurred in connection with any violation by any of them of any
state or federal securities law. In addition, absent actual fraud (as determined by a final non-appealable court order), neither
the Trustee nor the Certificate Administrator (including in its capacity as Custodian, Certificate Registrar and 17g-5 Information
Provider) shall be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Trustee or the Certificate Administrator has been advised of the likelihood of such
loss or damage and regardless of the form of action. Each of the Master Servicer (including in its capacity as Companion Paying
Agent, if applicable), the Special Servicer, the Asset Representations Reviewer and the Operating Advisor conclusively may rely
on, and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate, certificate
of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, financial statement,
agreement, appraisal, bond or other document (in electronic or paper format) as contemplated by and in accordance with this Agreement
and reasonably believed or in good faith believed by the Master Servicer (including in its capacity as Companion Paying Agent,
if applicable), the Special Servicer, the Asset Representations Reviewer or the Operating Advisor to be genuine and to have been
signed or presented by the proper party or parties and each of them may consult with counsel, in which case any written advice
of counsel or Opinion of Counsel shall be full and complete authorization and protection with respect to any action taken or suffered
or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel.

 

(b)           
None of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any
legal or administrative action (whether in equity or at law), proceeding, hearing or examination that is not incidental to its
respective duties under this Agreement or which in its opinion may involve it in any expense or liability not recoverable from
the Trust; provided, however, that each of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer may in its discretion undertake any such action, proceeding, hearing or examination
that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests
of the Certificateholders (and, in the case of any Serviced Whole Loan, the rights of the Certificateholders and the holders of
a Serviced Companion Loan (as a collective whole) taking into account the subordinate or pari passu nature of such
Serviced Companion Loan); provided, however, that if a Serviced Whole Loan and/or the holder of any related Companion
Loan are involved, such expenses, costs and liabilities will be payable

 

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out of funds related to the applicable Serviced Whole
Loan in accordance with the related Intercreditor Agreement and will also be payable out of the other funds in the Collection
Account if amounts on deposit with respect to such Serviced Whole Loan are insufficient therefor. If any such expenses, costs
or liabilities relate to a Mortgage Loan or Companion Loan, then any subsequent recovery on that Mortgage Loan or Companion Loan,
as applicable, will be used to reimburse the Trust for any amounts advanced for the payment of such expenses, costs or liabilities.
In such event, the legal expenses and costs of such action, proceeding, hearing or examination and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust, and the Depositor, the Master Servicer (including in its capacity as Companion
Paying Agent, if applicable), the Special Servicer, the Asset Representations Reviewer and the Operating Advisor shall be entitled
to be reimbursed therefor out of amounts attributable to the Mortgage Loans or the Companion Loan on deposit in the Collection
Account (including, without duplication, any subaccount thereof), as provided by Section 3.05(a)(xii).

 

(c)            
Each of the Master Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the related
Serviced Companion Noteholders, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the
Master Servicer (including in its capacity as Companion Paying Agent, if applicable) (in the case of the Special Servicer), the
Special Servicer (in the case of the Master Servicer) and the Trust and any partner, director, officer, shareholder, member, manager,
employee or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures,
reasonable legal fees and related costs (including, without limitation, in connection with the enforcement of such indemnified
party’s rights under this Agreement), judgments, and any other costs, liabilities, fees and expenses that any of them may
sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Master Servicer or the Special Servicer,
as the case may be, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard
by the Master Servicer or the Special Servicer, as the case may be, of its duties and obligations hereunder or by reason of breach
of any representations or warranties made herein by the Master Servicer or the Special Servicer, as applicable. The Trustee, the
Certificate Administrator, the Depositor, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall
immediately notify the Master Servicer or the Special Servicer, as applicable, if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Master Servicer or the
Special Servicer, as the case may be, shall assume the defense of such claim (with counsel reasonably satisfactory to the Trustee,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Depositor, as applicable) and
pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Master Servicer or the Special
Servicer, as the case may be, shall not affect any rights any of the foregoing Persons may have to indemnification under this
Agreement or otherwise, unless the Master Servicer’s or the Special Servicer’s, as the case may be, defense of such
claim is materially prejudiced thereby.

 

Each
of the Master Servicer and the Special Servicer shall indemnify and hold harmless the Depositor from and against any claims, losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred
by the Depositor or its Affiliates that arise out of or are based upon, severally and not jointly (i) a breach by the Master
Servicer or the Special Servicer, as applicable, of any obligation it has to deliver

 

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information to the 17g-5 Information Provider
as set forth in this Agreement, including Section 3.07(a), Section 3.08, Section 3.09(e),
Section 3.12, Section 3.17(c) and Section 3.18(g) or (ii) a breach by the Master Servicer
or the Special Servicer, as applicable, of any obligation it has set forth in Section 3.13(d), Section 3.13(g)
and Section 3.13(i).

 

(d)           
Each of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify the
Depositor, the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the
Certificate Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating
Advisor, the Asset Representations Reviewer and the Trust and any partner, director, officer, shareholder, member, manager employee
or agent thereof, and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related costs (including, without limitation, in connection with the enforcement of such indemnified party’s
rights under this Agreement), judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising
from or as a result of any willful misconduct, bad faith or negligence of the Trustee or the Certificate Administrator, respectively,
in the performance of its obligations and duties under this Agreement or by reason of negligent disregard by the Trustee or the
Certificate Administrator, respectively, of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Depositor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall
immediately notify the Trustee and the Certificate Administrator, respectively, if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Trustee or the Certificate
Administrator shall assume the defense of such claim (with counsel reasonably satisfactory to the Depositor, the Master Servicer
(including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Asset Representations Reviewer
or the Operating Advisor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Trustee or the Certificate Administrator shall not affect any rights any of the foregoing Persons may have to indemnification
under this Agreement or otherwise, unless the Trustee’s or the Certificate Administrator’s defense of such claim is
materially prejudiced thereby.

 

(e)            
The Depositor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent, if applicable), the
Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from
and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs (including, without
limitation, in connection with the enforcement of such indemnified party’s rights under this Agreement), judgments, and
any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct,
bad faith or negligence of the Depositor, in the performance of its obligations and duties under this Agreement or by reason of
negligent disregard by the Depositor of its duties and obligations hereunder or by reason of breach of any representations or
warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor,
as the case may be, shall immediately notify the Depositor if

 

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a claim is made by a third party with respect to this Agreement,
whereupon the Depositor shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including
in its capacity as Companion Paying Agent, if applicable) or the Special Servicer, as the case may be) and pay all expenses in
connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the Depositor shall not affect any rights any of the foregoing
Persons may have to indemnification under this Agreement or otherwise, unless the Depositor’s defense of such claim is materially
prejudiced thereby.

 

(f)            
The Operating Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent, if applicable),
the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust
and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and
against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs (including, without
limitation, in connection with the enforcement of such indemnified party’s rights under this Agreement), judgments, and
any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct,
bad faith or negligence of the Operating Advisor, in the performance of its obligations and duties under this Agreement or by
reason of negligent disregard by the Operating Advisor of its duties and obligations hereunder or by reason of breach of any representations
or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor, as the
case may be, shall immediately notify the Operating Advisor if a claim is made by a third party with respect to this Agreement
or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Operating Advisor shall assume the defense
of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent),
the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor) and pay
all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree which
may be entered against it or them in respect of such claim. Any failure to so notify the Operating Advisor shall not affect any
rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Operating Advisor’s
defense of such claim is materially prejudiced thereby.

 

(g)           
Neither the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers,
employees or agents of the Operating Advisor shall be under any liability to any Certificateholder 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 Operating Advisor against any liability which would otherwise be imposed
by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent disregard of obligations
and duties hereunder.

 

(h)           
The Asset Representations Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent,
if applicable), the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the
Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from
and against any and all claims, losses, penalties, fines, forfeitures, reasonable

 

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legal fees and related costs (including, without
limitation, in connection with the enforcement of such indemnified party’s rights under this Agreement), judgments, and
any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct,
bad faith or negligence of the Asset Representations Reviewer, in the performance of its obligations and duties under this Agreement
or by reason of negligent disregard by the Asset Representations Reviewer of its duties and obligations hereunder or by reason
of breach of any representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential
damages. The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor,
as the case may be, shall immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations
Reviewer shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its
capacity as Companion Paying Agent, if applicable), the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor or the Depositor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Asset Representations Reviewer shall not affect any rights any of the foregoing Persons may have to indemnification under this
Agreement or otherwise, unless the Asset Representations Reviewer’s defense of such claim is materially prejudiced thereby.

 

(i)             
The applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Paying Agent, Non-Serviced Operating
Advisor (if any), Non-Serviced Depositor, Non-Serviced Certificate Administrator and Non-Serviced Trustee, and any of their respective
partners, directors, officers, shareholders, members, managers, employees or agents, shall be indemnified by the Trust and held
harmless against the Trust’s pro rata share (subject to the applicable Non-Serviced Intercreditor Agreement)
of any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses incurred in connection with the servicing and administration of a Non-Serviced Whole Loan and the related Non-Serviced
Mortgaged Property under the applicable Non-Serviced PSA (as and to the same extent the applicable Non-Serviced Trust is required
to indemnify such parties in respect of other mortgage loans in the applicable Non-Serviced Trust pursuant to the terms of the
related Non-Serviced PSA).

 

The
indemnification provided herein shall survive the termination of this Agreement and the termination or resignation of the Master
Servicer (including in its capacity as Companion Paying Agent, if applicable), the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Asset Representations Reviewer.

 

(j)             
For purposes of this Section 6.04 and Section 11.12, the Master Servicer or Special Servicer, as the case
may be, will be deemed not to have engaged in willful misconduct or committed bad faith or negligence in the performance of their
respective obligations and duties hereunder or acted in negligent disregard of such obligations and duties if the Master Servicer
or the Special Servicer, as applicable, fails to follow any terms of any Mortgage Loan documents because the Master Servicer or
the Special Servicer, as applicable, in accordance with the Servicing Standard, determines that compliance with such terms would
or potentially would cause an Adverse REMIC Event or cause the Grantor Trust to fail to qualify as a grantor trust under the

 

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relevant
provisions of the Code (for which determination the Master Servicer and the Special Servicer will be entitled to rely on advice
of counsel, the cost of which will be reimbursed as an additional expense of the Trust).

 

Section
6.05       Depositor, Master Servicer and Special Servicer Not to Resign. Subject to the
provisions of Section 6.03, neither the Master Servicer nor the Special Servicer shall resign from their respective
obligations and duties hereby imposed on each of them except upon (a) determination that such party’s duties hereunder
are no longer permissible under applicable law or (b) in the case of the Master Servicer or the Special Servicer, upon the
appointment of, and the acceptance of such appointment by, a successor (which may be appointed by the resigning Master Servicer
or Special Servicer, as applicable), and receipt by the Certificate Administrator and the Trustee of Rating Agency Confirmation
from each Rating Agency and a confirmation of any applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any class of Serviced Companion Loan Securities (if any) (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates pursuant to Section 3.25). Any such determination permitting
the resignation of the Master Servicer or the Special Servicer pursuant to clause (a) above shall be evidenced by
an Opinion of Counsel (at the expense of the resigning party) to such effect delivered to the Trustee and (prior to the occurrence
and continuance of a Consultation Termination Event) the Directing Certificateholder. Unless applicable law requires the resignation
of the Master Servicer or the Special Servicer (as the case may be) to be effective immediately, and the Opinion of Counsel delivered
pursuant to the prior sentence so states, no such resignation by the Master Servicer or the Special Servicer under clause (a)
above shall become effective until the Trustee or a successor master servicer or special servicer, as applicable, shall have
assumed the Master Servicer’s or the Special Servicer’s, as applicable, responsibilities and obligations in accordance
with Section 7.02 and no such resignation by the Master Servicer or the Special Servicer shall become effective until
the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 and any other
Form 8-K filings have been completed with respect to any related Companion Loan. Upon any termination (as described in Section 7.01(c))
or resignation of the Master Servicer or the Special Servicer, pursuant to this Section 6.05, the Master Servicer
or the Special Servicer, as applicable, shall have the right and opportunity to appoint any successor master servicer or special
servicer with respect to this Section 6.05; provided that, such successor master servicer or special servicer
shall not be the Asset Representations Reviewer, the Operating Advisor or one of their respective Affiliates and (prior to the
occurrence and continuance of a Control Termination Event) such successor special servicer is approved by the Directing Certificateholder,
such approval not to be unreasonably withheld. The resigning party shall pay all reasonable out-of-pocket costs and expenses (including
reasonable out-of-pocket costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer
of its duties pursuant to this Section 6.05. Except as provided in Section 7.01(c), in no event shall
the Master Servicer or the Special Servicer have the right to appoint any successor master servicer or special servicer if the
Master Servicer or Special Servicer, as applicable, is terminated or removed pursuant to Section 7.01.

 

Section
6.06       Rights of the Depositor in Respect of the Master Servicer and the Special Servicer.
The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer and the Special Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Master Servicer and
the Special Servicer

 

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hereunder or exercise the rights of the Master Servicer or the Special Servicer, as applicable, hereunder;
provided, however, that the Master Servicer and the Special Servicer shall not be relieved of any of their respective
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 or the Special Servicer and is not obligated to supervise
the performance of the Trustee, the Master Servicer, the Operating Advisor or the Special Servicer under this Agreement or otherwise.

 

Section
6.07       The Master Servicer and the Special Servicer as Certificate Owner. The Master
Servicer, the Special Servicer or any Affiliate thereof may become the Holder of (or, in the case of a Book-Entry Certificate,
Certificate Owner with respect to) any Certificate with (except as otherwise set forth in the definition of “Certificateholder”)
the same rights it would have if it were not the Master Servicer, the Special Servicer or an Affiliate thereof.

 

Section
6.08       The Directing Certificateholder.

 

(a)            
Other than with respect to any Serviced AB Whole Loan that is not subject to an AB Control Appraisal Period, for so long as no
Control Termination Event has occurred and is continuing, the Directing Certificateholder shall be entitled to advise (1) the
Special Servicer with respect to all Major Decisions for Specially Serviced Loans (other than any Excluded DCH Loan), (2) the
Special Servicer with respect to all Non-Specially Serviced Loans (other than any Excluded DCH Loan), as to all Major Decisions
and (3) the Master Servicer to the extent the Directing Certificateholder’s consent is required by the definition of
Master Servicer Decision. Notwithstanding anything herein to the contrary, except as set forth in, and in any event subject to,
the third and fourth paragraphs of this Section 6.08(a) and Section 6.08(b), for so long as no Control
Termination Event has occurred and is continuing (such limitation not to be applicable to a Loan-Specific Directing Certificateholder),
the Special Servicer shall only be permitted to take any of the following actions (each, a “Major Decision”)
as to which the Directing Certificateholder has consented in writing within ten (10) Business Days after the Directing Certificateholder’s
receipt of the Special Servicer’s written recommendation, which may be in the form of an Asset Status Report, and analysis
and all information reasonably requested by the Directing Certificateholder, and reasonably available to the Special Servicer
in order to grant or withhold such consent, which report may (in the sole discretion of the Special Servicer) take the form of
an Asset Status Report (the “Major Decision Reporting Package”) (provided that if such written consent
has not been received by the Special Servicer within such ten (10) Business Day period, then the Directing Certificateholder
will be deemed to have approved such action):

 

(i)       
any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the ownership
of properties securing any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and Serviced Companion Loan that comes into
and continues in default;

 

(ii)       
any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a Mortgage Loan
(other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or any extension of the maturity date of such Mortgage Loan or
Serviced Whole Loan other

 

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than in connection with a maturity default if a refinancing or sale is expected within 120 days
as provided in clause (ix) of the definition of “Master Servicer Decision”;

 

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

 

(iv)           
any sale of a Defaulted Loan and any related defaulted Companion Loan, or any REO Property (other than in connection with the
termination of the Trust), in each case, for less than the applicable Purchase Price;

 

(v)            
any determination to bring a Mortgaged Property or an REO Property into compliance with applicable environmental laws or to otherwise
address hazardous material located at a Mortgaged Property or an REO Property;

 

(vi)            
any release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan or any consent to either of the foregoing, other than (I) if required pursuant to the specific
terms of the related Mortgage Loan documents or (II) a release of a non-material, non-income producing parcel as described under
clause (ii) or clause (v) of the definition of “Master Servicer Decision”;

 

(vii)          
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan (other than
a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any consent to such a waiver or consent to a transfer of the Mortgaged
Property or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence
of debt as described under clause (xiii) of the definition of “Master Servicer Decision” or, solely with
regard to Specially Serviced Loans, as may be effected (I) without the consent of the lender under the related loan agreements,
(II) pursuant to the specific terms of such Mortgage Loan and (III) for which there is no lender discretion;

 

(viii)         
any consent to a property management company change with respect to a Mortgage Loan for which the proposed replacement property
manager is a Borrower Party, including, without limitation, approval of the termination of a manager and appointment of a new
property manager;

 

(ix)            
any franchise changes with respect to a Mortgage Loan for which the lender is required to consent or approve such changes under
the related Mortgage Loan documents;

 

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

 

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(xi)            
any acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Mortgagor or guarantor
releasing a Mortgagor or guarantor from liability under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan other than pursuant to the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender
discretion;

 

(xii)          
other than in the case of a Non-Specially Serviced Loan or a Non-Serviced Mortgage Loan, any modification, amendment, consent
to a modification or waiver of any material term of any Intercreditor Agreement, co-lender or similar agreement with any mezzanine
lender, subordinate debt holder or Pari Passu Companion Loan Holder related to a Mortgage Loan or Whole Loan (except any modification,
amendment, consent to a modification or waiver of any term of any Intercreditor Agreement or any intercreditor, co-lender or similar
agreement with any mezzanine lender or subordinate debt holder to split or resize notes consistent with the terms of such Intercreditor
Agreement or such intercreditor, co-lender or similar agreement), or any action to enforce rights (or decision not to enforce
rights) with respect thereto; provided, however, that any such modification or amendment that would adversely impact
the Master Servicer shall additionally require the consent of the Master Servicer as a condition to its effectiveness;

 

(xiii)          
any consent to incurrence of additional debt by a Mortgagor or mezzanine debt by a direct or indirect parent of a Mortgagor;

 

(xiv)         
agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan or Serviced Whole Loan in connection with
a defeasance if such proposed modification, waiver, consent or amendment is with respect to (A) a modification of the type
of defeasance collateral required under the Mortgage Loan or Serviced Whole Loan documents such that defeasance collateral other
than direct, non-callable obligations of the United States would be permitted or (B) a modification that would permit a principal
prepayment instead of defeasance if the applicable Mortgage Loan documents do not otherwise permit such principal prepayment;

 

(xv)          
determining whether to cure any default by a Mortgagor under a Ground Lease or permit any Ground Lease modification, waiver, amendment
or subordination, non-disturbance and attornment agreement or entry into a new Ground Lease;

 

(xvi)         
other than in the case of any Non-Specially Serviced Loan, and other than with respect to a Ground Lease (addressed in clause
(xv) above), any modification, waiver or amendment of any lease, the execution of a new lease or the granting of a subordination,
non-disturbance and attornment agreement in connection with any lease at a Mortgaged Property or REO Property if the lease affects
an area greater than or equal to 30% of the net rentable area of the improvements at the Mortgaged Property;

 

(xvii)        
other than in the case of any Non-Specially Serviced Loan, approval of any waiver regarding the receipt of financial statements
(other than immaterial timing waivers including late financial statements which in no event relieve any Mortgagor of the obligation
to provide financial statements on at least a quarterly basis) following three consecutive late deliveries of financial statements;

 

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(xviii)       
other than in the case of a Non-Specially Serviced Loan, any approval of or consent to a grant of an easement or right of way
that materially affects the use or value of a Mortgaged Property or a Mortgagor’s ability to make payments with respect
to the related Mortgage Loan or any related Companion Loan or subordination of the lien of the Mortgage Loan to such easement
or right of way; and

 

(xix)          
other than in the case of any Non-Specially Serviced Loan, any determination of an Acceptable Insurance Default;

 

provided,
however, that, in the event that the Special Servicer or the Master Servicer, as the case may be, determines that immediate
action, with respect to the foregoing matters, or any other matter requiring consent of the Directing Certificateholder prior
to the occurrence and continuance of a Control Termination Event in this Agreement (or any matter requiring consultation with
the Directing Certificateholder or the Operating Advisor), is necessary to protect the interests of the Certificateholders (or,
with respect to any Serviced Whole Loan, the interest of the Certificateholders and the holders of any related Serviced Companion
Loan) (as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loans)), the
Special Servicer or the Master Servicer, as the case may be, may take any such action without waiting for the Directing Certificateholder’s
response (or without waiting to consult with the Directing Certificateholder or the Operating Advisor, as the case may be); provided
that the Special Servicer or the Master Servicer, as the case may be, provides the Directing Certificateholder (or the Operating
Advisor, if applicable) with prompt written notice following such action including a reasonably detailed explanation of the basis
therefor. Neither the Master Servicer nor the Special Servicer is required to obtain the consent of the Directing Certificateholder
for any of the foregoing actions or any other matter requiring consent of the Directing Certificateholder after the occurrence
and during the continuance of a Control Termination Event; provided, however, that, after the occurrence and during
the continuance of a Control Termination Event, the Special Servicer shall consult with the Directing Certificateholder (only
prior to the occurrence and continuance of a Consultation Termination Event) in connection with any Major Decision not relating
to an Excluded DCH Loan (and any other actions which otherwise require consultation with the Directing Certificateholder prior
to the occurrence and continuance of a Consultation Termination Event hereunder) and consider alternative actions recommended
by the Directing Certificateholder in respect thereof. In the event the Special Servicer receives no response (which initial request
shall include a Major Decision Reporting Package) from the Directing Certificateholder within 10 Business Days following its written
request for input on any required consultation, the Special Servicer shall not be obligated to consult with the Directing Certificateholder
on the specific matter; provided, however, that the failure of the Directing Certificateholder to respond
shall not relieve the Special Servicer from consulting with the Directing Certificateholder on any future matters with respect
to the applicable Mortgage Loan (other than a Non-Serviced Mortgage Loan or an Excluded Loan with respect to such party) or Serviced
Whole Loan. The Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor (a) prior to the
occurrence of an Operating Advisor Consultation Event, promptly after the Special Servicer receives the Directing Certificateholder’s
approval or deemed approval with respect to such Major Decision or (b) following the occurrence and during the continuance of
an Operating Advisor Consultation Event, simultaneously upon providing such Major Decision Reporting Package to the Directing
Certificateholder; provided, however, that, with respect to any Non-Specially Serviced Loan other than an Excluded
Loan, no Major Decision Reporting Package shall be

 

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required to be delivered prior to the occurrence and continuance of an Operating
Advisor Consultation Event. With respect to any particular Major Decision and related Major Decision Reporting Package and any
Asset Status Report, the Special Servicer shall make available to the Operating Advisor a Servicing Officer with relevant knowledge
regarding the related Mortgage Loan and such Major Decision and/or Asset Status Report in order to address reasonable questions
that the Operating Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report. In addition,
if an Operating Advisor Consultation Event has occurred and is continuing, the Special Servicer shall also consult with the Operating
Advisor in connection with any proposed Major Decision (and any other actions which otherwise require consultation with the Operating
Advisor after the occurrence and during the continuance of an Operating Advisor Consultation Event hereunder) and consider alternative
actions recommended by the Operating Advisor, in respect thereof, provided that such consultation is on a non-binding basis.
In the event that the Special Servicer receives no response from the Operating Advisor within 10 Business Days following the later
of (i) its written request for input (which request shall include the related Major Decision Reporting Package) on any required
consultation and (ii) delivery of all such additional information reasonably requested by the Operating Advisor related to
the subject matter of such consultation, the Special Servicer shall not be obligated to consult with the Operating Advisor on
the specific matter; provided, however, that the failure of the Operating Advisor to respond on any specific matters
shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor on any future matter with respect
to the applicable Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to the contrary, with respect to any
Excluded DCH Loan (regardless of whether a Control Termination Event, a Consultation Termination Event or an Operating Advisor
Consultation Event has occurred and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding
basis, in connection with the related transactions involving proposed Major Decisions and consider alternative actions recommended
by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this Section 6.08(a)
for consulting with the Operating Advisor.

 

Subject
to the terms and conditions of this Section 6.08(a), the Special Servicer shall process all requests for any matter
that constitutes a “Major Decision” with respect to all Mortgage Loans (other than any Non-Serviced Mortgage Loan).

 

Upon
receiving a request for any matter that constitutes a Major Decision with respect to a Mortgage Loan (other than any Non-Serviced
Mortgage Loan) and any Serviced Companion Loan that is not a Specially Serviced Loan, the Master Servicer shall promptly forward
such request to the Special Servicer and the Special Servicer shall process such request (including, without limitation, interfacing
with the Mortgagor) and except as provided in the next sentence, the Master Servicer shall have no further obligation with respect
to such request or the Major Decision. With respect to such request, the Master Servicer shall continue to cooperate with the
Special Servicer by delivering any additional information in the Master Servicer’s possession to the Special Servicer requested
by the Special Servicer relating to such Major Decision. The Master Servicer shall not be permitted to process any Major Decision
and shall not be required to interface with the Mortgagor or provide a written recommendation and analysis with respect to any
Major Decision.

 

In
addition, with respect to any Mortgage Loan other than an Excluded Loan, for so long as no Control Termination Event has occurred
and is continuing, the Directing

 

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Certificateholder, subject to any rights, if any, of the related Companion Holder to advise the
Special Servicer with respect to the related Serviced Whole Loan, pursuant to the terms of the related Intercreditor Agreement,
may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan, as the
Directing Certificateholder may deem advisable or as to which provision is otherwise made herein; provided that notwithstanding
anything herein to the contrary, no such direction or objection contemplated by the first paragraph of this Section 6.08(a)
or this paragraph may require or cause the Master Servicer or Special Servicer to violate any provision of any Mortgage Loan
or related Intercreditor Agreement or mezzanine intercreditor agreement, applicable law, this Agreement, or the REMIC Provisions
(and, with respect to a Serviced Whole Loan, subject to the rights of the holders of the related Companion Loan), including without
limitation the obligation of the Master Servicer and the Special Servicer to act in accordance with the Servicing Standard, or
expose the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Trust or the Trustee to liability, or materially expand the scope of the responsibilities of the Master Servicer
or the Special Servicer, as applicable, hereunder or cause the Master Servicer or the Special Servicer, as applicable, to act,
or fail to act, in a manner which in the reasonable judgment of the Master Servicer or the Special Servicer, as the case may be,
is not in the best interests of the Certificateholders.

 

In
the event the Special Servicer or the Master Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder
or the Operating Advisor or any advice from the Directing Certificateholder or the Operating Advisor would cause the Special Servicer
or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan, applicable law or this Agreement, including
without limitation, the Servicing Standard, the Special Servicer or the Master Servicer, as applicable, shall disregard such refusal
to consent or advise and notify the Directing Certificateholder or the Operating Advisor, respectively, and the Trustee and the
Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining
from taking, any action by the Master Servicer or the Special Servicer in accordance with the direction of or approval of the
Directing Certificateholder or the advice of the Operating Advisor that does not violate the terms of any Mortgage Loan, applicable
law or the Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master
Servicer or the Special Servicer.

 

The
Directing Certificateholder shall have no liability to the Trust or the Certificateholders for any action taken, or for refraining
from the taking of any action, or for errors in judgment; provided, however, that the Directing Certificateholder
(exclusive of a Loan-Specific Directing Certificateholder) shall not be protected against any liability to a Controlling Class Certificateholder
that would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties owed to
the Controlling Class Certificateholders or by reason of reckless disregard of obligations or duties owed to the Controlling
Class Certificateholders. By its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing
Certificateholder may take actions that favor the interests of one or more Classes of the Certificates including the Holders of
the Controlling Class over other Classes of the Certificates, and that the Directing Certificateholder may have special relationships
and interests that conflict with those of Holders of some Classes of the Certificates, that the Directing Certificateholder may
act solely in its own interests or the interests of the Holders of the Controlling Class, that the Directing Certificateholder
does not have any duties or liability to the

 

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Holders of any Class of Certificates other than the Controlling Class except
in the case of a Loan-Specific Directing Certificateholder, that the Directing Certificateholder shall not be liable to any Certificateholder,
by reason of its having acted solely in its own interests or the interests of the Holders of the Controlling Class, and that the
Directing Certificateholder shall have no liability whatsoever for having so acted, and no Certificateholder may take any action
whatsoever against the Directing Certificateholder or any director, officer, employee, agent or principal thereof for having so
acted.

 

Any
Non-Serviced Whole Loan Controlling Holder, with respect to a Non-Serviced Whole Loan, shall have no liability to the Trust or
the Certificateholders for any action taken, or for refraining from the taking of any action, or for errors in judgment. By its
acceptance of a Certificate, each Certificateholder acknowledges and agrees that any such Non-Serviced Whole Loan Controlling
Holder, with respect to the related Non-Serviced Whole Loan, may take actions that favor the interests of one or more classes
of the certificates issued under the related Non-Serviced PSA including the holders of the controlling class under such Non-Serviced
PSA over other classes of the certificates issued under the Non-Serviced PSA and/or any Class of Certificates, and that such
Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, may have special relationships and interests
that conflict with those of Holders of some Classes of the Certificates, that such Non-Serviced Whole Loan Controlling Holder,
with respect to such Non-Serviced Whole Loan, may act solely in the interests of the Holders of the controlling class under the
related Non-Serviced PSA, that such Non-Serviced Whole Loan Controlling Holder, shall not be liable to any Certificateholder,
by reason of its having acted solely in the interests of the Holders of the controlling class under the related Non-Serviced PSA,
and that the Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, shall have no liability
whatsoever for having so acted, and no Certificateholder may take any action whatsoever against such Non-Serviced Whole Loan Controlling
Holder, with respect to such Non-Serviced Whole Loan, or any director, officer, employee, agent or principal thereof for having
so acted.

 

(b)           
Notwithstanding anything to the contrary contained herein (i) after the occurrence and during the continuance of a Control
Termination Event (and at any time with respect to any Excluded DCH Loan), the Directing Certificateholder (other than any Loan-Specific
Directing Certificateholder) shall have no right to consent to or direct any action taken or not taken by any party to this Agreement;
(ii) after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence and continuance
of a Consultation Termination Event, the Directing Certificateholder shall remain entitled to receive any notices, reports or
information to which it is entitled pursuant to this Agreement, and the Master Servicer, the Special Servicer and any other applicable
party shall consult with the Directing Certificateholder (other than with respect to any Excluded DCH Loan), to the extent set
forth herein in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) after
the occurrence and during the continuance of a Consultation Termination Event (and at any time with respect to any Excluded DCH
Loan), the Directing Certificateholder (other than any Loan-Specific Directing Certificateholder) shall have no direction, consultation
or consent rights hereunder and no right to receive any notices, reports or information (other than notices, reports or information
required to be delivered to all Certificateholders) or any other rights as Directing Certificateholder.

 

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Section
6.09       Knowledge of Wells Fargo Bank, National Association. Except as otherwise expressly
set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder will not be deemed
to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated to the
transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations
performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National
Association, or where the groups or divisions responsible for performing the obligations in such capacities have one or more of
the same Responsible Officers or Servicing Officers, as applicable.

 

[End
of Article VI]

 

ARTICLE
VII

SERVICER TERMINATION EVENTS

 

Section
7.01       Servicer Termination Events; Master Servicer and Special Servicer Termination.
(a)  “Servicer Termination Event”, wherever used herein, means, with respect to the Master Servicer
or the Special Servicer, as the case may be, any one of the following events:

 

(i)            
(A) any failure by the Master Servicer to make any deposit required to be made by the Master Servicer to the Collection Account,
or remit to the Companion Paying Agent for deposit into the related Companion Distribution Account, on the day and by the time
such deposit or remittance is first required to be made under the terms of this Agreement, which failure is not remedied within
one (1) Business Day or (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted, which failure is not remedied by
11:00 a.m. (New York City time) on the relevant Distribution Date; or

 

(ii)            
any failure by the Special Servicer to deposit into the REO Account, within one (1) Business Day after such deposit is required
to be made or to remit to the Master Servicer for deposit into the Collection Account or any other required account hereunder,
any amount required to be so deposited or remitted by the Special Servicer pursuant to, and at the time specified by, the terms
of this Agreement; or

 

(iii)           
any failure on the part of the Master Servicer or the Special Servicer, as the case may be, duly to observe or perform in any
material respect any of its other covenants or obligations contained in this Agreement, which failure continues unremedied for
a period of thirty (30) days (or (A) with respect to any year that a report on Form 10-K is required to be filed,
five (5) Business Days in the case of the Master Servicer’s or the Special Servicer’s obligations, as the case
may be, contemplated by Article XI, (B) fifteen (15) days in the case of the Master Servicer’s failure
to make a Servicing Advance or (C) fifteen (15) days in the case of a failure to pay the premium for any property insurance
policy required to be maintained) after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given (A) to the Master Servicer or the

 

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Special Servicer, as the case may be, by any other party hereto, or (B) to
the Master Servicer or the Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Holders
of Certificates evidencing not less than 25% of all Voting Rights or, solely as it relates to the servicing of a Serviced Pari
Passu Whole Loan if affected by that failure, by the related Serviced Companion Noteholders; provided, however,
if such failure is capable of being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing
such cure, such period will be extended an additional thirty (30) days; provided, further, however,
that such extended period will not apply to the obligations regarding Exchange Act reporting; or

 

(iv)          
any breach on the part of the Master Servicer or the Special Servicer, as the case may be, of any representation or warranty contained
in Section 6.01(a) or Section 6.01(b), as applicable, which materially and adversely affects the interests
of any Class of Certificateholders or Companion Holders (excluding the holder of any Non-Serviced Companion Loan) and which
continues unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same to
be remedied, shall have been given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate
Administrator or the Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and
the Trustee by the Holders of Certificates evidencing not less than 25% of all Voting Rights or, as it relates to the servicing
of a Serviced Pari Passu Whole Loan affected by such breach, by the related Serviced Companion Noteholders; provided, however,
that if such breach is capable of being cured and the Master Servicer or the Special Servicer, as the case may be, is diligently
pursuing such cure, such 30-day period will be extended an additional thirty (30) days; or

 

(v)            
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling 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 or the Special
Servicer, as the case may be, and such decree or order shall have remained in force undischarged, undismissed or unstayed for
a period of sixty (60) days; or

 

(vi)      
     the Master Servicer or the Special Servicer shall consent to the appointment of a conservator,
receiver, liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings of or relating to the Master Servicer or the Special Servicer, as the case may be, or
of or relating to all or substantially all of its property; or

 

(vii)          
the Master Servicer or the Special Servicer shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the
benefit of its creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;
or

 

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(viii)         
KBRA (or, in the case of Serviced Pari Passu Companion Loan Securities, any Companion Loan Rating Agency) has (A) qualified,
downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or Serviced Pari Passu Companion Loan Securities,
as applicable, or (B) placed one or more Classes of Certificates or Serviced Pari Passu Companion Loan Securities, as applicable,
on “watch status” in contemplation of a ratings downgrade or withdrawal (and such qualification, downgrade, withdrawal
or “watch status” placement shall not have been withdrawn by KBRA (or, in the case of Serviced Pari Passu Companion
Loan Securities, any Companion Loan Rating Agency), within sixty (60) days of such rating action) and, in the case of either
of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer or the Special Servicer,
as the case may be, as the sole or a material factor in such rating action; or

 

(ix)            
the Master Servicer or the Special Servicer, as the case may be, is no longer rated at least “CMS3” or “CSS3”,
respectively, by Fitch and such Master Servicer or such Special Servicer, as the case may be, is not reinstated to at least that
rating within 60 days of the delisting; or

 

(x)            
the Master Servicer or the Special Servicer, as the case may be, is removed from S&P’s Select Servicer List as a “U.S.
Commercial Mortgage Master Servicer” or a “U.S. Commercial Mortgage Special Servicer,” as applicable, and is
not restored to such status on such list within 60 days.

 

(b)           
If any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes of
this Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and
every such case, so long as such Servicer Termination Event shall not have been remedied, the Trustee may, and at the written
direction of ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect
to any Excluded DCH Loan) the Directing Certificateholder (solely with respect to the Special Servicer) or the Holders of Certificates
entitled to more than 25% of the Voting Rights, the Trustee shall terminate (and the Depositor may direct the Trustee to terminate
each of the Master Servicer or the Special Servicer, as the case may be, upon five (5) Business Days’ written notice
if there is a Servicer Termination Event under clause (A) in the parenthetical in Section 7.01(a)(iii) above),
by notice in writing to the Affected Party, with a copy of such notice to the Depositor and the Operating Advisor, all of the
rights (subject to Section 3.11 and Section 6.04) and obligations of the Affected Party under this Agreement
and in and to the Mortgage Loans and the proceeds thereof (other than as a Certificateholder or Companion Holder, if applicable);
provided, however, that the Affected Party shall be entitled to the payment of accrued and unpaid compensation and
reimbursement through the date of such termination as provided for under this Agreement for services rendered and expenses incurred.
From and after the receipt by the Affected Party of such written notice except as otherwise provided in this Article VII,
all authority and power of the Affected Party under this Agreement, whether with respect to the Certificates (other than as a
Holder of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be vested in the Trustee with respect to a termination
of the Master Servicer or the Special Servicer pursuant to and under this Section 7.01, and, without limitation, the
Trustee is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact
or otherwise, any and all documents and other

 

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instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents, or otherwise. The Master Servicer and the Special Servicer each agree that if it is terminated pursuant
to this Section 7.01(b), it shall promptly (and in any event no later than twenty (20) Business Days subsequent
to its receipt of the notice of termination) provide the Trustee with all documents and records requested by it to enable it to
assume the Master Servicer’s or the Special Servicer’s, as the case may be, functions hereunder, and shall cooperate
with the Trustee in effecting the termination of the Master Servicer’s or the Special Servicer’s, as the case may
be, responsibilities and rights (subject to Section 3.11 and Section 6.04) hereunder, including, without
limitation, the transfer within five (5) Business Days to the Trustee for administration by it of all cash amounts which
shall at the time be or should have been credited by the Master Servicer to the Collection Account or any Servicing Account (if
it is the Affected Party), by the Special Servicer to the REO Account (if it is the Affected Party) or thereafter be received
with respect to the applicable Mortgage Loans or any REO Property (provided, however, that the Master Servicer and
the Special Servicer each shall, if terminated pursuant to this Section 7.01(b) or pursuant to Section 7.01(d)
(with respect to the Special Servicer), continue to be entitled to receive all amounts accrued or owing to it under this Agreement
on or prior to the date of such termination, whether in respect of Advances (in the case of the Special Servicer or the Master
Servicer) or otherwise, and it and its Affiliates and the directors, managers, officers, members, employees and agents of it and
its Affiliates shall continue to be entitled to the benefits of Section 3.11 and Section 6.04 notwithstanding
any such termination).

 

(c)            
If the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination Event
under Section 7.01(a)(viii), Section 7.01(a)(ix) or Section 7.01(a)(x), the Master Servicer
shall have a forty-five (45) day period after such notice in which to find a successor master servicer qualified to act as
Master Servicer hereunder in accordance with Section 6.03 and Section 7.02 and to which the Master Servicer
can sell its rights to service the Mortgage Loans under this Agreement. During such forty-five (45) day period the Master
Servicer may continue to serve as the Master Servicer hereunder. In the event that the Master Servicer is unable, within such
forty-five (45) day period, to cause a qualified successor master servicer to assume the duties of the Master Servicer hereunder,
then and in such event, the Trustee shall assume the obligations of the Master Servicer hereunder.

 

Notwithstanding
Section 7.01(b), if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing
that affects the Holder of a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated,
the Holder of such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing
Agreement, as applicable, shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related
Serviced Pari Passu Whole Loan. The Special Servicer appointed to replace the Special Servicer with respect to a Serviced Pari
Passu Mortgage Loan cannot at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion
Loan) the person (or Affiliate thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu
Companion Loan. The Special Servicer under this paragraph shall meet the eligibility requirements of Section 7.02
and the eligibility requirements of the related Other Pooling and Servicing Agreement, and the appointment thereof shall comply
with the provisions of Section 7.02. Any appointment of a replacement Special Servicer in

 

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accordance with this paragraph
shall be subject to the receipt of Rating Agency Confirmation and confirmation from the applicable rating agencies that such appointment
or replacement will not result in the downgrade, withdrawal or qualification of the then-current ratings of any class of any related
Serviced Companion Loan Securities (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(d)           
Subject to the rights of the holder of any Subordinate Companion Holder pursuant to the related Intercreditor Agreement at any
time prior to the occurrence and continuance of a Control Termination Event and other than with respect to any Excluded DCH Loan,
the Directing Certificateholder shall be entitled to terminate the rights (subject to Section 3.11 and Section 6.04)
and obligations of the Special Servicer under this Agreement, with or without cause, upon ten (10) Business Days’ notice
to the Special Servicer, the Master Servicer, the Certificate Administrator, the Trustee and the Operating Advisor; such termination
to be effective upon the appointment of a successor special servicer meeting the requirements of this Section 7.01(d)
provided that, with respect to a Servicing Shift Whole Loan, the ten (10) Business Days’ notice set forth in this
Section 7.01(d) shall not apply to the related Loan-Specific Directing Certificateholder’s right to terminate
the Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing Shift Whole
Loan pursuant to the terms of the related Intercreditor Agreement. Upon a termination of the Special Servicer, the Directing Certificateholder
(other than with respect to any Excluded DCH Loan) shall appoint a successor special servicer to assume the duties of the Special
Servicer hereunder; provided, however, that (i) such successor will meet the requirements set forth in Section 7.02,
(ii) each Rating Agency delivers Rating Agency Confirmation and, in the case of any class of any Serviced Companion Loan
Securities, the applicable rating agencies deliver a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25) and (iii) no replacement of the Special Servicer shall be effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 and any other Form 8-K filings have been
completed with respect to any related Companion Loan. For the sake of clarity, the recommendation of replacement of the Special
Servicer by the Operating Advisor and the approval of the Certificateholders of such Qualified Replacement Special Servicer shall
not preclude the Directing Certificateholder from appointing a replacement special servicer, provided that such replacement
may not be the removed Special Servicer or its Affiliate.

 

After
the occurrence and during the continuance of a Control Termination Event and upon (a) the written direction of Holders of
Principal Balance Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Cumulative
Appraisal Reduction Amounts to notionally reduce the Certificate Balances pursuant to Section 4.05) of the Principal
Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated in such written
direction to assume the duties of the Special Servicer hereunder, (b) payment by such Holders to the Certificate Administrator
of the reasonable fees and expenses (including any legal fees and any Rating Agency fees and expenses) to be incurred by the Certificate
Administrator in connection with administering such vote and which will not be additional expenses of the Trust and (c) delivery
by such Holders to the Certificate Administrator and Trustee of Rating Agency Confirmation from each Rating Agency (which Rating
Agency

 

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Confirmation shall be obtained at the expense of such Holders) and confirmation from the applicable rating agencies that
such appointment (or replacement) will not result in the downgrade, withdrawal or qualification of the then current ratings of
any class of any related Serviced Pari Passu Companion Loan Securities, the Certificate Administrator shall promptly post notice
to all Certificateholders of such request on the Certificate Administrator’s Website in accordance with Section 3.13(b)
and concurrently by mail, conduct the solicitation of votes of all Certificates in such regard, which requisite affirmative
votes must be received within one hundred-eighty (180) days of the posting of such notice, and if not so received, such
votes shall be null and void ab initio. Upon the written direction of Holders of Certificates evidencing at least
66-2/3% of a Certificateholder Quorum of Certificates, the Trustee shall terminate all of the rights and obligations of the Special
Servicer under this Agreement and appoint the successor special servicer to assume the duties of the Special Servicer (which must
be a Qualified Replacement Special Servicer) designated by such Certificateholders. The Certificate Administrator shall include
on each Distribution Date Statement a statement that each Certificateholder may (i) access such notices via the Certificate
Administrator’s Website and (ii) register to receive electronic mail notifications when such notices are posted thereon.
Notwithstanding the foregoing, the Certificateholder’s direction to remove the Special Servicer shall not apply to any Serviced
AB Whole Loan that is not subject to an AB Control Appraisal Period or to any Servicing Shift Whole Loan.

 

A
Serviced AB Whole Loan Controlling Holder shall have the right, prior to the occurrence and continuance of an AB Control Appraisal
Period, to replace the Special Servicer solely with respect to the related Serviced AB Whole Loan, so long as (A) each Rating
Agency delivers a Rating Agency Confirmation; (B) the successor special servicer has assumed in writing (from and after the
date such successor special servicer becomes the Special Servicer) all of the responsibilities, duties and liabilities of the
Special Servicer under this Agreement from and after the date it becomes the Special Servicer as they relate to any Serviced AB
Whole Loan pursuant to an assumption agreement reasonably satisfactory to the Certificate Administrator; and (C) the Certificate
Administrator shall have received an opinion of counsel reasonably satisfactory to the Certificate Administrator to the effect
that (x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such
replacement will be bound by the terms of this Agreement with respect to any Serviced AB Whole Loan and (z) subject to customary
qualifications and exceptions, this Agreement will be enforceable against such replacement in accordance with the terms hereof.

 

The
parties hereto acknowledge that, notwithstanding anything to the contrary contained in this section, in accordance with the related
Intercreditor Agreement, if a servicer termination event on the part of a Non-Serviced Special Servicer under a Non-Serviced PSA
remains unremedied and affects the holder of the related Non-Serviced Mortgage Loan, and the related Non-Serviced Special Servicer
has not otherwise been terminated, the holder of the related Non-Serviced Mortgage Loan (or the Trustee, acting at the direction
of the Directing Certificateholder) will be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced
Special Servicer solely with respect to the related Non-Serviced Whole Loan. The appointment (or replacement) of the applicable
Non-Serviced Special Servicer with respect to a Non-Serviced Whole Loan will in any event be subject to Rating Agency Confirmation
from each Rating Agency. A replacement special servicer will be selected by the related Non-Serviced Trustee or, prior to the
occurrence and continuance of a consultation termination

 

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event under the related Non-Serviced PSA, by the related Non-Serviced
Whole Loan Controlling Holder; provided, however, that any successor special servicer appointed to replace the Special
Servicer with respect to such Non-Serviced Whole Loan cannot at any time be the Person (or an Affiliate thereof) that was terminated
at the direction of the holder of such Non-Serviced Mortgage Loan, without the prior written consent of the Directing Certificateholder.

 

If
at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer is
not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard, and (ii)
the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, the Operating
Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer, a written report
in the form of Exhibit W attached hereto, setting forth the reasons supporting its recommendation (along with any
information the Operating Advisor considered relevant to its recommendation) and recommending a replacement Special Servicer (which
form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional information,
subject to compliance of such form with the terms and provisions of this Agreement; provided, further, that in no
event shall the information or any other content included in such written recommendation contravene any provision of this Agreement)
detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation) and recommending
a suggested replacement special servicer to assume the duties of the Special Servicer, which shall be a Qualified Replacement
Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation
and the related report on the Certificate Administrator’s Website in accordance with Section 3.13(b), and concurrently
by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i) the affirmative vote of Holders of
Principal Balance Certificates evidencing at least a majority of a quorum of Certificateholders (which quorum, for this purpose,
is the Holders of Certificates that (A) evidence at least 20% of the Voting Rights (taking into account the application of any
Cumulative Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances of such Certificates) of all Principal
Balance Certificates on an aggregate basis within 180 days of posting of the Operating Advisor’s recommendation to the Certificate
Administrator’s Website, and if not so received, such votes shall be null and void ab initio, and (B) consist
of at least three Certificateholders or Certificate Owners that are not Risk Retention Affiliated with each other) and (ii) receipt
by the Certificate Administrator following satisfaction of the foregoing clause (i) of Rating Agency Confirmation
from each Rating Agency and confirmation from the applicable rating agencies that such appointment (or replacement) will not result
in the downgrade, withdrawal or qualification of the then current ratings of any class of any related Serviced Pari Passu Companion
Loan Securities, the Trustee shall (i) terminate all of the rights and obligations of the Special Servicer under this Agreement
and appoint a successor special servicer approved by the holders of Certificates evidencing at least a majority of a quorum of
Certificateholders (as set forth above) and (ii) promptly notify such outgoing Special Servicer of the effective date of
such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and expenses of outside counsel)
associated with obtaining such Rating Agency Confirmations and administering such vote and the Operating Advisor’s identification
of a Qualified Replacement Special Servicer shall be an additional expense of the Trust. In the event that the Trustee does not
receive at least a majority of the requested votes, then the Trustee shall have no obligation to remove the Special Servicer.
Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to succeed

 

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to
the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder. Notwithstanding
the foregoing, the Operating Advisor shall not be permitted to recommend the replacement of the Special Servicer with respect
to a Serviced AB Whole Loan so long as the related Serviced Companion Noteholder is not subject to an AB Control Appraisal Period
under the related Intercreditor Agreement or with respect to any Servicing Shift Whole Loan. For the sake of clarity, the recommendation
of replacement of the Special Servicer by the Operating Advisor and the approval of the Certificateholders of such Qualified Replacement
Special Servicer shall not preclude the Directing Certificateholder from appointing a replacement special servicer, provided
that such replacement may not be the removed Special Servicer or its Affiliate.

 

No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d).
All costs of any such termination made by the Directing Certificateholder without cause shall be paid by the Holders of the Controlling
Class.

 

For
the avoidance of doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the
limitations set forth in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s
determination under this Section 7.01(d) (regarding removal of the Special Servicer), or the result of the vote of
the Certificateholders (regarding removal of the Special Servicer).

 

(e)            
The Master Servicer and the Special Servicer shall, as the case may be, from time to time, take all such reasonable actions as
are required by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed on
“watch” status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency with
respect to the Master Servicer or Special Servicer. In no event shall the remedy for a breach of the foregoing covenant extend
beyond termination pursuant to Section 7.01(a)(viii) and the resulting operation of Section 7.01(b) and
(c). The operation of this subsection (e) shall not be construed to limit the effect of Section 7.01(a)(viii).

 

(f)            
Notwithstanding the foregoing, (1) if any Servicer Termination Event on the part of the Master Servicer affects a Serviced
Companion Loan, the related holder of a Serviced Companion Loan or the rating on any Serviced Companion Loan Securities, and if
the Master Servicer is not otherwise terminated, or (2) if a Servicer Termination Event on the part of the Master Servicer
affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating on any Serviced Companion
Loan Securities, then the Master Servicer may not be terminated by or at the direction of the related holder of such Serviced
Companion Loan or the holders of any Serviced Companion Loan Securities, but upon the written direction of the related holder
of such Serviced Companion Loan, the Master Servicer shall be required to appoint a sub-servicer that will be responsible for
servicing the related Serviced Whole Loan.

 

(g)           
Notwithstanding anything to the contrary contained in this Section 7.01, with respect to any Excluded Special Servicer
Loan, if any, the Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the occurrence
and continuance of a Control Termination Event, if the applicable Excluded Special Servicer Loan is not also an Excluded DCH Loan,
the Directing Certificateholder shall select an Excluded Special Servicer, as

 

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successor to the resigning Special Servicer, for
the related Excluded Special Servicer Loan in accordance with this Agreement. After the occurrence and during the continuance
of a Control Termination Event or if at any time the applicable Excluded Special Servicer Loan is also an Excluded DCH Loan, the
resigning Special Servicer shall use commercially reasonable efforts to appoint the related Excluded Special Servicer. The Special
Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or
with respect to the identity of the applicable Excluded Special Servicer. It shall be a condition to any such appointment that
(i) the Rating Agencies confirm that the appointment would not result in a qualification, downgrade or withdrawal of any
of their then-current ratings of the Certificates and each NRSRO hired to provide ratings with respect to any Serviced Companion
Loan Securities makes the equivalent confirmation, (ii) the related Excluded Special Servicer is a Qualified Replacement
Special Servicer and (iii) the related Excluded Special Servicer delivers to the Depositor and the Certificate Administrator
and any applicable Other Depositor and Other Certificate Administrator, the information, if any, required under Item 6.02
of Form 8-K pursuant to the Exchange Act regarding itself in its role as Excluded Special Servicer.

 

If
at any time the Special Servicer that had previously acted as the Special Servicer is no longer a Borrower Party with respect
to an Excluded Special Servicer Loan (including, without limitation, as a result of the related Mortgaged Property becoming REO
Property), (1) the related Excluded Special Servicer shall resign, (2) the related Mortgage Loan or Serviced Whole Loan
shall no longer be an Excluded Special Servicer Loan, (3) such original Special Servicer shall become the Special Servicer
again for such related Mortgage Loan or Serviced Whole Loan and (4) such original Special Servicer shall be entitled to all
special servicing compensation with respect to such Mortgage Loan or Serviced Whole Loan earned during such time on and after
such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special Servicer Loan.

 

The
applicable Excluded Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special
Servicer Loan and shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan
earned during such time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan (provided
that the Special Servicer shall remain entitled to all other special servicing compensation with respect to all Mortgage Loans
and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

 

If
a Servicing Officer of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as the case may be,
has actual knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded
Special Servicer Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or the Special Servicer, as the
case may be, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section
7.02       Trustee to Act; Appointment of Successor. On and after the time the Master Servicer
or the Special Servicer, as the case may be, either resigns pursuant to subsection (a) of the first sentence of Section 6.05
or receives a notice of termination for cause pursuant to Section 7.01(b), and provided that no acceptable
successor has been appointed within the time period specified in Section 7.01(c), the Trustee shall be the successor
to such party, until such successor to that Master Servicer or that Special Servicer, as applicable, is appointed as

 

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provided
in this Section 7.02 or by the Directing Certificateholder as provided in Section 7.01(d), as applicable,
in all respects in its capacity as the Master Servicer or the Special Servicer, as applicable, under this Agreement and the transactions
set forth or provided for herein and shall be subject to, and have the benefit of, all of the rights, (subject to Section 3.11
and Section 6.04) benefits, responsibilities, duties, liabilities and limitations on liability relating thereto
and that arise thereafter placed on or for the benefit of the Master Servicer or Special Servicer, as applicable, by the terms
and provisions hereof; provided, however, that any failure to perform such duties or responsibilities caused by
the terminated party’s failure under Section 7.01 to provide information or moneys required hereunder shall
not be considered a default by such successor hereunder. The appointment of a successor master servicer shall not affect any liability
of the predecessor Master Servicer which may have arisen prior to its termination as Master Servicer, and the appointment of a
successor special servicer shall not affect any liability of the predecessor Special Servicer which may have arisen prior to its
termination as Special Servicer. The Trustee in its capacity as successor to the Master Servicer or the Special Servicer, as the
case may be, shall not be liable for any of the representations and warranties of the Master Servicer or the Special Servicer,
as applicable, herein or in any related document or agreement, for any acts or omissions of the predecessor master servicer or
special servicer or for any losses incurred by the predecessor Master Servicer pursuant to Section 3.06 hereunder,
nor shall the Trustee be required to purchase any Mortgage Loan hereunder solely as a result of its obligations as successor master
servicer or special servicer, as the case may be. Subject to Section 3.11, as compensation therefor, the Trustee as
successor master servicer shall be entitled to the Servicing Fees and all fees relating to the Mortgage Loans or the Companion
Loans which that Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder, including
but not limited to any income or other benefit from any Permitted Investment pursuant to Section 3.06, and subject
to Section 3.11, and the Trustee as successor to the Special Servicer shall be entitled to the Special Servicing Fees
to which the Special Servicer would have been entitled if the Special Servicer had continued to act hereunder. Should the Trustee
succeed to the capacity of the Master Servicer or the Special Servicer, as the case may be, the Trustee shall be afforded the
same standard of care and liability as the Master Servicer or the Special Servicer, as applicable, hereunder notwithstanding anything
in Section 8.01 to the contrary, but only with respect to actions taken by it in its role as successor master servicer
or successor special servicer, as the case may be, and not with respect to its role as Trustee hereunder. Notwithstanding the
above, the Trustee may, if it shall be unwilling to act as successor to that Master Servicer or that Special Servicer, as applicable,
or shall, if it is unable to so act, or if the Trustee is not approved as a servicer by each Rating Agency, or if the Directing
Certificateholder (solely with respect to the Special Servicer) ((i) prior to the occurrence and continuance of a Control
Termination Event and (ii) other than with respect to any Excluded DCH Loan) or the Holders of Certificates entitled to more
than 50% of the Voting Rights so request in writing to the Trustee, promptly appoint, or petition a court of competent jurisdiction
to appoint, any established mortgage loan servicing institution which meets the criteria set forth in Section 6.05
and otherwise herein, as the successor to that Master Servicer or that Special Servicer, as applicable, hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer hereunder. No
appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be effective until (i) the assumption
in writing by the successor to the Master Servicer or the Special Servicer of all its responsibilities, duties and liabilities
hereunder that arise thereafter, (ii) receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the
applicable rating agencies that such action will

 

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not result in the downgrade, withdrawal or qualification of its then-current
ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant
to Section 3.25), (iii) such appointment (solely with respect to the Special Servicer) has been approved (prior
to the occurrence and continuance of a Control Termination Event) by the Directing Certificateholder, such approval not to be
unreasonably withheld and (iv) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07
hereof and any other Form 8-K filings have been completed with respect to any related Companion Loan. Pending appointment
of a successor to the Master Servicer or the Special Servicer hereunder, unless the Trustee shall be prohibited by law from so
acting, the Trustee shall act in such capacity as herein above provided. In connection with such appointment and assumption of
a successor to the Master Servicer or the Special Servicer as described herein, the Trustee may make such arrangements for the
compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided, however,
that no such compensation with respect to a successor master servicer or successor special servicer, as the case may be, shall
be in excess of that permitted the terminated Master Servicer or Special Servicer, as the case may be, hereunder. The Trustee,
the non-terminated Master Servicer or the non-terminated Special Servicer and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession. Any reasonable out-of-pocket costs and expenses
associated with the transfer of the servicing function (other than with respect to a termination without cause) under this Agreement
shall be borne by the predecessor Master Servicer or Special Servicer, as applicable. If such predecessor Master Servicer or Special
Servicer (as the case may be) has not reimbursed the party requesting such termination or the successor master servicer or special
servicer for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed
by the Trust; provided that the terminated Master Servicer or Special Servicer shall not thereby be relieved of its liability
for such expenses. If and to the extent that the terminated Master Servicer or Special Servicer has not reimbursed such costs
and expenses, the party requesting such termination shall have an affirmative obligation to take all reasonable actions to collect
such expenses on behalf of the Trust. In the event of a termination without cause, such costs and expenses shall be borne by the
party requesting such termination, or as otherwise set forth herein; provided that the Certificate Administrator and the
Trustee shall not bear any such costs and expenses. For the avoidance of doubt, if the Trustee is terminating the Master Servicer
or the Special Servicer in accordance with this Agreement at the direction of any party or parties permitted to direct the Trustee
to so terminate the Master Servicer or the Special Servicer pursuant to this Agreement, the Trustee shall not have any liability
for such expenses pursuant to this paragraph.

 

Section
7.03       Notification to Certificateholders. (a)  Upon any resignation of the
Master Servicer or the Special Servicer pursuant to Section 6.05, any termination of the Master Servicer or the Special
Servicer pursuant to Section 7.01 or any appointment of a successor to the Master Servicer or the Special Servicer
pursuant to Section 7.02, the Certificate Administrator shall give prompt written notice thereof to Certificateholders
at their respective addresses appearing in the Certificate Register.

 

(b)           
Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice
or lapse of time or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate
Administrator would be deemed to

 

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have notice of the occurrence of such an event in accordance with Section 8.02(vii),
the Certificate Administrator shall transmit by mail to the Depositor and all Certificateholders (and, if a Serviced Whole Loan
is affected, the related Serviced Companion Noteholder) notice of such occurrence, unless such default shall have been cured.

 

Section
7.04       Waiver of Servicer Termination Events. The Holders of Certificates representing
at least 66-2/3% of the Voting Rights allocated to each Class of Certificates affected by any Servicer Termination Event
hereunder may waive such Servicer Termination Event; provided, however, that a Servicer Termination Event under
clause (i), (ii) or (viii) of Section 7.01(a) may be waived only with the consent of all
of the Certificateholders of the affected Classes, and a Servicer Termination Event under clause (iii) of Section 7.01(a)
(with respect to obligations under Article XI) may be waived only with the consent of the Depositor. Upon any
such waiver of a Servicer Termination Event, subject to the rights of any affected holder of a Serviced Companion Loan under Section 7.01(c)
or Section 7.01(f), such Servicer Termination Event shall cease to exist and shall be deemed to have been remedied
for every purpose hereunder. Upon any such waiver of a Servicer Termination Event by Certificateholders, the Trustee and the Certificate
Administrator shall be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with
respect to such Servicer Termination Event prior to such waiver from the Trust. No such waiver shall extend to any subsequent
or other Servicer Termination Event or impair any right consequent thereon except to the extent expressly so waived. Notwithstanding
any other provisions of this Agreement, for purposes of waiving any Servicer Termination Event pursuant to this Section 7.04,
Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights
with respect to the matters described above as they would if any other Person held such Certificates.

 

Section
7.05       Trustee as Maker of Advances. In the event that the Master Servicer fails to fulfill
its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within
five (5) Business Days following such failure by the Master Servicer with respect to Servicing Advances resulting in a Servicer
Termination Event under Section 7.01(a)(iii) to the extent a Responsible Officer of the Trustee has actual knowledge
of such failure with respect to such Servicing Advances and (y) by noon, New York City time, on the related Distribution
Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section 4.03(a)
unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all
of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s
rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance
is a Nonrecoverable P&I Advance or Servicing Advance, as the case may be, (without regard to any impairment of any such rights
of reimbursement caused by the Master Servicer’s default in its obligations hereunder); provided, however,
that if Advances made by the Trustee and the Master Servicer shall at any time be outstanding, or any interest on any Advance
shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied
entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid in full, together with all interest
accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The

 

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Trustee shall be entitled to conclusively
rely on any notice given with respect to a Nonrecoverable Advance hereunder.

 

[End
of Article VII]

 

ARTICLE
VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section
8.01       Duties of the Trustee and the Certificate Administrator. (a)  The Trustee
and the Certificate Administrator, prior to the occurrence of a Servicer Termination Event and after the curing or waiving of
all Servicer Termination Events which may have occurred, undertake to perform such duties and only such duties as are specifically
set forth in this Agreement. If a Servicer Termination Event 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 person
would exercise or use under the circumstances in the conduct of his own affairs. Any permissive right of the Trustee and the Certificate
Administrator contained in this Agreement shall not be construed as a duty.

 

(b)           
The Trustee or the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator which are specifically required to be furnished
pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically governed by the
terms of Article II, the Diligence Files, any CREFC® reports and any information delivered for posting
to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), 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 or the Certificate Administrator shall notify the party providing such instrument
and requesting the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for the accuracy
or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor,
the Master Servicer or the Special Servicer or another Person, and accepted by the Trustee or the Certificate Administrator in
good faith, pursuant to this Agreement.

 

(c)            
No provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that:

 

(i)            
Prior to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which may
have occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by the express
provisions of this Agreement, the Trustee and the Certificate Administrator 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 the Certificate Administrator and, in the absence of bad faith on the part of the
Trustee and the Certificate Administrator, the Trustee and the Certificate Administrator may conclusively rely, as to the truth
of the statements

 

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and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
or the Certificate Administrator and conforming to the requirements of this Agreement;

 

(ii)            
Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good faith
by a Responsible Officer or Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it shall
be proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts;
and

 

(iii)            
Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than
25% (i) of the Percentage Interest of each affected Class, or (ii) if each Class is an affected Class of the
aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, or exercising any trust or power conferred upon the Trustee or the
Certificate Administrator, under this Agreement (unless a higher percentage of Voting Rights is required for such action).

 

(d)           
The Certificate Administrator shall make available via its internet website initially located at www.ctslink.com to the Serviced
Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders under this Agreement
to the extent such reports relate to the related Serviced Companion Loan and upon the submission of an Investor Certification
pursuant to this Agreement.

 

Section
8.02       Certain Matters Affecting the Trustee and the Certificate Administrator. Except
as otherwise provided in Section 8.01:

 

(i)             
The Trustee and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any
resolution, direction of the Depositor, Officer’s 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;

 

(ii)             
The Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance therewith;

 

(iii)            
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or the Certificates 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 or the Certificate

 

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Administrator, as applicable, security or indemnity reasonably satisfactory to it, against the costs, expenses and liabilities
which may be incurred therein or thereby; neither the Trustee nor the Certificate Administrator shall be required to expend or
risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, unless repayment of such funds or indemnity reasonably satisfactory to it against such risk or
liability is reasonably assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the
occurrence of a Servicer Termination Event 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;

 

(iv)          
Neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably 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;

 

(v)            
Prior to the occurrence of a Servicer Termination Event hereunder and after the curing of all Servicer Termination Events which
may have occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval,
bond or other paper or document, unless requested in writing to do so by Holders of Certificates entitled to more than 50% of
the Voting Rights; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate
Administrator of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee or the Certificate Administrator, respectively, not reasonably assured to the Trustee or the Certificate
Administrator by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, respectively,
may require indemnity reasonably satisfactory to it from such requesting Holders 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 requesting Holders;

 

(vi)          
The Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys; provided, however, that the appointment of such agents or
attorneys shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder; provided,
further, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through
any Person that is a Prohibited Party;

 

(vii)          
For all purposes under this Agreement, none of the Trustee, the Custodian or the Certificate Administrator shall be deemed to
have actual knowledge or notice of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act,
failure or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator may be required to act unless
a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written
notice of any event, act, failure or breach, as applicable, which is in fact such a default is

 

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received by the Trustee or the
Certificate Administrator at the respective Corporate Trust Office, and such notice references the Certificates or this Agreement;

 

(viii)         
Neither the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the
Special Servicer (unless the Trustee is acting as the Master Servicer or the Special Servicer, as the case may be, in which case
the Trustee shall only be responsible for its own actions as the Master Servicer or the Special Servicer) or of the Depositor,
the Operating Advisor or the Asset Representations Reviewer;

 

(ix)           
Neither the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust Fund
unless it is determined by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s, as
applicable, negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)            
In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;

 

(xi)           
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

 

(xii)          
Nothing herein shall be construed as an obligation for any party to this Agreement to advise a Certificateholder with respect
to its rights and protections relative to the Trust.

 

Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider and Authenticating Agent).

 

Section
8.03       Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates
or Mortgage Loans. The recitals contained herein and in the Certificates, other than the acknowledgments of the Trustee or
the Certificate Administrator in Section 2.01(h) and Section 2.04 and the signature, if any, of the Certificate
Registrar and Authenticating Agent set forth on any outstanding Certificate, shall not be taken as the statements of the Trustee
or the Certificate Administrator, and the Trustee or the Certificate Administrator assume no responsibility for their correctness.
Neither the Trustee nor the Certificate Administrator makes any representations as to the validity or sufficiency of this Agreement
or of any Certificate (other than as to the signature, if any, of the Trustee or the Certificate Administrator set forth thereon)
or of any Mortgage Loan or related document. Neither the Trustee nor the Certificate Administrator shall be accountable for the
use or application by the Depositor of any of the Certificates issued to it or of the proceeds of such Certificates, or for the
use or application of any funds paid to the Depositor in respect of the assignment of the Mortgage Loans to the Trust, or any
funds deposited in or withdrawn from the Collection Account or any other account by or

 

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on behalf of the Depositor, the Master
Servicer, the Special Servicer or in the case of the Trustee, the Certificate Administrator. The Trustee and the Certificate Administrator
shall not be responsible for and may rely upon the accuracy or content of any resolution, certificate, statement, opinion, report,
document, order or other instrument furnished by the Depositor, the Master Servicer or the Special Servicer and accepted by the
Trustee or the Certificate Administrator, in good faith, pursuant to this Agreement.

 

Section
8.04       Trustee or Certificate Administrator May Own Certificates. The Trustee or the
Certificate Administrator, each in its individual capacity, not as Trustee or Certificate Administrator, may become the owner
or pledgee of Certificates, and may deal with the Depositor, the Master Servicer, the Special Servicer or the Underwriters in
banking transactions, with the same rights it would have if it were not Trustee or the Certificate Administrator.

 

Section
8.05       Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee
and Certificate Administrator. (a)  As compensation for the performance of their respective duties hereunder, the
Trustee will be paid the Trustee Fee, which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee,
and the Certificate Administrator will be paid the Certificate Administrator Fee equal to the Certificate Administrator’s
portion of one month’s interest at the Certificate Administrator Fee Rate, which shall cover recurring and otherwise reasonably
anticipated expenses of the Certificate Administrator. The Trustee Fee and Certificate Administrator Fee shall be paid monthly
on a Mortgage Loan-by-Mortgage Loan basis. As to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related
to any Companion Loan), the Certificate Administrator shall pay to the Trustee monthly the Trustee Fee from the Certificate Administrator
Fee, which Certificate Administrator Fee shall accrue from time to time at the Certificate Administrator Fee Rate and the Certificate
Administrator Fee shall be computed in the same manner as interest is calculated thereon and for the same period respecting which
any related interest payment due or deemed thereon is computed. The Trustee Fee (which shall not be limited to any provision of
law in regard to the compensation of a trustee of an express trust) shall constitute the Trustee’s sole form of compensation
for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the
powers and duties of the Trustee hereunder, except for the reimbursement of expenses specifically provided for herein. The Certificate
Administrator Fee shall constitute the Certificate Administrator’s sole form of compensation for the exercise and performance
of its powers and duties hereunder, except for the reimbursement of expenses specifically provided for herein. No Trustee Fee
or Certificate Administrator Fee shall be payable with respect to any Companion Loan.

 

(b)           
The Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity)
and any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation and of enforcement of this indemnity, and of investigation, counsel fees,
damages, judgments and amounts paid in settlement, and expenses incurred in becoming the successor to the Master Servicer or the
Special Servicer, to the extent not otherwise paid hereunder) arising out

 

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of, or incurred in connection with, any act or omission
of the Trustee or the Certificate Administrator, respectively, relating to the exercise and performance of any of the powers,
rights and duties of the Trustee or the Certificate Administrator, respectively (including in any capacities in which they serve,
such as paying agent, REMIC Administrator, Authenticating Agent, Custodian, Certificate Registrar, and 17g-5 Information Provider)
hereunder; provided, however, that none of the Trustee or the Certificate Administrator, nor any of the other above
specified Persons shall be entitled to indemnification pursuant to this Section 8.05(b) for (i) allocable overhead,
(ii) expenses or disbursements incurred or made by or on behalf of the Trustee or the Certificate Administrator, respectively,
in the normal course of the Trustee or the Certificate Administrator, respectively, performing its duties in accordance with any
of the provisions hereof, which are not “unanticipated expenses of the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically required to be borne thereby pursuant to the
terms hereof or (iv) any loss, liability or expense incurred by reason of willful misconduct, bad faith or negligence in
the performance of the Trustee’s or the Certificate Administrator’s, respectively, obligations and duties hereunder,
or by reason of negligent disregard of such obligations or duties, or as may arise from a breach of any representation or warranty
of the Trustee specified in Section 8.12 or the Certificate Administrator specified in Section 8.14, respectively,
made herein. The provisions of this Section 8.05(b) shall survive the termination of this Agreement and any resignation
or removal of the Trustee or the Certificate Administrator, respectively, and appointment of a successor thereto. The foregoing
indemnity shall also apply to the Certificate Administrator in all of its capacities hereunder, including Custodian, Certificate
Registrar and Authenticating Agent.

 

(c)            
The Certificate Administrator shall indemnify and hold harmless the Depositor and Mortgage Loan Sellers from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by the Depositor, any Mortgage Loan Seller or its Affiliates that arise out of or are based upon (i) a breach by
the Certificate Administrator, in its capacity as 17g-5 Information Provider or in any other capacity in which the Certificate
Administrator is required to make available information to a Privileged Person that is an NRSRO, of its obligations under this
Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate Administrator, in its capacity
as 17g-5 Information Provider or in any other capacity in which the Certificate Administrator is required to make available information
to a Privileged Person that is an NRSRO, in the performance of such obligations or its negligent disregard of its obligations
and duties under this Agreement.

 

Section
8.06       Eligibility Requirements for Trustee and Certificate Administrator. Each of the
Trustee and the Certificate Administrator hereunder shall at all times be, and will be required to resign if it fails to be, (i) a
corporation, national bank, national banking association or a trust company, organized and doing business under the laws of any
state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred
under this Agreement, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority and in the case of the Trustee, shall not be an Affiliate of the Master Servicer or the Special
Servicer (except during any period when the Trustee is acting as, or has become successor to, the Master Servicer or the Special
Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance
Corporation, (iii) an institution whose long-term senior unsecured debt is rated

 

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at least “A-” by S&P, “A-”
by Fitch and, if rated by KBRA, “A” by KBRA; provided that the Trustee will not become ineligible to serve based on
a failure to satisfy such rating requirements as long as (a) it maintains a long-term unsecured debt rating of no less than “BBB”
by S&P and “A-” by Fitch, (b) its short-term debt obligations have a short-term rating of not less than “A-1”
from S&P and “F1” by Fitch and (c) the Master Servicer maintains a long-term unsecured rating of at least
“A” by S&P and “A+” by Fitch; provided that nothing in this proviso shall impose on the Master
Servicer any obligation to maintain such rating or such other rating with respect to which the Rating Agencies have provided a
Rating Agency Confirmation and (iv) an entity that is not a Prohibited Party.

 

If
such corporation, national bank or national banking association 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 8.06
the combined capital and surplus of such corporation, national bank or national banking association shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. In the event the place of business
from which the Certificate Administrator administers the Trust REMICs or in which the Trustee’s office is located is in
a state or local jurisdiction that imposes a tax on the Trust on the net income of a REMIC (other than a tax corresponding to
a tax imposed under the REMIC Provisions), the Certificate Administrator or the Trustee, as applicable shall elect either to (i) resign
immediately in the manner and with the effect specified in Section 8.07, (ii) pay such tax at no expense to the
Trust or (iii) administer the Trust REMICs from a state and local jurisdiction that does not impose such a tax.

 

Section
8.07       Resignation and Removal of the Trustee and Certificate Administrator. (a)  The
Trustee and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written
notice thereof to the Depositor, the Master Servicer, the Special Servicer and the Trustee or the Certificate Administrator, as
applicable, the Operating Advisor, the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders.
The Certificate Administrator shall post such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b)
and provide notice of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information Provider,
which shall promptly post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).
Upon receiving such notice of resignation, the Depositor shall use its reasonable best efforts to promptly appoint a successor
trustee or successor certificate administrator acceptable to the Master Servicer and, prior to the occurrence and continuance
of a Control Termination Event, the Directing Certificateholder by written instrument, in duplicate, which instrument shall be
delivered to the resigning Trustee or Certificate Administrator and to the successor trustee or certificate administrator. A copy
of such instrument shall be delivered to the Master Servicer, the Special Servicer, the Certificateholders and the Trustee or
Certificate Administrator, as applicable, by the Depositor. If no successor trustee or certificate administrator shall have been
so appointed and have accepted appointment within ninety (90) days after the giving of such notice of resignation, the resigning
Trustee or Certificate Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee
or certificate administrator, as applicable, and such petition will be an expense of the Trust.

 

(b)           
If at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06
(and in the case of the Certificate

 

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Administrator, Section 5.08) and shall fail to resign after written request
therefor by the Depositor or the Master Servicer, or if at any time the Trustee or Certificate Administrator shall become incapable
of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator
(if different than the Trustee) shall fail to timely publish any report to be delivered, published or otherwise made available
by the Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period
of five (5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01
or Section 9.01, then the Depositor may remove the Trustee or Certificate Administrator, as applicable, and appoint
a successor trustee or certificate administrator acceptable to the requesting Master Servicer, by written instrument, in duplicate,
which instrument shall be delivered to the Trustee or Certificate Administrator so removed and to the successor trustee or certificate
administrator in the case of the removal of the Trustee or Certificate Administrator. A copy of such instrument shall be delivered
to the Master Servicer, the Special Servicer and the Certificateholders by the Depositor. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within ninety (90) days after the giving of such
notice of removal, the removed Trustee or Certificate Administrator may petition any court of competent jurisdiction for the appointment
of a successor trustee or certificate administrator, as applicable, at the expense of the Trust.

 

(c)            
The Holders of Certificates entitled to at least 75% of the Voting Rights may, upon thirty (30) days’ prior written
notice, with or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate
administrator 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 or Certificate
Administrator so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the
Depositor, the Special Servicer and the remaining Certificateholders by the Master Servicer. In the event of any such termination
without cause pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable,
shall be responsible for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(d)           
Any resignation or removal of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate administrator
pursuant to any of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment
by the successor trustee or certificate administrator as provided in Section 8.08 and (ii) the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 and any other Form 8-K filings have been
completed with respect to any related Companion Loan. Further, the resigning Trustee or Certificate Administrator, as the case
may be, shall pay all costs and expenses associated with the transfer of its duties.

 

If
the same party is acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party
in its capacity as Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its
capacity as Trustee or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator
and a successor trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

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Upon
any succession of the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator
shall be entitled to the payment of accrued and unpaid compensation and reimbursement as provided for under this Agreement for
services rendered and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator
shall be personally liable for any action or omission of any successor trustee or certificate administrator.

 

(e)            
Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon the
termination of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each
Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee),
without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
Holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 or in
blank, and (ii) in the case of the other assignable Mortgage Loan documents (to the extent such other Mortgage Loan documents
were assigned to the outgoing trustee), assign such Mortgage Loan documents to such successor, and such successor shall review
the documents delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each
Mortgage Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original executed
Mortgage Note for a Mortgage Loan was not endorsed to the outgoing trustee, the Custodian shall, upon its receipt of a Request
for Release, deliver such Mortgage Note to the Depositor or the successor trustee, as requested, and the Master Servicer and the
Depositor shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation
or warranty, express or implied) to the order of the successor, as trustee for the registered Holders of Wells Fargo Commercial
Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 or in blank; provided, however,
that, notwithstanding anything to the contrary herein, to the extent that any such endorsement of such Mortgage Note requires
the signature of the related Mortgage Loan Seller in order to comply with the foregoing, then the Master Servicer shall use reasonable
efforts to cause the related Mortgage Loan Seller to execute such endorsement; (c) if any other assignable Mortgage Loan
document was not assigned to the outgoing trustee, the Custodian shall, upon its receipt of a Request for Release, deliver such
Mortgage Loan document to the Depositor or the successor trustee, as requested, and the Master Servicer and the Depositor shall
cooperate with any successor trustee to ensure that such Mortgage Loan document is assigned to such successor trustee; and (d) in
any case, such successor trustee shall review the documents delivered to it or to the Custodian with respect to each Mortgage
Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsements and assignments
have been made or, in the event such endorsement or assignment cannot be made for any reason, to note the same in such certification.

 

(f)            
Neither the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section
8.08       Successor Trustee or Certificate Administrator. (a)  Any successor trustee
or certificate administrator appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor,
the Master Servicer, the Special Servicer and to its predecessor Trustee or Certificate Administrator an instrument accepting
such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate

 

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Administrator shall
become effective and such successor trustee or certificate administrator without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally
named as Trustee or Certificate Administrator herein. The predecessor Trustee shall deliver to the successor trustee all Mortgage
Files and related documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf
by the Custodian, which Custodian, at Custodian’s option shall become the agent of the successor trustee), and the Depositor,
the Master Servicer, the Special Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers,
duties and obligations, and to enable the successor trustee to perform its obligations hereunder.

 

(b)           
No successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this Section 8.08
unless at the time of such acceptance such successor trustee or successor certificate administrator, as applicable, shall
be eligible under the provisions of Section 8.06.

 

(c)            
Upon acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section 8.08,
the Master Servicer shall deliver notice of the succession of such Trustee or Certificate Administrator, as applicable, to the
Depositor and the Certificateholders. If the Master Servicer fails to deliver such notice within ten (10) days after acceptance
of appointment by the successor trustee or successor certificate administrator, as applicable, such successor trustee or successor
certificate administrator shall cause such notice to be delivered at the expense of the Master Servicer.

 

Section
8.09       Merger or Consolidation of Trustee or Certificate Administrator. Any Person into
which the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any Person
resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party,
or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator
shall be the successor of the Trustee or the Certificate Administrator, as applicable, hereunder; provided that, in the
case of the Trustee, such successor person 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.
The Certificate Administrator shall post such notice to the Certificate Administrator’s Website in accordance with Section 3.13(b)
and shall provide notice of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information
Provider, which shall post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Section
8.10       Appointment of Co-Trustee or Separate Trustee. (a)  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 Master Servicer 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, or any part thereof, and, subject to the
other provisions of this Section 8.10,

 

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such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such appointment within fifteen
(15) days after the receipt by it of a request to do so, or in case a Servicer Termination Event 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.
All co-trustee fees shall be payable out of the Trust Fund.

 

(b)           
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 or the Special
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 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.

 

(c)            
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.

 

(d)           
Any separate trustee or co-trustee may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in
its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without
the appointment of a new or successor trustee.

 

(e)            
The appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its duties
and responsibilities hereunder.

 

Section
8.11       Appointment of Custodians. The Certificate Administrator is hereby appointed as
the Custodian to hold all or a portion of the Mortgage Files. The Custodian shall be a depository institution subject to supervision
by federal or state authority, shall have combined capital and surplus of at least $15,000,000 and shall be qualified to do business
in the jurisdiction in which it holds any Mortgage File. The Custodian shall be subject to the same obligations and standard of
care as would be imposed on the Certificate Administrator hereunder in connection with the retention of Mortgage Files directly
by the Certificate Administrator. Upon termination or resignation of the Custodian, the Certificate Administrator may appoint
another

 

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Custodian meeting the foregoing requirements. The appointment of one or more Custodians by the Certificate Administrator
shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator shall
remain responsible for all acts and omissions of any Custodian other than the initial Custodian. Any Custodian appointed hereunder
must maintain a fidelity bond and errors and omissions policy in an amount customary for Custodians which serve in such capacity
in commercial mortgage loan securitization transactions, or may self-insure.

 

Section
8.12       Representations and Warranties of the Trustee. The Trustee hereby represents and
warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
each Serviced Companion Noteholder and the Certificate Administrator for the benefit of the Certificateholders, as of the Closing
Date, that:

 

(i)             
The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America;

 

(ii)            
The execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement
by the Trustee, will not violate the Trustee’s charter and by-laws 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 Trustee 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 each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Trustee, enforceable against the Trustee 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 the rights of creditors of national banking associations specifically and (b) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)            
The Trustee 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, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(vi)           
No litigation is pending or, to the best of the Trustee’s knowledge, threatened against the Trustee which would prohibit
the Trustee from entering into this Agreement or, in the Trustee’s good faith and reasonable judgment, is likely to materially

 

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and adversely affect the ability of the Trustee to perform its obligations under this Agreement;

 

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

 

(viii)         
To its actual knowledge, the Trustee is not a Risk Retention Affiliate of a Third Party Purchaser.

 

Section
8.13       Provision of Information to Certificate Administrator, Master Servicer and Special
Servicer. The Master Servicer shall promptly, upon request, provide the Special Servicer and the Certificate Administrator
with notice of any change in the identity and/or contact information of any Serviced Companion Noteholder (to the extent it receives
written notice of such change). The Certificate Administrator, the Master Servicer and the Special Servicer may each conclusively
rely on the information provided to them regarding identity and/or contact information regarding any Serviced Companion Noteholder,
and the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall have no liability for notices
not sent to the correct Serviced Companion Noteholders or any obligation to determine the identity and/or contact information
of the Serviced Companion Noteholders to the extent updated or correct information regarding the holders of any of the Serviced
Companion Noteholders or the most recent identity and/or contact information regarding any of the Serviced Companion Noteholders
has not been provided to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable.

 

Section
8.14       Representations and Warranties of the Certificate Administrator. The Certificate
Administrator hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, each Serviced Companion Noteholder, and the Trustee, for the benefit of the Certificateholders,
as of the Closing Date, that:

 

(i)             
The Certificate Administrator is a national banking association duly organized under the laws of the United States of America,
duly organized, validly existing and in good standing under the laws thereof;

 

(ii)            
The execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the terms
of this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws
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;

 

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(iii)           
The Certificate Administrator 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 each of the other parties hereto, constitutes a valid, legal
and binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator 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 the rights of creditors of national banking associations specifically and
(b) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)            
The Certificate Administrator 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, in the
Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either the
ability of the Certificate Administrator to perform its obligations under this Agreement or the financial condition of the Certificate
Administrator;

 

(vi)           
No litigation is pending or, to the best of the Certificate Administrator’s knowledge, threatened against the Certificate
Administrator which would prohibit the Certificate Administrator from entering into this Agreement or, in the Certificate Administrator’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator;

 

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

 

(viii)         
To its actual knowledge, the Certificate Administrator is not a Risk Retention Affiliate of a Third Party Purchaser.

 

Section
8.15       Compliance with the PATRIOT Act. In order to comply with the laws, rules, regulations
and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of
terrorist activities and money laundering (“Applicable Laws”), each of the Trustee, the Certificate Administrator,
the Special Servicer and the Master Servicer is required to obtain, verify and record certain information relating to

 

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individuals
and entities which maintain a business relationship with the Trustee, the Certificate Administrator, the Special Servicer or the
Master Servicer, as applicable, arising out of the Trust or this Agreement. Accordingly, each of the parties to this Agreement
agrees to provide to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer, upon its respective
reasonable request from time to time such identifying information and documentation as may be available for such party in order
to enable the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer to comply with Applicable Laws.

 

[End
of Article VIII]

 

ARTICLE
IX

TERMINATION

 

Section
9.01       Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject to this
Section 9.01 and Section 9.02, the Trust and the respective obligations and responsibilities under this
Agreement of the Certificate Administrator (other than the obligations of the Certificate Administrator to provide for and make
payments to Certificateholders as hereafter set forth), the Certificate Registrar, the Custodian (other than the obligations of
the Custodian to deliver any remaining Mortgage Files with any necessary assignments, endorsements and other instruments as hereafter
set forth), the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held by the
Certificate Administrator and required hereunder to be so paid on the Distribution Date following the earlier to occur of (i) the
final payment (or related Advance) or other liquidation of the last Mortgage Loan and REO Property (as applicable) subject hereto,
(ii) the purchase or other liquidation by the Holders of the majority of the Controlling Class, the Special Servicer, the
Master Servicer or the Holders of the Class R Certificates, in that order of priority, of all the Mortgage Loans and the
Trust’s portion of each REO Property remaining in the Trust Fund at a price equal to (a) the Termination Purchase Amount,
plus (b) the reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer with respect to such
termination, other than in the case of the Master Servicer or Special Servicer, as applicable, that is a purchaser of such Mortgage
Loans, minus (c) solely in the case where the Master Servicer is exercising such purchase right, the aggregate amount
of unreimbursed Advances, together with any interest accrued and payable to the Master Servicer in respect of such Advances in
accordance with Sections 3.03(d) and 4.03(d) and any unpaid Servicing Fees, remaining outstanding and payable
solely to the Master Servicer (which items shall be deemed to have been paid or reimbursed to the Master Servicer in connection
with such purchase) or (iii) so long as the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4,
Class A-S, Class B, Class C and Class D Certificates are no longer outstanding, the voluntary exchange by
the Sole Certificateholder of all the outstanding Certificates (other than the Class R and Class V Certificates) for
the remaining Mortgage Loans and REO Properties in the Trust Fund pursuant to the terms of the immediately succeeding paragraph;
provided, however, that in no event shall the trust created hereby continue beyond the expiration of twenty-one
(21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the Court of St. James’s, living on the date hereof. Upon termination of the Trust pursuant to clause (i) of the
immediately preceding sentence, the Custodian shall release or cause

 

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to be released to the Master Servicer, at the address provided
in Section 13.05 of this Agreement or to such other address designated by the Master Servicer in writing, any Mortgage
Files remaining in its possession.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B,
Class C and Class D Certificates are no longer outstanding (and provided that there is only one Holder (or multiple
Holders acting in unanimity) of the then-outstanding Certificates (other than the Class R and Class V Certificates)),
the Sole Certificateholder shall have the right, with the consent of the Master Servicer, to exchange all of its Certificates
(other than the Class R and Class V Certificates) for all of the Mortgage Loans and each REO Property remaining in the
Trust Fund as contemplated by clause (iii) of the first paragraph of this Section 9.01 by giving written
notice to all the parties hereto no later than sixty (60) days prior to the anticipated date of exchange. In the event that
the Sole Certificateholder elects to exchange all of its Certificates (other than the Class R and Class V Certificates)
for all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust in accordance with the
preceding sentence, such Sole Certificateholder, not later than the Distribution Date on which the final distribution on the Certificates
is to occur, shall remit for deposit in the Collection Account an amount in immediately available funds equal to all amounts due
and owing to the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator hereunder
through the date of the liquidation of the Trust that may be withdrawn from the Collection Account, or an escrow account acceptable
to the respective parties hereto, pursuant to Section 3.05(a) or that may be withdrawn from the Distribution Account
pursuant to Section 3.05(b), but only to the extent that such amounts are not already on deposit in the Collection
Account. In addition, the Master Servicer shall transfer all amounts required to be transferred to the Lower-Tier REMIC Distribution
Account and Excess Interest Distribution Account on the P&I Advance Date related to such Distribution Date in which the final
distribution on the Certificates is to occur from the Collection Account pursuant to the first paragraph of Section 3.04(b)
(provided, however, that if a Serviced Whole Loan is secured by REO Property, the portion of the above-described
purchase price allocable to such Trust’s portion of REO Property shall initially be deposited into the related REO Account).
Upon confirmation that such final deposits have been made and following the surrender of all its Certificates (other than the
Class R and Class V Certificates) on the applicable Distribution Date, the Custodian shall, upon receipt of a Request
for Release from the Master Servicer, release or cause to be released to the Sole Certificateholder or any designee thereof, the
Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished
to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining
in the Trust Fund, and the Trust shall be liquidated in accordance with Section 9.02. Solely for federal income tax
purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal
to the remaining Certificate Balance of the Principal Balance Certificates, plus accrued, unpaid interest with respect thereto,
and the Certificate Administrator shall credit such amounts against amounts distributable in respect of such Certificates and
Related Lower-Tier Regular Interests.

 

The
obligations and responsibilities under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent
(i) its related Serviced Mortgage Loan has been paid in full or is no longer part of the Trust Fund and

 

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(ii) no amounts
payable by the related Companion Holder to or for the benefit of the Trust or any party hereto in accordance with the related
Intercreditor Agreement remain due and owing.

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R
Certificates, in that order of priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired
through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining
in the Trust Fund as contemplated by clause (ii) of the first paragraph of this Section 9.01 by giving
written notice to the Trustee, the Certificate Administrator, and the other parties hereto no later than sixty (60) days
prior to the anticipated date of purchase; provided, however, that the Holders of the Controlling Class, the Special
Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the Mortgage Loans
and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the first Distribution Date on
which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less
than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans (solely for the purposes of this calculation, if such right
is being exercised after the Distribution Date in January 2030 and the Mortgage
Loan identified as Mortgage Loan Number 13 on the Mortgage Loan Schedule is still an asset of the issuing entity, then such Mortgage
Loan will be excluded from the then-aggregate stated principal balance of the pool of Mortgage Loans and from the Initial Pool
Balance) as set forth in the Preliminary Statement. This purchase shall terminate the Trust and retire the then-outstanding Certificates.
In the event that the Master Servicer or the Special Servicer purchases, or the Holders of the majority of the Controlling Class or
the Holders of the Class R Certificates purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property
remaining in the Trust Fund in accordance with the preceding sentence, the Master Servicer, the Special Servicer, the Holders
of the majority of the Controlling Class or the Holders of the Class R Certificates, as the case may be, shall deposit
in the Lower-Tier REMIC Distribution Account not later than the P&I Advance Date relating to the Distribution Date on which
the final distribution on the Certificates is to occur, an amount in immediately available funds equal to the above-described
purchase price (exclusive of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a),
which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Lower-Tier
REMIC Distribution Account all amounts required to be transferred thereto on such P&I Advance Date from the Collection Account
pursuant to the first paragraph of Section 3.04(b), together with any other amounts on deposit in the Collection Account
that would otherwise be held for future distribution. Upon confirmation that such final deposits and payments have been made,
the Custodian shall release or cause to be released to the Master Servicer, the Special Servicer, the Holders of the majority
of the Controlling Class or the Holders of the Class R Certificates, as applicable, the Mortgage Files for the remaining
Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Master Servicer, the
Special Servicer, the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates, as
the case may be, as shall be necessary to effectuate transfer of the Mortgage Loans as assets of the Trust and REO Properties
remaining in the Trust Fund.

 

For
purposes of this Section 9.01, the Holders of the majority of the Controlling Class shall have the first option
to terminate the Upper-Tier REMIC and Lower-Tier REMIC, then the Special Servicer, then the Master Servicer, and then the Holders
of the Class R Certificates. For purposes of this Section 9.01, the Directing Certificateholder with the consent
of the Holders

 

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of the Controlling Class, shall act on behalf of the Holders of the Controlling Class in purchasing the assets
of the Trust and terminating the Trust.

 

Notice
of any termination pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter
to the Certificateholders, each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the provisions
of Section 3.13(c) (who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section 9.01,
to the other parties hereto mailed (a) in the event such notice is given in connection with the purchase of all of the Mortgage
Loans is an asset of the Trust) and each REO Property remaining in the Trust Fund, not earlier than the 15th day and not
later than the 25th day of the month next preceding the month of the final distribution on the Certificates, or (b) otherwise
during the month of such final distribution on or before the P&I Advance Determination Date in such month, in each case specifying
(i) the Distribution Date upon which the Trust will terminate and final payment of the Certificates will be made, (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 offices of the Certificate Registrar or such
other location therein designated.

 

After
transferring the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and Yield Maintenance Charges distributable
to the Regular Certificates pursuant to Section 4.01(e) to the Upper-Tier REMIC Distribution Account pursuant to Section 3.04(b)
and upon presentation and surrender of the Certificates by the Certificateholders on the final Distribution Date, the Certificate
Administrator shall distribute to each Certificateholder so presenting and surrendering its Certificates (i) such Certificateholder’s
Percentage Interest of that portion of the amounts then on deposit in the Upper-Tier REMIC Distribution Account that are allocable
to payments on the Class of Certificates so presented, (ii) to the Holders of the Class V Certificates so presented,
any amounts remaining on deposit in the Excess Interest Distribution Account, and (iii) any remaining amount shall be distributed
to the Class R Certificates in respect of the Class LR Interest or the Class UR Interest, as applicable. Amounts
transferred from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account as of the final Distribution
Date, shall be distributed in termination and liquidation of the Lower-Tier Regular Interests and the Class LR Interest in
accordance with Section 4.01(a), Section 4.01(b), Section 4.01(c), Section 4.01(e)
and Section 4.01(f). Any funds not distributed on such Distribution Date shall be set aside and held uninvested in trust
for the benefit of the Certificateholders not presenting and surrendering their Certificates in the aforesaid manner and shall
be disposed of in accordance with this Section 9.01 and Section 4.01(h).

 

Section
9.02       Additional Termination Requirements. (a)  In the event the Master Servicer
or the Special Servicer purchases, or the Holders of the Controlling Class or the Holders of the Class R Certificates
purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund as provided
in Section 9.01, the Upper-Tier REMIC and Lower-Tier REMIC, as applicable, shall be terminated in accordance with
the following additional requirements, which meet the definition of a “qualified liquidation” in Section 860F(a)(4)
of the Code:

 

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(i)             
the Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the date
of mailing of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’
final Tax Returns pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)            
during the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates, the Certificate
Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs to the Master Servicer, the Special
Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates, as applicable, for cash;
and

 

(iii)           
within such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular Interests
and the Certificates, the Certificate Administrator shall distribute or credit, or cause to be distributed or credited, to the
Holders of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier REMIC) and in
respect of the Class UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained to meet
claims), and the Trust (if applicable) or the related Trust REMIC(s) shall terminate at that time.

 

[End
of Article IX]

 

ARTICLE
X

ADDITIONAL REMIC PROVISIONS

 

Section
10.01   REMIC Administration. (a)  The Certificate Administrator shall make elections or cause elections
to be made to treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax Law. Each
such election will be made on Form 1066 or other appropriate federal tax return for the taxable year ending on the last day
of the calendar year in which the Lower-Tier Regular Interests and the Certificates are issued. For the purposes of the REMIC
election in respect of the Upper-Tier REMIC, each Class of the Regular Certificates shall be designated as the “regular
interests” and the Class UR Interest shall be designated as the sole class of “residual interests” in the
Upper-Tier REMIC. For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular
Interests shall be designated as a class of “regular interests” and the Class LR Interest shall be designated
as the sole class of “residual interests” in the Lower-Tier REMIC. None of the Special Servicer, the Master Servicer
or the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code)
in any Trust REMIC other than the foregoing interests.

 

(b)           
The Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust REMIC
within the meaning of Section 860G(a)(9) of the Code.

 

(c)            
The Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving either
such Trust REMIC and shall represent each such Trust REMIC in any administrative or judicial proceeding relating to an examination
or audit by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’
or accountants’ fees, and costs of any such proceeding and any

 

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liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans
and any REO Properties on deposit in the Collection Account as provided by Section 3.05 unless such legal expenses
and costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence. The Certificate
Administrator is hereby designated as the “partnership representative” (within the meaning of Section 6223 of the
Code) of each Trust REMIC. By their acceptance thereof, the Holders of the Class R Certificates hereby agree to such
designation, on behalf of themselves and all successor Holder of Class R Certificates.

 

(d)           
The Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax Returns
that it determines are required with respect to each Trust REMIC created hereunder, and shall cause the Trustee to sign (and the
Trustee shall timely sign) such Tax Returns in a timely manner. The ordinary expenses of preparing such returns shall be borne
by the Certificate Administrator without any right of reimbursement therefor. The Certificate Administrator shall prepare or cause
to be prepared, and file or cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC,
an application for a taxpayer identification number for such REMIC on IRS Form SS-4 or obtain such number by other permissible
means.

 

(e)            
The Certificate Administrator shall provide or cause to be provided (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 such Class R Certificate to any Person
who is a Disqualified Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders
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
on Form 8811, within thirty (30) days after the Closing Date, the name, title, address and telephone number of the Certificate
Administrator as the “partnership representative” of each of the Trust REMICs created hereunder.

 

(f)            
The Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within
the Certificate Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary
to maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate
Administrator to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the
Special Servicer shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail
to cause to be taken) any action reasonably within its control and the scope of duties more specifically set forth herein, that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify
as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust (including but not limited to the
tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to
a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure property”)
(either such event, an “Adverse REMIC Event”) unless the Certificate Administrator receives an Opinion of Counsel
(at the expense of the party seeking to take such action or, if such party fails to pay such expense, and the Certificate Administrator
determines that taking such action is in the best interest of the Trust and the Certificateholders, at the expense of the Trust,
but in no event at

 

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the expense of the Certificate Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to the Trust or any Trust REMIC created hereunder, cause the loss of such status or, unless the Certificate
Administrator determines in its sole discretion to indemnify the Trust against such tax, result in the imposition of such a tax
(not including a tax on “net income from foreclosure property”). The Trustee shall not take or fail to take any action
(whether or not authorized hereunder) as to which the Certificate Administrator 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. The Certificate Administrator
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 expressly permitted by this Agreement, but in no event at the expense of the Certificate Administrator or the Trustee. At
all times as may be required by the Code, the Certificate Administrator will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the assets of each Trust REMIC as “qualified
mortgages” as defined in Section 860G(a)(3) of the Code and “permitted investments” as defined in Section 860G(a)(5)
of the Code.

 

(g)           
In the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the Holders
of the Certificates, except as provided in the last sentence of this Section 10.01(g); provided that with respect
to the estimated amount of tax imposed on any “net income from foreclosure property” pursuant to Section 860G(c)
of the Code or any similar tax imposed by a state or local tax authority, the Special Servicer shall retain in the related REO
Account a reserve for the payment of such taxes in such amounts and at such times as it shall deem appropriate (or as advised
by the Certificate Administrator in writing), and shall remit to the Master Servicer such reserved amounts as the Master Servicer
shall request in order to pay such taxes. Except as provided in the preceding sentence, the Master Servicer shall withdraw from
the Collection Account sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is estimated to
be legally owed by any Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at
the expense of the Trust (other than as a consequence of a breach of its obligations under this Agreement), any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate
Administrator is hereby authorized to and shall segregate, into a separate non-interest bearing account, the net income from any
“prohibited transaction” under Section 860F(a) of the Code or the amount of any taxable contribution to any Trust
REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code and use such income or amount, to the
extent necessary, to pay such prohibited transactions tax. To the extent that any such tax (other than any such tax paid in respect
of “net income from foreclosure property”) is paid to the Internal Revenue Service or applicable state or local tax
authorities, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders
of Class R Certificates (as applicable) and shall distribute such retained amounts, (x) in the case of the Lower-Tier
Regular Interests, to the Upper-Tier REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom and
then to the Holders of the Class R Certificates in respect of the Class LR Interest in the manner specified in Section 4.01(c)
and (y) in the case of the Upper-Tier REMIC, to the Holders of the Principal Balance Certificates in the manner specified
in Section 4.01(a) or Section 4.01(b), as applicable, to the extent they are fully reimbursed for any
Realized Losses arising therefrom and then to the Holders of the Class R Certificates in respect of the Class UR

 

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Interest.
None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be responsible for any taxes
imposed on any Trust REMIC except to the extent such taxes arise as a consequence of a breach of their respective obligations
under this Agreement which breach constitutes willful misconduct, bad faith, or negligence by such party.

 

(h)           
The Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records with
respect to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

(i)             
Following the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets to any
Trust REMIC unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense of
the party seeking to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause
an Adverse REMIC Event.

 

(j)             
Neither the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC will
receive a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets other
than “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted investments”
as defined in Section 860G(a)(5) of the Code.

 

(k)           
Solely for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
by which the Certificate Balance or Notional Amount of each Class of Regular Certificates and by which the Lower-Tier Principal
Amount of each Class of Lower-Tier Regular Interests would be reduced to zero is the date that is the Rated Final Distribution
Date.

 

(l)             
None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, shall sell, dispose
of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure
of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by foreclosure or deed
in lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the Trust pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or Article III
of this Agreement) or acquire any assets for the Trust or any Trust REMIC or sell or dispose of any investments in the Collection
Account or the REO Account for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will
not (a) affect adversely the status of any Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer, as the case may be, has determined in its sole discretion to indemnify the Trust
against such tax, cause the Trust or any Trust REMIC to be subject to a tax on “prohibited transactions” pursuant
to the REMIC Provisions.

 

(m)         
The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator
is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the
Code (or successor provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225
of the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise
be imposed on any Holder of a Class R Certificate,

 

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past or present. Each Holder of a Class R Certificate agrees, by
acquiring such Certificate, to any such elections, and agrees to reasonably cooperate with the Certificate Administrator in connection
with any such elections the Certificate Administrator determines in its discretion are necessary or advisable.

 

Section
10.02   Use of Agents. (a)  The Trustee shall execute all of its obligations and duties under this
Article X through its Corporate Trust Office. The Trustee may execute any of its obligations and duties under this
Article X either directly or by or through agents or attorneys. The Trustee shall not be relieved of any of its duties
or obligations under this Article X by virtue of the appointment of any such agents or attorneys.

 

(b)           
The Certificate Administrator may execute any of its obligations and duties under this Article X either directly or
by or through agents or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations under
this Article X by virtue of the appointment of any such agents or attorneys.

 

Section
10.03   Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator. (a)  The
Depositor shall provide or cause to be provided to the Certificate Administrator within ten (10) days after the Depositor
receives a request from the Certificate Administrator, all information or data that the Certificate Administrator 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 Assumptions and projected cash flow of the Certificates.

 

(b)           
The Master Servicer and the Special Servicer shall each furnish such reports, certifications and information, and upon reasonable
notice and during normal business hours, access to such books and records maintained thereby, as may relate to the Certificates
or the Trust and as shall be reasonably requested by the Certificate Administrator in order to enable it to perform its duties
hereunder.

 

Section
10.04   Appointment of REMIC Administrators. (a)  The Certificate Administrator may appoint at the
Certificate Administrator’s expense, one or more REMIC Administrators, which shall be authorized to act on behalf of the
Certificate Administrator in performing the functions set forth in Section 10.01 herein. The Certificate Administrator
shall cause any such REMIC Administrator to execute and deliver to the Certificate Administrator an instrument in which REMIC
Administrator shall agree to act in such capacity, with the obligations and responsibilities herein. The appointment of a REMIC
Administrator shall not relieve the Certificate Administrator from any of its obligations hereunder, and the Certificate Administrator
shall remain responsible and liable for all acts and omissions of the REMIC Administrator. Each REMIC Administrator must be acceptable
to the Certificate Administrator and must be organized and doing business under the laws of the United States of America or of
any State and be subject to supervision or examination by federal or state authorities. In the absence of any other Person appointed
in accordance herewith acting as REMIC Administrator, the Certificate Administrator hereby agrees to act in such capacity in accordance
with the terms hereof. If Wells Fargo Bank, National Association is removed as Certificate Administrator, then Wells Fargo Bank,
National Association shall be terminated as REMIC Administrator.

 

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(b)           
Any Person into which any REMIC Administrator may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion, or consolidation to which any REMIC Administrator shall be a party, or any Person succeeding to the
corporate agency business of any REMIC Administrator, shall continue to be the REMIC Administrator without the execution or filing
of any paper or any further act on the part of the Certificate Administrator or the REMIC Administrator.

 

(c)            
Any REMIC Administrator may at any time resign by giving at least thirty (30) days’ advance written notice of
resignation to the Trustee, the Certificate Registrar, the Certificate Administrator, the Master Servicer, the Special Servicer
and the Depositor. The Certificate Administrator may at any time terminate the agency of any REMIC Administrator by giving written
notice of termination to such REMIC Administrator, the Master Servicer, the Certificate Registrar and the Depositor. Upon receiving
a notice of resignation or upon such a termination, or in case at any time any REMIC Administrator shall cease to be eligible
in accordance with the provisions of this Section 10.04, the Certificate Administrator may appoint a successor REMIC
Administrator, in which case the Certificate Administrator shall give written notice of such appointment to the Master Servicer,
the Trustee and the Depositor and shall mail notice of such appointment to all Certificateholders; provided, however,
that no successor REMIC Administrator shall be appointed unless eligible under the provisions of this Section 10.04.
Any successor REMIC Administrator upon acceptance of its appointment hereunder shall become vested with all the rights, powers,
duties and responsibilities of its predecessor hereunder, with like effect as if originally named as REMIC Administrator. No REMIC
Administrator shall have responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.

 

[End
of Article X]

 

ARTICLE
XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.01   Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article XI
of this Agreement is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization that includes
a Serviced Companion Loan) with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor
shall not exercise its rights to request delivery of information or other performance under these provisions other than in reasonable
good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each
case, the rules and regulations of the Commission thereunder. The parties hereto acknowledge that interpretations of the requirements
of Regulation AB may change over time, due to interpretive guidance provided by the Commission or its staff, and agree to comply
with requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced
Companion Loan) in good faith for delivery of information under these provisions on the basis of such evolving interpretations
of Regulation AB (to the extent such interpretations require compliance and are not “grandfathered”). In connection
with the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, and any
Other Securitization subject to Regulation AB that includes a Serviced Companion Loan,

 

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each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator shall cooperate fully with the Depositor
and the Certificate Administrator, and any Other Depositor, Other Trustee and Other Certificate Administrator of any Other Securitization
that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor or the Certificate Administrator,
and any such Other Depositor, Other Trustee or Other Certificate Administrator, as applicable (including any of its assignees
or designees), any and all statements, reports, certifications, records and any other information (in its possession or reasonably
attainable) necessary in the reasonable good faith determination of the Depositor or such Other Depositor, as applicable, to permit
the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures
relating to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Custodian, the Asset Representations
Reviewer and the Certificate Administrator, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans (and the
related Serviced Companion Loan, if applicable), reasonably believed by the Depositor or the related Other Depositor to be necessary
in order to effect such compliance. Each party to this Agreement shall have a reasonable period of time to comply with any written
request made under this Section 11.01, but in any event, shall, upon reasonable advance written request, provide information
in sufficient time to allow the Depositor and each Other Depositor to satisfy any related filing requirements. For purposes of
this Article XI, to the extent that any party has an obligation to exercise commercially reasonable efforts to cause
a third party to perform, such party hereunder shall not be required to bring any legal action against such third party in connection
with such obligation.

 

Section
11.02   Succession; Subcontractors. (a)  As a condition to the succession to the Master Servicer and
the Special Servicer or to any Sub-Servicer (but only if such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2))
as servicer or sub-servicer or succession to the Certificate Administrator under this Agreement by any Person (i) into which
the Master Servicer and the Special Servicer, such Sub-Servicer or Certificate Administrator may be merged or consolidated, or
(ii) which may be appointed as a successor to the Master Servicer and the Special Servicer or to any such Sub-Servicer or
Certificate Administrator, the person removing and replacing the Master Servicer and the Special Servicer or Certificate Administrator
shall provide to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and each Other Depositor,
as applicable, at least fifteen (15) calendar days prior to the effective date of such succession or appointment (or such
shorter period as is agreed to by the Depositor), (x) written notice to the Depositor, the Other Depositor and the Other
Certificate Administrator of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory
to the Depositor, all information relating to such successor reasonably requested by the Depositor, Other Depositor or Other Certificate
Administrator in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act); provided, however
that if disclosing such information prior to such effective date would violate any applicable law or confidentiality agreement,
the Master Servicer, the Special Servicer, any Additional Servicer or the Certificate Administrator, as the case may be, shall
submit such disclosure to the Depositor and the Other Depositor no later than the effective date of such succession or appointment.

 

(b)           
Each of the Master Servicer, the Special Servicer, the Sub-Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
(each of the Master Servicer, the

 

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Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator and each
Sub-Servicer, for purposes of this Section 11.02, a “Servicer”) is permitted to utilize one or
more Subcontractors to perform certain of its obligations hereunder. If such Subcontractor will be a Servicing Function Participant,
such Servicer shall promptly upon written request provide to the Depositor or any Mortgage Loan Seller (and any Other Trustee,
Other Certificate Administrator and Other Depositor related to any Other Securitization that includes a related Serviced Companion
Loan) a written description (in form and substance satisfactory to the Depositor, such Mortgage Loan Seller or such Other Trustee,
Other Certificate Administrator or Other Depositor, as applicable) of the role and function of each Subcontractor utilized by
such Servicer, specifying (i) the identity of such Subcontractor and (ii) the elements of the Servicing Criteria that
will be addressed in assessments of compliance provided by each such Subcontractor. As a condition to the utilization by such
Servicer of any Subcontractor determined to be a Servicing Function Participant, such Servicer shall (i) with respect to
any such Subcontractor engaged by such Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause,
and (ii) with respect to any other subcontractor with which it has entered into a servicing relationship, cause such Subcontractor
used by such Servicer for the benefit of the Depositor and the Trustee (and any Other Trustee, Other Certificate Administrator
and Other Depositor related to any Other Securitization that includes a related Serviced Companion Loan) to comply with the provisions
of Section 11.10 and Section 11.11 of this Agreement to the same extent as if such Subcontractor were
such Servicer. With respect to any Servicing Function Participant engaged by such Servicer that is an Initial Sub-Servicer, such
Servicer shall be responsible for using commercially reasonable efforts to obtain, and with respect to each other Servicing Function
Participant engaged by such Servicer, such Servicer shall obtain from each such Servicing Function Participant and deliver to
the applicable Persons any assessment of compliance report and related accountant’s attestation required to be delivered
by such Subcontractor under Section 11.10 and Section 11.11, in each case, as and when required to be
delivered. For the avoidance of doubt, the Custodian shall not be permitted to utilize any Subcontractor to perform any of its
obligations hereunder.

 

(c)            
Notwithstanding the foregoing, if a Servicer engages a Subcontractor, other than an Initial Sub-Servicer in connection with the
performance of any of its duties under this Agreement, such Servicer shall be responsible for determining whether such Subcontractor
is a “servicer” within the meaning of Item 1101 of Regulation AB and whether any such Subcontractor meets the
criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB. If a Servicer determines, pursuant to the preceding sentence,
that such Subcontractor is a “servicer” within the meaning of Item 1101 of Regulation AB and meets the criteria
in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then such Subcontractor shall be deemed to be a Sub-Servicer for purposes
of this Agreement, the engagement of such Sub-Servicer shall not be effective unless and until notice is given to the Depositor
and the Certificate Administrator of any such Sub-Servicer and Sub-Servicing Agreement. Other than with respect to the Initial
Sub-Servicer, no Sub-Servicing Agreement shall be effective until fifteen (15) days after such written notice is received
by the Depositor and the Certificate Administrator (or such shorter period as is agreed to by the Depositor). Such notice shall
contain all information reasonably necessary to enable the Certificate Administrator to accurately and timely report the event
under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be
filed under the Exchange Act).

 

(d)           
In connection with the succession to the Trustee under this Agreement by any Person (i) into which the Trustee may be merged
or consolidated, or (ii) which may be

 

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appointed as a successor to the Trustee, the Trustee shall deliver written notice to
the Depositor, the Certificate Administrator and the 17g-5 Information Provider, which shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.13(c), in each case at least thirty (30) calendar
days prior to the effective date of such succession or appointment (or if such prior notice is violative of applicable law or
any applicable confidentiality agreement, no later than one (1) Business Day after such effective date of succession) and
shall furnish to the Depositor and the Certificate Administrator, in writing and in form and substance reasonably satisfactory
to the Depositor and the Certificate Administrator, all information reasonably necessary for the Certificate Administrator to
accurately and timely report, pursuant to Section 11.07, the event under Item 6.02 of Form 8-K pursuant
to the Exchange Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(e)            
Notwithstanding anything to the contrary contained in this Article XI, in connection with any Sub-Servicer and/or
any Mortgage Loan that is the subject of an Initial Sub-Servicing Agreement, with respect to all matters related to Regulation
AB, the Master Servicer shall not have any obligation other than to use commercially reasonable efforts to cause such Sub-Servicer
to comply with its obligations under such Initial Sub-Servicing Agreement.

 

(f)            
Any notice and/or information furnished or required to be furnished pursuant to this Section 11.02 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the information relates to a party that services,
specially services or is trustee for a Serviced Companion Loan) in the same time frame as set forth in this Section 11.02.

 

Section
11.03   Filing Obligations. (a)  The Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection
with the satisfaction of the Trust’s reporting requirements under the Exchange Act. Pursuant to Sections 11.04,
11.05, 11.06 and 11.07 of this Agreement, the Certificate Administrator shall prepare for execution by the
Depositor any Forms 10-D, ABS-EE, 10-K and 8-K required by the Exchange Act, in order to permit the timely filing thereof, and
the Certificate Administrator shall file (via the Commission’s Electronic Data Gathering and Retrieval System (“EDGAR”))
such Forms executed by the Depositor.

 

Each
party hereto shall be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of
any “sponsor”, credit enhancer, derivative provider or “significant obligor” as of the Closing Date other
than with respect to itself or any information required to be provided by it or indemnified for by it pursuant to any separate
agreement.

 

(b)           
In the event that the Certificate Administrator is unable to timely file with the Commission all or any required portion of any
Form 10-D, ABS-EE, 10-K or 8-K required to be filed by this Agreement because required disclosure information was either
not delivered to it or delivered to it after the delivery deadlines set forth in this Agreement, the Certificate Administrator
will promptly notify the Depositor. In the case of Forms 10-D, ABS-EE and 10-K, the Depositor, the Master Servicer, the Certificate
Administrator, the Operating Advisor and the Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A,
Form ABS-EE/A or Form 10-K/A, as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the

 

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case of Form 8-K,
the Certificate Administrator will, upon receipt of all required Form 8-K Disclosure Information and upon the approval and
direction of the Depositor, include such disclosure information on the next succeeding Form 10-D to be filed for the Trust.
In the event that any previously filed Form 10-D, Form ABS-EE, Form 10-K or Form 8-K needs to be amended, the Certificate
Administrator will notify the Depositor, and such other parties as needed and the parties hereto will cooperate with the Certificate
Administrator to prepare any necessary Form 10-D/A, Form ABS-EE/A, Form 10-K/A or Form 8-K/A. Any Form 15,
Form 12b-25 or any amendment to Form 10-D, Form ABS-EE, Form 10-K or Form 8-K shall be signed by an officer
of the Depositor. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties
under this Section 11.03 related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment
to Form 10-D, Form ABS-EE, Form 10-K or Form 8-K is contingent upon the parties observing all applicable deadlines in
the performance of their duties under Sections 11.03, 11.04, 11.05, 11.06, 11.07, 11.08,
11.09, 11.10, 11.11 and 11.15 of this Agreement. The Certificate Administrator shall have no liability
for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution
and/or timely file any such Form 15, Form 12b-25 or any amendments to Form 10-D, Form ABS-EE, Form 10-K or
Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis,
any information from any other party hereto needed to prepare, arrange for execution or file such Form 15, Form 12b-25
or any amendments to Form 10-D, Form ABS-EE, Form 10-K or Form 8-K, not resulting from its own negligence, bad faith
or willful misconduct.

 

Section
11.04   Form 10-D and Form ABS-EE Filings. (a)  Within fifteen (15) days after each Distribution
Date (subject to permitted extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf
of the Trust any Form 10-D required by the Exchange Act, in form and substance as required by the Exchange Act. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto. Any disclosure
in addition to the Distribution Date Statement that is required to be included on Form 10-D (“Additional Form 10-D
Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit BB to
the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, absent such reporting,
direction and approval.

 

For
so long as the Trust is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto, within
five (5) calendar days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit
BB hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing
Function Participant, with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure,
if applicable; provided that information relating to any REO Account to be reported under “Item 9: Other Information”
on Exhibit BB shall be reported by the Special Servicer to the Master Servicer within four (4) calendar days after
the related Distribution Date on Exhibit MM; (ii) the parties listed on Exhibit BB hereto shall include with
such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit EE

 

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(except with respect to the reporting of REO Account balances which shall be delivered in the form of Exhibit MM hereto)
and (iii) the Depositor shall approve, as to form and substance, or disapprove, as the case may be, the inclusion of the
Additional Form 10-D Disclosure on Form 10-D. Information delivered to the Certificate Administrator hereunder should
be delivered by email to cts.sec.notifications@wellsfargo.com (or such other e-mail address as the Certificate Administrator may
instruct) or by facsimile to 410-715-2380, Attn: CTS SEC Notifications. Neither the Trustee nor the Certificate Administrator
has any duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit BB of their duties
under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.
The Depositor will be responsible for any reasonable expenses incurred by the Trustee or Certificate Administrator in connection
with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

The
Certificate Administrator shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a)
of the Exchange Act concerning all assets of the Trust that were subject of a demand for the repurchase of, or the substitution
of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference
to the most recent Form ABS-15G filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the Commission’s
assigned “Central Index Key” for each such filer and (iii) to the extent such information is provided to the
Certificate Administrator by the Master Servicer in the form of Exhibit MM hereto for inclusion therein within the time
period described in this Section 11.04, the balances of the REO Account (to the extent the related information has
been received from the Special Servicer within the time period specified in this Section 11.04) and the Collection
Account as of the related Distribution Date and as of the immediately preceding Distribution Date and (iv) the balances of
the Distribution Accounts, the Gain-on-Sale Reserve Account and the Interest Reserve Account, in each case as of the related Distribution
Date and as of the immediately preceding Distribution Date. The Depositor and the Mortgage Loan Sellers, in accordance with Section 5(f)
of the applicable Mortgage Loan Purchase Agreement, shall deliver such information as described in clause (i) and
clause (ii) of this paragraph.

 

Form 10-D
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days.” The Depositor shall notify the Certificate Administrator by email to cts.sec.notifications@wellsfargo.com,
no later than the 5th calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D
if the answer to the questions should be “no.” The Certificate Administrator shall be entitled to rely on such representations
in preparing, executing and/or filing any such report.

 

With
respect to any Mortgage Loan that permits Additional Debt or mezzanine debt in the future, the Certificate Administrator shall
include as part of any applicable Form 10-D filed by it (to the extent it receives such information from the applicable Servicer)
the identity of such Mortgage Loan and, to the extent such information is received by the Certificate Administrator from the Master
Servicer or the Special Servicer, as the case may be, substantially in the form of Exhibit KK (A) the amount of any
such Additional Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B) the total
debt service coverage ratio calculated

 

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on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt, as applicable,
and (C) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt or mezzanine debt,
as applicable.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Form 10-D for each reporting period: Name: A.J. Sfarra, Telephone: (212) 214-5613. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

Upon
receipt of the Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b),
the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D in
accordance with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post
such Asset Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after
receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include
on the Form 10-D relating to the reporting period in which such request was received a Special Notice including the information
required to be included pursuant to Section 5.06.

 

(b)           
After preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to
the Depositor for review no later than ten (10) calendar days after the related Distribution Date or, if the 10th calendar
day after the related Distribution Date is not a Business Day, the immediately preceding Business Day. Within two (2) Business
Days after receipt of such copy, but no later than the two (2) Business Days prior to the 15th calendar day after the
Distribution Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approval of such Form 10-D and, a duly authorized officer of the Depositor shall sign the Form 10-D
and return an electronic or fax copy of such signed Form 10-D (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator. Alternatively, if the Certificate Administrator agrees in its sole discretion, the Depositor
may deliver to the Certificate Administrator manually signed copies of a power of attorney meeting the requirements of Item 601(b)(24)
of Regulation S-K under the Securities Act, and certified copies of a resolution of the Depositor’s board of directors authorizing
such power of attorney, each to be filed with each Form 10-D, in which case the Certificate Administrator shall sign such
Forms 10-D as attorney in fact for the Depositor. If a Form 10-D cannot be filed on time or if a previously filed Form 10-D
needs to be amended, the Certificate Administrator shall follow the procedures set forth in Section 11.03(b). Promptly
after filing with the Commission, the Certificate Administrator shall make available on its Internet website a final executed
copy of each Form 10-D filed by the Certificate Administrator. The signing party at the Depositor can be contacted at c/o Wells
Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152, Attention: A.J. Sfarra, with a copy
to: Troy B. Stoddard, Esq., Wells Fargo Legal Department, D1086-341, 550 South Tryon Street, 34th Floor, Charlotte, North Carolina
28202. The parties to this

 

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Agreement acknowledge that the performance by the Certificate Administrator of its duties under this
Section 11.04(b) related to the timely preparation and filing of Form 10-D is contingent upon such parties observing
all applicable deadlines in the performance of their duties under this Section 11.04(b). Neither the Trustee nor the
Certificate Administrator shall have any liability for any loss, expense, damage, or claim arising out of or with respect to any
failure to properly prepare, arrange for execution and/or timely file such Form 10-D, where such failure results from the
Certificate Administrator’s inability or failure to receive, on a timely basis, any information from any party to this Agreement
needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful
misconduct.

 

(c)            
Prior to the filing of each Form 10-D by the Certificate Administrator pursuant to Section 11.04(a), the Certificate
Administrator shall prepare and file on behalf of the Trust any Form ABS-EE in form and substance as required by the Exchange
Act and the rules and regulations of the Commission thereunder; provided that the foregoing shall not apply to any Form
ABS-EE required to be filed with the Commission and incorporated by reference in either the Preliminary Prospectus or the Prospectus.
The Certificate Administrator shall file each Form ABS-EE with a copy of the related CREFC® Schedule AL File received
by the Certificate Administrator pursuant to Section 3.12(d) as Exhibit 102 thereto. To the extent the Certificate
Administrator receives any Schedule AL Additional File with respect to such Form ABS-EE pursuant to Section 3.12(d),
the Certificate Administrator shall file such Schedule AL Additional File as Exhibit 103 to such Form ABS-EE. After preparing
the Form ABS-EE, the Certificate Administrator shall forward electronically a copy of such Form ABS-EE (together with the related
CREFC® Schedule AL File, any Schedule AL Additional File received by the Certificate Administrator in both EDGAR-Compatible
Format and Excel format) concurrently with the related Form 10-D to the Depositor for review and approval. Any questions are to
be directed to ssreports@wellsfargo.com (or such other email address as is provided by the Master Servicer in writing to
the Depositor and the Certificate Administrator). The Master Servicer shall reasonably cooperate with the Depositor to answer
any questions that the Depositor may pose to the Master Servicer regarding any CREFC® Schedule AL File (other than
questions regarding data that is in the Initial Schedule AL File) or Schedule AL Additional File. The Certificate Administrator,
the Master Servicer, and the Depositor shall each, to the extent related to such party’s obligations hereunder, reasonably
cooperate to remedy any filing errors regarding any CREFC® Schedule AL File or any Schedule AL Additional File
promptly.

 

Within
two (2) Business Days after receipt of the copy of Form ABS-EE for review, but no later than the two (2) Business Days
prior to the 15th calendar day after the Distribution Date, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form ABS-EE, and a duly authorized officer of the
Depositor shall sign the Form ABS-EE and return an electronic or fax copy of such signed Form ABS-EE (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form ABS-EE,
upon receipt of the Depositor’s signature thereof, prior to the filing of the related Form 10-D. If a Form ABS-EE cannot
be filed on time or if a previously filed Form ABS-EE needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator shall, pursuant
to Section 3.13(b), make available on the Certificate Administrator’s website a final executed copy of each
Form ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional File received by
the

 

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Certificate Administrator) filed by the Certificate Administrator. The signing party at the Depositor can be contacted at
c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York, New York 10152, Attention: A.J. Sfarra,
with a copy to: Troy B. Stoddard, Esq., Wells Fargo Legal Department, D1086-341, 550 South Tryon Street, 34th Floor, Charlotte,
North Carolina 28202. The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties
under this Section 11.04(c) related to the timely preparation and filing of Form ABS-EE is contingent upon the responsible
parties observing all applicable deadlines in the performance of their duties under this Section 11.04(c). The Certificate
Administrator shall have no liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly
prepare or file such Form ABS-EE where such failure results from the Certificate Administrator’s inability or failure to
receive on a timely basis any information from any other party hereto needed to prepare, arrange for execution or file such Form
ABS-EE, not resulting from its own negligence, bad faith or willful misconduct.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Form ABS-EE for each reporting period: Name: A.J. Sfarra, Telephone: (212) 214-5613. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

(d)           
Any notice and/or information furnished or required to be furnished pursuant to this Section 11.04 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced
Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same
time frame as set forth in this Section 11.04.

 

Section
11.05   Form 10-K Filings. (a)  Within ninety (90) days after the end of each fiscal year
of the Trust (it being understood that the fiscal year for the Trust ends on December 31 of each year) or such earlier date
as may be required by the Exchange Act (the “10-K Filing Deadline”), commencing in March 2020, the Certificate
Administrator shall prepare and file on behalf of the Trust a Form 10-K, in form and substance as required by the Exchange
Act. Each such Form 10-K shall include the following items, in each case to the extent they have been delivered to the Certificate
Administrator within the applicable time frames set forth in this Agreement:

 

(i)            
an annual compliance statement for the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Custodian and each Additional Servicer, as described under Section 11.09, including disclosure regarding any material
instance of noncompliance and the nature and status thereof;

 

(ii)            
(A) the annual reports on assessment of compliance with servicing criteria for the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each other Servicing
Function Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Custodian or Trustee, as described under Section 11.10; and

 

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  (B)          
if any such report on assessment of compliance with servicing criteria described under Section 11.10 identifies any
material instance of noncompliance, disclosure identifying such instance of noncompliance (including whether such instance of
noncompliance involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps taken
to remedy such instance of noncompliance), or if such report on assessment of compliance with servicing criteria described under
Section 11.10 is not included as an exhibit to such Form 10-K, disclosure that such report is not included and
an explanation why such report is not included;

 

(iii)          
(A)  the registered public accounting firm attestation report for the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing Function Participant
utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or
the Trustee, as described under Section 11.11; and

 

  (B)          
if any registered public accounting firm attestation report described under Section 11.11 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and
an explanation why such report is not included; and

 

(iv)           
a certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate as a result
of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”), which shall, except as described
below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any
disclosure or information in addition to clauses (i) through (iv) above that is required to be included on
Form 10-K (“Additional Form 10-K Disclosure”) shall, pursuant to the following paragraph be reported
by the parties set forth on Exhibit CC to the Depositor and the Certificate Administrator and approved by the Depositor
and the Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional
Form 10-K Disclosure, absent such reporting, direction and approval. Information delivered to the Certificate Administrator
hereunder should be delivered (i) by email to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380,
Attn: CTS SEC Notifications and also (ii) by email to Form10k.Compliance@cwt.com.

 

As
set forth on Exhibit CC hereto, no later than March 1st of each year that the Trust is subject to the Exchange Act
reporting requirements, commencing in 2020, (i) the parties listed on Exhibit CC shall be required to provide to the
Certificate Administrator and the Depositor, to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case
may be, has actual knowledge, in EDGAR-Compatible Format or in such other format as otherwise agreed upon by the Certificate Administrator,
the Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure, if applicable, (ii) the
parties listed on Exhibit CC hereto shall include with such Additional Form 10-K Disclosure, an Additional Disclosure
Notification in the form attached hereto as Exhibit EE and (iii) the Depositor will approve, as to

 

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form and substance,
or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. Neither the Trustee
nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit CC of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K
Disclosure information. The Depositor will be responsible for any reasonable expenses incurred by the Trustee and the Certificate
Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.

 

Form 10-K
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days.” The Depositor shall notify the Certificate Administrator in writing, no later
than March 1st with respect to the filing of a report on Form 10-K, if the answer to the questions should be “no.”
The Certificate Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any such
report.

 

(b)           
After preparing the Form 10-K, the Certificate Administrator shall forward electronically a copy of the Form 10-K to
the Depositor for review no later than six (6) Business Days prior to the 10-K Filing Deadline. Within three (3) Business
Days after receipt of such copy, but no later than March 25th, the Depositor shall notify the Certificate Administrator in writing
(which may be furnished electronically) of any changes to or approval of such Form 10-K and the senior officer in charge
of securitization for the Depositor shall sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K
(with an original executed hard copy to follow by overnight mail) to the Certificate Administrator at such time. If a Form 10-K
cannot be filed on time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator shall follow
the procedures set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator
will make available on its Internet website a final executed copy of each Form 10-K filed by the Certificate Administrator.
The signing party at the Depositor can be contacted at c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor,
J0127-023, New York, New York 10152, Attention: A.J. Sfarra, with a copy to: Troy B. Stoddard, Esq., Wells Fargo Legal Department,
D1086-341, 550 South Tryon Street, 34th Floor, Charlotte, North Carolina 28202. The parties to this Agreement acknowledge that
the performance by the Certificate Administrator of its duties under this Section 11.05 related to the timely preparation
and filing of Form 10-K is contingent upon the parties to this Agreement (and any Additional Servicer or Servicing Function
Participant engaged or utilized, as applicable, by any such parties) observing all applicable deadlines in the performance of
their duties under this Section 11.05. Neither the Trustee nor the Certificate Administrator shall have any liability
for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution
and/or timely file such Form 10-K, where such failure results from the Certificate Administrator’s failure to receive,
on a timely basis, any information from the parties to this Agreement (or any Sub-Servicer or Servicing Function Participant engaged
by any such parties) needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own negligence,
bad faith or willful misconduct.

 

(c)            
Upon written request from any Mortgage Loan Seller, Other Depositor, the Master Servicer or the Special Servicer, the Certificate
Administrator shall confirm to such

 

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Mortgage Loan Seller, Other Depositor, Master Servicer or Special Servicer whether it has
received notice that any party to this Agreement has changed since the Closing Date and will provide to such Mortgage Loan Seller
or Other Depositor, the Master Servicer or the Special Servicer, if known to the Certificate Administrator, the identity of the
new party.

 

(d)           
Any notice and/or information furnished or required to be furnished pursuant to this Section 11.05 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced
Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same
time frame as set forth in this Section 11.05.

 

Section
11.06   Sarbanes-Oxley Certification. Each Form 10-K shall include a Sarbanes-Oxley Certification in the
form attached as Exhibit Y required to be included therewith pursuant to the Sarbanes-Oxley Act. For so long as the
Trust or the trust for any Other Securitization is subject to the reporting requirements of the Exchange Act, the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor and the Asset Representations
Reviewer (in the case of the Asset Representations Reviewer, solely with respect to reporting periods in which the Asset Representations
Reviewer is required to deliver an Asset Review Report) shall provide, and (i) with respect to each Initial Sub-Servicer
engaged by the Master Servicer or the Special Servicer, as the case may be, that is a Servicing Function Participant shall use
commercially reasonable efforts to cause such Initial Sub-Servicer to provide, and (ii) with respect to each other Servicing
Function Participant with which the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian
or the Operating Advisor has entered into a servicing relationship with respect to the Mortgage Loans, shall cause such Servicing
Function Participant to provide, to each Person who signs the Sarbanes-Oxley Certification for the Trust or any Other Securitization
that includes a Serviced Companion Loan (individually and collectively, the “Certifying Person”), on or before
March 1st of each year commencing in March 2020, a certification substantially in the form attached hereto as Exhibits Z-1,
Z-2, Z-3, Z-4, Z-5, Z-6 or Z-7 (each, a “Performance Certification”),
as applicable, on which each Certifying Person, the entity for which such Certifying Person acts as an officer (if the Certifying
Person is an individual), and such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely; provided that, if a Servicing Function Participant (other
than an Initial Sub-Servicer) with which the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Custodian or the Operating Advisor has entered into a servicing relationship with respect to the Mortgage Loans fails to provide
a Performance Certification, the Performance Certification provided by the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Custodian or the Operating Advisor, as applicable, that engaged such Servicing Function Participant
shall not exclude information that would have been provided by such Servicing Function Participant. In addition, in the event
that any Companion Loan (other than a Non-Serviced Companion Loan) is deposited into a commercial mortgage securitization (an
“Other Securitization”) and the Reporting Servicer is provided with timely and complete contact information
for the parties to such Other Securitization, each Reporting Servicer, upon not less than thirty (30) days prior written
request, shall provide to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization either
the Performance Certification or a separate certification in form and substance similar to applicable Performance Certification
(which shall address the matters contained in the applicable Performance

 

     -400-

     

    

 

Certification, but solely with respect to the related
Companion Loan) on which such Person, the entity for which the Person acts as an officer (if the Person is an individual), and
such entity’s officers, directors and Affiliates can reasonably rely. With respect to any Non-Serviced Companion Loan, the
Certificate Administrator will use its reasonable efforts to procure a Sarbanes-Oxley Certification from the applicable Non-Serviced
Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar to a Performance Certification.
The senior officer in charge of securitization for the Depositor shall serve as the Certifying Person on behalf of the Trust.
In addition, each Reporting Servicer shall execute a reasonable reliance certificate (which may be included as part of such other
certifications being delivered by such Reporting Servicer) to enable the Certification Parties to rely upon each (i) annual
compliance statement provided pursuant to Section 11.09, if applicable, (ii) annual report on assessment of compliance
with servicing criteria provided pursuant to Section 11.10 and (iii) accountant’s report provided pursuant
to Section 11.11, and shall include a certification that each such annual compliance statement or report discloses
any deficiencies or defaults described to the registered public accountants of such Reporting Servicer to enable such accountants
to render the certificates provided for in Section 11.11. In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to each affected Certifying Person pursuant to this Section 11.06
with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement,
as the case may be. Each such Performance Certification shall be provided in EDGAR-Compatible Format, or in such other format
agreed upon by the Depositor, the Certificate Administrator, any affected Other Depositor and Other Certificate Administrator
and such providing parties. Notwithstanding the foregoing, nothing in this Section 11.06 shall require any Reporting
Servicer (i) to certify or verify the accurateness or completeness of any information provided to such Reporting Servicer
by third parties (including a “significant obligor”, but other than an Additional Servicer or a Sub-Servicer appointed
pursuant to Section 3.20), (ii) to certify information other than to such Reporting Servicer’s knowledge
and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of
information and reports, to certify anything other than that all fields of information called for in written reports prepared
by such Reporting Servicer have been completed except as they have been left blank on their face.

 

Notwithstanding
anything to the contrary contained in this Section 11.06, with respect to each year in which the Trust and the trust
for each Other Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties required to
deliver any certification under this Section 11.06 shall be obligated to do so.

 

Section
11.07   Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring
disclosure on Form 8-K (each such event, a “Reportable Event”), and if requested by the Depositor and
to the extent it receives the Form 8-K Disclosure Information described below, the Certificate Administrator shall prepare
and file on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any
disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K
Disclosure Information”) shall, pursuant to the following paragraph be reported by the parties set forth on

 

     -401-

     

    

 

Exhibit
DD to the Depositor and the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will
have no duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information or any Form 8-K,
absent such reporting, direction and approval.

 

As
set forth on Exhibit DD hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no later
than close of business, New York City time, on the 2nd Business Day after the occurrence of a Reportable Event (i) the
parties set forth on Exhibit DD hereto shall be required to provide to the Depositor and the Certificate Administrator,
to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties any Form 8-K
Disclosure Information, if applicable, (ii) the parties listed on Exhibit DD hereto shall include with such Form 8-K
Disclosure Information, an Additional Disclosure Notification in the form attached hereto as Exhibit EE and (iii) the
Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit DD of their duties under this paragraph or proactively solicit
or procure from such parties any Form 8-K Disclosure Information. The Depositor will be responsible for any reasonable expenses
incurred by the Trustee and the Certificate Administrator in connection with including any Form 8-K Disclosure Information
on Form 8-K pursuant to this paragraph. Information delivered to the Certificate Administrator hereunder should be delivered
by email to cts.sec.notifications@wellsfargo.com or by facsimile to 410-715-2380, Attn: CTS SEC Notifications.

 

After
preparing the Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor
for review no later than noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no event earlier
than 24 hours after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph.
Promptly, but no later than the close of business on the 3rd Business Day after the Reportable Event, the Depositor shall
notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of such
Form 8-K. No later than noon, New York City time, on the 4th Business Day after the Reportable Event, a duly authorized
officer of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with
an original executed hard copy to follow by overnight mail) to the Certificate Administrator. If a Form 8-K cannot be filed
on time or if a previously filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set
forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator will, make available
on its Internet website a final executed copy of each Form 8-K filed by the Certificate Administrator. The signing party
at the Depositor can be contacted at c/o Wells Fargo Securities, LLC, 375 Park Avenue, 2nd Floor, J0127-023, New York,
New York 10152, Attention: A.J. Sfarra, with a copy to: Troy B. Stoddard, Esq., Wells Fargo Legal Department, D1086-341, 550 South
Tryon Street, 34th Floor, Charlotte, North Carolina 28202. The parties to this Agreement acknowledge that the performance by the
Certificate Administrator of its duties under this Section 11.07 related to the timely preparation and filing of Form 8-K
is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Section 11.07.
Neither the Trustee nor the Certificate Administrator shall have any liability for any loss, expense, damage, claim arising out

 

     -402-

     

    

 

of or with respect to any failure to properly prepare, arrange for execution and/or timely file such Form 8-K, where such
failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any information
from the parties to this Agreement needed to prepare, arrange for execution or file such Form 8-K, not resulting from its
own negligence, bad faith or willful misconduct.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer
and the Special Servicer, as the case may be, shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer
engaged by the Master Servicer or the Special Servicer, as applicable, use commercially reasonable efforts to cause such Additional
Servicer to promptly notify and (ii) with respect to each other Additional Servicer with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a party to this Agreement) cause such Additional Servicer to promptly
notify) the Depositor and the Certificate Administrator, but in no event later than noon, New York City time, on the 2nd Business
Day after its occurrence, of any Reportable Event applicable to such party to the extent a Regulation AB Servicing Officer or
Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible Format.

 

Notwithstanding
anything to the contrary in this Section 11.07, with respect to each year in which the Trust and the trust for each
Other Securitization is not subject to the reporting requirements of the Exchange Act, none of the parties hereto are required
to deliver Form 8-K Disclosure Information.

 

Any
notice and/or information furnished or required to be furnished pursuant to this Section 11.07 shall also be provided
to each Other Depositor and each Other Certificate Administrator (to the extent the notice and/or information relates to a Serviced
Companion Loan or a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same
time frame as set forth in this Section 11.07.

 

For
so long as the Trust is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under a related Non-Serviced PSA, no resignation, removal or replacement of any party to such Non-Serviced PSA that would
be required to be reported on a Form 8-K relating to this Trust shall become effective with respect to this Trust until the
Certificate Administrator has filed any required Form 8-K pursuant to this Section 11.07.

 

Section
11.08   Form 15 Filing. On or prior to January 30th of the first year in which the Depositor shall
provide notice to the Certificate Administrator of its ability under applicable law to suspend its Exchange Act filings, the Certificate
Administrator shall prepare and file a notification relating to the automatic suspension of reporting in respect of the Trust
under the Exchange Act (the “Form 15 Suspension Notification”) or any form necessary to be filed with
the Commission to suspend such reporting obligations. With respect to any reporting period occurring after the filing of such
form, subject to Section 11.15(h), the obligations of the parties to this Agreement under Section 11.04,
Section 11.05 and Section 11.07 shall be suspended and reports or certifications due under Section 11.09,
11.10 and 11.11 shall not be due until April 15th of each year. The Certificate Administrator shall provide
prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after the filing of
a Form 15 Suspension Notification, the Depositor shall provide notice to the Certificate

 

     -403-

     

    

 

Administrator that it is required
to resume its Exchange Act filings, the Certificate Administrator shall recommence preparing and filing reports on Forms 10-D,
ABS-EE, 10-K and 8-K as required pursuant to Section 11.04, Section 11.05 and Section 11.07,
and all parties’ obligations under this Article XI shall recommence.

 

Section
11.09   Annual Compliance Statements. The Master Servicer, the Special Servicer (regardless of whether the Special
Servicer has commenced special servicing of a Mortgage Loan), the Custodian, the Trustee (provided, however, that
the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was no
Relevant Servicing Criteria applicable to it) and the Certificate Administrator (each, a “Certifying Servicer”)
shall (and each such party shall (i) with respect to each Additional Servicer engaged by the Certifying Servicer that is
an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer to deliver to and (ii) with
respect to each other Additional Servicer that is also a Servicing Function Participant with which it has entered into a servicing
relationship with respect to the Mortgage Loans, cause such Additional Servicer to deliver to), on or before March 1st of
each year, commencing in March 2020, deliver to the Trustee, the Certificate Administrator (which copy shall be deemed furnished
by the Certificate Administrator when made available on its Internet website), the Depositor and the 17g-5 Information Provider
(who shall post to the 17g-5 Information Provider’s Website), an Officer’s Certificate, in the form attached hereto
as Exhibit HH (or such other form, similar in substance, as may be reasonably acceptable to the Depositor) stating, as
to the signer thereof, that (A) a review of such Certifying Servicer’s activities during the preceding calendar year
or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the applicable sub-servicing agreement
or primary servicing agreement in the case of an Additional Servicer, has been made under such officer’s supervision and
(B) to the best of such officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations
under this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer,
in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and the nature and status thereof. Such Officer’s
Certificate shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and such providing parties. Each Certifying Servicer shall (i) with respect to each Additional Servicer engaged
by such Certifying Servicer that is an Initial Sub-Servicer, use commercially reasonable efforts to cause such Additional Servicer,
and (ii) with respect to each other Additional Servicer with which it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such Additional Servicer to forward a copy of each such statement (or, in the case of the Certificate
Administrator, make a copy of each such statement available on its Internet website) to the Directing Certificateholder and the
17g-5 Information Provider. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable
efforts to procure such Officer’s Certificate from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer
and Non-Serviced Trustee in form and substance similar to the form attached hereto as Exhibit HH. Promptly after receipt
of each such Officer’s Certificate, the Depositor may review each such Officer’s Certificate and, if applicable, consult
with the Certifying Servicer as to the nature of any failures by the Certifying Servicer or any related Additional Servicer with
which the Certifying Servicer has entered into a servicing relationship with respect to the Mortgage Loans in the fulfillment
of any of the Certifying Servicer’s or Additional Servicer’s obligations hereunder or under the applicable sub-servicing
or primary servicing agreement. The obligations of the

 

     -404-

     

    

 

Certifying Servicer and each Additional Servicer under this Section 11.09
apply to the Certifying Servicer and each Additional Servicer that serviced a Mortgage Loan during the applicable period,
whether or not such Certifying Servicer or Additional Servicer is acting as the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or Additional Servicer at the time such Officer’s Certificate is required to be delivered.
None of the Master Servicer, Special Servicer or Additional Servicer shall be required to cause the delivery of any such statement
until April 15 in any given year so long as it has received written confirmation from the Depositor (or, in the case of an
Other Securitization, the related Other Depositor) that a report on Form 10-K is not required to be filed in respect of the
Trust or the trust for any Other Securitization for the preceding calendar year.

 

In
the event the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that resigns or is terminated under any
applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide and (ii) with respect
to any other Additional Servicer engaged by such party that resigns or is terminated under any applicable servicing agreement,
cause such Additional Servicer to provide, an annual statement of compliance pursuant to this Section 11.09 with respect
to the period of time that the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator was subject
to this Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Any
certificate, statement, report, notice and/or information furnished or required to be furnished pursuant to this Section 11.09
shall also be provided to each Other Depositor and each Other Certificate Administrator (to the extent such item and/or information
relates to a party that services, specially services or is trustee or custodian for a Serviced Companion Loan) in the same time
frame as set forth in this Section 11.09.

 

Section
11.10   Annual Reports on Assessment of Compliance with Servicing Criteria. (a)  On or before March 1st of
each year, commencing in March 2020, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has
commenced special servicing of the Mortgage Loans), the Trustee (provided, however, that the Trustee shall be required
to deliver an assessment of compliance only if an Advance was made by the Trustee in such calendar year), the Custodian, the Operating
Advisor, the Certificate Administrator and each Additional Servicer, each at its own expense, shall furnish (and each such party
shall (i) with respect to each Initial Sub-Servicer engaged by the Master Servicer, the Special Servicer, the Trustee, the
Operating Advisor, the Custodian or the Certificate Administrator that is a Servicing Function Participant, use commercially reasonable
efforts to cause such Servicing Function Participant to furnish and (ii) with respect to each other Servicing Function Participant
with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such Servicing Function Participant
to furnish) to the Trustee, the Certificate Administrator, the Depositor (which copy shall be deemed furnished by the Certificate
Administrator when made available on its Internet website) (and, with respect to the Special Servicer, also to the Operating Advisor),
and the 17g-5 Information Provider, a report substantially in the form of Exhibit II or such other form provided by
such Reporting Servicer that complies in all material respects with the requirements of Item 1122 of Regulation AB, on an
assessment of compliance with the

 

     -405-

     

    

 

Servicing Criteria applicable to it that contains (A) a statement by such Reporting Servicer
of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting
Servicer used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting
Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the
fiscal year covered by the Form 10-K required to be filed pursuant to Section 11.05, including, if there has
been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature
and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such
Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. With respect
to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such report from
the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar
to the form attached hereto as Exhibit II. Such report shall be provided in EDGAR-Compatible Format, or in such other format
agreed upon by the Depositor, the Certificate Administrator and the Reporting Servicer.

 

Each
such report shall be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address
the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit AA hereto delivered to
the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such report
and, if applicable, consult with each Reporting Servicer as to the nature of any material instance of noncompliance with the Relevant
Servicing Criteria applicable to it (and each Servicing Function Participant engaged or utilized by each Reporting Servicer, as
applicable), and (ii) the Certificate Administrator shall confirm that the assessments taken individually address the Relevant
Servicing Criteria for each party as set forth on Exhibit AA and notify the Depositor of any exceptions. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or any Servicing Function Participant
shall be required to cause the delivery of any such assessments until April 15th in any given year so long as it has
received written confirmation from the Depositor (or, in the case of an Other Securitization, the related Other Depositor) that
a report on Form 10-K is not required to be filed in respect of the Trust or the trust for any Other Securitization for the
preceding calendar year.

 

Notwithstanding
the foregoing, at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator
and Trustee may provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect
of their combined Relevant Servicing Criteria as set forth on Exhibit AA hereto.

 

(b)           
The Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge
and agree that the Relevant Servicing Criteria set forth on Exhibit AA is appropriately set forth with respect to such
party and any Servicing Function Participant with which the Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate
Administrator has entered into a servicing relationship.

 

(c)            
No later than ten (10) Business Days after the end of each fiscal year for the Trust, the Master Servicer and the Special
Servicer shall notify the Certificate Administrator, the Depositor and each Mortgage Loan Seller as to the name of each Additional
Servicer engaged by it and each Servicing Function Participant utilized by it, in each case other than with respect to any

 

     -406-

     

    

 

Initial
Sub-Servicer, and the Trustee, the Operating Advisor and the Certificate Administrator shall notify the Depositor and each Mortgage
Loan Seller as to the name of each Servicing Function Participant utilized by it, in each case by providing an updated Exhibit
GG, and each such notice (except to a Mortgage Loan Seller) will specify what specific Servicing Criteria will be addressed
in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator and the Operating Advisor submit their assessments pursuant to Section 11.10(a),
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, as applicable,
will also at such time include the assessment (and related attestation pursuant to Section 11.11) of each Servicing
Function Participant engaged by it.

 

In
the event the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any
Servicing Function Participant engaged by it to provide (and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by the Master Servicer or Special Servicer that is an Additional Servicer that resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with
respect to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional
Servicer to provide) an annual assessment of compliance pursuant to this Section 11.10, coupled with an attestation
as required in Section 11.11 with respect to the period of time that the Master Servicer, the Special Servicer, the
Trustee, the Operating Advisor, the Custodian or the Certificate Administrator was subject to this Agreement or the period of
time that the Additional Servicer was subject to such other servicing agreement.

 

(d)           
Each of the Operating Advisor and the Special Servicer may at any time request from the Certificate Administrator confirmation
of whether a Control Termination Event, Consultation Termination Event or Operating Advisor Consultation Event occurred during
the previous calendar year, and upon such request the Certificate Administrator shall deliver such confirmation to the Operating
Advisor or the Special Servicer, as applicable, within fifteen (15) days of such request.

 

(e)            
Any certificate, statement, report, assessment, attestation, notice and/or information furnished or required to be furnished pursuant
to this Section 11.10 shall also be provided to each Other Depositor and each Other Certificate Administrator (to
the extent such item and/or information relates to a party that services, specially services or is trustee or custodian for a
Serviced Companion Loan) in the same time frame as set forth in this Section 11.10.

 

Section
11.11   Annual Independent Public Accountants’ Attestation Report. On or before March 1st of
each year, commencing in March 2020, the Master Servicer, the Special Servicer, the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was
no Relevant Servicing Criteria applicable to it), the Custodian, the Operating Advisor and the Certificate Administrator, each
at its own expense, shall cause (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by the Master
Servicer, Special Servicer, Trustee, Operating Advisor or Certificate Administrator that is a Servicing Function Participant use
commercially reasonable efforts to cause such Servicing Function Participant to cause and (ii) with respect to each other

 

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Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause
such Servicing Function Participant to cause) a registered public accounting firm (which may also render other services to the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor or the
applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified Public
Accountants to furnish a report to the Trustee, the Certificate Administrator (who will promptly post such report on the Certificate
Administrator’s Website pursuant to Section 3.13(b)) and the Depositor, the 17g-5 Information Provider and,
prior to the occurrence and continuance of a Consultation Termination Event, the Directing Certificateholder, and, promptly, but
not earlier than the second Business Day following the delivery of such report to the 17g-5 Information Provider, to the Rating
Agencies, to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting
Servicer, which includes an assertion that such Reporting Servicer has complied with the Relevant Servicing Criteria applicable
to it and (ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements
issued or adopted by the PCAOB, it is issuing an opinion as to whether such Reporting Servicer’s assessment of compliance
with the Relevant Servicing Criteria applicable to it was fairly stated in all material respects. In the event that an overall
opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such
an opinion. Each such related accountant’s attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g)
of Regulation S-X under the Securities Act and the Exchange Act. Such report must be available for general use and not contain
restricted use language. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable
efforts to procure such report from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced
Trustee. Copies of such statement will be provided by the Certificate Administrator in accordance with Section 3.13(b).
Such report shall be provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate
Administrator and the providing parties.

 

Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable,
consult with the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
as to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian,
the Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant to
this Section 11.11 relates to an assessment of compliance meeting the requirements of Section 11.10 and
notify the Depositor of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian or any Additional Servicer shall be required to deliver, or shall be required to cause the
delivery of such reports until April 15th in any given year so long as it has received written confirmation from the
Depositor that a Form 10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

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Any
notice, report, assessment of compliance, statement, certificate and/or information furnished or required to be furnished pursuant
to this Section 11.11 shall also be provided to each Other Depositor and each Other Certificate Administrator (to
the extent the notice and/or information relates to a Serviced Companion Loan or a party that services, specially services or
is trustee or custodian for a Serviced Companion Loan) in the same time frame as set forth in this ‎Section 11.11.

 

Section
11.12   Indemnification. Each of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Custodian, the Operating Advisor and the Asset Representations Reviewer shall indemnify and hold harmless each Certification
Party from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and other costs and expenses incurred by such Certification Party arising out of (i) an actual breach by the Master
Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Custodian or the Certificate
Administrator, as the case may be, of its obligations under this Article XI, (ii) negligence, bad faith or willful
misconduct on the part of the Master Servicer, the Special Servicer, the Trustee, the Asset Representations Reviewer, the Operating
Advisor, the Custodian or the Certificate Administrator in the performance of such obligations, or (iii) delivery of any
Deficient Exchange Act Deliverable by, or on behalf of, such party.

 

The
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with
respect to any Initial Sub-Servicer engaged by the Master Servicer, the Special Servicer, Trustee or Certificate Administrator
that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and
(ii) with respect to each other Additional Servicer and each Servicing Function Participant with which, in each case, it
has entered into a servicing relationship with respect to the Mortgage Loans, cause such party to, in each case, indemnify and
hold harmless each Certification Party from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal
fees and expenses and related costs, judgments and any other costs, fees and expenses incurred by such Certification Party arising
out of (a) a breach of its obligations to provide any of the annual compliance statements or annual assessment of compliance
with the servicing criteria or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement, (b) negligence,
bad faith or willful misconduct on its part in the performance of such obligations, (c) any failure by it, as a Servicer
(as defined in Section 11.02(b)) to identify a Servicing Function Participant pursuant to Section 11.02(c),
or (d) delivery of any Deficient Exchange Act Deliverable.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian,
the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional
Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor and each Other Depositor
as necessary for the Depositor or such Other Depositor, as applicable, to conduct any reasonable due diligence necessary to evaluate
and assess any material instances of non-compliance disclosed in any of the deliverables required by the applicable reporting
requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder
(“Reporting Requirements”).

 

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In
connection with comments provided to the Depositor or any Other Depositor from the Commission or its staff regarding information
(x) delivered by the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the
Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable
(“Affected Reporting Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such
Affected Reporting Party or any registered public accounting firm, attorney or other agent retained by such Affected Reporting
Party to prepare such information, which information is contained in a report filed by the Depositor or any Other Depositor under
the Reporting Requirements and which comments are received subsequent to the Depositor’s or any Other Depositor’s
filing of such report, the Depositor or any Other Depositor shall promptly provide to such Affected Reporting Party any such comments
which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written
response to the Commission or its staff for inclusion in the Depositor’s or any Other Depositor’s response to the
Commission or its staff, unless such Affected Reporting Party elects, with the consent of the Depositor or any Other Depositor,
as applicable (which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission
or its staff and negotiate a response and/or resolution with the Commission or its staff; provided, however, that
if an Affected Reporting Party is a Servicing Function Participant or Additional Servicer retained by the Master Servicer, the
Master Servicer shall receive copies of all material communications pursuant to this Section 11.12. If such election
is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution
with the Commission or its staff in a timely manner; provided that (i) such Affected Reporting Party shall use reasonable
efforts to keep the Depositor or any Other Depositor informed of its progress with the Commission or its staff and copy the Depositor
or any Other Depositor on all correspondence with the Commission or its staff and provide the Depositor or any Other Depositor
with the opportunity to participate (at the Depositor’s or any Other Depositor’s expense) in any telephone conferences
and meetings with the Commission or its staff and (ii) the Depositor or any Other Depositor shall cooperate with any Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission or its staff with respect to any comments from the Commission or its staff relating to such Affected Reporting
Party and to notify the Commission or its staff of such authorization. The Depositor (or any Other Depositor) and the Affected
Reporting Party shall cooperate and coordinate with one another with respect to any requests made to the Commission or its staff
for extension of time for submitting a response or compliance. All respective reasonable out-of-pocket costs and expenses incurred
by the Depositor or any Other Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor or any
Other Depositor, as the case may be) in connection with the foregoing (other than those costs and expenses required to be at the
Depositor’s or any Other Depositor’s expense as set forth above) and any amendments to any reports filed with the
Commission or its staff related thereto shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized
invoice from the Depositor or any Other Depositor, as the case may be. Each of the Master Servicer, the Special Servicer, the
Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (i) with respect to any Initial Sub-Servicer
engaged by it that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such
party to, and (ii) with respect to each other Additional Servicer and each Servicing Function Participant with which, in
each case, it has entered into a servicing relationship with respect to the Mortgage Loans, cause

 

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such party to, comply with the
foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing
Party”) shall contribute to the amount paid or payable to the Certification Party as a result of the losses, claims,
damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of the Certification
Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations
pursuant to Section 11.06, Section 11.09 (if applicable), Section 11.10 or Section 11.11
(or breach of its obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual
compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing Party’s
negligence, bad faith or willful misconduct in connection therewith. The Master Servicer, the Special Servicer, the Trustee, the
Operating Advisor and the Certificate Administrator shall (i) with respect to any Initial Sub-Servicer engaged by the Master
Servicer, the Special Servicer, Trustee or Certificate Administrator that is a Servicing Function Participant or Additional Servicer,
use commercially reasonable efforts to cause such party to, and (ii) with respect to each other Additional Servicer or Servicing
Function Participant, in each case, with which it has entered into a servicing relationship with respect to the Mortgage Loans
cause such party, in each case, to agree to the foregoing indemnification and contribution obligations. This Section 11.12
shall survive the termination of this Agreement or the earlier resignation or removal of the Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator.

 

Section
11.13   Amendments. This Article XI may be amended with the written consent of the parties hereto
pursuant to Section 13.01 for purposes of complying with Regulation AB and/or to conform to standards developed within
the commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates,
Rating Agency Confirmation with respect to the Certificates or, with respect to any Serviced Companion Loan Securities, a confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25), or the consent
of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement; provided that the reports
and certificates required to be prepared pursuant to Sections 3.13, 11.09, 11.10 and 11.11 shall
not be eliminated without Rating Agency Confirmation with respect to the Certificates or, with respect to any Serviced Companion
Loan Securities, without a confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to
Section 3.25). For the avoidance of doubt, any amendment to this Article XI affecting a Serviced Companion
Loan shall be subject to Section 13.01(k).

 

Section
11.14   Regulation AB Notices. Any notice, report or certificate required to be delivered by any of the Master
Servicer, the Special Servicer, the Certificate Administrator, the

 

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Operating Advisor, the Asset Representations Reviewer, the
Custodian or the Trustee, as the case may be, to the Depositor pursuant to this Article XI may be delivered via email
(and additionally delivered via phone or telecopy), notwithstanding the provisions of Section 13.05, to cts.sec.notifications@wellsfargo.com
and Form10K.compliance@cwt.com.

 

Section
11.15   Certain Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans. (a)  Each
of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and
the Special Servicer shall use commercially reasonable efforts to cause any sub-servicer appointed with respect to any Serviced
Pari Passu Companion Loan to, upon written request or notice from a Mortgage Loan Seller (or a permitted transferee of such Mortgage
Loan Seller pursuant to the related Intercreditor Agreement), reasonably cooperate with the Mortgage Loan Seller (or such permitted
transferee) selling any Serviced Pari Passu Companion Loan into a securitization that is required to comply with Regulation AB
(a “Regulation AB Companion Loan Securitization”) and, to the extent needed in order to comply with Regulation
AB, provide to the Mortgage Loan Seller (or such permitted transferee) information about itself that such Mortgage Loan Seller
reasonably requires to meet the requirements of Items 1117 and 1119 and paragraphs (b), (c)(2), (c)(3), (c)(4), (c)(5),
(c)(6) and (e) of Item 1108 of Regulation AB and shall reasonably cooperate with such Mortgage Loan Seller to provide such
other information as may be reasonably necessary to comply with the requirements of Regulation AB. Each of the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer understands that such information may be included in the offering
material related to a Regulation AB Companion Loan Securitization and agrees to (b) negotiate in good faith an agreement
(subject to the final sentence of this sub-section) to indemnify and hold the related depositor and underwriters involved in the
offering of the related commercial mortgage pass through certificates harmless for any costs, liabilities, fees and expenses incurred
by the depositor or such underwriters as a result of any material misstatements or omissions or alleged material misstatements
or omissions in any such offering material to the extent that such material misstatement or omission was made in reliance upon
any such information provided by the Trustee (where such information pertains to the Trustee individually and not to any specific
aspect of the Trustee’s duties or obligations under this Agreement), the Certificate Administrator (where such information
pertains to the Certificate Administrator individually and not to any specific aspect of the Certificate Administrator’s
duties or obligations under this Agreement), the Master Servicer (where such information pertains to the Master Servicer individually
and not to any specific aspect of the Master Servicer’s duties or obligations under this Agreement) and the Special Servicer
(where such information pertains to the Special Servicer individually and not to any specific aspect of the Special Servicer’s
duties or obligations under this Agreement), as applicable, to such depositor, underwriters or Mortgage Loan Seller (or permitted
transferee) as required by this Section 11.15(a) and deliver such securities law opinion(s) of counsel, certifications
and/or indemnification agreement(s) (to the extent the cost thereof is paid by the related Mortgage Loan Seller) with respect
to such information that are substantially similar to those delivered with respect to the offering material for this securitization
by the Master Servicer, the Special Servicer, Trustee and Certificate Administrator, as the case may be, or their respective counsel,
in connection with the information concerning such party in the offering material related to a Regulation AB Companion Loan Securitization.
Notwithstanding the foregoing, to the extent that the information provided by the Trustee, the Certificate Administrator, the
Master Servicer or the Special Servicer, as the case may be, for inclusion in the offering materials related to such Regulation
AB Companion Loan Securitization is substantially and

 

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materially similar to the information provided by such party with respect
to the offering materials related to this transaction, subject to any required changes due to any amendments to Regulation AB
or any changes in the interpretation of Regulation AB or changes in factual circumstances, such party shall be deemed to be in
compliance with this Section 11.15(a). Any indemnification agreement executed by the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer in connection with the Regulation AB Companion Loan Securitization shall be substantially
similar to the related indemnification agreement executed in connection with this Agreement. It shall be a condition precedent
to any party’s obligations otherwise set forth above and/or elsewhere in Article XI that the applicable Mortgage
Loan Seller (or permitted transferee) shall have (a) provided reasonable advance notice (and, in any event, not less than
10 Business Days) of the exercise of its rights hereunder and (b) paid, or entered into reasonable agreement to cause to
be paid, the reasonable out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred by such party in reviewing
and/or causing the delivery of any disclosure, opinion of counsel or indemnification agreement.

 

(b)           
Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to (provided that (a) such party has received notice of the occurrence
of the related Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related Other Pooling
and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization closed prior to the Closing Date,
as reflected on Exhibit S) cooperate with the depositor, trustee, certificate administrator, master servicer or special
servicer for any Regulation AB Companion Loan Securitization in preparing each Form 10-D, Form ABS-EE and Form 10-K
required to be filed by such Regulation AB Companion Loan Securitization (until January 30 of the first year in which the
trustee or other applicable party for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notification
with respect to the related trust) and shall provide to such depositor, trustee, certificate administrator or master servicer
within the time period set forth in the Other Pooling and Servicing Agreement (so long as such time period is no earlier than
the time periods set forth herein) for such Regulation AB Companion Loan Securitization such information relating to a Serviced
Securitized Companion Loan as may be reasonably necessary for the depositor, trustee, certificate administrator and master servicer
of the Regulation AB Companion Loan Securitization to comply with the reporting requirements of Regulation AB and the Exchange
Act; provided, however, that any parties to any Regulation AB Companion Loan Securitization shall consult with the
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer (and the Master Servicer shall consult with
any sub-servicer appointed by it with respect to the related Serviced Whole Loan), and the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer shall cooperate with such parties in respect of establishing the time periods for
preparation of the Form 10-D reports in the documentation for such Regulation AB Companion Loan Securitization. Notwithstanding
the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case
may be, complies in all material respects with the timing, reporting and attestation requirements imposed on such party in Article XI
of this Agreement (other than this Section 11.15) with respect to the comparable timing, reporting and attestation
requirements contemplated in this Section 11.15(b) with respect to such Regulation AB Companion Loan Securitization,
such party shall be deemed to be in compliance with the provisions of this Section 11.15(b).

 

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(c)            
Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to (provided that (a) such party has received notice of the occurrence
of the related Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related Other Pooling
and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization closed prior to the Closing Date,
as reflected on Exhibit S) provide the depositor, trustee or certificate administrator, as applicable, under a Regulation
AB Companion Loan Securitization (until January 30 of the first year in which the trustee or certificate administrator, as
applicable, for such Regulation AB Companion Loan Securitization files a Form 15 Suspension Notification with respect to
the related trust) information with respect to any event that is required to be disclosed under Form 8-K with respect to
a Serviced Securitized Companion Loan within two (2) Business Days after the occurrence of such event of which it has
knowledge. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the
Special Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements
imposed on such party in Article XI of this Agreement (other than this Section 11.15) with respect to
the comparable timing, reporting and attestation requirements contemplated in this Section 11.15(c) with respect to
such Regulation AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(c).

 

(d)           
On or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file an
annual report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan Securitization is not
required to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect to the related
trust was filed), each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and
the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant
appointed with respect to a Serviced Securitized Companion Loan to (provided that (a) such party has received notice
of the occurrence of the related Regulation AB Companion Loan Securitization, or (b) such party is also a party to the related
Other Pooling and Servicing Agreement, or (c) the applicable Regulation AB Companion Loan Securitization closed prior to
the Closing Date, as reflected on Exhibit S) provide, with respect to itself, to the depositor, trustee or certificate
administrator, as applicable, under such Regulation AB Companion Loan Securitization, to the extent required pursuant to Item 1122
of Regulation AB, (i) a report on an assessment of compliance with the servicing criteria to the extent required pursuant
to Item 1122(a) of Regulation AB, (ii) a registered accounting firm’s attestation report on such Person’s
assessment of compliance with the applicable servicing criteria to the extent required pursuant to Item 1122(b) of Regulation
AB and (iii) such other information as may be required pursuant to Item 1122(c) of Regulation AB. Notwithstanding the
foregoing, to the extent the Master Servicer or the Special Servicer, as the case may be, complies in all material respects with
the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement (other than
this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated in
this Section 11.15(d) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 11.15(d).

 

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(e)            
On or before March 1st of each year during which a Regulation AB Companion Loan Securitization is required to file an annual
report on Form 10-K (and not in respect of any year in which such Regulation AB Companion Loan Securitization is not required
to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect to the related trust was
filed), each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master
Servicer and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed
with respect to a Serviced Securitized Companion Loan to, to the extent required pursuant to Item 1123 of Regulation AB,
deliver, with respect to itself, to the depositor, trustee or certificate administrator under such Regulation AB Companion Loan
Securitization (provided that (a) such party has received notice of the occurrence of the related Regulation AB Companion
Loan Securitization, or (b) such party is also a party to the related Other Pooling and Servicing Agreement, or (c) the
applicable Regulation AB Companion Loan Securitization closed prior to the Closing Date, as reflected on Exhibit S) a servicer
compliance statement signed by an authorized officer of such Person that satisfies the requirements of Item 1123 of Regulation
AB. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements imposed
on such party in Article XI of this Agreement (other than this Section 11.15) with respect to the comparable
timing, reporting and attestation requirements contemplated in this Section 11.15(e) with respect to such Regulation
AB Companion Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(e).

 

(f)            
Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such indemnity limited to
each such parties respective failure described below) and hold the related Mortgage Loan Seller (or permitted transferee), depositor,
sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB Companion Loan Securitization harmless
for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, sponsor(s), trustee, certificate
administrator or master servicer as a result of any failure by the Servicing Function Participant to comply with the reporting
requirements to the extent applicable set forth under Sections 11.15(b), (c), (d) or (e) above.

 

Any
subservicing agreement related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer
to provide to the Master Servicer or the Special Servicer, as applicable, information, reports, statements and certificates with
respect to itself and such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates
required to be provided by the Master Servicer or the Special Servicer pursuant to this Section 11.15, even if such
Sub-Servicer is not otherwise required to provide such information, reports or certificates to any Person in order to comply with
Regulation AB. Such information, reports or certificates shall be provided to the Master Servicer or the Special Servicer, as
the case may be, no later than two Business Days prior to the date on which the Master Servicer or the Special Servicer, as the
case may be, is required to deliver its comparable information, reports, statements or certificates pursuant to this Section 11.15.

 

     -415-

     

    

 

(g)           
With respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that the applicable Other Depositor has
notified the Master Servicer and the Special Servicer in writing is a “significant obligor” (within the meaning of
Item 1101(k) of Regulation AB) (together with notification of the relevant Distribution Date) with respect to an Other Securitization
that includes such Serviced Companion Loan, to the extent that the Master Servicer is in receipt of the updated financial statements
of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year)
from the Mortgagor (in the case of Non-Specially Serviced Loans) or the Special Servicer (in the case of Specially Serviced Loans
and Serviced REO Properties), beginning with the first calendar quarter in which such notice from the Other Depositor was received,
or the updated financial statements of such “significant obligor” for any calendar year, beginning for the calendar
year in which such notice from the Other Depositor was received, as applicable, the Master Servicer shall deliver to the Other
Depositor, on or prior to the day that occurs two (2) Business Days prior to the related Significant Obligor NOI Quarterly
Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable,
(A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing
Deadline, as applicable, the financial statements of such “significant obligor”, together with the net operating income
of such “significant obligor” for the applicable period as calculated by the Master Servicer (or by the Special Servicer
and provided to the Master Servicer solely in the case of any related Specially Serviced Loan or Serviced REO Property) in accordance
with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business
Day prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior
to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Mortgagor in such financial statements (or as reported by the related Mortgagor to the Special Servicer
and provided by the Special Servicer to the Master Servicer solely in the case of any related Specially Serviced Loan or as reported
by the Special Servicer with respect to Serviced REO Property and provided by the Special Servicer to the Master Servicer).

 

If
the Master Servicer does not receive such financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after the
date such financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall
notify the Other Depositor with respect to such Other Securitization that includes the related Serviced Pari Passu Companion Loan
(and shall cause each applicable Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor
that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to notify such Other
Depositor) that it has not received such financial information. The Master Servicer (in the case of Non-Specially Serviced Loans)
or the Special Servicer (in the case of Specially Serviced Loans) shall use efforts consistent with the Servicing Standard (taking
into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic
financial statements required to be delivered by the related Mortgagor under the related Mortgage Loan documents.

 

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The
Master Servicer (with respect to Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans)
shall (and shall cause each applicable Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor
that such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related Mortgagor related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D
or Form 10-K, as applicable, is required to be filed with respect to the Other Securitization, shall forward an Officer’s
Certificate evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related
to such Other Securitization; provided, however, the Special Servicer shall provide such Officer’s Certificate
to the Master Servicer and the Master Servicer shall forward such Officer’s Certificate to the Other Exchange Act Reporting
Party and Other Depositor related to such Other Securitization. This Officer’s Certificate should be addressed to the certificate
administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

(h)           
If any Other Securitization includes a Serviced Companion Loan and is subject to the reporting requirements of the Exchange Act,
then the obligations of the parties hereto set forth in this Article XI with respect such Other Securitization shall
remain in full force and effect notwithstanding that the Trust may cease to be subject to the reporting requirements of the Exchange
Act.

 

Section
11.16   Certain Matters Regarding Significant Obligors. As of the Closing Date, with respect to the Trust, there
is no “significant obligor” within the meaning of Item 1101(k) of Regulation AB (“Significant Obligor”).

 

Section
11.17   Impact of Cure Period. For the avoidance of doubt, neither the Master Servicer nor the Special Servicer
shall be subject to a Servicer Termination Event pursuant to clause (iii) of the definition thereof prior to the expiration
of the grace period applicable to such party’s obligations under this Article XI as provided for in such clause (iii)
nor shall any such party be deemed to not be in compliance under this Agreement, during any grace period provided for in this
Article XI; provided that if any such party fails to comply with the delivery requirements of this Article XI
by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event. Neither the Master
Servicer nor the Special Servicer shall be subject to a Servicer Termination Event pursuant to clause (iii) of the
definition thereof prior to the expiration of the grace period applicable to such party’s obligations under this Article XI
as provided for in such clause (iii) nor shall any such party be deemed to not be in compliance under this Agreement,
for failing to deliver any item required under this Article XI by the time required hereunder with respect to any
reporting period for which the Trust (or any trust in a related Other Securitization) is not required to file Exchange Act reports.

 

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[End
of Article XI]

 

ARTICLE
XII

THE ASSET REPRESENTATIONS REVIEWER

 

Section
12.01   Asset Review.

 

(a)            
On or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report and/or the CREFC®
Loan Periodic Update File delivered by the Master Servicer for such Distribution Date, the Certificate Administrator shall
determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have occurred, the Certificate
Administrator shall promptly provide notice to all Certificateholders and each other party to this Agreement. Any notice required
to be delivered to the Certificateholders pursuant to this Article XII shall be delivered by the Certificate Administrator
by posting such notice on the Certificate Administrator’s Website, by mailing such notice to the Certificateholders’
addresses appearing in the Certificate Register in the case of Definitive Certificates and by delivering such notice via the Depository
in the case of Book-Entry Certificates. The Certificate Administrator shall include in the Form 10-D relating to the reporting
period in which the Asset Review Trigger occurred the following statement describing the events that caused the Asset Review Trigger
to occur: “As of the [Date of Distribution], the following Mortgage Loans identified below are 60 or more days delinquent
and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.” On each Distribution Date occurring
after providing such notice to Certificateholders, the Certificate Administrator, based on information provided to it by the Master
Servicer or the Special Servicer, as the case may be, shall determine whether (1) any additional Mortgage Loan has become
a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) whether an Asset Review Trigger
has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses (1),
(2) and/or (3), deliver such information in a written notice (which may be via email) in the form of Exhibit
SS within two (2) Business Days to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If
Certificateholders evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator,
within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction
requesting a vote to commence an Asset Review (an “Asset Review Vote Election”), then the Certificate Administrator
shall promptly provide written notice thereof to all Certificateholders (with a copy to the Asset Representations Reviewer) and
conduct a solicitation of votes in accordance with Section 5.10 to authorize an Asset Review. Upon the affirmative
vote to authorize an Asset Review by Holders of Certificates evidencing at least (i) a majority of those Certificateholders
who cast votes and (ii) a majority of an Asset Review Quorum within one-hundred fifty (150) days of receipt of the Asset
Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall promptly provide
written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the Directing Certificateholder
and the other Certificateholders (the “Asset Review Notice”). Upon receipt of an Asset Review Notice, the Asset
Representations Reviewer shall request access to the Secure Data Room by providing the Certificate Administrator with a certification
substantially in the form attached hereto as Exhibit

 

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 RR (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s Website). Upon receipt of such certification, the Certificate
Administrator shall promptly (and in any case within two (2) Business Days after such receipt) grant the Asset Representations
Reviewer access to the Secure Data Room. In the event an Affirmative Asset Review Vote has not occurred within such 150-day period
following the receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review
and the Asset Representations Reviewer will not be required to review any Delinquent Loan unless and until (A) an additional
Mortgage Loan has become a Delinquent Loan after the expiration of such 150-day period, (B) a new Asset Review Trigger has
occurred as a result or an Asset Review Trigger is otherwise in effect, (C) the Certificate Administrator has timely received
any Asset Review Vote Election after the occurrence of the events described in clauses (A) and (B) in
this sentence and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset Review Vote Election
described in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative
Asset Review Vote, no Certificateholder may make any additional Asset Review Vote Election except as described in the immediately
preceding sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection with administering
such vote will be paid as an expense of the Trust from the Collection Account. The Certificate Administrator shall be entitled
to administer any vote in connection with the foregoing through an agent.

 

(b)           
(i)  Upon receipt of an Asset Review Notice, the Custodian (with respect to clauses (1)-(5) below for
all Mortgage Loans), the Master Servicer (with respect to clauses (6) and (7) below for Non-Specially Serviced Loans)
and the Special Servicer (with respect to clauses (6) and (7) below for Specially Serviced Loans), in each case, to
the extent in such party’s possession, shall promptly, but in no event later than ten (10) Business Days, provide
the following materials in electronic format to the extent in their possession to the Asset Representations Reviewer (collectively,
with the Diligence Files posted on the Secure Data Room by the Certificate Administrator pursuant to Section 4.08,
a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review
Materials”):

 

(1)           
a copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan
that is subject to an Asset Review;

 

(2)           
a copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(3)           
a copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

(4)           
copies of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each
Delinquent Loan that is subject to an Asset Review;

 

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(5)           
a copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review;

 

(6)           
a copy of any notice previously delivered by the Master Servicer or Special Servicer, as applicable, of any alleged defect or
breach with respect to any Delinquent Loan; and

 

(7)           
copies of any other related documents that were entered into or delivered in connection with the origination of the related Mortgage
Loan that the Asset Representations Reviewer has determined are necessary in connection with its completion of any Asset Review
and that are requested by the Asset Representations Reviewer, in the time frames and as otherwise described in clause (ii)
hereof.

 

(ii)            
In addition, in the event that, as part of an Asset Review of a Mortgage Loan, the Asset Representations Reviewer determines it
is missing any document that is required to be part of the Review Materials for such Mortgage Loan and that is necessary in connection
with its completion of the Asset Review, the Asset Representations Reviewer shall promptly, but in no event later than ten (10) Business
Days after receipt of the Review Materials, notify the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special
Servicer (with respect to Specially Serviced Loans), as applicable, of such missing document(s), and request that the Master Servicer
or the Special Servicer, as the case may be, promptly, but in no event later than ten (10) Business Days after receipt of
notification from the Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing document(s) to
the extent in its possession. In the event any missing documents are not provided by the Master Servicer or the Special Servicer,
as the case may be, within such ten (10) Business Day period, the Asset Representations Reviewer shall request such documents
from the related Mortgage Loan Seller; provided that the Mortgage Loan Seller shall be required under the related Mortgage
Loan Purchase Agreement to deliver such missing document only to the extent such document is in the possession of such party but
in any event excluding any documents that contain information that is proprietary to the related originator or Mortgage Loan Seller
or any draft documents or privileged or internal communications.

 

(iii)           
The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a
Person that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information
can be independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined
by the Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant
to this Section 12.01 (any such information, “Unsolicited Information”).

 

(iv)           
Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File with respect to
a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a review of the compliance
of each Delinquent Loan with the representations and warranties related to that

 

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Delinquent Loan (such review, the “Asset
Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty
made by the related Mortgage Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit
QQ (each such procedure, a “Test”); provided, however, that the Asset Representations Reviewer
may, but is under no obligation to, (x) modify any Test and/or (y) modify any associated Review Materials to include any items
not specified for the particular Test on Exhibit QQ (but in no event shall the modified Review Materials include materials
not contemplated by the definition of “Review Materials”), in either case, only to the extent the Asset Representations
Reviewer determines pursuant to the Asset Representations Standard that it is necessary to modify such Test and/or such associated
Review Materials in order to facilitate its Asset Review in accordance with the Asset Review Standard. Once an Asset Review of
a Mortgage Loan is completed, no further Asset Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding
that such Mortgage Loan may continue to be a Delinquent Loan or again become a Delinquent Loan at a time when a new Asset Review
Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)            
No Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall
not be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)          
The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without
independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)         
The Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within fifty-six (56) days
after the date on which access to the Secure Data Room is provided, subject to the last sentence of this paragraph. In the event
that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such missing
documentation is not delivered to the Asset Representations Reviewer by the Master Servicer (with respect to Non-Specially Serviced
Loans), the Special Servicer (with respect to Specially Serviced Loans) to the extent in the possession of the Master Servicer
or Special Servicer, as applicable, or from the related Mortgage Loan Seller within ten (10) Business Days following the
request by the Asset Representations Reviewer to the Master Servicer, the Special Servicer or the related Mortgage Loan Seller,
as the case may be, as described in Section 12.01(b)(ii), the Asset Representations Reviewer shall list such missing
documents in such preliminary report setting forth the preliminary results of the application of the Tests and the reasons why
such missing documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded) that the
absence of such documents will be deemed to be a failure of such Test. The Asset Representations Reviewer shall provide such preliminary
report to the Master Servicer (with respect to Non-Specially Serviced Loans) or the Special Servicer (with respect to Specially
Serviced Loans), and the related Mortgage Loan Seller. If the preliminary report indicates that any of the representations

 

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and
warranties fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have ninety (90) days (the “Cure/Contest
Period”) to remedy or otherwise refute the failure. Any documents or explanations to support the related Mortgage Loan
Seller’s claim that the representation and warranty has not failed a Test or that any missing information or documents in
the Review Materials are not required to complete a Test shall be sent by such Mortgage Loan Seller to the Asset Representations
Reviewer. For avoidance of doubt, the Asset Representations Reviewer shall not be required to prepare a preliminary report in
the event the Asset Representations Reviewer determines that there is no Test failure with respect to the related Mortgage Loan.

 

(viii)            
The Asset Representations Reviewer shall, within sixty (60) days after the date on which access to the Secure Data Room is
provided to the Asset Representations Reviewer by the Certificate Administrator or within the ten (10) days after the expiration
of the Cure/Contest Period (whichever is later), complete an Asset Review with respect to each Delinquent Loan and deliver (i) a
report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement, the related Mortgage Loan Seller for each Delinquent Loan and the Directing Certificateholder
and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset
Review Report Summary”) to the Trustee, the Special Servicer, the Master Servicer and the Certificate Administrator.
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional thirty
(30) days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations
Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of
the Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations Reviewer determine
whether any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights it may have against the
applicable Mortgage Loan Seller (or, in the case of BSPRT Finance, against BSPRT, in respect of its obligations under the related
Mortgage Loan Purchase Agreement), which, in each case, shall be a responsibility of the Enforcing Servicer pursuant to Section 12.01(b)(x)
of this Agreement.

 

(ix)            
In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the
Master Servicer (with respect to Non-Specially Serviced Loans), the Special Servicer (with respect to Specially Serviced Loans)
or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset Review
and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the
documentation received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and the Asset Representations
Reviewer shall have no responsibility to independently obtain any such documentation from any party to this Agreement or otherwise.

 

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(x)            
Within forty-five (45) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Enforcing Servicer
shall determine, based on the Servicing Standard, whether there exists a Material Defect with respect to such Mortgage Loan. If
the Enforcing Servicer determines that a Material Defect exists, the Enforcing Servicer shall enforce the obligations of the related
Mortgage Loan Seller with respect to such Material Defect in accordance with Section 2.03(b).

 

(c)            
The Asset Representations Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged
Information” received from any party to this Agreement or any Sponsor (including, without limitation, in connection with
the review of the Mortgage Loans) and not disclose such Privileged Information to any Person (including Certificateholders), other
than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties
to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged
Information Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer
with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person
without the prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception.

 

(d)           
The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided that
no agent or subcontractor may (i) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates
or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, the Directing Certificateholder or any of their respective Affiliates
in connection with due diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding
the foregoing sentence, the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required
hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation
or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents
or subcontractor to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were
performing its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement
with any agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)            
The Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer
of all or substantially all of its asset representations reviewer portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer resulting from a merger, consolidation
or succession that is permitted under this Agreement, (B) assumes in writing each covenant and condition to be performed or observed
by the asset representations reviewer under this Agreement and (C) is not a prohibited party under this Agreement; (ii) the asset
representations reviewer will not be released from its obligations under this Agreement that arose

 

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prior to the effective date
of such assignment and delegation; (iii) the rate at which each of the Asset Representations Reviewer Fee and the Asset Representations
Reviewer Asset Review Fee (or any component thereof) is calculated may not exceed the rate then in effect and (iv) the resigning
asset representations reviewer will be required to be responsible for the reasonable costs and expenses of each other party to
this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the
purchaser or transferee will be required to provide notice to each party to this Agreement and then will be the successor asset
representations reviewer under this Agreement.

 

Section
12.02   Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.

 

(a)            
The Depositor shall pay the Asset Representations Reviewer a fee of $5,000 (the “Asset Representations Reviewer Upfront
Fee”) on the Closing Date. As compensation for the performance of its routine duties, the Asset Representations Reviewer
shall be paid a fee (the “Asset Representations Reviewer Fee”), payable monthly from amounts received in respect
of the Mortgage Loans and shall be equal to the product of a rate equal to 0.00037% per annum (the “Asset
Representations Reviewer Fee Rate”) and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including
any Non-Serviced Mortgage Loan, but not any Companion Loan) and shall be calculated in the same manner as interest is calculated
on such Mortgage Loans.

 

(b)           
As compensation for the performance of its duties hereunder, with respect to an individual Asset Review Trigger and each Mortgage
Loan that is a Delinquent Loan and is subject to an Asset Review (for purposes of this paragraph, each a “Subject Loan”),
upon the completion of any Asset Review with respect to an individual Asset Review Trigger, the Asset Representations Reviewer
shall be paid a fee equal to the sum of (i) $16,000 multiplied by the number of Subject Loans, plus (ii) $1,600 per Mortgaged
Property relating to the Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $2,100 per Mortgaged Property
relating to a Subject Loan subject to a ground lease, plus (iv) $1,100 per Mortgaged Property relating to a Subject Loan subject
to a franchise agreement, hotel management agreement or hotel license agreement, subject, in the case of each of clauses (i)
through (iv), to adjustments on the basis of the year-end Consumer Price Index for All Urban Consumers, or other similar
index if the Consumer Price Index for All Urban Consumers is no longer calculated for the year of the Closing Date and for the
year of the occurrence of the Asset Review (any such fee, the “Asset Representations Reviewer Asset Review Fee”).
The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Loan shall be paid by the related Mortgage
Loan Seller; provided, however, that if the related Mortgage Loan Seller is insolvent or fails to pay such amount
within ninety (90) days of written request by the Asset Representations Reviewer, such fee shall be paid by the Trust following
delivery by the Asset Representations Reviewer of a certification to the Master Servicer that the requirements for payment set
forth in this Section 12.02(b) have been met. The Asset Representations Reviewer shall not deliver any such certificate
unless it has invoiced payment of such amount and otherwise met the requirements for payment set forth in this Section 12.02(b),
including receipt of evidence of such insolvency or failure to pay such amount. A Mortgage Loan Seller shall be deemed to have
failed to pay such amount hereunder ninety (90) days after delivery by the Asset Representations Reviewer of an itemized
invoice to such Mortgage Loan Seller by registered mail or overnight courier to the address listed in this Agreement for such
Mortgage Loan Seller, or to such other address as shall

 

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be provided by such Mortgage Loan Seller for delivery of notices in accordance
with this Agreement, or ninety (90) days following attempted delivery of such invoice by registered mail or overnight
courier and reasonable follow-up by telephone or e-mail. Notwithstanding any payment of such fee by the Trust to the Asset Representations
Reviewer, such fee will remain an obligation of the related Mortgage Loan Seller and the Enforcing Servicer shall pursue remedies
against such Mortgage Loan Seller to recover any such amounts to the extent paid by the Trust.

 

(c)            
Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Loan shall be
included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased or substituted
by a Mortgage Loan Seller, and such portion of the Purchase Price received shall be used to reimburse the Asset Representations
Reviewer or the Trust, as the case may be, for such fees pursuant to Section 12.02(b).

 

(d)           
The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section
12.03   Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign and
be discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and each
Rating Agency. Upon such notice of resignation, the Depositor shall promptly appoint a successor asset representations reviewer
that is an Eligible Asset Representations Reviewer. If no successor asset representations reviewer shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset Representations
Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations reviewer that
is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all reasonable costs and expenses
of each party hereto and each Rating Agency in connection with its resignation.

 

Section
12.04   Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any
of its Affiliates shall make any investment in any Class of Certificates; provided, however, that such prohibition
shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the Asset Representations
Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer
and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the Asset
Representations Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and (B) prevent
such Affiliate and its personnel from gaining access to information regarding the Trust and the Asset Representations Reviewer
and its personnel from gaining access to such Affiliate’s information regarding its investment activities.

 

Section
12.05   Termination of the Asset Representations Reviewer.

 

(a)            
An “Asset Representations Reviewer Termination Event” means any one of the following events whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body:

 

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

 

(ii)            
any failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written
notice of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this
Agreement;

 

(iii)           
any failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue
unremedied for a period of thirty (30) days after the date written notice of such failure, requiring the same to be
remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

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

 

(v)            
the Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation
committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings
of or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)           
the Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a
petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination
Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders (which shall be simultaneously
delivered to the Asset Representations Reviewer) in accordance with the notice distribution procedures

 

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described in Section 12.01(a),
unless the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination Event has
been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case, so long
as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon
the written direction of Holders of Certificates evidencing at least 25% of the Voting Rights (without regard to the application
of any Cumulative Appraisal Reduction Amounts), shall, terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive
all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring
prior to such termination), by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is
required to bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection with its
termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor
and each Mortgage Loan Seller shall have the right, but not the obligation, to notify the Certificate Administrator and the Trustee
of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)           
Upon (i) the written direction of Holders of Certificates evidencing at least 25% of the Voting Rights (without regard to
the application of any Cumulative Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations
Reviewer with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment
by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the
Asset Representations Reviewer and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing
such notice to all Certificateholders at their addresses appearing in the Certificate Register and to the Asset Representations
Reviewer. Upon the written direction of Holders of Certificates evidencing at least 75% of a Certificateholder Quorum (without
regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee shall terminate all of the rights and obligations
of the Asset Representations Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date
of such termination and other than indemnification rights arising out of events occurring prior to such termination) by notice
in writing to the Asset Representations Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer,
on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to
vote for the termination or not vote for the termination of the Asset Representations Reviewer. In the event that Holders of the
Certificates evidencing at least 75% of the Voting Rights (without regard to the application of any Cumulative Appraisal Reduction
Amounts) elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations
reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)            
On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of

 

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termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2) the
Trustee delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor
asset representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of
the appointment of an Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Directing Certificateholder and each Certificateholder within one Business Day of such appointment.

 

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately notify
the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the Directing
Certificateholder of such disqualification and immediately resign under Section 12.03 of this Agreement and the Trustee
shall appoint a successor asset representations reviewer subject to and in accordance with this Section 12.05. Notwithstanding
the foregoing, if the Trustee is unable to find a successor asset representations reviewer within thirty (30) days of the
termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee shall not
be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Trustee uses commercially
reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result of the
Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)           
Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer,
the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Mortgage Loan Sellers, the Depositor, each Rating Agency and, prior to the occurrence and continuance of a Consultation Termination
Event, the Directing Certificateholder. In the event that the Asset Representations Reviewer is terminated, all of its rights
and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such
termination (including the right to receive all amounts accrued

 

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and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

[End of Article XII]

 

ARTICLE
XIII

MISCELLANEOUS PROVISIONS

 

Section 13.01    Amendment.  (a)  This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders or the Companion Holders:

 

(i)         to correct any defect or ambiguity in this Agreement in order to address any manifest error in any provision of this Agreement;

 

(ii)        to cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the Trust or this Agreement or to correct or supplement any of its provisions which may be defective or inconsistent with any other provisions therein or to correct any error;

 

(iii)       to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)       to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust, any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)        to modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) or any other provision hereof restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a

 

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Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)       to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

(vii)      to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25); provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded DCH Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25);

 

(ix)        to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect

 

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in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)         to modify, eliminate or add to any of its provisions to such extent as will be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)       to modify, eliminate or add to any of its provisions in the event the Risk Retention Rules or any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event of such repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned or delayed.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor, or (B) may materially and adversely affect the holder of a Companion Loan without such Companion Holder’s consent.

 

(b)        This Agreement may also be amended from time to time by the parties hereto with the consent of the Holders of Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class; provided, however, that no such amendment shall:

 

(i)         reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Whole Loans that are required to be distributed on a Certificate of any Class without the consent of the Holder of the Certificate or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Holders, as applicable; or

 

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(iii)        adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)       change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor; or

 

(v)        amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25) and, if required under the related Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

(c)        Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer or the Special Servicer shall consent to any amendment hereto without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.  Furthermore, no amendment to this Agreement may be made that changes any provision specifically required to be included in this Agreement by any Designated Intercreditor Agreement, without in each case the consent of the holder of the related Companion Loan(s).

 

(d)       No later than the effective date of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c), as applicable, and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment together with a copy of such amendment in electronic format to each Certificateholder and each Serviced Companion Noteholder, the Depositor, each Other Depositor, the Master Servicer, the Special Servicer, the Underwriters and the Rating Agencies.

 

(e)        It shall not be necessary for the consent of Certificateholders under this Section 13.01 to approve the particular form of any proposed amendment, but it shall be sufficient

 

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if such consent shall approve the substance thereof.  The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Certificate Administrator may prescribe.

 

(f)        The Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01 that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)       The cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or Section 13.01(c) and the cost of any amendment entered into hereunder shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Certificate Administrator or the Trustee requests any amendment of this Agreement in furtherance of the rights and interests of Certificateholders, the cost of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a) or Section 13.01(c) shall be payable out of the Collection Account.

 

(h)        The Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to any class of Serviced Companion Loan Securities, the applicable rating agencies provide a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates pursuant to Section 3.25).

 

(i)         To the extent the Operating Advisor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Asset Representations Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection with executing any amendment to this Agreement, such party shall be deemed not to have acted negligently in connection with entering into such amendment for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)         Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 13.01, Certificates registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to matters described above as they would if any other Person held such Certificates, so long as neither the Depositor nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)        This Agreement may not be amended without the consent of any holder of a Companion Loan if such amendment would materially and adversely affect the rights of such Companion Holder hereunder.

 

Section 13.02    Recordation of Agreement; Counterparts.  (a)  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 Certificate Administrator at the expense of the Depositor on direction by the Special Servicer and with the consent of the

 

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Depositor (which may not be unreasonably withheld), but only upon direction accompanied by an Opinion of Counsel (the cost of which shall be paid by the Depositor) to the effect that such recordation materially and beneficially affects the interests of the Certificateholders.

 

(b)        For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

(c)        The Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue of the fact of the location of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s expense.

 

Section 13.03    Limitation on Rights of Certificateholders.  (a)  The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust, 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, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

(b)        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, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any 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.

 

(c)        No Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage Loan, or with respect to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty (60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such action, suit or proceeding.  The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably

 

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satisfactory to it against the costs, expenses and liabilities which may be incurred therein or hereby.  It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders.  For the protection and enforcement of the provisions of this Section 13.03(c), each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 13.04    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 13.05    Notices.  (a)  Any communications provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given when delivered to (or, in the case of facsimile or electronic notices, when received by):

 

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In the case of the Depositor:

Wells Fargo Commercial Mortgage Securities, Inc.
c/o Wells Fargo Securities, LLC
375 Park Avenue, 2nd Floor, J0127-023
New York, New York 10152
Attention:  A.J. Sfarra
CRRCompliance@wellsfargo.com

with a copy to:

Troy B. Stoddard, Esq.
Wells Fargo Legal Department, D1086-341
550 South Tryon Street, 34th Floor,
Charlotte, North Carolina 28202

 

In the case of the Master Servicer:

Wells Fargo Bank, National Association
Commercial Mortgage Servicing
Three Wells Fargo
MAC D1050-084
401 South Tryon Street, 8th Floor
Charlotte, North Carolina  28202
Attention:  WFCM 2019-C54 Asset Manager
Email:  commercial.servicing@wellsfargo.com

with a copy to:

K&L Gates LLP
Hearst Tower, 47th Floor
214 North Tryon Street
Charlotte, North Carolina 28202
Attention: Stacy G. Ackermann
Facsimile Number: (704) 353-3190

 

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In the case of the Special Servicer:

LNR Partners, LLC
1601 Washington Avenue, Suite 700
Miami Beach, Florida 33139
Attention:  Heather Bennett. and Job Warshaw
Facsimile number:  (305) 695-5601
Email:  hbennett@lnrpartners.com and jwarshaw@lnrproperty.com

with a copy to:

lnr.cmbs.notices@lnrproperty.com

or with respect solely to e-mail pursuant to Section 3.13(c) and Section 13.10 to inquiries@lnrproperty.com

 

In the case of the Directing Certificateholder:

Argentic Securities Income USA LLC
31 West 27th Street, 12th Floor
New York, New York 10001
Attention: Darren J. Gluck
Email: dgluck@argenticmgmt.com

 

In the case of the Trustee:

Wilmington Trust, National Association
1100 North Market Street
Wilmington, Delaware 19890
Attention:  CMBS Trustee WFCM 2019-C54

with a copy to:

CMBSTrustee@wilmingtontrust.com
Facsimile No.:  (302) 636-4140

 

In the case of the Certificate Administrator:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland  21045
Attention:  Corporate Trust Services – WFCM 2019-C54

with a copy to:

cts.cmbs.bond.admin@wellsfargo.com
trustadministrationgroup@wellsfargo.com

 

     -437-

     

    
 

In the case of any transfer or surrender of a Risk Retention Certificate pursuant to Article V:

 

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland  21045
Attention:  Risk Retention Custody (CMBS) – WFCM 2019-C54

with a copy to:

riskretentioncustody@wellsfargo.com

 

In the case of the Custodian:

Wells Fargo Bank, National Association
1055 10th Avenue SE
Minneapolis, Minnesota 55414
Attention:  Document Custody Group – WFCM 2019-C54

with a copy to cmbscustody@wellsfargo.com

 

In the case of a surrender, transfer or exchange of a Certificate other than a Risk Retention Certificate:

 

Wells Fargo Bank, National Association
600 South 4th Street
7th Floor, MAC 9300-070
Minneapolis, Minnesota 55479
Attention: Certificate Transfer Services – WFCM 2019-C54

 

In the case of the Mortgage Loan Sellers:

 

	
 

	
1.

	
Argentic Real Estate Finance LLC
31 West 27th Street, 12th Floor
New York, New York 10001
Attention:  Michael Schulte
Facsimile No.:  (646) 560 1745

 

	
 

	
2.

	
Rialto Mortgage Finance, LLC
590 Madison Avenue, 9th Floor
New York, New York 10022
Attention:  Kenneth M. Gorsuch, Managing Director

 

     -438-

     

    
 

	
 

	
3.

	
BSPRT CMBS Finance, LLC
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
Attention: Micah Goodman and Tiffany Putman

with a copy to:

Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, New York 10281
Attention: Jeffrey Rotblat

and

Benefit Street Partners Realty Trust, Inc.
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
Attention: Micah Goodman and Tiffany Putman

with a copy to:

Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, New York 10281
Attention: Jeffrey Rotblat

 

	
 

	
4.

	
Wells Fargo Bank, National Association
301 South College St.
Charlotte, North Carolina 28202
Attention:  Wells Fargo Commercial Mortgage Trust 2019-C54,
Commercial Mortgage Pass-Through Certificates, Series 2019-C54

with a copy to:

Troy B. Stoddard, Esq.
Wells Fargo Legal Department, D1086-341
550 South Tryon Street, 34th Floor,
Charlotte, North Carolina 28202

and a copy to:

Jacqueline Gelman
Wells Fargo Bank, National Association
10 South Wacker Drive, 32nd Floor
Chicago, IL 60606
Telephone number:  (312) 827-1531
Email:  jacqueline.m.gelman@wellsfargo.com

 

     -439-

     

    
 

	
 

	
5.

	
UBS AG, by and through its branch office at 1285 Avenue of the
Americas, New York, New York
1285 Avenue of the Americas
New York, New York 10019
Attention: David Schell

 

with a copy to:

UBS Securities LLC
1285 Avenue of the Americas
New York, New York 10019
Attention: Henry Chung and Office of General Counsel

 

and a copy to:

UBS Business Solutions LLC
1285 Avenue of the Americas
New York, New York 10019
Attention: Chad Eisenberger, Executive Director & Counsel

 

In the case of the Operating Advisor and the Asset Representations Reviewer:

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor
New York, New York 10016
Attention: WFCM 2019-C54 - Surveillance Manager 
(with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In the case of any mezzanine lender:

The address set forth in the related Intercreditor Agreement.

 

In the case of any Companion Loan Holder:

The address set forth in the related Intercreditor Agreement.

 

To each such Person, such other address as may hereafter be furnished by such Person to the parties hereto in writing.  Any communication required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class, postage prepaid, to the address of such Holder 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.

 

(b)          Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver such written notice of the events or information specified in Section 3.13(c) to the Rating Agencies at the address listed below,

 

     -440-

     

    
 

promptly following the occurrence thereof.  The Master Servicer or the Special Servicer, as the case may be, the Certificate Administrator, and Trustee also shall furnish such other information regarding the Trust as may be reasonably requested by the Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided, however, that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 3.13(c); provided, further, that the 17g-5 Information Provider shall not disclose which Rating Agency has requested such information.  Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event, as the case may be, under this Agreement.  Any confirmation of the rating by the Rating Agencies required hereunder shall be in writing.

 

Any notices to the Rating Agencies shall be sent to the following addresses:

Fitch Ratings, Inc.
33 Whitehall Street
New York, New York  10004
Attention:  Commercial Mortgage Surveillance Group
Facsimile No.:  (212) 635-0295
E-mail:  info.cmbs@fitchratings.com

Kroll Bond Rating Agency, Inc.
805 Third Avenue, 29th Floor
New York, New York 10022
Attention: Commercial Mortgage Surveillance
Attention: CMBS Surveillance
Email: cmbs.surveillance@kbra.com

S&P Global Ratings
55 Water Street, 41st Floor
New York, New York 10041
Attention:  Commercial Mortgage Surveillance Manager
E-mail: cmbs_info_17g5@standardandpoors.com

 

Section 13.06    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 13.07    Grant of a Security Interest.  The Depositor intends that the conveyance of the Conveyed Property shall constitute a sale and not a pledge of security for a loan.  If such conveyance is deemed to be a pledge of security for a loan, however, the Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement.  The Depositor also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in the Depositor’s entire right, title and interest in, to and under, whether now owned or existing

 

     -441-

     

    
 

or hereafter acquired or arising, the Conveyed Property and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable law.  The Depositor shall file or cause to be filed, as a precautionary filing, a UCC Financing Statement in all appropriate locations in the State of Delaware promptly following the initial issuance of the Certificates, and the Certificate Administrator shall, at the expense of the Depositor (to the extent reasonable), prepare and file continuation statements with respect thereto, in each case in the six-month period prior to every fifth anniversary of the date of the initial UCC Financing Statement.  The Depositor shall cooperate in a reasonable manner with the Certificate Administrator in the preparation and filing of such continuation statements.  This Section 13.07 shall constitute notice to the Certificate Administrator and the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section 13.08    Successors and Assigns; Third Party Beneficiaries.  (a)  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 Certificateholders.  Each Mortgage Loan Seller (and its respective agents), each Additional Repurchase Obligor under a Mortgage Loan Purchase Agreement, each guarantor of a Mortgage Loan Seller’s obligations under the applicable Mortgage Loan Purchase Agreement, each Companion Holder (and its respective agents), each Underwriter, each depositor of a Regulation AB Companion Loan Securitization, each Other Exchange Act Reporting Party (with respect to its rights under Article XI of this Agreement) and each Initial Purchaser is an intended third-party beneficiary to this Agreement in respect of the respective rights afforded it hereunder.  No other person, including, without limitation, any Mortgagor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement.

 

(b)        Each Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder.  Each of the Other Servicers and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer and Other Trustee, and any provisions regarding reimbursement or advances or interest thereon to such Other Servicer or Other Trustee.

 

(c)        Each of the applicable Non-Serviced Trustee, Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Depositor, Non-Serviced Paying Agent and any Non-Serviced Trust holding a related Non-Serviced Companion Loan, shall be a third-party beneficiary to this Agreement in respect to its rights as specifically provided for herein and under the applicable Non-Serviced Intercreditor Agreement.

 

(d)       Subject to Section 2.03(k), Section 2.03(l)(iv) and Section 2.03(l)(v), any Requesting Certificateholder shall be an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(k) through Section 2.03(o).

 

Section 13.09    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 13.10    Notices to the Rating Agencies.  (a)  The Certificate Administrator shall use reasonable efforts promptly to provide notice to the 17g-5 Information Provider for

 

     -442-

     

    
 

posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), (and the related 17g-5 information provider for any class of Serviced Companion Loan Securities to the extent applicable to any Serviced Whole Loan) with respect to each of the following of which it has actual knowledge:

 

(i)         any material change or amendment to this Agreement;

 

(ii)        the occurrence of a Servicer Termination Event that has not been cured;

 

(iii)       the resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the Special Servicer; and

 

(iv)       the repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 5 of the related Mortgage Loan Purchase Agreement.

 

(b)        The Master Servicer shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), with respect to each of the following of which it has actual knowledge:

 

(i)         the resignation or removal of the Trustee or the Certificate Administrator;

 

(ii)        any change in the location of the Collection Account;

 

(iii)       any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)       any change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance described in Section 3.08;

 

(v)        any additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for any Mortgage Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than 5% of the then-aggregate outstanding principal balances of the Mortgage Loans and (2) $35,000,000;

 

(vi)       any material damage to any Mortgaged Property;

 

(vii)      any assumption with respect to a Mortgage Loan; and

 

(viii)     any release or substitution of any Mortgaged Property.

 

(c)        The Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any change in the location of the Distribution Accounts and (ii) the final payment to any Class of Certificateholders.

 

(d)       The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and thereafter to each Rating

 

     -443-

     

    
 

Agency (and any rating agency for any class of Serviced Companion Loan Securities to the extent applicable to any Serviced Whole Loan) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as any Rating Agency shall reasonably request and which the Trustee, the Certificate Administrator, the Master Servicer or Special Servicer, can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating to such information or violating the terms of this Agreement or any Mortgage Loan documents.  The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect to such information.  Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require a party to provide duplicative notices or copies to the Rating Agencies with respect to any of the above listed items.  In connection with the delivery by the Master Servicer or the Special Servicer to the 17g-5 Information Provider of any information, report, notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master Servicer or the Special Servicer when such information, report, notice or document has been posted.  The Master Servicer or the Special Servicer, as the case may be, may, but shall not be obligated to send such information, report, notice or document to the applicable Rating Agency so long as such information, report, notice or document (i) was previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided, by 2:00 p.m. (New York City time) on any Business Day, to the 17g-5 Information Provider.

 

[End of Article XIII]

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

     -444-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized,
in each case as of the day and year first above written. 

	 	 	 
	 	WELLS
    FARGO COMMERCIAL

    MORTGAGE SECURITIES, INC.,

    Depositor
	 	 	 
	 	By:	/s/
    Anthony J. Sfarra
	 	 	Name: Anthony
    J. Sfarra
	 	 	Title: President

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL

    ASSOCIATION,

    Master Servicer
	 	 	 
	 	By:	/s/
    Amanda Perkins
	 	 	Name: Amanda
    Perkins
	 	 	Title: Vice President

	 	 	 
	 	LNR
    PARTNERS, LLC,

    Special Servicer
	 	 	 
	 	By:	/s/
    Job Warshaw
	 	 	Name: Job Warshaw
	 	 	Title: President

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL

    ASSOCIATION,

    not in its individual capacity, but solely as

    Certificate Administrator
	 	 	 
	 	By:	/s/
    Anna M. Lopez
	 	 	Name: Anna M.
    Lopez
	 	 	Title: Vice President

 

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT 

 

     

     

    

 

	 	 	 
	 	WILMINGTON
    TRUST, NATIONAL

    ASSOCIATION,

    not in its individual capacity, but solely as

    Trustee
	 	 	 
	 	By:	/s/
    Beverly D. Capers
	 	 	Name: Beverly
    D. Capers
	 	 	Title: Assistant
    Vice President

	 	 	 	 
	 	PARK
    BRIDGE LENDER SERVICES LLC,

    as Operating Advisor
	 	 	 
	 	By:	Park
    Bridge Advisors LLC
	 	 	Its
    Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial
    LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	By:	/s/
    Robert J. Spinna, Jr.
	 	 	Name:
    Robert J. Spinna, Jr.
	 	 	Title:
    Managing Member
	 	 	 	 
	 	PARK
    BRIDGE LENDER SERVICES LLC,

    as Asset Representations Reviewer
	 	 	 
	 	By:	Park
    Bridge Advisors LLC
	 	 	Its
    Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial
    LLC
	 	 	 
	 	By:	/s/
    Robert J. Spinna, Jr.
	 	 	Name:
    Robert J. Spinna, Jr.
	 	 	Title:
    Managing Member

  

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT 

 

     

     

    

 

	STATE OF NY	)	 
	 	)	ss.:
	COUNTY OF Suffolk	)	 

 

On
the 19th day of November, 2019, before me, a notary public in and for said State, personally appeared Anthony J. Sfarra known
to me to be a President of Wells Fargo Commercial Mortgage Securities, Inc., a corporation, that executed the within instrument,
and also known to me to be the person who executed it on behalf of such corporation, and acknowledged to me that such corporation
executed the within instrument.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Barbara Garafalo
	 	Notary Public

	[SEAL]	 
	 	 
	My commission expires:	
	April
    20, 2021	 	BARBARA
    GARAFALO
		NOTARY PUBLIC-STATE
    OF NEW YORK

    No. 02GA6204763

    Qualified in Suffolk County

    My Commission Expires 04-20-2021

 

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT 

 

     

     

    

	STATE OF NORTH CAROLINA	)	 
	 	): ss.	 
	COUNTY OF  MECKLENBURG	)	 

 

On
this 19 day of November, 2019, personally appeared before me Amanda Perkins, to me known (or proved to me on the basis os satisfactory
evidence) to be a Vice President of Wells Fargo Bank, National Association, a national banking association, that executed the
within and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed of said entity,
for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument, and that by
his signature on the instrument the entity upon behalf of which he acted, executed the instrument.

 

	 	/s/
    Erica L Smith
	 	Notary 

    Name:

	My Commission expires:	 	 
	 	 	 
	 	ERICA L SMITH	 
	 	My Commission Expires	 
	 	NOTARY PUBLIC	 
	 	07-20-2022	 
	 	MECKLENBURG COUNTY,
    NC	 

 

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT NOTARY PAGES 

 

     

     

    

	STATE
    OF Florida	)	 
	 	)	ss.:
	COUNTY
    OF Dade	)	 

 

On
the 15th day of November, 2019, before me, a notary public in and for said State, personally appeared Job Warshaw known
to me to be a President of LNR Partners, LLC, a limited liability company, that executed the within instrument, and also known
to me to be the person who executed it on behalf of such limited liability company, and acknowledged to me that such limited liability
company executed the within instrument.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Angela Ospina
	 	Notary Public

[SEAL]

 

NOTARY
PUBLIC 

STATE
OF FLORIDA

 

Angela
Ospina 

Commission
#GG063409 

Expires:
Feb. 3, 2021 

Bonded
thru Aaron Notary

 

My
commission expires:

02-03-21

 

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT NOTARY PAGES 

 

     

     

    

	STATE OF Maryland	)	 
	 	)	ss.:
	COUNTY OF Howard	)	 

 

On
the 15 day of November, 2019, before me, a notary public in and for said State, personally appeared Anna M. Lopez known to me
to be a VP of Wells Fargo Bank, National Association, a national banking association, that executed the within instrument, and
also known to me to be the person who executed it on behalf of such national banking association, and acknowledged to me that
such national banking association executed the within instrument.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Andrew Crews
	 	Notary Public

	[SEAL]	 
	My commission expires:	 
	 	
	________________________	ANDREW CREWS
	 	MY COMMISSION EXPIRES
	 	NOTARY PUBLIC
	 	OCTOBER 27, 2021
	 	CECIL COUNTY, MD

 

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT NOTARY PAGES 

 

     

     

    

	STATE OF DELAWARE	)	 
	 	)	ss.:
	COUNTY OF NEW CASTLE	)	 

 

On
the 15 day of November, 2019, before me, a notary public in and for said State, personally appeared Beverly D. Capers known to
me to be an A.V.P of Wilmington Trust, National Association, a national banking association, that executed the within instrument,
and also known to me to be the person who executed it on behalf of such national banking association, and acknowledged to me that
such national banking association executed the within instrument.

 

IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	/s/
    Patricil A. Kanar
	 	Notary Public

[SEAL] 

 

PATRICIL
A. KANAR

MY
COMMISSION EXPIRES 

NOTARY
PUBLIC 

STATE
OF DELAWARE

 

My
commission expires:

12-20-2019

 

 WFCM
2019-C54: POOLING AND SERVICING AGREEMENT NOTARY PAGES 

 

     

     

    

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 

 

On
this 15th day of November 2019, before me, the undersigned, a Notary Public in and for the State of New York, duly
commissioned and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge
before me that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which
in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument;
and that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Niaja K. Mowatt
	 	NOTARY PUBLIC in
    and for the 

    State of New York

[SEAL]

 

	My Commission expires:	3/31/20	 
	 	(Date)	 

 

NIAJA
WILLIAMS MOWATT 

Notary
Public - State of New York 

NO.
01W16184241 

Qualified
in Suffolk County 

My
Commission Expires 3/31/20

 

WFCM
2019-C54: POOLING AND SERVICING AGREEMENT NOTARY PAGES 

     

     

 

EXHIBIT
A-1

FORM OF CERTIFICATE (OTHER THAN CLASS R AND CLASS V CERTIFICATES)

 

CLASS
[__]

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2019-C54, CLASS [__]

 

[FOR
PRIVATELY OFFERED CERTIFICATES (CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-SB, A-3, A-4, X-A, X-B, A-S, B AND C): THIS CERTIFICATE
IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR
INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT.]1

 

[FOR
BOOK-ENTRY CERTIFICATES: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF

 

 

1       Temporary
Regulation S Book-Entry Certificate legend.

 

2       Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-1-1

     

    

 

BENEFICIAL INTERESTS IN THIS BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

[FOR
PRINCIPAL BALANCE CERTIFICATES: PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING
AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE
INITIAL CERTIFICATE BALANCE SET FORTH BELOW.]

 

[FOR
PRIVATELY OFFERED CERTIFICATES (CERTIFICATES OTHER THAN CLASSES A-1, A-2, A-SB, A-3, A-4, X-A, X-B, A-S, B AND C): THIS CERTIFICATE
HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.]

 

 

3       Book-Entry
Certificate legend.

 

    A-1-2

     

    

 

[FOR
CLASS F-RR, CLASS G-RR OR CLASS H-RR CERTIFICATES: THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED
TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA)
OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF
SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT IN THE ENTITY BY SUCH PLAN
OR PLANS AND THE APPLICATION OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE
THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED
TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60
WOULD BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE,
OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION,
HOLDING AND DISPOSITION BY SUCH PLAN WOULD NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.]

 

[FOR
CLASS E-RR, CLASS F-RR, CLASS G-RR AND CLASS H-RR CERTIFICATES: THIS CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE
HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING SET FORTH IN REGULATION
RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL PURCHASER OF THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.]

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[FOR
PRINCIPAL BALANCE CERTIFICATES: THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS

 

    A-1-3

     

    

 

CERTIFICATE WILL
BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS
CERTIFICATE AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON)
THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE PRINCIPAL
DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING
THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.]

 

[FOR
CLASS X CERTIFICATES: THIS [CLASS X-A][CLASS X-B][CLASS X-D] CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTIONS
OF PRINCIPAL.]

 

[FOR
CLASS X-A CERTIFICATES: THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE AGGREGATE
CERTIFICATE BALANCE OF THE CLASS A-1, CLASS A-2, CLASS A-SB, CLASS A-3 AND CLASS A-4 CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR
CLASS X-B CERTIFICATES: THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE AGGREGATE
CERTIFICATE BALANCE OF THE CLASS A-S, CLASS B AND CLASS C CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR
CLASS X-D CERTIFICATES: THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE
BALANCE OF THE CLASS D CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL
NOTIONAL AMOUNT SET FORTH BELOW.]

 

[FOR
CLASS X CERTIFICATES: THE NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS [X-A][X-B][X-D] CERTIFICATES
IS BASED WILL BE REDUCED AS A RESULT OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE
PURSUANT TO THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.]

 

[FOR
SUBORDINATE CERTIFICATES (CLASS A-S, CLASS B, CLASS C, CLASS D, CLASS E-RR, CLASS F-RR, CLASS G-RR AND CLASS H-RR): THIS CERTIFICATE
IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME

 

    A-1-4

     

    

 

SERIES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.]

 

    A-1-5

     

    

 

	PASS-THROUGH
                                         RATE: [FOR FIXED CLASSES: [____]% per annum] [FOR WAC, WAC CAP AND CLASS X CERTIFICATES:
                                         VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT]

         

        INITIAL
        [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THIS CERTIFICATE AS OF THE CLOSING DATE: $[                    ]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2019

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 3, 2019

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 17, 2020

         

        APPROXIMATE
        AGGREGATE [CERTIFICATE BALANCE][NOTIONAL AMOUNT] OF THE CLASS [__] CERTIFICATES

        AS OF THE CLOSING DATE:

        $[_________]

         
	 	MASTER
                                         SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER:

        LNR PARTNERS, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR:

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [                    ]

         

        ISIN
        NO.: [                    ]

         

        CERTIFICATE
NO.: [_] - ______ 

 

    A-1-6

     

    

 

CLASS
[__] CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Excess
Interest Distribution Account and the REO Accounts, formed and sold by

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC. 

 

THIS
CERTIFIES THAT [FOR BOOK-ENTRY CERTIFICATES: CEDE & CO.] [FOR DEFINITIVE CERTIFICATES: [______]] is the registered owner of
the interest evidenced by this Certificate in the Class [__] Certificates issued by the Trust created pursuant to the Pooling
and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC. (hereinafter called the “Depositor”, which term includes any successor
entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor and the Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling
and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have
the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial [Certificate Balance][Notional Amount] of the Class [__] Certificates. The Certificates
are designated as the WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54
and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence
in the aggregate 100% of the beneficial ownership of the Trust Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

    A-1-7

     

    

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended (the “Code”).
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of,
this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of [FOR PRINCIPAL BALANCE CERTIFICATES
(CLASS A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-RR, F-RR, G-RR AND H-RR): principal and] interest then distributable, if any,
allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. [FOR CLASS A-1, A-2, A-SB, A-3, A-4, X-A, X-B, A-S, B AND C CERTIFICATES: Holders of this
Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.]
All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time
of payment is legal tender for the payment of public and private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class [__] Pass-Through Rate specified above on the [Certificate
Balance][Notional Amount] of this Certificate immediately prior to each Distribution Date. [FOR CLASS X CERTIFICATES: Interest][FOR
PRINCIPAL BALANCE CERTIFICATES (CLASS A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-RR, F-RR, G-RR AND H-RR): Principal and interest]
allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata
share of the Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution
to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement,

 

    A-1-8

     

    

 

withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust Fund.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment
of funds. The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first
anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No
interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class [__] Certificates will be issued in minimum denominations of $[FOR
CLASS A-1, A-2, A-SB, A-3,

 

    A-1-9

     

    

 

A-4, A-S, B AND C: 10,000 initial Certificate Balance][FOR CLASS D, E-RR, F-RR, G-RR AND H-RR CERTIFICATES:
100,000 initial Certificate Balance][FOR CLASS X-A, X-B AND X-D CERTIFICATES: 1,000,000 initial Notional Amount], and in integral
multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder
of the initial [Certificate Balance][Notional Amount] of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none
of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and
(b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing
by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust

    A-1-10

     

    

 

REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust, any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel
(at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)    
    to modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling
and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R
Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause
the Trust, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused
by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)    
   to revise or add any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect
the interests of any Certificateholder or any holder of a Serviced Companion Loan not consenting to such revision or addition
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of
the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or
supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the

 

    A-1-11

     

    

 

Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
DCH Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to
any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to
the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the
Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)        
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to
comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii),
(iii) or (iv); or

 

(xi)        to
modify, eliminate or add to any of its provisions in the event the Risk Retention Rules or any other regulations applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event of such
repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned or delayed.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage
Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, related Additional Repurchase Obligor or related guarantor or (B) may materially and adversely affect the holder
of a Companion Loan without such Companion Holder’s consent.

 

    A-1-12

     

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)     
   reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Whole
Loans that are required to be distributed on a Certificate of any Class without the consent of the Holder of the Certificate
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)    
   reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent
to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the
consent of the Holders of all Certificates of such Class then-outstanding or such Companion Holders, as applicable;
or

 

(iii)    
   adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all
Certificates of such Class then outstanding; or

 

(iv)       change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights
of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase
Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related
guarantor as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan
Seller, related Additional Repurchase Obligor or related guarantor; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement
without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted
under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise
of any power

 

    A-1-13

     

    

 

granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will
not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.
Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically required
to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case the consent
of the holder of the related Companion Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates,
in that order of priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through
exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in
the Trust Fund as contemplated by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by
giving written notice to the Trustee, the Certificate Administrator and the other parties to the Pooling and Servicing Agreement
no later than sixty (60) days prior to the anticipated date of purchase; provided, however, that the Holders of the Controlling
Class, the Special Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the
Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the first Distribution
Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust
is less than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans (solely for the purposes of this calculation, if
such right is being exercised after the Distribution Date in January 2030 and the Mortgage Loan identified as Mortgage Loan Number
13 on the Mortgage Loan Schedule is still an asset of the issuing entity, then such Mortgage Loan will be excluded from the then-aggregate
stated principal balance of the pool of Mortgage Loans and from the Initial Pool Balance) as set forth in the Pooling and Servicing
Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the
then-outstanding Certificates (other than the Class R and Class V Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class R and Class V Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing
Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James’s, living on the date hereof.

 

    A-1-14

     

    

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-1-15

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Registrar under the Pooling and Servicing Agreement

	 	 	 
	 	By:	
	 	 	AUTHORIZED
    SIGNATORY

 

Dated: December
3, 2019

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS [__] CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	
	 	 	AUTHORIZED
    SIGNATORY

  

    A-1-16

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ 
	TEN
        ENT	-	as tenants by the entireties	Custodian
	JT TEN	-	as joint tenants with rights of 	(Cust)
	 	 	survivorship and not as tenants in	 
	 	 	 common	Under
        Uniform Gifts to Minors
	 	 	 	 
	 	 		
Act
        __________________________
	 	 	 	(State)

 

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

    A-1-17

     

    

 

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 _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-1-18

     

    

 

EXHIBIT
A-2

FORM OF CLASS R CERTIFICATE

 

CLASS
R

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2019-C54, CLASS R

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C
TO THE POOLING AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE

 

    A-2-1

     

    

 

FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT
IN THE ENTITY BY SUCH PLAN OR PLANS AND THE APPLICATION OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION
3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS THE “RESIDUAL INTERESTS” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS,
DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.03 OF THE POOLING AND SERVICING AGREEMENT, AND
SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR, THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C)
IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D)
IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT
TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE
INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY
THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A
PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS
IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED
IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME
TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR

 

    A-2-2

     

    

 

MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO
TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

    A-2-3

     

    

 

	PERCENTAGE
                                         INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2019

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 3, 2019

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 17, 2020

         
	 	MASTER
                                         SERVICER:

                                         WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: LNR PARTNERS, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR:

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [             ]

         

        ISIN
        NO.: [             ]

         

        CERTIFICATE
NO.: R-____ 

 

    A-2-4

     

    

 

CLASS
R CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Excess
Interest Distribution Account and the REO Accounts, formed and sold by

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.

 

THIS
CERTIFIES THAT [____________________] is the registered owner of the interest evidenced by this Certificate in the Class R Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the percentage interest specified on the face hereof. The Certificates are designated as the WELLS FARGO
COMMERCIAL MORTGAGE TRUST 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 and are issued in the classes
as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the
beneficial ownership of the Trust Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Class R Certificate represents the “residual interests” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended (the
“Code”). Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent
with the treatment

 

    A-2-5

     

    

 

of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state
and local income and franchise taxes and other taxes imposed on or measured by income. The Certificate Administrator is hereby
designated as the “partnership representative” (within the meaning of Section 6223 of the Code) of each Trust REMIC.
Each holder of this Certificate, by acceptance hereof, consents to the Certificate Administrator making any elections allowed
under the Code (a) to avoid the application of Section 6221 (or successor provision) to the Trust REMICs and (b) to avoid payment
by the Trust REMICs under Section 6225 of any tax, penalty, interest or other amount imposed under the Code that would otherwise
be imposed on a Holder of this Certificate. Each Holder of this Certificate, by acceptance hereof, agrees to any such elections
and to reasonably cooperate with the Certificate Administrator in connection with any such elections the Certificate Administrator
determines in its discretion are necessary or advisable.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate
Administrator in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
thereof and to the extent and subject to the limitations set forth in the Pooling and Servicing Agreement, on the Distribution
Date to the Person in whose name this Certificate is registered as of the related Record Date. All sums distributable on this
Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust Fund.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

    A-2-6

     

    

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment
of funds. The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first
anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No
interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

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. The rights of each Person acquiring any Ownership
Interest in a Class R Certificate are expressly subject to the following provisions: (A) no Person holding or acquiring any Ownership
Interest in a Class R Certificate shall be a Disqualified Organization or agent thereof (including a nominee, middleman or similar
person) (an “Agent”), a Plan or a Person acting on behalf of or using the assets of a Plan (such Plan or Person,
an “ERISA Prohibited Holder”) or a Disqualified Non-U.S. Tax Person and each Person acquiring any Ownership
Interest in a Class R Certificate shall promptly notify the Certificate Registrar of any change or impending change to such status;
(B) in connection with any proposed Transfer of any Ownership Interest in a Class R Certificate, the Certificate Registrar shall
require delivery to it, and no Transfer of any Class R Certificate shall be registered until the Certificate Registrar receives,
(I) an affidavit substantially in the form attached to the Pooling and Servicing Agreement as Exhibit D-1 (a “Transferee
Affidavit”) from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing
and warranting, among other things, that such Transferee is not a Disqualified Organization or Agent thereof or a Disqualified
Non-U.S. Tax Person, and that it has reviewed the provisions of Section 5.03(p) of the Pooling and Servicing Agreement and agrees
to be bound by them and (II) a representation letter,

 

    A-2-7

     

    

 

substantially in the form attached to the Pooling and Servicing Agreement
as Exhibit F-2 from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing and
warranting, among other things, that such Transferee is not an ERISA Prohibited Holder; (C) notwithstanding the delivery of a
Transferee Affidavit by a proposed Transferee under clause (B) above, if the Certificate Registrar has actual knowledge that the
proposed Transferee is a Disqualified Organization or Agent thereof, an ERISA Prohibited Holder or a Disqualified Non-U.S. Tax
Person, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected; and (D) each
Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (1) to require a Transferee Affidavit
from any prospective Transferee to whom such Person attempts to transfer its Ownership Interest in such Class R Certificate and
(2) not to transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a letter
substantially in the form attached to the Pooling and Servicing Agreement as Exhibit D-2 certifying that, among other things,
it has no actual knowledge or reason to know that the proposed Transferee’s statements in such Transferee Affidavit are
false.

 

The
Class R Certificates will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral
multiples of 1% in excess thereof.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none
of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)     
    to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error
in any provision of the Pooling and Servicing Agreement;

 

(ii)     
   to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance
of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its

 

    A-2-8

     

    

 

provisions which
may be defective or inconsistent with any other provisions therein or to correct any error;

 

(iii)   
    to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts
or any REO Account; provided that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any
Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)   
    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent
as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust
under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk
of imposition of any tax on the Trust, any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that
(a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder
or Companion Holder;

 

(v)         to
modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling and Servicing Agreement or any
other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor
has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the
Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified
Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)    
   to revise or add any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect
the interests of any Certificateholder or any holder of a Serviced Companion Loan not consenting to such revision or addition
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of
the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency

 

    A-2-9

     

    

 

Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or
supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
DCH Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to
any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to
the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the
Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or
(iv); or

 

(xi)        to
modify, eliminate or add to any of its provisions in the event the Risk Retention Rules or any other regulations applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply

 

    A-2-10

     

    

 

with any such amendment or to modify or eliminate the provision related to the risk retention requirements in the event of such
repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld, conditioned or delayed.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage
Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, related Additional Repurchase Obligor or related guarantor or (B) may materially and adversely affect the holder
of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Whole Loans that are required
to be distributed on a Certificate of any Class without the consent of the Holder of the Certificate or which are required to
be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)        change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or rights of any Mortgage Loan
Seller, related Additional Repurchase Obligor or related guarantor under such Mortgage Loan Purchase Agreement or otherwise or
change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, related Additional Repurchase Obligor
or related guarantor; or

 

(v)     
  amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency
Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in
the

 

    A-2-11

     

    

 

downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement
without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted
under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise
of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will
not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.
Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically required
to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case the consent
of the holder of the related Companion Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates,
in that order of priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through
exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in
the Trust Fund as contemplated by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by
giving written notice to the Trustee, the Certificate Administrator and the other parties to the Pooling and Servicing Agreement
no later than sixty (60) days prior to the anticipated date of purchase; provided, however, that the Holders of
the Controlling Class, the Special Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase
all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the
first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans
held by the Trust is less than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans (solely for the purposes of this
calculation, if such right is being exercised after the Distribution Date in January 2030 and the Mortgage Loan identified as
Mortgage Loan Number 13 on the Mortgage Loan Schedule is still an asset of the issuing entity, then such Mortgage Loan will be
excluded from the then-aggregate stated principal balance of the pool of Mortgage Loans and from the Initial Pool Balance) as
set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates
are no longer outstanding (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the
then-outstanding Certificates (other than the Class R and Class V Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of

 

    A-2-12

     

    

 

its Certificates (other than the Class R and Class V Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing
Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James’s, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-2-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

 

	 	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Registrar under the Pooling and Servicing Agreement

	 	 	 
	 	By:	
	 	 	AUTHORIZED
    SIGNATORY

 

Dated: December
3, 2019

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	
	 	 	AUTHORIZED
    SIGNATORY

 

    A-2-14

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations: 

	 	 	 	 
	TEN COM	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ 
	TEN
        ENT	-	as tenants by the entireties	Custodian
	JT TEN	-	as joint tenants with rights of 	(Cust)
	 	 	survivorship and not as tenants in	 
	 	 	 common	Under
        Uniform Gifts to Minors
	 	 	 	 
	 	 		
Act
        __________________________
	 	 	 	(State)

  

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

  

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

  

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

    A-2-15

     

    

 

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 _____________________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-2-16

     

    

 

EXHIBIT
A-3

FORM OF CLASS V CERTIFICATE

 

CLASS
V

 

WELLS
FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2019-C54, CLASS V

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, OR (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

    A-3-1

     

    

 

EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF INVESTMENT
IN THE ENTITY BY SUCH PLAN OR PLANS AND THE APPLICATION OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION
3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL INTEREST IN A PORTION OF A GRANTOR TRUST
THAT HOLDS THE excess interest and RELATED AMOUNTS IN THE excess interest distribution account.

 

EACH
PURCHASER OF THIS CERTIFICATE SHALL BE REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
C TO THE POOLING AND SERVICING AGREEMENT.

 

    A-3-2

     

    

 

	PERCENTAGE
                                         INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF DECEMBER 1, 2019

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: DECEMBER 3, 2019

         

        FIRST
        DISTRIBUTION DATE:

        JANUARY 17, 2020

         
	 	MASTER
                                         SERVICER:

                                         WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: LNR PARTNERS, LLC

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR:

        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR:

        PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: [            ]

         

        ISIN
        NO.: [            ]

         

        CERTIFICATE
        NO.: V-____

        

 

    A-3-3

     

    

 

CLASS
V CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Excess
Interest Distribution Account and the REO Accounts, formed and sold by

 

WELLS
FARGO COMMERCIAL MORTGAGE SECURITIES, INC.

 

THIS
CERTIFIES THAT [____________________] is the registered owner of the interest evidenced by this Certificate in the Class V Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the percentage interest specified on the face hereof. The Certificates are designated as the WELLS FARGO
COMMERCIAL MORTGAGE TRUST 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 and are issued in the classes
as specifically set forth in the Pooling and Servicing Agreement. The Certificates will evidence in the aggregate 100% of the
beneficial ownership of the Trust Fund.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

This
Certificate represents an undivided beneficial interest in a portion of a grantor trust that holds the Excess Interest and related
amounts in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and
take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for

 

    A-3-4

     

    

 

purposes of
federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of the Excess Interest then distributable, if any, allocable to the Class
of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency of the United States of America
as at the time of payment is legal tender for the payment of public and private debts.

 

This
Certificate is limited in right of payment to, among other things, Excess Interest actually collected on the Mortgage Loans, all
as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the
Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust Fund.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(h) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with
respect thereto. If within one year after the second notice all such Certificates

 

    A-3-5

     

    

 

shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, subject to applicable law with respect to escheatment
of funds. The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first
anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No
interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with Section 4.01(h) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

The
Class V Certificates will be issued in fully registered, certificated form, in minimum percentage interests of 5% and integral
multiples of 1% in excess thereof.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust for any costs
(including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted
by the transferor or transferee to the Certificate Registrar as provided in Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, and any agent
of any of them, may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none
of the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, or any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders
or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

    A-3-6

     

    

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be defective or inconsistent
with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the P&I Advance Date shall in no event be later than the Business Day prior to the related Distribution Date and
(b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced in writing
by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust, any
Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel
(at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect
in any material respect the interests of any Certificateholder or Companion Holder;

 

(v)     
   to modify, eliminate or add to the provisions of Section 5.03(o) or Section 5.03(p) of the Pooling and Servicing
Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates;
provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     
  to revise or add any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect
the interests of any Certificateholder or any holder of a Serviced Companion Loan not consenting to such revision or addition
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a
Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of
the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

    A-3-7

     

    

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement); provided that such amendment or
supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting to such amendment
or supplement, as evidenced by an Opinion of Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to the Mortgage Loans other than any Excluded
DCH Loan, the Directing Certificateholder, determine that the commercial mortgage-backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status
of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code,
as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to
any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement);

 

(ix)      
 to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange
Act; provided that such amendment shall not adversely affect in any material respects the interests of any
Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating
Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate
Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator
shall post such notice to the Certificate Administrator’s Website;

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as will be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in C.F.R. 239.45(b)(1)(ii), (iii) or
(iv); or

 

    A-3-8

     

    

 

(xi)      
 to modify, eliminate or add to any of its provisions in the event the Risk Retention Rules or any other regulations
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent
required to comply with any such amendment or to modify or eliminate the provision related to the risk retention requirements
in the event of such repeal, upon the consent of the Retaining Sponsor, such consent not to be unreasonably withheld,
conditioned or delayed.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations or rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under any Mortgage
Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, related Additional Repurchase Obligor or related guarantor or (B) may materially and adversely affect the holder
of a Companion Loan without such Companion Holder’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the Holders of
Certificates of each Class affected by such amendment evidencing in the aggregate not less than a majority of the aggregate Percentage
Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Whole Loans that are required
to be distributed on a Certificate of any Class without the consent of the Holder of the Certificate or which are required to
be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such
amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the
Holders of all Certificates of such Class then-outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations or
rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor under such Mortgage Loan
Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller, related Additional Repurchase Obligor or
related guarantor as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such
Mortgage Loan Seller, related Additional Repurchase Obligor or related guarantor; or

 

    A-3-9

     

    

 

(v)       amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any Serviced Companion Loan Securities, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with
respect to the Certificates pursuant to Section 3.25 of the Pooling and Servicing Agreement) and, if required under the related
Intercreditor Agreement, the consent of the Subordinate Companion Holder(s) for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer or the Special Servicer shall consent to any amendment to the Pooling and Servicing Agreement
without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted
under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise
of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will
not result in the imposition of a tax on any portion of the Trust Fund or any Trust REMIC, or cause any Trust REMIC to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor trust under the relevant provisions of the Code.
Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provision specifically required
to be included in the Pooling and Servicing Agreement by any Designated Intercreditor Agreement, without in each case the consent
of the holder of the related Companion Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates,
in that order of priority, may, at their option, elect to purchase all of the Mortgage Loans (and all property acquired through
exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in
the Trust Fund as contemplated by clause (ii) of the first paragraph of Section 9.01 in the Pooling and Servicing Agreement by
giving written notice to the Trustee, the Certificate Administrator and the other parties to the Pooling and Servicing Agreement
no later than sixty (60) days prior to the anticipated date of purchase; provided, however, that the Holders of
the Controlling Class, the Special Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase
all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the
first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans
held by the Trust is less than 1.0% of the aggregate Cut-off Date Balance of the Mortgage Loans (solely for the purposes of this
calculation, if such right is being exercised after the Distribution Date in January 2030 and the Mortgage Loan identified as
Mortgage Loan Number 13 on the Mortgage Loan Schedule is still an asset of the issuing entity, then such Mortgage Loan will be
excluded from the then-aggregate stated principal balance of the pool of Mortgage Loans and from the Initial Pool Balance) as
set forth in the Pooling and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C and Class D Certificates
are no longer outstanding (and 

 

    A-3-10

     

    

 

provided that there is only one Holder (or multiple Holders acting in unanimity) of the
then-outstanding Certificates (other than the Class V and Class R Certificates)), the Sole Certificateholder shall have the right,
with the consent of the Master Servicer, to exchange all of its Certificates (other than the Class V and Class R Certificates)
for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing
Agreement.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James’s, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-3-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual

capacity but solely as Certificate Registrar

under the Pooling and Servicing Agreement

	 	 	 
	 	By:	
	 	 	AUTHORIZED SIGNATORY

 

Dated: December
3, 2019

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS V CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	 	 	 
	 	By:	
	 	 	AUTHORIZED
    SIGNATORY

 

    A-3-12

     

    

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ 
	TEN
        ENT	-	as tenants by the entireties	Custodian
	JT TEN	-	as joint tenants with rights of 	(Cust)
	 	 	survivorship and not as tenants in	 
	 	 	 common	Under
        Uniform Gifts to Minors
	 	 	 	 
	 	 		
Act
        __________________________
	 	 	 	(State)

 

Additional
abbreviations may also be used though not in the above list.

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

   

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.

 

    A-3-13

     

    

 

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 _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-3-14

    

EXHIBIT B

MORTGAGE LOAN SCHEDULE

    	 	Exhibit B-1	 
	 	 	 

    	 

    

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Address	City	State	Zip Code	County	General Property Type	Number of Units
	1	RMF	Continental Park - Rosecrans Douglas	831 Douglas Street; 2201, 2221, and 2231 Rosecrans Avenue	El Segundo	CA	90245	Los Angeles	Office	206,012
	2	RMF	West Bountiful Commons	100 North 500 West	West Bountiful	UT	84010	Davis	Retail	324,349
	3	WFB	Torrey Ridge Apartments	210 South Clovis Avenue	Fresno	CA	93727	Fresno	Multifamily	418
	4	AREF	74 Kent Street & 11-20 46th Road	Various	Various	NY	Various	Various	Office	66,470
	4.01	AREF	74 Kent Street	74 Kent Street	Brooklyn	NY	11222	Brooklyn	Office	31,745
	4.02	AREF	11-20 46th Road	11-20 46th Road	Long Island City	NY	11101	Queens	Office	34,725
	5	AREF	77 Clinton Avenue	77 Clinton Avenue	Brooklyn	NY	11205	Kings	Office	127,000
	6	BSPRT	Takoma Metro Center	6856 Eastern Avenue Northwest	Washington	DC	20012	District of Columbia	Mixed Use	198,107
	7	WFB	The Tower at Burbank	3900 West Alameda Avenue	Burbank	CA	91505	Los Angeles	Office	490,807
	8	RMF	Planet Self Storage Portfolio	Various	Various	Various	Various	Various	Self Storage	563,807
	8.01	RMF	Prime Storage - Somerville	39R Medford Street	Somerville	MA	02143	Middlesex	Self Storage	36,095
	8.02	RMF	Prime Storage - Newington	350 Alumni Road	Newington	CT	00611	Hartford	Self Storage	87,925
	8.03	RMF	Prime Storage - Washington	307 South Lincoln Avenue	Washington	NJ	07882	Warren	Self Storage	63,450
	8.04	RMF	Prime Storage - Brookfield	25 and 87 Del Mar Drive	Brookfield	CT	06804	Fairfield	Self Storage	61,350
	8.05	RMF	Prime Storage - Quakertown	1320 South West End Boulevard	Quakertown	PA	18951	Bucks	Self Storage	67,450
	8.06	RMF	Prime Storage - Hyde Park	1641 Hyde Park Avenue	Boston	MA	02136	Suffolk	Self Storage	27,504
	8.07	RMF	Prime Storage - Phillipsburg	1191 U.S. Highway 22	Greenwich; Lopatcong	NJ	08865	Warren	Self Storage	48,691
	8.08	RMF	Prime Storage - New Milford	156 Danbury Road	New Milford	CT	06776	Litchfield	Self Storage	41,050
	8.09	RMF	Prime Storage - Fairless Hills	400 Tyburn Road	Fairless Hills	PA	19030	Bucks	Self Storage	42,211
	8.1	RMF	Prime Storage - Clinton	10 Route 173	Union	NJ	08809	Hunterdon	Self Storage	35,538
	8.11	RMF	Prime Storage - Lindenwold	901 Egg Harbor Road	Lindenwold	NJ	08021	Camden	Self Storage	52,543
	9	BSPRT	The District at Tuttle	4020 Cyber Avenue	Columbus	OH	43221	Franklin	Multifamily	228
	10	WFB	730 Arizona Avenue	730 Arizona Avenue (aka 1310 Lincoln Boulevard)	Santa Monica	CA	90401	Los Angeles	Office	28,822
	11	UBS AG	Phoenix Industrial Portfolio II	Various	Various	Various	Various	Various	Industrial	2,390,648
	11.01	UBS AG	Flint	4444 West Maple Avenue	Flint	MI	48507	Genesee	Industrial	460,000
	11.02	UBS AG	Beloit	1 Reynolds Drive	Beloit	WI	53511	Rock	Industrial	413,903
	11.03	UBS AG	DuBois	851-891 Beaver Drive	DuBois	PA	15801	Pennsylvania	Industrial	612,800
	11.04	UBS AG	Jefferson	351 Collins Road	Jefferson	WI	53549	Jefferson	Industrial	591,840
	11.05	UBS AG	Huntsville	1000 James Record Road	Huntsville	AL	35724	Madison	Industrial	312,105
	12	WFB	North & Sheffield	938 West North Avenue	Chicago	IL	60642	Cook	Retail	31,762
	13	BSPRT	Global Payments, Inc.	1 Heartland Way	Jeffersonville	IN	47130	Clark	Office	226,304
	14	AREF	Somerset Park at Union	9416 East 65th Street	Tulsa	OK	74133	Tulsa	Multifamily	424
	15	BSPRT	NMR Pharmacy Portfolio	Various	Various	Various	Various	Various	Retail	153,806
	15.01	BSPRT	WAG - Knoxville, TN	5320 Clinton Highway	Knoxville	 TN	37912	Knox	Retail	14,112
	15.02	BSPRT	WAG - Cincinnati, OH	9 West Mitchell Avenue	Cincinnati	 OH	45217	Hamilton	Retail	14,490
	15.03	BSPRT	WAG - Huntington, IN	1804 North Jefferson Street	Huntington	 IN	46750	Huntington	Retail	15,125
	15.04	BSPRT	CVS - Dublin, OH	7470 Sawmill Road	Dublin	 OH	43016	Franklin 	Retail	10,086
	15.05	BSPRT	CVS - Ashland, KY	1221 Lexington Avenue	Ashland	 KY	41101	Boyd	Retail	11,240
	15.06	BSPRT	WAG - Akron, OH	1130 South Arlington Street	Akron	 OH	44306	Summit	Retail	13,500
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	1158 Wilmington Avenue	Dayton	 OH	45420	Montgomery	Retail	11,180
	15.08	BSPRT	CVS - Bristol, VA	31 East Valley Drive	Bristol	 VA	24201	Bristol City	Retail	10,251
	15.09	BSPRT	CVS - Bristol, TN	3030 West State Street	Bristol	 TN	37620	Sullivan	Retail	10,200
	15.1	BSPRT	CVS - Evans, GA	4385 Hereford Farm Road	Evans	 GA	30809	Columbia	Retail	10,125
	15.11	BSPRT	WAG - Henderson, KY	517 North Green Street	Henderson	 KY	42420	Henderson	Retail	11,385
	15.12	BSPRT	CVS - Summerfield, NC	4601 US Highway 220	Summerfield	 NC	27358	Guilford	Retail	10,112
	15.13	BSPRT	Rite Aid - Hermitage, PA	1851 East State Street	Hermitage	 PA	16148	Mercer	Retail	12,000
	16	WFB	Scripps Ranch Business Park- CA	10060, 10070, 10080, 10090 and 10100 Willow Creek Road	San Diego	CA	92131	San Diego	Industrial	94,251

 

     EXH. B - 1

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Address	City	State	Zip Code	County	General Property Type	Number of Units
	17	AREF	Platte Airpark Tech Campus	320-480 Wooten Road	Colorado Springs	CO	80916	El Paso	Office	137,423
	18	AREF	HIE & Candlewood Suites Portfolio	Various	Various	Various	Various	Various	Hospitality	230
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	21 Holiday Boulevard	Mercer	PA	16137	Mercer	Hospitality	74
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	37 Holiday Boulevard	Mercer	PA	16137	Mercer	Hospitality	82
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	231 Park Center Drive	Wadsworth	OH	44281	Medina	Hospitality	74
	19	AREF	The Hamptons Apartments	5781 Lake Edwards Drive	Virginia Beach	VA	23462	Virginia Beach	Multifamily	212
	20	WFB	Hilton Garden Inn - Ft. Myers	12600 University Drive	Fort Myers	FL	33907	Lee	Hospitality	126
	21	AREF	Washington Avenue Portfolio	Various	Houston	TX	Various	Harris	Various	125,024
	21.01	AREF	Washington Avenue Properties	5002, 5023, 5101, 5102, 5219, 5316, 5317, 5334, and 5335 Washington Avenue	Houston	TX	77007	Harris	Mixed Use	55,139
	21.02	AREF	319 Saint Emanuel	319 Saint Emanuel Street	Houston	TX	77002	Harris	Industrial	56,250
	21.03	AREF	16210 Clay	16210 Clay Road	Houston	TX	77084	Harris	Industrial	13,635
	22	AREF	River Club	1010 North Black River Drive	Holland Township	MI	49424	Ottawa 	Multifamily	145
	23	RMF	Best Western Premier NYC Gateway 	2650 Paterson Plank Road	North Bergen	NJ	07047	Hudson	Hospitality	102
	24	WFB	Helena & Tillamook Apartment Portfolio	Various	Portland	OR	Various	Multnomah	Multifamily	69
	24.01	WFB	Helena Apartments	1475 Southeast 14th Avenue	Portland	OR	97214	Multnomah	Multifamily	39
	24.02	WFB	Tillamook Street Apartments	2025 Northeast 42nd Avenue	Portland	OR	97213	Multnomah	Multifamily	30
	25	WFB	Hilltop Shopping Center	1070, 1120, 1140 & 1160 Hilltop Drive	Redding	CA	96003	Shasta	Retail	89,595
	26	RMF	Westbrook Office Park III	8050 Marshall Drive	Lenexa	KS	66214	Johnson	Office	98,507
	27	UBS AG	Westlake Village I & II	2000 and 2030 35th Avenue	Greeley	CO	80634	Weld	Retail	164,043
	28	UBS AG	Morse Road Portfolio	Various	Columbus	OH	43229	Franklin	Retail	110,362
	28.01	UBS AG	Morse Plaza	1690 Morse Road	Columbus	OH	43229	Franklin	Retail	96,624
	28.02	UBS AG	1607-1635 Morse Road	1607-1635 Morse Road	Columbus	OH	43229	Franklin	Retail	13,738
	29	WFB	SPS Vacaville II	2400 East Monte Vista Avenue	Vacaville	CA	95688	Solano	Self Storage	81,833
	30	AREF	Campus Edge Apartments	1400 Gainesboro Grade	Cookeville	TN	38501	Putnam	Multifamily	288
	31	AREF	Number 10 Main Apartments	10 South Main Street	Memphis	TN	38103	Shelby	Multifamily	112
	32	WFB	Virginia Varsity Self Storage	2031 & 2085 Apperson Drive	Salem	VA	24153	Roanoke	Self Storage	67,505
	33	RMF	Renaissance Square 	564 - 646 South Main Street	Cedar City	UT	84720	Iron	Retail	79,595
	34	BSPRT	Shoppes of Cooper City	12109 Sheridan Street	Cooper City	FL	33026	Broward	Retail	35,129
	35	RMF	Mountain View & Evergreen MHC Portfolio	Various	Colorado Springs	CO	80907	El Paso	Manufactured Housing Community	181
	35.01	RMF	Mountain View Estates MHC	3100 Wood Avenue	Colorado Springs	CO	80907	El Paso	Manufactured Housing Community	142
	35.02	RMF	Evergreen Park MHC	3000 North Cascade Avenue	Colorado Springs	CO	80907	El Paso	Manufactured Housing Community	39
	36	AREF	Laurel Bay	2400 Fifth Avenue	San Diego	CA	92101	San Diego	Mixed Use	17,660
	37	UBS AG	Apollo Point	19 Cub Circle	Bloomsburg	PA	17815	Columbia	Multifamily	48
	38	BSPRT	Toledo Shopping Center	7147-7205 Southwest 8th Street	Miami	FL	33144	Miami-Dade	Mixed Use	36,000
	39	BSPRT	Beacon Center Office Park	529-651 Beacon Parkway	Birmingham	AL	35209	Jefferson	Office	111,545
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	Various	Various	Various	Various	Various	Various	1,190,355
	40.01	UBS AG	Wood Village Town Center	22557 Park Lane	Wood Village	OR	97060	Multnomah	Retail	137,105

 

 

     EXH. B - 2

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Address	City	State	Zip Code	County	General Property Type	Number of Units
	40.02	UBS AG	Pecan Promenade	2735-2755 South 99th Avenue; 9820-9870 West Lower Buckeye Road	Tolleson	AZ	85353	Maricopa	Retail	141,485
	40.03	UBS AG	Valley Plaza	3115 South McClintock Drive	Tempe	AZ	85282	Maricopa	Retail	146,226
	40.04	UBS AG	Pear Tree	504 East Perkins Street	Ukiah	CA	95482	Mendocino	Retail	197,437
	40.05	UBS AG	Glendale Market Square	5840, 5870, 5880, 5890 West Bell Road; 17045 North 59th Avenue	Glendale	AZ	85308	Maricopa	Retail	185,907
	40.06	UBS AG	Central Park Shopping Center	7425-7719 East Iliff Avenue; 2150 South Quebec Street	Unincorporated Arapahoe	CO	80231	Unincorporated Arapahoe	Retail	147,563
	40.07	UBS AG	Val Vista Towne Center	1395-1505 East Warner Road	Gilbert	AZ	85296	Maricopa	Retail	93,352
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	2641 Hall Avenue	Riverside	CA	92509	Riverside	Industrial	34,982
	40.09	UBS AG	606 W Troy - Indianapolis, IN	606 West Troy Avenue	Indianapolis	IN	46225	Marion	Industrial	22,860
	40.1	UBS AG	Homeland - Bartow, FL	5700 US Highway 17 South	Bartow	FL	33830	Polk	Industrial	67,438
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	2621 Hall Avenue	Riverside	CA	92509	Riverside	Industrial	16,000
	41	WFB	Security Public Storage - Baltimore	3500 Pulaski Highway	Baltimore	MD	21224	Baltimore City	Self Storage	86,764
	42	UBS AG	Comfort Suites at The University	2480 US Highway 501 East	Conway	SC	29526	Horry	Hospitality	78
	43	RMF	Batavia Self Storage	190 Batavia Lane	Kalispell	MT	59901	Flathead	Self Storage	90,190
	44	RMF	Bent Palms Apartments	16540 Bent Palms Cove	Fort Myers	FL	33908	Lee	Multifamily	27

 

 

     EXH. B - 3

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Unit of Measure	Original Principal Balance ($)	Cut-off Date Principal Balance ($)	Monthly P&I Payment ($)	Interest Accrual Basis	Mortgage Rate
	1	RMF	Continental Park - Rosecrans Douglas	Sq. Ft.	55,000,000.00	55,000,000.00	155,634.72 	Actual/360	3.3400000%
	2	RMF	West Bountiful Commons	Sq. Ft.	34,750,000.00	34,750,000.00	113,053.33 	Actual/360	3.8400000%
	3	WFB	Torrey Ridge Apartments	Units	32,500,000.00	32,500,000.00	156,474.40 	Actual/360	4.0700000%
	4	AREF	74 Kent Street & 11-20 46th Road	Sq. Ft.	30,500,000.00	30,500,000.00	111,371.60 	Actual/360	4.3100000%
	4.01	AREF	74 Kent Street	Sq. Ft.	15,860,000.00	 	 	 	 
	4.02	AREF	11-20 46th Road	Sq. Ft.	14,640,000.00	 	 	 	 
	5	AREF	77 Clinton Avenue	Sq. Ft.	30,400,000.00	30,400,000.00	99,158.89 	Actual/360	3.8500000%
	6	BSPRT	Takoma Metro Center	Sq. Ft.	27,600,000.00	27,600,000.00	88,622.83 	Actual/360	3.7900000%
	7	WFB	The Tower at Burbank	Sq. Ft.	25,000,000.00	25,000,000.00	66,295.14 	Actual/360	3.1300000%
	8	RMF	Planet Self Storage Portfolio	Sq. Ft.	25,000,000.00	25,000,000.00	67,248.26 	Actual/360	3.1750000%
	8.01	RMF	Prime Storage - Somerville	Sq. Ft.	3,250,000.00	 	 	 	 
	8.02	RMF	Prime Storage - Newington	Sq. Ft.	2,989,285.71	 	 	 	 
	8.03	RMF	Prime Storage - Washington	Sq. Ft.	2,875,000.00	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	Sq. Ft.	2,428,571.43	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	Sq. Ft.	2,410,714.29	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	Sq. Ft.	2,178,571.43	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	Sq. Ft.	1,875,000.00	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	Sq. Ft.	1,875,000.00	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	Sq. Ft.	1,796,428.57	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	Sq. Ft.	1,714,285.71	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	Sq. Ft.	1,607,142.86	 	 	 	 
	9	BSPRT	The District at Tuttle	Units	24,000,000.00	24,000,000.00	87,094.38 	Actual/360	4.2833300%
	10	WFB	730 Arizona Avenue	Sq. Ft.	22,750,000.00	22,750,000.00	76,518.99 	Actual/360	3.9700000%
	11	UBS AG	Phoenix Industrial Portfolio II	Sq. Ft.	20,000,000.00	20,000,000.00	100,743.75 	Actual/360	4.4500000%
	11.01	UBS AG	Flint	Sq. Ft.	4,885,496.17	 	 	 	 
	11.02	UBS AG	Beloit	Sq. Ft.	4,231,188.53	 	 	 	 
	11.03	UBS AG	DuBois	Sq. Ft.	4,187,568.24	 	 	 	 
	11.04	UBS AG	Jefferson	Sq. Ft.	4,187,568.24	 	 	 	 
	11.05	UBS AG	Huntsville	Sq. Ft.	2,508,178.82	 	 	 	 
	12	WFB	North & Sheffield	Sq. Ft.	19,500,000.00	19,500,000.00	59,475.00 	Actual/360	3.6000000%
	13	BSPRT	Global Payments, Inc.	Sq. Ft.	19,167,000.00	19,167,000.00	62,519.03 	Actual/360	3.8500000%
	14	AREF	Somerset Park at Union	Units	18,750,000.00	18,750,000.00	60,523.44 	Actual/360	3.8100000%
	15	BSPRT	NMR Pharmacy Portfolio	Sq. Ft.	17,500,000.00	17,500,000.00	63,990.69 	Actual/360	4.3160000%
	15.01	BSPRT	WAG - Knoxville, TN	Sq. Ft.	2,880,896.23	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	Sq. Ft.	2,066,430.82	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	Sq. Ft.	1,736,242.14	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	Sq. Ft.	1,392,295.60	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	Sq. Ft.	1,318,003.14	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	Sq. Ft.	1,254,716.98	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	Sq. Ft.	1,144,654.09	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	Sq. Ft.	1,078,616.35	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	Sq. Ft.	1,051,100.63	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	Sq. Ft.	1,034,591.19	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	Sq. Ft.	905,267.30	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	Sq. Ft.	899,764.15	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	Sq. Ft.	737,421.38	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	Sq. Ft.	17,250,000.00	17,250,000.00	78,620.31 	Actual/360	3.6200000%

 

     EXH. B - 4

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Unit of Measure	Original Principal Balance ($)	Cut-off Date Principal Balance ($)	Monthly P&I Payment ($)	Interest Accrual Basis	Mortgage Rate
	17	AREF	Platte Airpark Tech Campus	Sq. Ft.	16,500,000.00	16,500,000.00	76,498.36 	Actual/360	3.7590000%
	18	AREF	HIE & Candlewood Suites Portfolio	Rooms	16,400,000.00	16,379,176.73	85,056.60 	Actual/360	4.7000000%
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	Rooms	5,466,666.67	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	Rooms	5,466,666.67	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	Rooms	5,466,666.66	 	 	 	 
	19	AREF	The Hamptons Apartments	Units	15,850,000.00	15,850,000.00	54,116.74 	Actual/360	4.0300000%
	20	WFB	Hilton Garden Inn - Ft. Myers	Rooms	14,250,000.00	14,212,353.36	70,101.43 	Actual/360	4.2500000%
	21	AREF	Washington Avenue Portfolio	Sq. Ft.	13,000,000.00	13,000,000.00	37,447.22 	Actual/360	3.4000000%
	21.01	AREF	Washington Avenue Properties	Sq. Ft.	10,790,032.34	 	 	 	 
	21.02	AREF	319 Saint Emanuel	Sq. Ft.	2,069,823.37	 	 	 	 
	21.03	AREF	16210 Clay	Sq. Ft.	140,144.29	 	 	 	 
	22	AREF	River Club	Units	13,000,000.00	13,000,000.00	37,226.94 	Actual/360	3.3800000%
	23	RMF	Best Western Premier NYC Gateway 	Rooms	12,200,000.00	12,182,978.90	59,517.77 	Actual/360	4.1800000%
	24	WFB	Helena & Tillamook Apartment Portfolio	Units	11,000,000.00	11,000,000.00	32,058.89 	Actual/360	3.4400000%
	24.01	WFB	Helena Apartments	Units	6,565,000.00	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	Units	4,435,000.00	 	 	 	 
	25	WFB	Hilltop Shopping Center	Sq. Ft.	10,481,250.00	10,481,250.00	29,659.03 	Actual/360	3.3400000%
	26	RMF	Westbrook Office Park III	Sq. Ft.	10,000,000.00	10,000,000.00	48,668.54 	Actual/360	4.1600000%
	27	UBS AG	Westlake Village I & II	Sq. Ft.	10,000,000.00	9,984,456.60	45,301.73 	Actual/360	3.5710000%
	28	UBS AG	Morse Road Portfolio	Sq. Ft.	9,050,000.00	9,050,000.00	44,520.56 	Actual/360	4.2500000%
	28.01	UBS AG	Morse Plaza	Sq. Ft.	6,275,000.00	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	Sq. Ft.	2,775,000.00	 	 	 	 
	29	WFB	SPS Vacaville II	Sq. Ft.	8,700,000.00	8,700,000.00	40,572.97 	Actual/360	3.8070000%
	30	AREF	Campus Edge Apartments	Units	8,300,000.00	8,300,000.00	25,490.80 	Actual/360	3.6250000%
	31	AREF	Number 10 Main Apartments	Units	8,000,000.00	8,000,000.00	33,278.89 	Actual/360	4.9100000%
	32	WFB	Virginia Varsity Self Storage	Sq. Ft.	8,000,000.00	8,000,000.00	38,424.19 	Actual/360	4.0500000%
	33	RMF	Renaissance Square 	Sq. Ft.	7,400,000.00	7,400,000.00	37,670.79 	Actual/360	4.5400000%
	34	BSPRT	Shoppes of Cooper City	Sq. Ft.	6,950,000.00	6,950,000.00	33,784.18 	Actual/360	4.1500000%
	35	RMF	Mountain View & Evergreen MHC Portfolio	Pads	6,500,000.00	6,500,000.00	34,103.25 	Actual/360	4.8000000%
	35.01	RMF	Mountain View Estates MHC	Pads	4,899,334.44	 	 	 	 
	35.02	RMF	Evergreen Park MHC	Pads	1,600,665.56	 	 	 	 
	36	AREF	Laurel Bay	Sq. Ft.	6,400,000.00	6,400,000.00	23,857.78 	Actual/360	4.4000000%
	37	UBS AG	Apollo Point	Units	6,250,000.00	6,233,488.32	30,746.24 	Actual/360	4.2500000%
	38	BSPRT	Toledo Shopping Center	Sq. Ft.	5,450,000.00	5,450,000.00	21,008.99 	Actual/360	4.5500000%
	39	BSPRT	Beacon Center Office Park	Sq. Ft.	5,075,000.00	5,055,939.98	26,928.03 	Actual/360	4.0500000%
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	Sq. Ft.	5,000,000.00	5,000,000.00	17,533.26 	Actual/360	4.1390000%
	40.01	UBS AG	Wood Village Town Center	Sq. Ft.	824,015.69	 	 	 	 

 

 

     EXH. B - 5

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Unit of Measure	Original Principal Balance ($)	Cut-off Date Principal Balance ($)	Monthly P&I Payment ($)	Interest Accrual Basis	Mortgage Rate
	40.02	UBS AG	Pecan Promenade	Sq. Ft.	765,990.14	 	 	 	 
	40.03	UBS AG	Valley Plaza	Sq. Ft.	696,836.42	 	 	 	 
	40.04	UBS AG	Pear Tree	Sq. Ft.	649,144.19	 	 	 	 
	40.05	UBS AG	Glendale Market Square	Sq. Ft.	614,699.80	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	Sq. Ft.	559,058.87	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	Sq. Ft.	492,819.67	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	Sq. Ft.	145,450.69	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	Sq. Ft.	108,632.29	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	Sq. Ft.	76,837.48	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	Sq. Ft.	66,514.76	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	Sq. Ft.	4,500,000.00	4,500,000.00	20,858.08 	Actual/360	3.7570000%
	42	UBS AG	Comfort Suites at The University	Rooms	4,500,000.00	4,487,561.32	21,535.61 	Actual/360	4.0200000%
	43	RMF	Batavia Self Storage	Sq. Ft.	3,800,000.00	3,793,266.61	21,420.39 	Actual/360	4.6380000%
	44	RMF	Bent Palms Apartments	Units	3,750,000.00	3,750,000.00	17,989.66 	Actual/360	4.0400000%

 

 

     EXH. B - 6

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Administrative Fee Rate	Net Mortgage Rate	Payment Due Date	Stated Maturity Date or Anticipated Repayment Date	ARD Loan Maturity Date	ARD Mortgage Rate After Anticipated Repayment Date	Original Term to Maturity or ARD (Mos.)	Remaining Term to Maturity or ARD (Mos.)
	1	RMF	Continental Park - Rosecrans Douglas	0.0187000%	3.3213000%	6	11/6/2029	NAP	NAP	120	119
	2	RMF	West Bountiful Commons	0.0187000%	3.8213000%	6	11/6/2029	NAP	NAP	120	119
	3	WFB	Torrey Ridge Apartments	0.0187000%	4.0513000%	11	10/11/2029	NAP	NAP	120	118
	4	AREF	74 Kent Street & 11-20 46th Road	0.0187000%	4.2913000%	6	11/6/2029	NAP	NAP	120	119
	4.01	AREF	74 Kent Street	 	 	 	 	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 	 	 	 	 
	5	AREF	77 Clinton Avenue	0.0187000%	3.8313000%	6	11/6/2029	NAP	NAP	120	119
	6	BSPRT	Takoma Metro Center	0.0187000%	3.7713000%	6	10/6/2029	NAP	NAP	120	118
	7	WFB	The Tower at Burbank	0.0187000%	3.1113000%	11	8/11/2029	NAP	NAP	120	116
	8	RMF	Planet Self Storage Portfolio	0.0187000%	3.1563000%	6	10/6/2024	NAP	NAP	60	58
	8.01	RMF	Prime Storage - Somerville	 	 	 	 	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 	 	 	 	 
	9	BSPRT	The District at Tuttle	0.0187000%	4.2646300%	6	10/6/2029	NAP	NAP	120	118
	10	WFB	730 Arizona Avenue	0.0187000%	3.9513000%	11	9/11/2029	NAP	NAP	120	117
	11	UBS AG	Phoenix Industrial Portfolio II	0.0174500%	4.4325500%	6	10/6/2029	NAP	NAP	120	118
	11.01	UBS AG	Flint	 	 	 	 	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 	 	 	 	 
	12	WFB	North & Sheffield	0.0187000%	3.5813000%	11	10/11/2029	NAP	NAP	120	118
	13	BSPRT	Global Payments, Inc.	0.0187000%	3.8313000%	6	11/6/2029	11/6/2034	6.3500%	120	119
	14	AREF	Somerset Park at Union	0.0187000%	3.7913000%	6	11/6/2029	NAP	NAP	120	119
	15	BSPRT	NMR Pharmacy Portfolio	0.0187000%	4.2973000%	6	10/6/2029	NAP	NAP	120	118
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	0.0187000%	3.6013000%	11	10/11/2029	NAP	NAP	120	118

 

     EXH. B - 7

     

     

EXHIBIT B

MORTGAGE
LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Administrative Fee Rate	Net Mortgage Rate	Payment Due Date	Stated Maturity Date or Anticipated Repayment Date	ARD Loan Maturity Date	ARD Mortgage Rate After Anticipated Repayment Date	Original Term to Maturity or ARD (Mos.)	Remaining Term to Maturity or ARD (Mos.)
	17	AREF	Platte Airpark Tech Campus	0.0187000%	3.7403000%	6	11/6/2029	NAP	NAP	120	119
	18	AREF	HIE & Candlewood Suites Portfolio	0.0187000%	4.6813000%	6	11/6/2029	NAP	NAP	120	119
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 	 	 	 	 
	19	AREF	The Hamptons Apartments	0.0187000%	4.0113000%	6	11/6/2029	NAP	NAP	120	119
	20	WFB	Hilton Garden Inn - Ft. Myers	0.0187000%	4.2313000%	11	10/11/2029	NAP	NAP	120	118
	21	AREF	Washington Avenue Portfolio	0.0187000%	3.3813000%	6	10/6/2029	NAP	NAP	120	118
	21.01	AREF	Washington Avenue Properties	 	 	 	 	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 	 	 	 	 
	22	AREF	River Club	0.0187000%	3.3613000%	6	11/6/2029	NAP	NAP	120	119
	23	RMF	Best Western Premier NYC Gateway 	0.0187000%	4.1613000%	6	11/6/2029	NAP	NAP	120	119
	24	WFB	Helena & Tillamook Apartment Portfolio	0.0187000%	3.4213000%	11	10/11/2029	NAP	NAP	120	118
	24.01	WFB	Helena Apartments	 	 	 	 	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 	 	 	 	 
	25	WFB	Hilltop Shopping Center	0.0187000%	3.3213000%	11	9/11/2029	NAP	NAP	120	117
	26	RMF	Westbrook Office Park III	0.0187000%	4.1413000%	6	11/6/2029	NAP	NAP	120	119
	27	UBS AG	Westlake Village I & II	0.0187000%	3.5523000%	6	11/6/2029	NAP	NAP	120	119
	28	UBS AG	Morse Road Portfolio	0.0187000%	4.2313000%	6	10/6/2029	NAP	NAP	120	118
	28.01	UBS AG	Morse Plaza	 	 	 	 	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 	 	 	 	 
	29	WFB	SPS Vacaville II	0.0187000%	3.7883000%	11	10/11/2029	NAP	NAP	120	118
	30	AREF	Campus Edge Apartments	0.0187000%	3.6063000%	6	11/6/2029	NAP	NAP	120	119
	31	AREF	Number 10 Main Apartments	0.0187000%	4.8913000%	6	11/6/2029	NAP	NAP	120	119
	32	WFB	Virginia Varsity Self Storage	0.0762000%	3.9738000%	11	10/11/2029	NAP	NAP	120	118
	33	RMF	Renaissance Square 	0.0662000%	4.4738000%	6	11/6/2029	NAP	NAP	120	119
	34	BSPRT	Shoppes of Cooper City	0.0187000%	4.1313000%	6	11/6/2029	NAP	NAP	120	119
	35	RMF	Mountain View & Evergreen MHC Portfolio	0.0187000%	4.7813000%	6	11/6/2029	NAP	NAP	120	119
	35.01	RMF	Mountain View Estates MHC	 	 	 	 	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 	 	 	 	 
	36	AREF	Laurel Bay	0.0187000%	4.3813000%	6	11/6/2029	NAP	NAP	120	119
	37	UBS AG	Apollo Point	0.0187000%	4.2313000%	6	10/6/2029	NAP	NAP	120	118
	38	BSPRT	Toledo Shopping Center	0.0187000%	4.5313000%	6	11/6/2029	NAP	NAP	120	119
	39	BSPRT	Beacon Center Office Park	0.0187000%	4.0313000%	6	10/6/2029	NAP	NAP	120	118
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	0.0251500%	4.1138500%	6	6/6/2029	NAP	NAP	120	114
	40.01	UBS AG	Wood Village Town Center	 	 	 	 	 	 	 	 

 

 

     EXH. B - 8

     

     

EXHIBIT B

MORTGAGE
LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Administrative Fee Rate	Net Mortgage Rate	Payment Due Date	Stated Maturity Date or Anticipated Repayment Date	ARD Loan Maturity Date	ARD Mortgage Rate After Anticipated Repayment Date	Original Term to Maturity or ARD (Mos.)	Remaining Term to Maturity or ARD (Mos.)
	40.02	UBS AG	Pecan Promenade	 	 	 	 	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	0.0187000%	3.7383000%	11	10/11/2029	NAP	NAP	120	118
	42	UBS AG	Comfort Suites at The University	0.0187000%	4.0013000%	6	10/6/2029	NAP	NAP	120	118
	43	RMF	Batavia Self Storage	0.0187000%	4.6193000%	6	11/6/2029	NAP	NAP	120	119
	44	RMF	Bent Palms Apartments	0.0187000%	4.0213000%	6	11/6/2029	NAP	NAP	120	119

 

 

     EXH. B - 9

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Amortization Term (Original) (Mos.)	Amortization Term (Remaining) (Mos.)	Cross Collateralized and Cross Defaulted Loan Flag	Prepayment Provisions
	1	RMF	Continental Park - Rosecrans Douglas	IO	IO	NAP	L(23),GRTR 1% or YM(90),O(7)
	2	RMF	West Bountiful Commons	IO	IO	NAP	L(25),D(91),O(4)
	3	WFB	Torrey Ridge Apartments	360	360	NAP	L(26),D(90),O(4)
	4	AREF	74 Kent Street & 11-20 46th Road	IO	IO	NAP	L(25),D(91),O(4)
	4.01	AREF	74 Kent Street	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 
	5	AREF	77 Clinton Avenue	IO	IO	NAP	L(25),D(91),O(4)
	6	BSPRT	Takoma Metro Center	IO	IO	NAP	L(26),D(89),O(5)
	7	WFB	The Tower at Burbank	IO	IO	NAP	GRTR 0.5% or YM(28),GRTR 0.5% or YM or D(85),O(7)
	8	RMF	Planet Self Storage Portfolio	IO	IO	NAP	L(26),D(30),O(4)
	8.01	RMF	Prime Storage - Somerville	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 
	9	BSPRT	The District at Tuttle	IO	IO	NAP	L(26),D(90),O(4)
	10	WFB	730 Arizona Avenue	IO	IO	NAP	L(27),D(89),O(4)
	11	UBS AG	Phoenix Industrial Portfolio II	360	360	NAP	L(26),D(88),O(6)
	11.01	UBS AG	Flint	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 
	12	WFB	North & Sheffield	IO	IO	NAP	L(26),D(90),O(4)
	13	BSPRT	Global Payments, Inc.	IO	IO	NAP	YM(25),YM or D(91),O(4)
	14	AREF	Somerset Park at Union	IO	IO	NAP	L(25),D(91),O(4)
	15	BSPRT	NMR Pharmacy Portfolio	IO	IO	NAP	L(26),D(90),O(4)
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	360	360	NAP	L(26),GRTR 1% or YM or D(87),O(7)

 

     EXH. B - 10

     

     

EXHIBIT B

MORTGAGE
LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Amortization Term (Original) (Mos.)	Amortization Term (Remaining) (Mos.)	Cross Collateralized and Cross Defaulted Loan Flag	Prepayment Provisions
	17	AREF	Platte Airpark Tech Campus	360	360	NAP	L(25),D(91),O(4)
	18	AREF	HIE & Candlewood Suites Portfolio	360	359	NAP	L(25),D(92),O(3)
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 
	19	AREF	The Hamptons Apartments	IO	IO	NAP	L(25),D(91),O(4)
	20	WFB	Hilton Garden Inn - Ft. Myers	360	358	NAP	L(26),D(90),O(4)
	21	AREF	Washington Avenue Portfolio	IO	IO	NAP	L(26),D(90),O(4)
	21.01	AREF	Washington Avenue Properties	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 
	22	AREF	River Club	IO	IO	NAP	L(25),D(91),O(4)
	23	RMF	Best Western Premier NYC Gateway 	360	359	NAP	L(25),D(91),O(4)
	24	WFB	Helena & Tillamook Apartment Portfolio	IO	IO	NAP	L(26),D(90),O(4)
	24.01	WFB	Helena Apartments	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 
	25	WFB	Hilltop Shopping Center	IO	IO	NAP	L(27),D(86),O(7)
	26	RMF	Westbrook Office Park III	360	360	NAP	L(25),D(91),O(4)
	27	UBS AG	Westlake Village I & II	360	359	NAP	L(25),D(91),O(4)
	28	UBS AG	Morse Road Portfolio	360	360	NAP	L(26),D(90),O(4)
	28.01	UBS AG	Morse Plaza	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 
	29	WFB	SPS Vacaville II	360	360	NAP	L(26),GRTR 1% or YM or D(87),O(7)
	30	AREF	Campus Edge Apartments	IO	IO	NAP	L(25),D(91),O(4)
	31	AREF	Number 10 Main Apartments	IO	IO	NAP	L(25),D(92),O(3)
	32	WFB	Virginia Varsity Self Storage	360	360	NAP	L(26),D(90),O(4)
	33	RMF	Renaissance Square 	360	360	NAP	L(24),GRTR 1% or YM(92),O(4)
	34	BSPRT	Shoppes of Cooper City	360	360	NAP	L(25),D(91),O(4)
	35	RMF	Mountain View & Evergreen MHC Portfolio	360	360	NAP	L(25),D(91),O(4)
	35.01	RMF	Mountain View Estates MHC	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 
	36	AREF	Laurel Bay	IO	IO	NAP	L(25),D(91),O(4)
	37	UBS AG	Apollo Point	360	358	NAP	L(26),D(90),O(4)
	38	BSPRT	Toledo Shopping Center	IO	IO	NAP	L(1),GRTR 1% or YM(115),O(4)
	39	BSPRT	Beacon Center Office Park	300	298	NAP	L(26),D(90),O(4)
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	IO	IO	NAP	L(24),GRTR 1% or YM(89),O(7)
	40.01	UBS AG	Wood Village Town Center	 	 	 	 

 

 

     EXH. B - 11

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Amortization Term (Original) (Mos.)	Amortization Term (Remaining) (Mos.)	Cross Collateralized and Cross Defaulted Loan Flag	Prepayment Provisions
	40.02	UBS AG	Pecan Promenade	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	360	360	NAP	L(26),GRTR 1% or YM or D(87),O(7)
	42	UBS AG	Comfort Suites at The University	360	358	NAP	L(26),D(90),O(4)
	43	RMF	Batavia Self Storage	300	299	NAP	L(25),D(91),O(4)
	44	RMF	Bent Palms Apartments	360	360	NAP	L(25),D(91),O(4)

 

 

     EXH. B - 12

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Ownership Interest	Grace Period Late (Days)	Engineering Escrow / Deferred Maintenance ($)
	1	RMF	Continental Park - Rosecrans Douglas	Fee	0	0 
	2	RMF	West Bountiful Commons	Fee	0	0 
	3	WFB	Torrey Ridge Apartments	Fee	0	69,969 
	4	AREF	74 Kent Street & 11-20 46th Road	Fee	0	0 
	4.01	AREF	74 Kent Street	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 
	5	AREF	77 Clinton Avenue	Fee	0	0 
	6	BSPRT	Takoma Metro Center	Fee	5	28,704 
	7	WFB	The Tower at Burbank	Fee	0	0 
	8	RMF	Planet Self Storage Portfolio	Fee	0	73,438 
	8.01	RMF	Prime Storage - Somerville	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 
	9	BSPRT	The District at Tuttle	Fee	0	0 
	10	WFB	730 Arizona Avenue	Fee	0	0 
	11	UBS AG	Phoenix Industrial Portfolio II	Fee	0	283,040 
	11.01	UBS AG	Flint	 	 	 
	11.02	UBS AG	Beloit	 	 	 
	11.03	UBS AG	DuBois	 	 	 
	11.04	UBS AG	Jefferson	 	 	 
	11.05	UBS AG	Huntsville	 	 	 
	12	WFB	North & Sheffield	Fee	0	0 
	13	BSPRT	Global Payments, Inc.	Fee	0	0 
	14	AREF	Somerset Park at Union	Fee	0	0 
	15	BSPRT	NMR Pharmacy Portfolio	Fee	0	100,740 
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	Fee	0	0 

 

     EXH. B - 13

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Ownership Interest	Grace Period Late (Days)	Engineering Escrow / Deferred Maintenance ($)
	17	AREF	Platte Airpark Tech Campus	Fee	0	12,913 
	18	AREF	HIE & Candlewood Suites Portfolio	Fee	0	0 
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 
	19	AREF	The Hamptons Apartments	Fee	0	84,375 
	20	WFB	Hilton Garden Inn - Ft. Myers	Fee	0	0 
	21	AREF	Washington Avenue Portfolio	Fee	0	52,188 
	21.01	AREF	Washington Avenue Properties	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 
	21.03	AREF	16210 Clay	 	 	 
	22	AREF	River Club	Fee	0	15,000 
	23	RMF	Best Western Premier NYC Gateway 	Fee	0	6,250 
	24	WFB	Helena & Tillamook Apartment Portfolio	Fee	0	0 
	24.01	WFB	Helena Apartments	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 
	25	WFB	Hilltop Shopping Center	Fee	5	306,879 
	26	RMF	Westbrook Office Park III	Fee	0	7,500 
	27	UBS AG	Westlake Village I & II	Fee	0	11,625 
	28	UBS AG	Morse Road Portfolio	Fee	0	0 
	28.01	UBS AG	Morse Plaza	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 
	29	WFB	SPS Vacaville II	Fee	0	0 
	30	AREF	Campus Edge Apartments	Fee	0	0 
	31	AREF	Number 10 Main Apartments	Fee	0	14,188 
	32	WFB	Virginia Varsity Self Storage	Fee	0	0 
	33	RMF	Renaissance Square 	Fee	0	0 
	34	BSPRT	Shoppes of Cooper City	Fee	0	156,938 
	35	RMF	Mountain View & Evergreen MHC Portfolio	Fee	0	0 
	35.01	RMF	Mountain View Estates MHC	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 
	36	AREF	Laurel Bay	Fee	5	0 
	37	UBS AG	Apollo Point	Fee	0	0 
	38	BSPRT	Toledo Shopping Center	Fee	0	0 
	39	BSPRT	Beacon Center Office Park	Fee	0	15,030 
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	Fee	0	171,330 
	40.01	UBS AG	Wood Village Town Center	 	 	 

 

 

     EXH. B - 14

     

     

EXHIBIT B

MORTGAGE
LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Ownership Interest	Grace Period Late (Days)	Engineering Escrow / Deferred Maintenance ($)
	40.02	UBS AG	Pecan Promenade	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 
	41	WFB	Security Public Storage - Baltimore	Fee	0	0 
	42	UBS AG	Comfort Suites at The University	Fee	0	0 
	43	RMF	Batavia Self Storage	Fee	0	0 
	44	RMF	Bent Palms Apartments	Fee	0	0 

 

 

     EXH. B - 15

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Tax Escrow (Initial)	Monthly Tax Escrow ($)	Tax Escrow - Cash or LoC	Insurance Escrow (Initial)	Monthly Insurance Escrow ($)
	1	RMF	Continental Park - Rosecrans Douglas	48,798 	23,237 	Cash	8,218 	0 
	2	RMF	West Bountiful Commons	18,302 	17,431 	Cash	19,214 	1,664 
	3	WFB	Torrey Ridge Apartments	279,782 	34,973 	Cash	153,439 	13,949 
	4	AREF	74 Kent Street & 11-20 46th Road	80,123 	13,354 	Cash	18,167 	6,056 
	4.01	AREF	74 Kent Street	 	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 	 
	5	AREF	77 Clinton Avenue	173,681 	28,947 	Cash	25,370 	6,342 
	6	BSPRT	Takoma Metro Center	81,405 	40,702 	Cash	26,417 	3,774 
	7	WFB	The Tower at Burbank	0 	0 	NAP	0 	0 
	8	RMF	Planet Self Storage Portfolio	370,554 	58,818 	Cash	7,162 	3,410 
	8.01	RMF	Prime Storage - Somerville	 	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 	 
	9	BSPRT	The District at Tuttle	314,210 	62,842 	Cash	33,640 	4,205 
	10	WFB	730 Arizona Avenue	155,478 	25,913 	Cash	44,143 	4,233 
	11	UBS AG	Phoenix Industrial Portfolio II	261,385 	62,502 	Cash	159,062 	13,255 
	11.01	UBS AG	Flint	 	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 	 
	12	WFB	North & Sheffield	13,306 	4,434 	Cash	0 	0 
	13	BSPRT	Global Payments, Inc.	0 	0 	NAP	0 	0 
	14	AREF	Somerset Park at Union	346,715 	28,893 	Cash	40,288 	13,429 
	15	BSPRT	NMR Pharmacy Portfolio	0 	0 	NAP	37,914 	4,739 
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	19,098 	19,098 	Cash	0 	0 

 

     EXH. B - 16

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Tax Escrow (Initial)	Monthly Tax Escrow ($)	Tax Escrow - Cash or LoC	Insurance Escrow (Initial)	Monthly Insurance Escrow ($)
	17	AREF	Platte Airpark Tech Campus	141,281 	23,547 	Cash	0 	1,010 
	18	AREF	HIE & Candlewood Suites Portfolio	66,083 	22,028 	Cash	39,869 	5,696 
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 	 
	19	AREF	The Hamptons Apartments	70,880 	10,126 	Cash	24,351 	8,117 
	20	WFB	Hilton Garden Inn - Ft. Myers	117,793 	10,708 	Cash	0 	0 
	21	AREF	Washington Avenue Portfolio	574,346 	57,435 	Cash	31,531 	15,765 
	21.01	AREF	Washington Avenue Properties	 	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 	 
	22	AREF	River Club	52,462 	13,115 	Cash	36,746 	3,062 
	23	RMF	Best Western Premier NYC Gateway 	37,982 	18,087 	Cash	37,132 	2,947 
	24	WFB	Helena & Tillamook Apartment Portfolio	120,611 	10,965 	Cash	7,132 	792 
	24.01	WFB	Helena Apartments	 	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 	 
	25	WFB	Hilltop Shopping Center	0 	0 	NAP	0 	0 
	26	RMF	Westbrook Office Park III	33,495 	33,495 	Cash	1,655 	0 
	27	UBS AG	Westlake Village I & II	251,592 	50,318 	Cash	20,899 	2,430 
	28	UBS AG	Morse Road Portfolio	107,075 	9,734 	Cash	11,091 	941 
	28.01	UBS AG	Morse Plaza	 	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 	 
	29	WFB	SPS Vacaville II	0 	0 	NAP	0 	0 
	30	AREF	Campus Edge Apartments	147,908 	14,791 	Cash	0 	0 
	31	AREF	Number 10 Main Apartments	62,507 	15,627 	Cash	15,341 	5,114 
	32	WFB	Virginia Varsity Self Storage	14,475 	2,895 	Cash	553 	553 
	33	RMF	Renaissance Square 	4,965 	4,729 	Cash	11,800 	1,873 
	34	BSPRT	Shoppes of Cooper City	137,069 	15,230 	Cash	5,843 	2,921 
	35	RMF	Mountain View & Evergreen MHC Portfolio	9,655 	1,931 	Cash	1,774 	845 
	35.01	RMF	Mountain View Estates MHC	 	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 	 
	36	AREF	Laurel Bay	44,225 	8,845 	Cash	7,432 	572 
	37	UBS AG	Apollo Point	10,239 	5,120 	Cash	5,393 	1,172 
	38	BSPRT	Toledo Shopping Center	100,827 	0 	Cash	0 	0 
	39	BSPRT	Beacon Center Office Park	94,166 	8,561 	Cash	24,238 	4,040 
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	323,078 	161,539 	Cash	0 	0 
	40.01	UBS AG	Wood Village Town Center	 	 	 	 	 

 

 

     EXH. B - 17

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Tax Escrow (Initial)	Monthly Tax Escrow ($)	Tax Escrow - Cash or LoC	Insurance Escrow (Initial)	Monthly Insurance Escrow ($)
	40.02	UBS AG	Pecan Promenade	 	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	0 	0 	NAP	0 	0 
	42	UBS AG	Comfort Suites at The University	29,259 	2,760 	Cash	20,215 	4,394 
	43	RMF	Batavia Self Storage	2,982 	2,840 	Cash	714 	680 
	44	RMF	Bent Palms Apartments	5,456 	5,196 	Cash	12,757 	2,025 

 

 

     EXH. B - 18

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Insurance Escrow - Cash or LoC	Upfront Replacement Reserve ($)	Monthly Replacement Reserve ($)(15)	Replacement Reserve Cap ($)	Replacement Reserve Escrow - Cash or LoC
	1	RMF	Continental Park - Rosecrans Douglas	Cash	0 	3,434 	206,012 	Cash
	2	RMF	West Bountiful Commons	Cash	0 	2,367 	0 	Cash
	3	WFB	Torrey Ridge Apartments	Cash	1,000,000 	17,277 	0 	Cash
	4	AREF	74 Kent Street & 11-20 46th Road	Cash	0 	1,108 	0 	Cash
	4.01	AREF	74 Kent Street	 	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 	 
	5	AREF	77 Clinton Avenue	Cash	0 	2,117 	0 	Cash
	6	BSPRT	Takoma Metro Center	Cash	0 	3,302 	0 	Cash
	7	WFB	The Tower at Burbank	NAP	0 	0 	122,702 	NAP
	8	RMF	Planet Self Storage Portfolio	Cash	0 	5,333 	0 	Cash
	8.01	RMF	Prime Storage - Somerville	 	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 	 
	9	BSPRT	The District at Tuttle	Cash	0 	3,800 	0 	Cash
	10	WFB	730 Arizona Avenue	Cash	0 	480 	16,933 	Cash
	11	UBS AG	Phoenix Industrial Portfolio II	Cash	0 	19,922 	481,308 	Cash
	11.01	UBS AG	Flint	 	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 	 
	12	WFB	North & Sheffield	NAP	0 	530 	0 	Cash
	13	BSPRT	Global Payments, Inc.	NAP	0 	0 	0 	NAP
	14	AREF	Somerset Park at Union	Cash	0 	8,833 	0 	Cash
	15	BSPRT	NMR Pharmacy Portfolio	Cash	0 	2,077 	0 	Cash
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	NAP	0 	1,571 	37,704 	Cash

 

     EXH. B - 19

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Insurance Escrow - Cash or LoC	Upfront Replacement Reserve ($)	Monthly Replacement Reserve ($)(15)	Replacement Reserve Cap ($)	Replacement Reserve Escrow - Cash or LoC
	17	AREF	Platte Airpark Tech Campus	Cash	0 	2,290 	0 	Cash
	18	AREF	HIE & Candlewood Suites Portfolio	Cash	0 	12,269 	0 	Cash
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 	 
	19	AREF	The Hamptons Apartments	Cash	0 	4,417 	0 	Cash
	20	WFB	Hilton Garden Inn - Ft. Myers	NAP	0 	17,675 	0 	Cash
	21	AREF	Washington Avenue Portfolio	Cash	0 	1,563 	37,507 	Cash
	21.01	AREF	Washington Avenue Properties	 	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 	 
	22	AREF	River Club	Cash	0 	3,577 	0 	Cash
	23	RMF	Best Western Premier NYC Gateway 	Cash	0 	13,531 	0 	Cash
	24	WFB	Helena & Tillamook Apartment Portfolio	Cash	0 	2,708 	65,000 	Cash
	24.01	WFB	Helena Apartments	 	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 	 
	25	WFB	Hilltop Shopping Center	NAP	0 	1,493 	35,838 	Cash
	26	RMF	Westbrook Office Park III	Cash	0 	2,709 	162,537 	Cash
	27	UBS AG	Westlake Village I & II	Cash	0 	0 	0 	NAP
	28	UBS AG	Morse Road Portfolio	Cash	0 	1,379 	49,663 	Cash
	28.01	UBS AG	Morse Plaza	 	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 	 
	29	WFB	SPS Vacaville II	NAP	0 	0 	0 	NAP
	30	AREF	Campus Edge Apartments	NAP	0 	2,400 	0 	Cash
	31	AREF	Number 10 Main Apartments	Cash	1,000,000 	2,333 	0 	Cash
	32	WFB	Virginia Varsity Self Storage	Cash	0 	748 	26,928 	Cash
	33	RMF	Renaissance Square 	Cash	0 	1,128 	0 	Cash
	34	BSPRT	Shoppes of Cooper City	Cash	0 	586 	0 	Cash
	35	RMF	Mountain View & Evergreen MHC Portfolio	Cash	0 	771 	0 	Cash
	35.01	RMF	Mountain View Estates MHC	 	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 	 
	36	AREF	Laurel Bay	Cash	0 	368 	0 	Cash
	37	UBS AG	Apollo Point	Cash	0 	1,000 	0 	Cash
	38	BSPRT	Toledo Shopping Center	NAP	0 	540 	0 	Cash
	39	BSPRT	Beacon Center Office Park	Cash	0 	1,859 	0 	Cash
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	NAP	301,104 	20,994 	0 	Cash
	40.01	UBS AG	Wood Village Town Center	 	 	 	 	 

 

 

     EXH. B - 20

     

     

EXHIBIT B

MORTGAGE
LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Insurance Escrow - Cash or LoC	Upfront Replacement Reserve ($)	Monthly Replacement Reserve ($)(15)	Replacement Reserve Cap ($)	Replacement Reserve Escrow - Cash or LoC
	40.02	UBS AG	Pecan Promenade	 	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	NAP	0 	0 	0 	NAP
	42	UBS AG	Comfort Suites at The University	Cash	0 	7,218 	0 	Cash
	43	RMF	Batavia Self Storage	Cash	32,500 	1,127 	0 	Cash
	44	RMF	Bent Palms Apartments	Cash	0 	563 	0 	Cash

 

 

     EXH. B - 21

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Upfront TI/LC Reserve ($)	Monthly TI/LC Reserve ($)	TI/LC Reserve Cap ($)	TI/LC Escrow - Cash or LoC	Debt Service Escrow (Initial) ($)
	1	RMF	Continental Park - Rosecrans Douglas	6,500,000 	17,168 	500,000 	Cash	0 
	2	RMF	West Bountiful Commons	0 	13,244 	0 	Cash	0 
	3	WFB	Torrey Ridge Apartments	0 	0 	0 	NAP	0 
	4	AREF	74 Kent Street & 11-20 46th Road	0 	0 	0 	NAP	0 
	4.01	AREF	74 Kent Street	 	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 	 
	5	AREF	77 Clinton Avenue	400,000 	25,000 	4,000,000 	Cash	0 
	6	BSPRT	Takoma Metro Center	0 	13,207 	0 	Cash	0 
	7	WFB	The Tower at Burbank	0 	0 	490,807 	NAP	0 
	8	RMF	Planet Self Storage Portfolio	0 	0 	0 	NAP	0 
	8.01	RMF	Prime Storage - Somerville	 	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 	 
	9	BSPRT	The District at Tuttle	0 	0 	0 	NAP	0 
	10	WFB	730 Arizona Avenue	0 	6,005 	216,165 	Cash	0 
	11	UBS AG	Phoenix Industrial Portfolio II	0 	199,221 	1,500,000 	Cash	0 
	11.01	UBS AG	Flint	 	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 	 
	12	WFB	North & Sheffield	0 	0 	0 	NAP	0 
	13	BSPRT	Global Payments, Inc.	0 	0 	0 	NAP	0 
	14	AREF	Somerset Park at Union	0 	0 	0 	NAP	0 
	15	BSPRT	NMR Pharmacy Portfolio	0 	5,525 	0 	Cash	0 
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	0 	8,640 	311,040 	Cash	0 

 

     EXH. B - 22

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Upfront TI/LC Reserve ($)	Monthly TI/LC Reserve ($)	TI/LC Reserve Cap ($)	TI/LC Escrow - Cash or LoC	Debt Service Escrow (Initial) ($)
	17	AREF	Platte Airpark Tech Campus	650,000 	11,452 	1,250,000 	Cash	0 
	18	AREF	HIE & Candlewood Suites Portfolio	0 	0 	0 	NAP	0 
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 	 
	19	AREF	The Hamptons Apartments	0 	0 	0 	NAP	0 
	20	WFB	Hilton Garden Inn - Ft. Myers	0 	0 	0 	NAP	0 
	21	AREF	Washington Avenue Portfolio	0 	8,333 	300,000 	Cash	0 
	21.01	AREF	Washington Avenue Properties	 	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 	 
	22	AREF	River Club	0 	0 	0 	NAP	0 
	23	RMF	Best Western Premier NYC Gateway 	0 	0 	0 	NAP	0 
	24	WFB	Helena & Tillamook Apartment Portfolio	0 	0 	0 	NAP	0 
	24.01	WFB	Helena Apartments	 	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 	 
	25	WFB	Hilltop Shopping Center	196,213 	5,450 	196,213 	Cash	0 
	26	RMF	Westbrook Office Park III	200,000 	6,567 	550,000 	Cash	0 
	27	UBS AG	Westlake Village I & II	0 	0 	0 	NAP	0 
	28	UBS AG	Morse Road Portfolio	0 	4,598 	0 	Cash	0 
	28.01	UBS AG	Morse Plaza	 	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 	 
	29	WFB	SPS Vacaville II	0 	0 	0 	NAP	0 
	30	AREF	Campus Edge Apartments	0 	0 	0 	NAP	0 
	31	AREF	Number 10 Main Apartments	0 	0 	0 	NAP	0 
	32	WFB	Virginia Varsity Self Storage	0 	0 	0 	NAP	0 
	33	RMF	Renaissance Square 	0 	5,588 	150,000 	Cash	0 
	34	BSPRT	Shoppes of Cooper City	125,000 	$3,659.25 commencing on May 6, 2022 or when the TI/LC reserve balance is less than $75,000	0 	Cash	0 
	35	RMF	Mountain View & Evergreen MHC Portfolio	0 	0 	0 	NAP	0 
	35.01	RMF	Mountain View Estates MHC	 	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 	 
	36	AREF	Laurel Bay	125,000 	1,472 	125,000 	Cash	0 
	37	UBS AG	Apollo Point	0 	0 	0 	NAP	0 
	38	BSPRT	Toledo Shopping Center	150,000 	3,000 	100,000 	Cash	0 
	39	BSPRT	Beacon Center Office Park	100,000 	9,295 	550,000 	Cash	0 
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	589,027 	87,423 	0 	Cash	0 
	40.01	UBS AG	Wood Village Town Center	 	 	 	 	 

 

 

     EXH. B - 23

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Upfront TI/LC Reserve ($)	Monthly TI/LC Reserve ($)	TI/LC Reserve Cap ($)	TI/LC Escrow - Cash or LoC	Debt Service Escrow (Initial) ($)
	40.02	UBS AG	Pecan Promenade	 	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	0 	0 	0 	NAP	0 
	42	UBS AG	Comfort Suites at The University	0 	0 	0 	NAP	0 
	43	RMF	Batavia Self Storage	0 	0 	0 	NAP	0 
	44	RMF	Bent Palms Apartments	0 	0 	0 	NAP	0 

 

 

     EXH. B - 24

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Debt Service Escrow (Monthly) ($)	Debt Service Escrow - Cash or LoC	Other Escrow I Reserve Description	Other Escrow I (Initial) ($)	Other Escrow I (Monthly) ($)(11)(16)
	1	RMF	Continental Park - Rosecrans Douglas	0 	NAP	NAP	0 	0 
	2	RMF	West Bountiful Commons	0 	NAP	Unfunded TI/LC	77,025 	$99,250 until March 2020
	3	WFB	Torrey Ridge Apartments	0 	NAP	Tax Lien Reserve	9,147 	0 
	4	AREF	74 Kent Street & 11-20 46th Road	0 	NAP	TCO Reserve	3,000,000 	0 
	4.01	AREF	74 Kent Street	 	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 	 
	5	AREF	77 Clinton Avenue	0 	NAP	Rent Reserve	771,667 	0 
	6	BSPRT	Takoma Metro Center	0 	NAP	Montessori Expansion Reserve	600,000 	0 
	7	WFB	The Tower at Burbank	0 	NAP	Existing TI/LC Obligations Reserve	15,934,738 	0 
	8	RMF	Planet Self Storage Portfolio	0 	NAP	NAP	0 	0 
	8.01	RMF	Prime Storage - Somerville	 	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 	 
	9	BSPRT	The District at Tuttle	0 	NAP	NAP	0 	0 
	10	WFB	730 Arizona Avenue	0 	NAP	NAP	0 	0 
	11	UBS AG	Phoenix Industrial Portfolio II	0 	NAP	NAP	0 	0 
	11.01	UBS AG	Flint	 	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 	 
	12	WFB	North & Sheffield	0 	NAP	Existing TI/LC Obligations Reserve	24,017 	0 
	13	BSPRT	Global Payments, Inc.	0 	NAP	Lease Sweep Reserve	0 	0 
	14	AREF	Somerset Park at Union	0 	NAP	NAP	0 	0 
	15	BSPRT	NMR Pharmacy Portfolio	0 	NAP	Hermitage HVAC Reserve	30,172 	0 
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	0 	NAP	Rent Concession Reserve	35,800 	0 

 

     EXH. B - 25

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Debt Service Escrow (Monthly) ($)	Debt Service Escrow - Cash or LoC	Other Escrow I Reserve Description	Other Escrow I (Initial) ($)	Other Escrow I (Monthly) ($)(11)(16)
	17	AREF	Platte Airpark Tech Campus	0 	NAP	Outstanding TI/LC Reserve	630,327 	0 
	18	AREF	HIE & Candlewood Suites Portfolio	0 	NAP	PIP Reserve	3,760,000 	0 
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 	 
	19	AREF	The Hamptons Apartments	0 	NAP	Renovation Reserve	2,113,870 	0 
	20	WFB	Hilton Garden Inn - Ft. Myers	0 	NAP	PIP Reserve	2,406,000 	0 
	21	AREF	Washington Avenue Portfolio	0 	NAP	Unoccupied Premises Rollover Reserve	595,458 	0 
	21.01	AREF	Washington Avenue Properties	 	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 	 
	22	AREF	River Club	0 	NAP	NAP	0 	0 
	23	RMF	Best Western Premier NYC Gateway 	0 	NAP	Seasonality Reserve	120,000 	0 
	24	WFB	Helena & Tillamook Apartment Portfolio	0 	NAP	Upfront Reseve	351,250 	0 
	24.01	WFB	Helena Apartments	 	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 	 
	25	WFB	Hilltop Shopping Center	0 	NAP	NAP	0 	0 
	26	RMF	Westbrook Office Park III	0 	NAP	NAP	0 	0 
	27	UBS AG	Westlake Village I & II	0 	NAP	Rent Concession Funds	45,138 	0 
	28	UBS AG	Morse Road Portfolio	0 	NAP	Condominium Common Charge Reserve	9,679 	4,840 
	28.01	UBS AG	Morse Plaza	 	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 	 
	29	WFB	SPS Vacaville II	0 	NAP	NAP	0 	0 
	30	AREF	Campus Edge Apartments	0 	NAP	NAP	0 	0 
	31	AREF	Number 10 Main Apartments	0 	NAP	Short Term CapEx Reserve ($500,000.00); Subordinate City Loan Reserve ($88,000.00)	588,000 	0 
	32	WFB	Virginia Varsity Self Storage	0 	NAP	NAP	0 	0 
	33	RMF	Renaissance Square 	0 	NAP	Unfunded TI/LC	474,001 	0 
	34	BSPRT	Shoppes of Cooper City	0 	NAP	NAP	0 	0 
	35	RMF	Mountain View & Evergreen MHC Portfolio	0 	NAP	NAP	0 	0 
	35.01	RMF	Mountain View Estates MHC	 	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 	 
	36	AREF	Laurel Bay	0 	NAP	Condominium Common Charges	10,179 	5,090 
	37	UBS AG	Apollo Point	0 	NAP	Condominium Common Charge Funds	5,985 	On each month payment, Borrower shall deposit with the Lender an amount equal to one-twelfth of the Condominium Common Charges that the Lender estimates will be payable during the ensuing twelve months in order to accumulate sufficient funds to pay all such Condominium Common Charges at least thirty days prior to their respective due dates.
	38	BSPRT	Toledo Shopping Center	0 	NAP	NAP	0 	0 
	39	BSPRT	Beacon Center Office Park	0 	NAP	Helping Heart Free Rent Reserve	3,078 	0 
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	0 	NAP	Rent Concession Funds	52,244 	5,887 
	40.01	UBS AG	Wood Village Town Center	 	 	 	 	 

 

 

     EXH. B - 26

     

     

EXHIBIT B

MORTGAGE
LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Debt Service Escrow (Monthly) ($)	Debt Service Escrow - Cash or LoC	Other Escrow I Reserve Description	Other Escrow I (Initial) ($)	Other Escrow I (Monthly) ($)(11)(16)
	40.02	UBS AG	Pecan Promenade	 	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	0 	NAP	NAP	0 	0 
	42	UBS AG	Comfort Suites at The University	0 	NAP	Seasonality Funds	91,488 	0 
	43	RMF	Batavia Self Storage	0 	NAP	NAP	0 	0 
	44	RMF	Bent Palms Apartments	0 	NAP	NAP	0 	0 

 

 

     EXH. B - 27

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow I Cap ($)	Other Escrow I Escrow - Cash or LoC	Other Escrow II Reserve Description
	1	RMF	Continental Park - Rosecrans Douglas	0 	NAP	NAP
	2	RMF	West Bountiful Commons	0 	Cash	NAP
	3	WFB	Torrey Ridge Apartments	0 	Cash	NAP
	4	AREF	74 Kent Street & 11-20 46th Road	0 	Cash	Free Rent Resere for TheraCare ($1,302,187.5), Outstanding TI/LC Funds ($2,290,825.5)
	4.01	AREF	74 Kent Street	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 
	5	AREF	77 Clinton Avenue	0 	Cash	NAP
	6	BSPRT	Takoma Metro Center	0 	Cash	Free Rent Reserve
	7	WFB	The Tower at Burbank	0 	Cash	Free Rent Obligations
	8	RMF	Planet Self Storage Portfolio	0 	NAP	NAP
	8.01	RMF	Prime Storage - Somerville	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 
	9	BSPRT	The District at Tuttle	0 	NAP	NAP
	10	WFB	730 Arizona Avenue	0 	NAP	NAP
	11	UBS AG	Phoenix Industrial Portfolio II	0 	NAP	NAP
	11.01	UBS AG	Flint	 	 	 
	11.02	UBS AG	Beloit	 	 	 
	11.03	UBS AG	DuBois	 	 	 
	11.04	UBS AG	Jefferson	 	 	 
	11.05	UBS AG	Huntsville	 	 	 
	12	WFB	North & Sheffield	0 	Cash	NAP
	13	BSPRT	Global Payments, Inc.	2,704,764 	NAP	NAP
	14	AREF	Somerset Park at Union	0 	NAP	NAP
	15	BSPRT	NMR Pharmacy Portfolio	0 	Cash	NAP
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	0 	Cash	Existing TI/LC Reserve ($76,085) / Springing Tenant Reserve 

 

     EXH. B - 28

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow I Cap ($)	Other Escrow I Escrow - Cash or LoC	Other Escrow II Reserve Description
	17	AREF	Platte Airpark Tech Campus	0 	Cash	NAP
	18	AREF	HIE & Candlewood Suites Portfolio	820,000 	Cash	Seasonality Reserve
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 
	19	AREF	The Hamptons Apartments	0 	Cash	NAP
	20	WFB	Hilton Garden Inn - Ft. Myers	0 	LoC	Seasonality Reserve
	21	AREF	Washington Avenue Portfolio	0 	Cash	Pub Heights Case Reserve
	21.01	AREF	Washington Avenue Properties	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 
	21.03	AREF	16210 Clay	 	 	 
	22	AREF	River Club	0 	NAP	NAP
	23	RMF	Best Western Premier NYC Gateway 	0 	Cash	NAP
	24	WFB	Helena & Tillamook Apartment Portfolio	0 	Cash	Gap Rent Reserve
	24.01	WFB	Helena Apartments	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 
	25	WFB	Hilltop Shopping Center	0 	NAP	NAP
	26	RMF	Westbrook Office Park III	0 	NAP	NAP
	27	UBS AG	Westlake Village I & II	0 	Cash	NAP
	28	UBS AG	Morse Road Portfolio	0 	Cash	Unfunded Obligations Reserve
	28.01	UBS AG	Morse Plaza	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 
	29	WFB	SPS Vacaville II	0 	NAP	NAP
	30	AREF	Campus Edge Apartments	0 	NAP	NAP
	31	AREF	Number 10 Main Apartments	0 	Cash	Preferred Equity Reserve
	32	WFB	Virginia Varsity Self Storage	0 	NAP	NAP
	33	RMF	Renaissance Square 	0 	Cash	Free Rent Reserve
	34	BSPRT	Shoppes of Cooper City	0 	NAP	NAP
	35	RMF	Mountain View & Evergreen MHC Portfolio	0 	NAP	NAP
	35.01	RMF	Mountain View Estates MHC	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 
	36	AREF	Laurel Bay	0 	Cash	NAP
	37	UBS AG	Apollo Point	0 	Cash	NAP
	38	BSPRT	Toledo Shopping Center	0 	NAP	NAP
	39	BSPRT	Beacon Center Office Park	0 	Cash	NAP
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	0 	Cash	NAP
	40.01	UBS AG	Wood Village Town Center	 	 	 

 

 

     EXH. B - 29

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow I Cap ($)	Other Escrow I Escrow - Cash or LoC	Other Escrow II Reserve Description
	40.02	UBS AG	Pecan Promenade	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 
	41	WFB	Security Public Storage - Baltimore	0 	NAP	NAP
	42	UBS AG	Comfort Suites at The University	0 	Cash	Comfort Letter Funds; PIP Funds
	43	RMF	Batavia Self Storage	0 	NAP	NAP
	44	RMF	Bent Palms Apartments	0 	NAP	NAP

 

 

     EXH. B - 30

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow II (Initial) ($)	Other Escrow II (Monthly) ($)	Other Escrow II Cap ($)
	1	RMF	Continental Park - Rosecrans Douglas	0 	0 	0 
	2	RMF	West Bountiful Commons	0 	0 	0 
	3	WFB	Torrey Ridge Apartments	0 	0 	0 
	4	AREF	74 Kent Street & 11-20 46th Road	3,593,013 	0 	0 
	4.01	AREF	74 Kent Street	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 
	5	AREF	77 Clinton Avenue	0 	0 	0 
	6	BSPRT	Takoma Metro Center	71,794 	0 	0 
	7	WFB	The Tower at Burbank	0 	0 	0 
	8	RMF	Planet Self Storage Portfolio	0 	0 	0 
	8.01	RMF	Prime Storage - Somerville	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 
	9	BSPRT	The District at Tuttle	0 	0 	0 
	10	WFB	730 Arizona Avenue	0 	0 	0 
	11	UBS AG	Phoenix Industrial Portfolio II	0 	0 	0 
	11.01	UBS AG	Flint	 	 	 
	11.02	UBS AG	Beloit	 	 	 
	11.03	UBS AG	DuBois	 	 	 
	11.04	UBS AG	Jefferson	 	 	 
	11.05	UBS AG	Huntsville	 	 	 
	12	WFB	North & Sheffield	0 	0 	0 
	13	BSPRT	Global Payments, Inc.	0 	0 	0 
	14	AREF	Somerset Park at Union	0 	0 	0 
	15	BSPRT	NMR Pharmacy Portfolio	0 	0 	0 
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	76,085 	0 	0 

 

     EXH. B - 31

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow II (Initial) ($)	Other Escrow II (Monthly) ($)	Other Escrow II Cap ($)
	17	AREF	Platte Airpark Tech Campus	0 	0 	0 
	18	AREF	HIE & Candlewood Suites Portfolio	215,000 	0 	0 
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 
	19	AREF	The Hamptons Apartments	0 	0 	0 
	20	WFB	Hilton Garden Inn - Ft. Myers	0 	0 	0 
	21	AREF	Washington Avenue Portfolio	250,000 	0 	0 
	21.01	AREF	Washington Avenue Properties	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 
	21.03	AREF	16210 Clay	 	 	 
	22	AREF	River Club	0 	0 	0 
	23	RMF	Best Western Premier NYC Gateway 	0 	0 	0 
	24	WFB	Helena & Tillamook Apartment Portfolio	49,389 	0 	0 
	24.01	WFB	Helena Apartments	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 
	25	WFB	Hilltop Shopping Center	0 	0 	0 
	26	RMF	Westbrook Office Park III	0 	0 	0 
	27	UBS AG	Westlake Village I & II	0 	0 	0 
	28	UBS AG	Morse Road Portfolio	235,142 	0 	0 
	28.01	UBS AG	Morse Plaza	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 
	29	WFB	SPS Vacaville II	0 	0 	0 
	30	AREF	Campus Edge Apartments	0 	0 	0 
	31	AREF	Number 10 Main Apartments	6,250 	6,250 	0 
	32	WFB	Virginia Varsity Self Storage	0 	0 	0 
	33	RMF	Renaissance Square 	203,374 	0 	0 
	34	BSPRT	Shoppes of Cooper City	0 	0 	0 
	35	RMF	Mountain View & Evergreen MHC Portfolio	0 	0 	0 
	35.01	RMF	Mountain View Estates MHC	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 
	36	AREF	Laurel Bay	0 	0 	0 
	37	UBS AG	Apollo Point	0 	0 	0 
	38	BSPRT	Toledo Shopping Center	0 	0 	0 
	39	BSPRT	Beacon Center Office Park	0 	0 	0 
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	0 	0 	0 
	40.01	UBS AG	Wood Village Town Center	 	 	 

 

 

     EXH. B - 32

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow II (Initial) ($)	Other Escrow II (Monthly) ($)	Other Escrow II Cap ($)
	40.02	UBS AG	Pecan Promenade	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 
	41	WFB	Security Public Storage - Baltimore	0 	0 	0 
	42	UBS AG	Comfort Suites at The University	2,000 	0 	0 
	43	RMF	Batavia Self Storage	0 	0 	0 
	44	RMF	Bent Palms Apartments	0 	0 	0 

 

 

     EXH. B - 33

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow II Escrow - Cash or LoC	Holdback(7)	Secured by LOC (Y/N)	LOC Amount
	1	RMF	Continental Park - Rosecrans Douglas	NAP	NAP	N	 
	2	RMF	West Bountiful Commons	NAP	NAP	N	 
	3	WFB	Torrey Ridge Apartments	NAP	NAP	N	 
	4	AREF	74 Kent Street & 11-20 46th Road	Cash	2,000,000 	 	 
	4.01	AREF	74 Kent Street	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 
	5	AREF	77 Clinton Avenue	NAP	NAP	 	 
	6	BSPRT	Takoma Metro Center	Cash	NAP	N	 
	7	WFB	The Tower at Burbank	NAP	NAP	N	 
	8	RMF	Planet Self Storage Portfolio	NAP	NAP	N	 
	8.01	RMF	Prime Storage - Somerville	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 
	9	BSPRT	The District at Tuttle	NAP	NAP	N	 
	10	WFB	730 Arizona Avenue	NAP	NAP	N	 
	11	UBS AG	Phoenix Industrial Portfolio II	NAP	NAP	N	 
	11.01	UBS AG	Flint	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 
	12	WFB	North & Sheffield	NAP	NAP	N	 
	13	BSPRT	Global Payments, Inc.	NAP	NAP	N	 
	14	AREF	Somerset Park at Union	NAP	1,500,000 	N	 
	15	BSPRT	NMR Pharmacy Portfolio	NAP	NAP	N	 
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	Cash	NAP	N	 

 

     EXH. B - 34

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow II Escrow - Cash or LoC	Holdback(7)	Secured by LOC (Y/N)	LOC Amount
	17	AREF	Platte Airpark Tech Campus	NAP	NAP	N	 
	18	AREF	HIE & Candlewood Suites Portfolio	Cash	NAP	N	 
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 
	19	AREF	The Hamptons Apartments	NAP	1,480,000 	N	 
	20	WFB	Hilton Garden Inn - Ft. Myers	NAP	NAP	N	 
	21	AREF	Washington Avenue Portfolio	Cash	NAP	N	 
	21.01	AREF	Washington Avenue Properties	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 
	22	AREF	River Club	NAP	NAP	N	 
	23	RMF	Best Western Premier NYC Gateway 	NAP	NAP	N	 
	24	WFB	Helena & Tillamook Apartment Portfolio	Cash 	NAP	N	 
	24.01	WFB	Helena Apartments	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 
	25	WFB	Hilltop Shopping Center	NAP	NAP	N	 
	26	RMF	Westbrook Office Park III	NAP	NAP	N	 
	27	UBS AG	Westlake Village I & II	NAP	NAP	N	 
	28	UBS AG	Morse Road Portfolio	Cash	NAP	N	 
	28.01	UBS AG	Morse Plaza	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 
	29	WFB	SPS Vacaville II	NAP	NAP	N	 
	30	AREF	Campus Edge Apartments	NAP	NAP	N	 
	31	AREF	Number 10 Main Apartments	Cash	NAP	N	 
	32	WFB	Virginia Varsity Self Storage	NAP	NAP	N	 
	33	RMF	Renaissance Square 	Cash	NAP	N	 
	34	BSPRT	Shoppes of Cooper City	NAP	NAP	N	 
	35	RMF	Mountain View & Evergreen MHC Portfolio	NAP	NAP	N	 
	35.01	RMF	Mountain View Estates MHC	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 
	36	AREF	Laurel Bay	NAP	NAP	N	 
	37	UBS AG	Apollo Point	NAP	NAP	N	 
	38	BSPRT	Toledo Shopping Center	NAP	NAP	N	 
	39	BSPRT	Beacon Center Office Park	NAP	NAP	N	 
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	NAP	NAP	N	 
	40.01	UBS AG	Wood Village Town Center	 	 	 	 

 

 

     EXH. B - 35

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Other Escrow II Escrow - Cash or LoC	Holdback(7)	Secured by LOC (Y/N)	LOC Amount
	40.02	UBS AG	Pecan Promenade	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	NAP	NAP	N	 
	42	UBS AG	Comfort Suites at The University	Cash	NAP	N	 
	43	RMF	Batavia Self Storage	NAP	NAP	N	 
	44	RMF	Bent Palms Apartments	NAP	NAP	N	 

 

 

     EXH. B - 36

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Type of Lockbox	Borrower Name	Sponsor Name	 Servicing 

Fee Rate
	1	RMF	Continental Park - Rosecrans Douglas	Springing	Continental Rose-Doug LLC	Continental Development Corporation	0.00500%
	2	RMF	West Bountiful Commons	Springing	WBC Partners Delaware, LLC	John R. Thackeray; Armand D. Johansen	0.00500%
	3	WFB	Torrey Ridge Apartments	Soft/Springing Cash Management	Torrey Ridge, L.P.	Patrick De La Torre	0.00500%
	4	AREF	74 Kent Street & 11-20 46th Road	Hard/Springing Cash Management	11-20 46th Road Owner LLC; 74 Kent Owner LLC	Simeon Derenshteyn; Elena Gilman 	0.00500%
	4.01	AREF	74 Kent Street	 	 	 	 
	4.02	AREF	11-20 46th Road	 	 	 	 
	5	AREF	77 Clinton Avenue	Hard/Springing Cash Management	Clinton Associates of Kings Inc.; Clinton Associates of Kings 2 LLC	Abraham Leser; Edith Leser	0.00500%
	6	BSPRT	Takoma Metro Center	Hard/Springing Cash Management	Jemal's Takoma Park L.L.C.	Norman Jemal	0.00500%
	7	WFB	The Tower at Burbank	Hard/Springing Cash Management	Tower Burbank Owner, LLC	BPP Burbank Holdings LLC	0.00250%
	8	RMF	Planet Self Storage Portfolio	Springing	Prime Storage Brookfield, LLC; Prime Storage Clinton, LLC; Prime Storage Fairless Hills, LLC; Prime Storage Lindenwold, LLC; Prime Storage Newington, LLC; Prime Storage New Milford, LLC; Prime Storage Phillipsburg, LLC; Prime Storage Quakertown, LLC; Prime Storage Washington, LLC; Prime Storage Hyde Park, LLC; Prime Storage Somerville, LLC	Robert Moser	0.00250%
	8.01	RMF	Prime Storage - Somerville	 	 	 	 
	8.02	RMF	Prime Storage - Newington	 	 	 	 
	8.03	RMF	Prime Storage - Washington	 	 	 	 
	8.04	RMF	Prime Storage - Brookfield	 	 	 	 
	8.05	RMF	Prime Storage - Quakertown	 	 	 	 
	8.06	RMF	Prime Storage - Hyde Park	 	 	 	 
	8.07	RMF	Prime Storage - Phillipsburg	 	 	 	 
	8.08	RMF	Prime Storage - New Milford	 	 	 	 
	8.09	RMF	Prime Storage - Fairless Hills	 	 	 	 
	8.1	RMF	Prime Storage - Clinton	 	 	 	 
	8.11	RMF	Prime Storage - Lindenwold	 	 	 	 
	9	BSPRT	The District at Tuttle	Soft/Springing Cash Management	District One II, LLC	Scott W. Coy; Brian G. Uffelman	0.00500%
	10	WFB	730 Arizona Avenue	Hard/Upfront Cash Management	730 Arizona Avenue Holdings, LLC	David Orenstein	0.00500%
	11	UBS AG	Phoenix Industrial Portfolio II	Hard/Springing Cash Management	Phoenix Beloit Industrial Investors LLC; Phoenix Jefferson Industrial Investors LLC; Phoenix Flint Industrial Investors LLC; Phoenix Huntsville Industrial Investors LLC; Phoenix Dubois Industrial Investors LLC	Phoenix Investors	0.00250%
	11.01	UBS AG	Flint	 	 	 	 
	11.02	UBS AG	Beloit	 	 	 	 
	11.03	UBS AG	DuBois	 	 	 	 
	11.04	UBS AG	Jefferson	 	 	 	 
	11.05	UBS AG	Huntsville	 	 	 	 
	12	WFB	North & Sheffield	Soft/Springing Cash Management	North Sheffield Associates LLC	Jeffrey J. Feil	0.00500%
	13	BSPRT	Global Payments, Inc.	Springing	BSPRT GPO Owner, LLC	BSPRT CRE Equity, LLC	0.00500%
	14	AREF	Somerset Park at Union	Springing	Somerset Best Living, LLC	Gerald Lee Nudo; Laurence H. Weiner; Marc Kulick	0.00500%
	15	BSPRT	NMR Pharmacy Portfolio	Hard/Springing Cash Management	WEC 98H-30 LLC; WEC 98H-9 LLC; WEC 98H-18 LLC; WEC 98H-28 LLC; WEC 98H-38 LLC; WEC 98H-27 LLC; 1851 East State Street Owner LLC; 1158 Wilmington Avenue Owner LLC; 5320 Clinton Highway LLC; 9 West Mitchell Avenue LLC; 1130 South Arlington Street LLC; 1804 Jefferson Street LLC; 517 North Green Street LLC	Moshe Shovtiel Rudich	0.00500%
	15.01	BSPRT	WAG - Knoxville, TN	 	 	 	 
	15.02	BSPRT	WAG - Cincinnati, OH	 	 	 	 
	15.03	BSPRT	WAG - Huntington, IN	 	 	 	 
	15.04	BSPRT	CVS - Dublin, OH	 	 	 	 
	15.05	BSPRT	CVS - Ashland, KY	 	 	 	 
	15.06	BSPRT	WAG - Akron, OH	 	 	 	 
	15.07	BSPRT	Rite Aid/PNC ATM - Dayton, OH	 	 	 	 
	15.08	BSPRT	CVS - Bristol, VA	 	 	 	 
	15.09	BSPRT	CVS - Bristol, TN	 	 	 	 
	15.1	BSPRT	CVS - Evans, GA	 	 	 	 
	15.11	BSPRT	WAG - Henderson, KY	 	 	 	 
	15.12	BSPRT	CVS - Summerfield, NC	 	 	 	 
	15.13	BSPRT	Rite Aid - Hermitage, PA	 	 	 	 
	16	WFB	Scripps Ranch Business Park- CA	Springing	Scripps Ranch LLC	David B. Dollinger	0.00500%

 

 

     EXH. B - 37

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Type of Lockbox	Borrower Name	Sponsor Name	 Servicing 

Fee Rate
	17	AREF	Platte Airpark Tech Campus	Hard/Springing Cash Management	Platte Holdings, LLC; Platte TIC, LLC; Platte TICD, LLC	Dmitry Gordeev; Abraham Ausch	0.00500%
	18	AREF	HIE & Candlewood Suites Portfolio	Springing	Sunnyland CDLW Real Estate, LLC; PA HIE, LLC; Wadsworth HIE, LLC	Robert Leatherman; Phyllis Leatherman	0.00500%
	18.01	AREF	Holiday Inn Express Grove City Outlet Center    	 	 	 	 
	18.02	AREF	Candlewood Suites Grove City Outlet Center   	 	 	 	 
	18.03	AREF	Holiday Inn Express & Suites Wadsworth 	 	 	 	 
	19	AREF	The Hamptons Apartments	Soft/Springing Cash Management	RM The Hamptons, LLC	MogulREIT I, LLC; Jilliene Helman	0.00500%
	20	WFB	Hilton Garden Inn - Ft. Myers	Hard/Springing Cash Management	LH Fort Myers Hospitality LLC	Richard L. LaFrance	0.00500%
	21	AREF	Washington Avenue Portfolio	Hard/Springing Cash Management	Urban Properties, LLC	Vinod Kewalramani	0.00250%
	21.01	AREF	Washington Avenue Properties	 	 	 	 
	21.02	AREF	319 Saint Emanuel	 	 	 	 
	21.03	AREF	16210 Clay	 	 	 	 
	22	AREF	River Club	Springing	TEG River Club LLC	Yshia David Willner; Moshe Y. Wagner	0.00500%
	23	RMF	Best Western Premier NYC Gateway 	Springing	AV Hospitality LLC	Tansukh R. Suratwala; Jugmohan R. Suratwala	0.00500%
	24	WFB	Helena & Tillamook Apartment Portfolio	Springing	UDG 14th & Hawthorne LLC; UDG Tillamook 42 LLC	Dennis Erick Sackhoff; Dennis Erick Sackhoff Revocable Trust	0.00500%
	24.01	WFB	Helena Apartments	 	 	 	 
	24.02	WFB	Tillamook Street Apartments	 	 	 	 
	25	WFB	Hilltop Shopping Center	Springing	Papf Redding, LLC	Stephen B. Jaeger	0.00500%
	26	RMF	Westbrook Office Park III	Springing	Excelsior Westbrook III LLC	Brian C. Adams; Abhishek Mathur	0.00500%
	27	UBS AG	Westlake Village I & II	Springing	Westlake Village, LLC; Westlake Village II LLC	Katherine A. Roche Marital Trust; Katherine A. Roche	0.00500%
	28	UBS AG	Morse Road Portfolio	Hard/Springing Cash Management	Building 14K LLC; NMRD3 Limited	Mina L. Dioun	0.00500%
	28.01	UBS AG	Morse Plaza	 	 	 	 
	28.02	UBS AG	1607-1635 Morse Road	 	 	 	 
	29	WFB	SPS Vacaville II	None	Security Public Storage – Vacaville II LLC	Benjamin D. Eisler and Shirley E. Eisler, individually and as Co-Trustees of the Eisler Revocable Trust; Michael B. Eisler, individually and as Trustee of the Michael Bradley Eisler Revocable Trust	0.00500%
	30	AREF	Campus Edge Apartments	Springing	Campus Edge Equities LLC	Francis Greenburger	0.00500%
	31	AREF	Number 10 Main Apartments	Soft/Upfront Cash Management	CTB L.L.C.	Akinjide A. Famuagun	0.00500%
	32	WFB	Virginia Varsity Self Storage	None	Virginia Varsity Storage-Apperson, LLC	John D. Lugar	0.06250%
	33	RMF	Renaissance Square 	Hard/Springing Cash Management	CCA-Renaissance Square Shopping Center, LLC	Steven Usdan	0.05250%
	34	BSPRT	Shoppes of Cooper City	Hard/Springing Cash Management	Shoppes of Cooper City AP, LLC	Andrew Perkins	0.00500%
	35	RMF	Mountain View & Evergreen MHC Portfolio	Springing	Mountain View Estates MHC, LLC	John P. Briggs; Julio C. Jaramillo	0.00500%
	35.01	RMF	Mountain View Estates MHC	 	 	 	 
	35.02	RMF	Evergreen Park MHC	 	 	 	 
	36	AREF	Laurel Bay	Springing	Pref Laurel Bay, LLC	Paragon Management Company, LLC	0.00500%
	37	UBS AG	Apollo Point	Springing	Lion's Gate VII, LP	Gregory Sarangoulis	0.00500%
	38	BSPRT	Toledo Shopping Center	Springing	Toledo Jalimar Corporation	Steven Halegua	0.00500%
	39	BSPRT	Beacon Center Office Park	Springing	AK & B Beacon Center, LLC	Ahmed Al-Khatib	0.00500%
	40	UBS AG	CIRE Equity Retail & Industrial Portfolio	Hard/Springing Cash Management	CP Denver REH, LLC; Glendale REH, LLC; IFCO Homeland REH, LLC; Pecan REH, LLC; Pear Tree REH, LLC; Valley Plaza REH, LLC; VAL Vista REH, LLC; Wood Village REH, LLC; 2621 Hall Ave REH, LLC; 2641 Hall Avenue REH, LLC; 606 W Troy REH, LLC	Josh Volen; Trevor Smith; CIRE OpCo I, LLC	0.00250%
	40.01	UBS AG	Wood Village Town Center	 	 	 	 

 

 

     EXH. B - 38

     

     

EXHIBIT B

MORTGAGE LOAN SCHEDULE 

 

Wells Fargo Commercial Mortgage Trust 2019-C54 

MORTGAGE LOAN SCHEDULE

 

 

	Mortgage Loan Number	Mortgage Loan Seller	Property Name	Type of Lockbox	Borrower Name	Sponsor Name	 Servicing 

Fee Rate
	40.02	UBS AG	Pecan Promenade	 	 	 	 
	40.03	UBS AG	Valley Plaza	 	 	 	 
	40.04	UBS AG	Pear Tree	 	 	 	 
	40.05	UBS AG	Glendale Market Square	 	 	 	 
	40.06	UBS AG	Central Park Shopping Center	 	 	 	 
	40.07	UBS AG	Val Vista Towne Center	 	 	 	 
	40.08	UBS AG	2641 Hall Ave - Riverside, CA	 	 	 	 
	40.09	UBS AG	606 W Troy - Indianapolis, IN	 	 	 	 
	40.1	UBS AG	Homeland - Bartow, FL	 	 	 	 
	40.11	UBS AG	2621 Hall Ave - Riverside, CA	 	 	 	 
	41	WFB	Security Public Storage - Baltimore	None	Security Public Storage – Baltimore LLC	Benjamin D. Eisler and Shirley E. Eisler, individually and as Co-Trustees of the Eisler Revocable Trust; Michael B. Eisler, individually and as Trustee of the Michael Bradley Eisler Revocable Trust	0.00500%
	42	UBS AG	Comfort Suites at The University	Hard/Springing Cash Management	Coastal Carolina Hospitality, LLC	John W. Gandy	0.00500%
	43	RMF	Batavia Self Storage	Springing	Batavia Rentals, LLC; Batavia Self Storage and Truck Rentals, Inc.	Michael Kuphal; Belinda Metz	0.00500%
	44	RMF	Bent Palms Apartments	Springing	AUM Realty II FL, LLC	Kandarp Acharya; Amit Wadhwa; Salil Ray; Guarang Parekh	0.00500%

 

 

     EXH. B - 39

     

     

 

 

 

 

EXHIBIT C

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association

          as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services – Wells Fargo Commercial Mortgage Trust 2019-C54

          [OR OTHER CERTIFICATE REGISTRAR]

 

Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127-023

New York, New York 10152

Attention: A.J. Sfarra

 

	 	Re:	Transfer of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing
Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and
as Asset Representations Reviewer, on behalf of the holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage
Pass-Through Certificates, Series 2019-C54 in connection with the transfer by _________________ (the “Seller”)
to the undersigned (the “Purchaser”) of $_______________ aggregate [Certificate Balance][Notional Amount][__%
Percentage Interest] of Class ___ Certificates (collectively, the “Certificates”). Capitalized terms used
and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such transfer,
the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.              
Check one of the following:*

 

	 	☐	The Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution that is an “accredited investor” within the meaning of Rule 501(a)(1),

 

 

 

 

*        Purchaser
must select one of the following two certifications.

 

 

    Exhibit C-1

     

     

	 	 	(2), (3) or (7) of Regulation D (“Regulation D”) under the Securities Act of 1933, as amended (the “Securities Act”) or any entity in which all of the equity owners are “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D (each, an “Institutional Accredited Investor”) and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Certificates, and the Purchaser and any accounts for which it is acting are each able to bear the economic risk of the Purchaser’s or such account’s investment. The Purchaser is acquiring the Certificates purchased by it for its own account or for one or more accounts, each of which is an Institutional Accredited Investor, as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

	 	☐	The Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule 144A”) under the Securities Act. The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.              
The Purchaser’s intention is to acquire the Certificates (a) for investment for the Purchaser’s own account
or (b) for reoffer, resale, pledge or other transfer (i) to QIBs in transactions under Rule 144A, and not in any
event with the view to, or for resale in connection with, any distribution thereof, or (ii) (other than with respect to a
Class R Certificate) to Institutional Accredited Investors, subject in the case of clause (ii) above to (w) the
receipt by the Certificate Registrar of a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar
of an opinion of counsel acceptable to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in
compliance with the Securities Act, (y) the receipt by the Certificate Registrar of such other evidence acceptable to the
Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable
laws and (z) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
The Purchaser understands that the Certificates (and any subsequent Certificates) have not been registered under the Securities
Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other
things, the bona fide nature of the Purchaser’s investment intent (or intent to reoffer, resell, pledge or transfer
the Certificates only to certain investors in certain exempted transactions) as expressed herein.

 

3.              
The Purchaser has reviewed the Preliminary Prospectus and the Final Prospectus relating to the Registered Certificates (collectively,
the “Prospectus”) (and, with respect to Non-Registered Certificates, the Preliminary Private Placement Memorandum
and the Final Private Placement Memorandum related to such Non-Registered Certificates) and the agreements and other materials
referred to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the
transactions contemplated by the Prospectus.

 

4.              
The Purchaser acknowledges that the Certificates (and any Certificates issued on transfer or exchange thereof) have not
been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the
Certificates cannot be

 

    Exhibit C-2

     

     

reoffered, resold, pledged or otherwise transferred
unless it is registered or qualified thereunder or unless an exemption from such registration or qualification is available.

 

5.              
The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity
as an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects
as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders
present and future.

 

6.              
The Purchaser will not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with
Section 5.03 of the Pooling and Servicing Agreement.

 

7.              
Check one of the following:**

 

	 	☐	The Purchaser is a U.S. Tax Person (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

	 	☐	The Purchaser is not a U.S. Tax Person and under applicable law in effect on the date hereof, no taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificates. The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form, as applicable), which identifies such Purchaser as the beneficial owner of the Certificates and states that such Purchaser is not a U.S. Tax Person, (ii) IRS Form W-8IMY (with all appropriate attachments) or (iii)]*** two duly executed copies of IRS Form W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Certificates and state that interest and original issue discount on the Certificates and Permitted Investments is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser agrees to provide to the Certificate Registrar updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]*** IRS Form W-8ECI, [as the case may be,]*** any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this paragraph 7, “U.S.
Tax Person” means a citizen or resident of the United States, a corporation or partnership (except to the extent provided
in applicable Treasury Regulations) or other entity created or organized in, or under the laws of, the United States, any State
thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless of its source or a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax

 

 

 

 

	 	**	Each Purchaser must select one of the two alternative certifications.

 

	 	***	Does not apply to a transfer of Class R Certificates.

 

    Exhibit C-3

     

     

Persons have the authority to control all substantial
decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20,
1996 that have elected to be treated as U.S. Tax Persons).

 

	 	8.	Please make all payments due on the Certificates:****

 

	 	☐	(a)	by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

 

	 	 	 	 	 
	 	Bank:	 
	 	ABA #:	 
	 	Account #:	 
	 	Attention:	 

 

 

 

 

	 	☐	(b)	by mailing a check or draft to the following address:

 

 

 

	 	 
	 	 
	 	 

  

9.             
If the Purchaser is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated
as a partnership for U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one
or more partnerships, trusts or other pass-through entities by a Disqualified Non-U.S. Tax Person.

 

	 	 	 	 
	 	Very truly yours,	 
	 	 	 
	 	 	 	 
	 	[The Purchaser]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

****        Only
to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the Definitive Certificates,
wire transfers are only available if such holder’s Definitive Certificates have an aggregate Certificate Balance or Notional
Amount, as applicable, of at least U.S. $5,000,000.

 

    Exhibit C-4

     

     

EXHIBIT D-1

FORM OF TRANSFEREE AFFIDAVIT

FOR TRANSFERS OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS) –

Wells Fargo Commercial Mortgage Trust 2019-C54

          [OR OTHER CERTIFICATE REGISTRAR]

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2019, between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

 

	STATE OF	)	 
	 	 	)    ss.:
	COUNTY OF	)

 

 

I,  [______], under
penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and
complete, and being first sworn, depose and say that:

 

1.              
I am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.              
The Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate
mortgage investment conduits (each, a “REMIC”) designated as the (i)  “Lower-Tier REMIC”
and (ii) “Upper-Tier REMIC”, respectively, relating to the Certificates for which an election is to be
made under Section 860D of the Internal Revenue Code of 1986 (the “Code”).

 

3.              
The Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not
acquiring the Class R Certificates for the account of, or as agent or

 

    Exhibit D-1-1

     

     

nominee of, or with a view to the transfer
of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified
Organization is any of the following: (i) the United States, any State or 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 Federal Home Loan Mortgage Corporation, a majority of its board
of directors is not selected by such governmental unit), (ii) a foreign government, any international organization or any
agency or instrumentality of any of the foregoing, (iii) any organization which is exempt from the tax imposed by Chapter 1
of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions
(as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’
cooperatives described in Section 521 of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C)
of the Code and (v) any other Person so designated by the Trustee or the Certificate Administrator based upon an Opinion of
Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate Administrator)
that the holding of an Ownership Interest in a Class R Certificate by such Person may cause a Trust REMIC to fail to qualify
as a REMIC at any time that the Certificates are outstanding 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.

 

4.              
The Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in
certain circumstances, on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates
to a Disqualified Organization.

 

5.              
The Purchaser is a Permitted Transferee and, to the extent applicable, the Purchaser’s U.S. taxpayer identification
number is [__________].

 

6.              
No purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.              
The Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the Purchaser or any other person.

 

8.              
Check the applicable paragraph:

 

☐              The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not
exceed the sum of:

 

(i)             
the present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)            
the present value of the expected future distributions on such Class R Certificate; and

 

 

    Exhibit D-1-2

     

     

(iii)           
the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC
generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the rate currently specified in Section 11(b) of the Code (but the tax rate
in Section 55(b) of the Code may be used in lieu of the corporate income tax rate specified in Section 11(b) of the Code
if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding two years and
will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values
are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the
month of the transfer and the compounding period used by the Purchaser.

 

	 	☐	  The transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)             
the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i),
as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)           
 at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the
transfer, the Purchaser had gross assets for financial reporting purposes (excluding any obligation of a person related to the
Purchaser within the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million
and net assets in excess of $10 million;

 

(iii)         
  the Purchaser will transfer the Class R Certificate only to another “eligible corporation,”
as defined in Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)          
 the Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable
market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and
reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐              None
of the above.

 

9.             
The Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the
future and the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.           
The Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any
cash flows generated by such Certificate.

 

11.           
The Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the
Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an
affidavit and agreement in substantially

 

    Exhibit D-1-3

     

     

the same form as this affidavit and agreement.
The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such affidavit and agreement is false.

 

12.           
The Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any person
that is not a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor
to remain a Permitted Transferee.

 

13.           
The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel
to constitute a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly,
by a Permitted Transferee.

 

14.           
The Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of
which provisions is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply
with such provisions.

 

15.           
The Purchaser consents to the (i) designation of the Certificate Administrator as the “partnership representative”
(as defined in Section 6223 of the Code) of each Trust REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement
and (ii) Certificate Administrator making any elections allowed under the Code (a) to avoid the application of Section 6221 (or
successor provision) to the Trust REMICs and (b) to avoid payment by the Trust REMICs under Section 6225 of any tax, penalty, interest
or other amount imposed under the Code that would otherwise be imposed on a Holder of Class R Certificates. The Purchaser
agrees, by acquiring such certificate, to any such elections and to reasonably cooperate with the Certificate Administrator in
connection with any such elections the Certificate Administrator determines in its discretion are necessary or advisable.

 

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

 

IN WITNESS WHEREOF, the Purchaser
has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________, 20__.

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit D-1-4

     

     

On this ____ day of _______20__,
before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared
______________________ and ________________________, known or proved to me to be the same persons who executed the foregoing instrument
and to be _____________________________ and ___________________________, respectively, of the Purchaser, and acknowledged to me
that they executed the same as their respective free acts and deeds and as the free act and deed of the Purchaser.

 

 

 

	 	 	 
	 	 	NOTARY PUBLIC in and for the

State of _______________
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires:	 	 
	 	 	 

 

 

    Exhibit D-1-5

     

     

EXHIBIT D-2

FORM OF TRANSFEROR LETTER FOR TRANSFERS

OF CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS) –

Wells Fargo Commercial Mortgage Trust 2019-C54

          [OR OTHER CERTIFICATE REGISTRAR]

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 2019 (the “Pooling and Servicing Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc.,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, as Certificate Registrar, that:

 

(1)       No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

(2)       The
Transferor understands that the Transferee has delivered to you a Transferee Affidavit in the form attached to the Pooling and
Servicing Agreement as Exhibit D-1. The Transferor does not know or believe that any representation contained therein is
false.

 

(3)       The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee as
contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined
that the Transferee has historically paid its debts as they became due and has found no significant

 

    Exhibit D-2-1

     

     

evidence to indicate that the Transferee will
not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of the Residual Certificates
may not be respected for United States income tax purposes (and the Transferor may continue to be liable for United States income
taxes associated therewith) unless the Transferor has conducted such an investigation.

 

 

	 	 	 	 
	 	Very truly yours,	 
	 	 	 	 
	 	(Transferor)
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

    Exhibit D-2-2

     

     

EXHIBIT D-3

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS

OF RISK RETENTION CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody (CMBS) –

Wells Fargo Commercial Mortgage Trust 2019-C54

          [OR OTHER CERTIFICATE REGISTRAR]

 

Argentic Real Estate Finance LLC,

        as Retaining Sponsor

31 West 27th Street, 12th Floor

New York, New York 10001

Attention: Michael Schulte

 

Troy B. Stoddard, Esq.

Wells Fargo Legal Department, D1086-341

550 South Tryon Street, 34th Floor

Charlotte, North Carolina 28202

 

Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127 023

New York, New York 10152

Attention: A.J. Sfarra

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2019, between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

 

    Exhibit D-3-1

     

     

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining sponsor” as such term
is defined in Regulation RR, that:

 

1.              
The Purchaser is acquiring $[_____] Certificate Balance of the [Class [E-RR][F-RR][G-RR][H-RR] Certificates] from [_____]
(the “Transferor”).

 

2.              
The Purchaser is aware that the Certificate Registrar will not register any transfer of a [Class [E-RR][F-RR][G-RR][H-RR]
Certificate] by the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among
other things, a certificate in substantially the same form as this certificate. The Purchaser expressly agrees that it will not
consummate any such transfer if it knows or believes that any representation contained in such certificate is false.

 

3.              
If the Purchaser is (i) a Plan (or is acting on behalf of or using the assets of a Plan) subject to ERISA or Section 4975
of the Code relying on PTE 96-22 or (ii) an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the [Class [E-RR][F-RR][G-RR][H-RR] Certificates], as applicable, (a) all of the conditions of PTE 96-22 or of Parts I
and III of PTCE 95-60, as applicable, will be satisfied with respect to the acquisition of the [Class [E-RR][F-RR][G-RR][H-RR]
Certificates] and (b) the acquisition of the [Class [E-RR][F-RR][G-RR][H-RR] Certificates] will be effected through Wells
Fargo Securities, LLC, Barclays Capital Inc., Academy Securities, Inc. or Drexel Hamilton, LLC, or an affiliate
thereof.

 

	 	4.	Check one of the following:

 

	 	 ☐	The transfer will occur during the Transfer Restriction Period, and the Purchaser certifies, represents and warrants to you, as Certificate Registrar, that:

 

	 	A.	It is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor (a “Majority-Owned Affiliate”).

 

	 	B.	It is not acquiring the [Class [E-RR][F-RR][G-RR][H-RR] Certificates] as a nominee, trustee or agent for any person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the [Class [E-RR][F-RR][G-RR][H-RR] Certificates], it will remain a Majority-Owned Affiliate.

 

	 	C.	The transfer will comply with all applicable provisions of Regulation RR.

 

	 	☐	The transfer will occur on or after the fifth anniversary of the Closing Date, and the Purchaser certifies, represents and warrants to you, as Certificate Registrar, that:

 

	 	A.	The transfer will comply with all applicable provisions of Regulation RR.

 

	 	☐	The transfer will occur after the termination of the Transfer Restriction Period and the countersignature of the Retaining Sponsor is not required.

 

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

 

 

    Exhibit D-3-2

     

     

IN WITNESS WHEREOF, the Purchaser
has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	 	 	 
	 	ARGENTIC REAL ESTATE FINANCE LLC,

as Retaining Sponsor
	 	 
	 	By: Argentic Investment Management LLC,

Its Investment Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    Exhibit D-3-3

     

     

EXHIBIT D-4

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS

OF RISK RETENTION CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Risk Retention Custody (CMBS) –

Wells Fargo Commercial Mortgage Trust 2019-C54

[OR OTHER CERTIFICATE REGISTRAR]

 

Argentic Real Estate Finance LLC,

as Retaining Sponsor 

31 West 27th Street, 12th Floor

New York, New York 10001

Attention: Michael Schulte

 

Troy B. Stoddard, Esq.

Wells Fargo Legal Department, D1086-341

550 South Tryon Street, 34th Floor

Charlotte, North Carolina 28202

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”)

 

Ladies and Gentlemen:

 

This is delivered to you
in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of a [Class [E-RR][F-RR][G-RR][H-RR] Certificate] evidencing $[____] Certificate Balance in such Class. The Certificates were issued
pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you that:

 

1.              
The transfer is in compliance with the Pooling and Servicing Agreement.

 

2.              
If the Purchaser is (i) a Plan (or is acting on behalf of or using the assets of a Plan) subject to ERISA or Section 4975
of the Code relying on PTE 96-22 or (ii) an insurance

 

    Exhibit D-4-1

     

     

company general account relying on PTCE 95-60
to cover its acquisition of the [Class [F-RR][G-RR][H-RR] Certificate], (a) all of the conditions of PTE 96-22 or of Parts I and
III of PTCE 95-60, as applicable, will be satisfied with respect to the acquisition of the [Class [F-RR][G-RR][H-RR] Certificate]
and (b) the acquisition of the [Class [F-RR][G-RR][H-RR] Certificate] will be effected through Wells Fargo Securities, LLC, Barclays
Capital Inc., Academy Securities, Inc. or Drexel Hamilton, LLC, or an affiliate thereof

 

3.              
Check one of the following:

 

	 	☐	The transfer will occur during the Transfer Restriction Period, and the Transferor certifies, represents and warrants to you that the Transferee is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor.

 

	 	☐	The transfer will occur after the termination of the Transfer Restriction Period and the countersignature of the Retaining Sponsor is not required.

 

	 	☐	The transfer will occur on and after the fifth anniversary of the Closing Date, and the Transferor certifies, represents and warrants to you that the Transferor has satisfied all of the conditions under the Credit Risk Retention Agreement, between Argentic Real Estate Finance LLC, Argentic Securities Holdings Cayman Limited, Rialto Mortgage Finance, LLC, BSPRT CMBS Finance, LLC, Wells Fargo Commercial Mortgage Securities, Inc., UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York, and Wells Fargo Bank, National Association, applicable to transfers by the Transferor to subsequent Third Party Purchasers.

 

4.              
The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the
Pooling and Servicing Agreement as Exhibit D-3. The Transferor does not know or believe that any representation contained
therein is false.

 

IN WITNESS WHEREOF, the Transferor
has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

 

	 	 	 
	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    Exhibit D-4-2

     

     

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written: 

 

	 	 	 
	 	ARGENTIC REAL ESTATE FINANCE LLC,

as Retaining Sponsor
	 	 
	 	By: Argentic Investment Management LLC,

Its Investment Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    Exhibit D-4-3

     

     

EXHIBIT E

FORM OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan Information
	 
	 	Name of Mortgagor:	 
	 	 	 
	 	[Master Servicer]	 
	 	[Special Servicer]

Loan No.:	 
	 	 	 
	Custodian
	 
	 	Name:	Wells Fargo Bank, National Association

1055 10th Ave SE
	 	Address:	
        Minneapolis, Minnesota 55414

        Attention: Document Custody Group

         

        Wells Fargo Commercial Mortgage Trust 2019-C54

         

	 	Custodian/Trustee

Mortgage File No.:	 
	 	 	 
	Depositor
	 
	 	Name:	Wells Fargo Commercial Mortgage Securities, Inc.
	 	 	 
	 	Address:	c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127-023

New York, New York 10152

Attention: A.J. Sfarra
	 	 	 
	 	Certificates:	Wells Fargo Commercial Mortgage Trust 2019-C54,

Commercial Mortgage Pass-Through Certificates,

Series 2019-C54

 

The undersigned [Master Servicer]
[Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the “Custodian”)
on behalf of Wilmington Trust, National Association, as trustee (the “Trustee”), for the Holders of Wells Fargo
Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, 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 December 1, 2019, between Wells Fargo Commercial Mortgage
Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as
Special Servicer, Wells Fargo Bank, National Association, as

 

    Exhibit E-1

     

     

Certificate Administrator, Wilmington Trust,
National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer
(the “Pooling and Servicing Agreement”). 

 

 

	 	( )	 
	 	 	 
	 	( )	 
	 	 	 
	 	( )	 
	 	 	 
	 	( )	 

 

 

The undersigned [Master Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:

 

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

 

(2)           
The [Master Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by,
any claims, liens, security interests, charges, writs of attachment or other impositions nor shall the [Master Servicer] [Special
Servicer] assert or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as
otherwise provided in the Pooling and Servicing Agreement.

 

(3)           
The [Master Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists,
unless the Mortgage Loans have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been
remitted to the Collection Account except as expressly provided in the Pooling and Servicing Agreement.

 

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

 

	 	 	 
	 	[____________]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	Date: 	 	 	 	 

 

 

    Exhibit E-2

     

     

EXHIBIT F-1

FORM OF ERISA REPRESENTATION LETTER

REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells Fargo Bank, National Association,

        as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS) –

Wells Fargo Commercial Mortgage Trust 2019-C54

        [OR OTHER CERTIFICATE REGISTRAR]

 

Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127-023

New York, New York 10152

Attention: A.J. Sfarra

 

	 	Re:	Transfer of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”)
proposes to purchase US$[___] aggregate initial [Certificate Balance][Notional Amount] in the Wells Fargo Commercial Mortgage Trust
2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [F-RR][G-RR][H-RR] Certificates issued pursuant
to that certain Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling
and Servicing Agreement.

 

In connection with such transfer,
the undersigned hereby represents and warrants to you as follows:

 

1.              
The Purchaser is not and will not be (a) an employee benefit plan or other plan subject to the fiduciary responsibility
provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975
of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32)
of ERISA), or any other plan that is subject to any federal, state or local law (“Similar Law”) which is, to
a material extent, similar to the foregoing provisions of ERISA or the Code (each a “Plan”) or (b) a person

 

    Exhibit F-1-1

     

     

acting on behalf of or using the assets of
any such Plan (including an entity whose underlying assets include Plan assets by reason of investment in the entity by such a
Plan or Plans and the application of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of
ERISA), other than an insurance company using the assets of its “insurance company general account” (as such term is
defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) under circumstances whereby
the purchase and holding of Certificates by such insurance company would be exempt from the prohibited transaction provisions of
ERISA and the Code under Sections I and III of PTCE 95-60 (or, in the case of a Plan subject to Similar Law, where the purchase,
holding and disposition by such Plan would not constitute or result in a non-exempt violation of applicable Similar Law).

 

2.              
The Purchaser understands that if the Purchaser is or becomes a Person referred to in 1(a) or (b) above, such Purchaser
is required to provide to the Trustee and the Certificate Administrator an Opinion of Counsel in form and substance satisfactory
to the Trustee, the Certificate Administrator and the Depositor to the effect that the acquisition and holding of such Certificate
by such purchaser or transferee will not constitute or result in a non-exempt “prohibited transaction” within the meaning
of ERISA or Section 4975 of the Code or a non-exempt violation of any Similar Law, and will not subject the Trustee, the Certificate
Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer, any sub-servicer, the Initial Purchasers,
the Underwriters, the Operating Advisor, the Asset Representations Reviewer or the Depositor to any obligation or liability (including
obligations or liabilities under ERISA, Section 4975 of the Code or any such Similar Law) in addition to those set forth in
the Pooling and Servicing Agreement, which Opinion of Counsel shall not be at the expense of the Depositor, the Master Servicer,
any sub-servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, the Operating Advisor,
the Asset Representations Reviewer, the Initial Purchasers, the Underwriters or the Trust.

 

IN WITNESS WHEREOF, the Purchaser
hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__. 

 

	 	 	 
	 	Very truly yours,
	 	 
	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Date: 	 	 	 	 

 

 

 

    Exhibit F-1-2

     

     

EXHIBIT F-2

FORM OF ERISA REPRESENTATION LETTER

REGARDING CLASS V AND CLASS R CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS) –

Wells Fargo Commercial Mortgage Trust 2019-C54

          [OR OTHER CERTIFICATE REGISTRAR]

 

[Transferor]

[______]

[______]

Attention: [______]

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”)
proposes to purchase [__]% Percentage Interest in the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through
Certificates, Series 2019-C54, [Class V][Class R] Certificates (the “[Class V][Class R] Certificate”)
issued pursuant to that certain Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing
Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and
as Asset Representations Reviewer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed
to such terms in the Pooling and Servicing Agreement.

 

In connection with such transfer,
the undersigned hereby represents and warrants to you that, with respect to the [Class V][Class R] Certificate, the Purchaser
is not and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or to Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA)
or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions
of ERISA or the Code (“Similar Law”) (each, a “Plan”), or (b) a person acting on behalf of
any such Plan or using the

 

    Exhibit F-2-1

     

     

assets of a Plan (including any entity whose
underlying assets include Plan assets by reason of investment in the entity by such a Plan or Plans and the application of Department
of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) to purchase such [Class V][Class R]
Certificate.

 

IN WITNESS WHEREOF, the Purchaser
hereby executes this ERISA Representation Letter on the ___ day of ____________, 20__.

 

	 	 	 
	 	Very truly yours,
	 	 
	 	 
	 	[The Purchaser]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Date: 	 	 	 	 

 

    Exhibit F-2-2

     

     

EXHIBIT G

FORM OF DISTRIBUTION DATE STATEMENT

 

    Exhibit G-1

     

     

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Supplemental Reporting	23	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Operating Advisor
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Wells Fargo Commercial Mortgage Securities,	 	 	 	Wells Fargo Bank, National Association	 	 	 	LNR Partners, LLC

	 	 	 	Park Bridge Lender Services LLC	 	 	 
	 	 	 	 Inc.	 	 	 	Three Wells Fargo, MAC D1050-084	 	 	 	 	 	 	 	600 Third Avenue,	 	 	 
	 	 	 	375 Park Avenue	 	 	 	401 S. Tryon Street, 8th Floor

	 	 	 	1601 Washington Avenue	 	 	 	40th Floor	 	 	 
	 	 	 	2nd Floor,	 	 	 	Charlotte, NC 28202	 	 	 	Suite 700	 	 	 	New York, NY 10016	 	 	 
	 	 	 	New York, NY 10152	 	 	 	 	 	 	 	Miami Beach, FL 33139	 	 	 	 	 	 	 
	 	 	 	 	 	 	 		 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Contact:  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Anthony.Sfarra@wellsfargo.com	 	 	 	Contact:	 	 	 	Contact:       www.lnrpartners.com	 	 	 	Contact:              David Rodgers	 	 	 
	 	 	 	Phone:    (212) 214-5613	 	 	 	 REAM_InvestorRelations@wellsfargo.com	 	 	 	Phone Number:   (305) 695-5600	 	 	 	Phone Number:   (212) 230-9025	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo
Bank, N.A. has not independently confirmed the accuracy of the information.

         

        Please visit www.ctslink.com for additional information and if applicable, any special notices
and any credit risk retention notices. In addition, certificateholders may register online for email notification when special
notices are posted. For information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Page 1 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized Loss/
 Additional Trust
 Fund Expenses	Total
 Distribution	Ending
 Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	V	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through
 Rate	Original
 Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total
 Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	 

                                                                    (1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum
of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the
result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 2 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	V	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 3 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled Principal	Principal Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Interest 

    Shortfall/(Excess)
	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	G-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	H-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 4 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction

	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1)  The Available Distribution Amount includes any Prepayment Fees.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 5 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions due to Nonrecoverability Determinations 	0.00	 	 	Trustee Fee - Wilmington Trust, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual
    Property Royalty License Fee	0.00	 	 
	 	ARD Interest	0.00	 	 	Operating Advisor Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 	Asset Representations Reviewer Fee - Park Bridge Lender	0.00	 	 
	 	Net Prepayment Interest
Shortfall	0.00	 	 	 Services LLC	 	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	 	 	 	 
	 	Interest Reserve
    Withdrawal	0.00	 	 		 		 
	 	Total Interest
    Collected	 	0.00	 	Additional Trust
    Fund Expenses:	 	 	 
	 	 	 	 	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	Principal:	 	 	 	ASER Amount	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Special Servicing
    Fee	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Curtailments	0.00	 	 	Other Expenses	0.00	 	 
	 	Negative Amortization	0.00	 	 	Total Additional
    Trust Fund Expenses		 0.00	 
	 	Principal Adjustments	0.00	 	 		 		 
	 	Total Principal
    Collected		0.00 	 	Interest Reserve
    Deposit	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Other:	 	 	 	Interest Distribution	0.00	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Principal Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Other Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	Total Funds Collected	 	0.00	 		 		 
	 	 	 	 	 	 	 	 	 

 

    Page 6 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	
        Current Mortgage Loan and Property
Stratification Tables

        Aggregate Pool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State
    (3)	 
	 	 	 	 	 
	 	Scheduled 

Balance	#
                                         of

        loans

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 	State	#
                                         of

        Props.

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	  See
    footnotes on last page of this section.	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 7 of 23

     

    
 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 8 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated Remaining Term
    (ARD and Balloon Loans)	 	Remaining Stated Term (Fully
    Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization
    Term (ARD and Balloon Loans)	 	Age of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1)
Debt Service Coverage Ratios are updated periodically as new NOI figures become available from borrowers
on an asset level. In all cases the most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided
by the Servicer, information from the offering document is used. The Trustee makes no representations as to the accuracy of the
data provided by the borrower for this calculation.

	 
	 	 	 
	 	(2)
Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the
earlier of the Anticipated Repayment Date, if applicable, and the Maturity Date.

	 
	 	 	 
	 	(3) Data in this table was calculated by allocating pro-rata the current loan information to the properties
based upon the Cut-Off Date balance of each property as disclosed in the offering document.

	 
	 	 	 
	 	The Scheduled Balance Totals reflect the aggregate balances of all pooled loans as reported in the CREFC
Loan Periodic Update File. To the extent that the Scheduled Balance Total figure for the “State” and “Property”
stratification tables is not equal to the sum of the scheduled balance figures for each state or property, the difference is explained
by loans that have been modified into a split loan structure. The “State” and “Property” stratification
tables do not include the balance of the subordinate note (sometimes called the B-piece or a “hope note”) of a loan
that has been modified into a split-loan structure. Rather, the scheduled balance for each state or property only reflects the
balance of the senior note (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.	 
	 	 	 
	 	Note: There are no Hyper-Amortization Loans included in the Mortgage Pool.	 
	 	 	 	 	 

 

    Page 9 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon
    	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and Warranties	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	IN  	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction	10	 -	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 10 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data reported by
the Master Servicer. An NOI of 0.00 means the Master Servicer did not report NOI figures in their loan level reporting.

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 11 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	

Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 12 of 23

     

    

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	 	#	 	#	 	#	 	#	 	#	 	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 13 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff

	 	 
	 	 	 	 	But Still in Grace
    Period	1	- 30-59 Days Delinquent	5 	- 	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	 -	Reps and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other

	 	 
	 	 	 	 	Than 30 Days
    Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of

				 	 
	 	 	 	 	 	 	 	 	 	 	6	-	DPO	 	 	    Foreclosure

	 	 	 	 	 
	 	 	** Outstanding
    P & I Advances include the current period advance.	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 14 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	- 	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	- 	Mixed Use

	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	- 	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 15 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer

	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	-	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	-	Mixed Use

	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	-	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 16 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan
    Group 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    Page 17 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 18 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 19 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 20 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 21 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 22 of 23

     

    

 

	 	 	 	 
		WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54

 Commercial Mortgage Pass-Through Certificates

                                                
Series 2019-C54

	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	Distribution Date:	1/17/20
	Corporate Trust Services	Record Date:	12/31/19
	8480 Stagecoach Circle	Determination
    Date:	1/13/20
	Frederick, MD 21701-4747		

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    Page 23 of 23

     

    

 

EXHIBIT H

FORM OF OMNIBUS ASSIGNMENT

 

[NAME OF CURRENT ASSIGNOR]
having an address at [ADDRESS OF CURRENT ASSIGNOR] (the “Assignor”) for good and valuable consideration, the
receipt and sufficiency of which are acknowledged, hereby sells, transfers, assigns, delivers, sets over and conveys, without recourse,
representation or warranty, express or implied, unto “Wilmington Trust, National Association, as Trustee for the registered
holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54”
(the “Assignee”), having an office at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS
Trustee WFCM 2019-C54, its successors and assigns, all right, title and interest of the Assignor in and to:

 

That certain mortgage and
security agreement, deed of trust and security agreement, deed to secure debt and security agreement, or similar security instrument
(the “Security Instrument”), and that certain Promissory Note (the “Mortgage Note”), for
each of the Mortgage Loans shown on the Mortgage Loan Schedule attached hereto as Exhibit B, and that certain assignment
of leases and rents given in connection therewith and all of the Assignor’s right, title and interest in any claims, collateral,
insurance policies, certificates of deposit, letters of credit, escrow accounts, performance bonds, demands, causes of action and
any other collateral arising out of and/or executed and/or delivered in or to or with respect to the Security Instrument and the
Mortgage Note, together with any other documents or instruments executed and/or delivered in connection with or otherwise related
to the Security Instrument and the Mortgage Note.

 

IN WITNESS WHEREOF, the Assignor
has executed this instrument under seal to be effective as of the [__] day of [_____________], 20[__].

 

	 	 	 	 
	 	[NAME OF CURRENT ASSIGNOR]	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    Exhibit H-1

     

     

EXHIBIT I

FORM OF TRANSFER CERTIFICATE FOR RULE 144A

BOOK-ENTRY CERTIFICATE TO TEMPORARY REGULATION S

BOOK-ENTRY CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section 5.03(c)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Book-Entry Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In connection with such request
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation S
(“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

 

 

*        Select
appropriate depository.

 

    Exhibit I-1

     

     

(1)           
the offer of the Certificates was not made to a person in the United States;

 

[(2)         
at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)          the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)           
no “directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in
contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)           
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	Dated: 	 	 	 	 

 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

 

**        Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

    Exhibit I-2

     

     

EXHIBIT J

FORM OF TRANSFER CERTIFICATE FOR RULE 144A BOOK-ENTRY

CERTIFICATE TO REGULATION S BOOK-ENTRY CERTIFICATE AFTER

RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section 5.03(d)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Book-Entry Certificate of
such Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such request
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in accordance with Regulation S
(“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)           
the offer of the Certificates was not made to a person in the United States,

 

 

    Exhibit J-1

     

     

[(2)         
at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)         
the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)           
no “directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in
contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)           
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

 

*        Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit J-2

     

     

EXHIBIT K

FORM OF TRANSFER CERTIFICATE FOR TEMPORARY REGULATION S

BOOK-ENTRY CERTIFICATE TO RULE 144A BOOK-ENTRY CERTIFICATE

DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section 5.03(e)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS
No. [______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository in
the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer
of such beneficial interest for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction
meeting the requirements of Rule 144A and

 

 

*        Select
appropriate depository.

 

    Exhibit K-1

     

     

in accordance with any applicable securities
laws of any state of the United States or other applicable jurisdiction.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.  

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

    Exhibit K-2

     

     

EXHIBIT L

FORM OF TRANSFER CERTIFICATE FOR TEMPORARY REGULATION S

BOOK-ENTRY CERTIFICATE TO REGULATION S BOOK-ENTRY CERTIFICATE

AFTER RESTRICTED PERIOD

 

(Exchanges pursuant to Section 5.03(f)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

[For purposes of acquiring
a beneficial interest in a Regulation S Book-Entry Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate of the Class specified
above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate of the Class specified
above issued under the Pooling and Servicing Agreement certifies that it is not a U.S. Person as defined by Regulation S
under the Securities Act of 1933, as amended.

 

We undertake to advise you
promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification relating to the Certificates
of the Class specified above held by you for our account if any applicable statement herein is not correct on such date, and in
the absence of any such notification it may be assumed that this certification applies as of such date.

 

 

 

*     
Select, as applicable.

 

    Exhibit L-1

     

     

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

 

	 	 	 	 	 
	 	Dated:	 	 
	 	 	 
	 	By:	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

   

    Exhibit L-2

     

     

EXHIBIT M

FORM OF TRANSFER CERTIFICATE FOR NON-BOOK ENTRY CERTIFICATE TO

TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE

 

(Exchanges or transfers pursuant to Section 5.03(g)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of
Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Temporary Regulation S Book-Entry Certificate of such Class (CINS No. [______]
and ISIN No. [______]) to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation S
(“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)           
the offer of the Certificates was not made to a person in the United States;

 

 

 

 

*        Select
appropriate depository.

 

    Exhibit M-1

     

     

[(2)         
at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)          the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)           
no “directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in
contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)           
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers. 

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

 

 

 

**        Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit M-2

     

     

EXHIBIT N

FORM OF TRANSFER CERTIFICATE FOR NON-BOOK ENTRY CERTIFICATE TO

REGULATION S BOOK-ENTRY CERTIFICATE

 

(Exchange or transfers pursuant to Section 5.03(g)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of
Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Regulation S Book-Entry Certificate (CINS No. [______], ISIN No. [______],
and Common Code No. [______]).

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in compliance
with the transfer restrictions set forth in the Pooling and Servicing Agreement pursuant to and in accordance with Regulation S
(“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)           
the offer of the Certificates was not made to a person in the United States,

 

    Exhibit N-1

     

     

 

[(2)         
at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person
acting on its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)          the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)           
no “directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made in
contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)           
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

 

 

cc: Wells
Fargo Commercial Mortgage Securities, Inc.

 

 

*        Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit N-2

     

     

EXHIBIT O

FORM OF TRANSFER CERTIFICATE FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A BOOK-ENTRY CERTIFICATE

 

(Exchange or transfers pursuant to Section 5.03(g)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association,

       as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class [__]

 

Reference is hereby made
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to US
$[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of
transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest
for a beneficial interest in the Rule 144A Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In connection with such request,
and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or transferred
in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities
Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account, or
for one or more accounts with respect to which the transferee exercises sole investment discretion, and the transferee and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A in each case in a transaction
meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States
or other applicable jurisdiction.

 

 

    Exhibit O-1

     

     

We understand that this certificate
is required in connection with certain securities laws of the United States. In connection therewith, if administrative or legal
proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained herein
are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

    Exhibit O-2

     

     

EXHIBIT P-1A

FORM OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for Persons other than the DIRECTING CERTIFICATEHOLDER and/or

a Controlling
Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class Certificates

 

In accordance with the Pooling
and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.              
The undersigned is either (a) a Certificateholder, a beneficial owner or a prospective purchaser of the above-referenced
Class [__] Certificates or (b) a Companion Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.              
The undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.              
In the case that the undersigned is a Certificateholder, beneficial owner or prospective purchaser of an Offered Certificate,
the undersigned has received a copy of the Prospectus.

 

4.              
The undersigned is not a Borrower Party.

 

5.              
The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are

 

    Exhibit P-1A-1

     

     

assisting it in making an evaluation in connection
with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities
or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the Depositor,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part; provided, however, that
the obligations of the undersigned to keep any such Information confidential shall expire one year following the date that the
undersigned receives such Information (with respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial
owner or prospective purchaser of the Class of Certificates referenced above. The undersigned will not use or disclose the Information
in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities
Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously
registered pursuant to Section 5 of the Securities Act.

 

6.              
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.              
The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the
Certificate Administrator’s Website and the Certificate Administrator shall have no obligation to monitor, determine or verify
whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses
the Certificate Administrator’s Website.

 

8.              
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 	 
	 	By:	 	 
	 	 	Title:

Company:

Phone:	 

  

    Exhibit P-1A-2

     

     

EXHIBIT P-1B

FORM OF INVESTOR CERTIFICATION FOR NON-BORROWER PARTY (FOR THE

DIRECTING CERTIFICATEHOLDER AND/OR A CONTROLLING CLASS

CERTIFICATEHOLDER)

 

[Date]

 

	
        Wells Fargo Bank, National Association Commercial Mortgage Servicing

        Three Wells Fargo

        MAC D1050-084

        401 South Tryon Street, 8th Floor

        Charlotte, North Carolina 28202

        Attention: WFCM 2019-C54 Asset Manager 

        Commercial.servicing@wellsfargo.com

         
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust

Series 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: WFCM 2019-C54 Surveillance Manager

         

        With a copy sent contemporaneously via email to

        cmbs.notices@parkbridgefinancial.com

         
	Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota  55479

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 

Series 2019-C54
	 	 
	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: WFCM 2019-C54 

        CMBSTrustee@wilmingtontrust.com

         
	
        LNR Partners, LLC 

        1601 Washington Avenue, Suite 700

        Miami Beach, Florida 33139

        Attention: Heather Bennett and Job Warshaw

        Facsimile number: (305) 695-5601

        Email: hbennett@lnrpartners.com, jwarshaw@lnrproperty.com and lnr.cmbs.notices@lnrproperty.com

         

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class Certificates

 

In accordance with the Pooling
and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

 

    Exhibit P-1B-1

     

     

1.              
The undersigned is either the Directing Certificateholder, the Holder of a majority of the Controlling Class or a Controlling
Class Certificateholder.

 

2.              
The undersigned has received a copy of the Prospectus.

 

3.              
The undersigned is not a Borrower Party.

 

4.              
The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned
or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5
of the Securities Act.

 

5.              
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.              
At any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall
deliver the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties
the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.              
The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the
Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or
verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.              
[For use with any party other than the initial Directing Certificateholder]The undersigned hereby certifies that an executed
copy of this certification in [paper][electronic

 

    Exhibit P-1B-2

     

     

click-through] form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight
courier or (b) mailed by registered mail, postage prepaid].

 

9.              
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 	 
	 	By:	 	 
	 	 	Title:

Company:

Phone:	 

 

    Exhibit P-1B-3

     

     

EXHIBIT P-1C

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY (FOR PERSONS

OTHER THAN THE DIRECTING CERTIFICATEHOLDER AND/OR A

CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: Wells Fargo Commercial Mortgage 2019-C54 Asset Manager

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class Certificates

 

In accordance with the Pooling
and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.              
The undersigned is either (a) a Certificateholder, a beneficial owner or a prospective purchaser of the above-referenced
Class [__] Certificates or (b) a Companion Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.              
The undersigned is neither the Directing Certificateholder nor a Controlling Class Certificateholder.

 

3.              
In the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate,
the undersigned has received a copy of the Prospectus.

 

 

    Exhibit P-1C-1

     

     

4.              
The undersigned is a Borrower Party.

 

5.              
The undersigned is requesting access to the Distribution Date Statement pursuant to the Pooling and Servicing Agreement.
In consideration of the disclosure to the undersigned of the Distribution Date Statement, or the access thereto, the undersigned
will keep the Distribution Date Statement confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and such Distribution Date Statement will not, without
the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,
employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part; provided, however, that the obligations of the undersigned to keep any such Distribution Date Statement
confidential shall expire one year following the date that the undersigned receives such Distribution Date Statement (with respect
to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class
of Certificates referenced above. The undersigned will not use or disclose the Distribution Date Statement in any manner which
could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”),
or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered
pursuant to Section 5 of the Securities Act.

 

6.              
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.              
The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date
Statement on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor,
determine or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the
undersigned accesses the Certificate Administrator’s Website.

 

8.              
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

 

 

    Exhibit P-1C-2

     

     

EXHIBIT P-1D

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY

(FOR THE DIRECTING CERTIFICATEHOLDER AND/OR A

CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date]

 

	
        Wells Fargo Bank, National Association Commercial Mortgage Servicing

        Three Wells Fargo

        MAC D1050-084

        401 South Tryon Street, 8th Floor

        Charlotte, North Carolina 28202

        Attention: WFCM 2019-C54 Asset Manager 

        Commercial.servicing@wellsfargo.com

         
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust

Series 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: WFCM 2019-C54 Surveillance Manager

         

        With a copy sent contemporaneously via

        email to

        cmbs.notices@parkbridgefinancial.com

         
	Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota  55479

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 

Series 2019-C54
	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: WFCM 2019-C54 

        CMBSTrustee@wilmingtontrust.com

         
	
        LNR Partners, LLC

        1601 Washington Avenue, Suite 700

        Miami Beach, Florida 33139

        Attention: Heather Bennett and Job Warshaw

        Facsimile number: (305) 695-5601

        Email: hbennett@lnrpartners.com,

        jwarshaw@lnrproperty.com and

        lnr.cmbs.notices@lnrproperty.com

         

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class Certificates

 

In accordance with the Pooling
and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between Wells
Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association,
as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the
certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

 

    Exhibit P-1D-1

     

     

1.              
The undersigned is the Directing Certificateholder, the Holder of the majority of the Controlling Class or a Controlling
Class Certificateholder.

 

2.              
The undersigned is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

[IDENTIFY [EXCLUDED LOAN][EXCLUDED
CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

The undersigned is not
a Borrower Party with respect to any other Mortgage Loan.

 

3.              
The undersigned has received a copy of the Prospectus.

 

4.              
Except with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant
to the Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities
Act.

 

5.              
The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the
extent the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and
Servicing Agreement.

 

6.              
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the

 

    Exhibit P-1D-2

     

     

Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.              
To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website
or otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will
not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded
Controlling Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management
of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i)
above.

 

8.              
The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the
Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or
verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

9.              
The undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has
been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider
listed above [(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

10.           
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified. 

 

	 	 	 	 
	 	By:	 	 
	 	 	Title:

Company:

Phone:	 

  

    Exhibit P-1D-3

     

     

EXHIBIT P-1E

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER

 

[Date]

 

	
        Wells Fargo Bank, National Association Commercial Mortgage Servicing

        Three Wells Fargo

        MAC D1050-084

        401 South Tryon Street, 8th Floor

        Charlotte, North Carolina 28202

        Attention: WFCM 2019-C54 Asset Manager 

        Commercial.servicing@wellsfargo.com

         
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust

Series 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: WFCM 2019-C54 Surveillance Manager

         

        With a copy sent contemporaneously via

        email to

        cmbs.notices@parkbridgefinancial.com

         
	Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota  55479

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 

Series 2019-C54
	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: WFCM 2019-C54 

        CMBSTrustee@wilmingtontrust.com

         
	
        LNR Partners, LLC

        1601 Washington Avenue, Suite 700

        Miami Beach, Florida 33139

        Attention: Heather Bennett and Job Warshaw

        Facsimile number: (305) 695-5601

        Email: hbennett@lnrpartners.com,

        jwarshaw@lnrproperty.com and

        lnr.cmbs.notices@lnrproperty.com

         

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Class Certificates

 

THIS NOTICE IDENTIFIES AN
“[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54,
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-C54, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION
3.13(b) OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section 3.13(b)
of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

    Exhibit P-1E-1

     

     

 

1.              
The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling
Class Certificateholder] as of the date hereof.

 

2.              
The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the
“[Excluded Loan][Excluded Controlling Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

[[If applicable] For the
avoidance of doubt, [each] of the foregoing loans is both an Excluded Loan and an Excluded Controlling Class Loan.]

 

3.              
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among
other things, the Certificate Administrator’s determination as to whether a Consultation Termination Event is in effect with
respect to the Excluded Controlling Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

The undersigned is not
a Borrower Party with respect to any other Mortgage Loan.

 

4.              
Except with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant
to the Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the
Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as
are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities or agencies to which the

 

    Exhibit P-1E-2

     

     

undersigned is subject), and such Information
will not, without the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever,
in whole or in part; provided, however, that the obligations of the undersigned to keep any such Information confidential
shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser
only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced
above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision
of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as
amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities
Act.

 

5.              
The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the
extent the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and
Servicing Agreement.

 

6.              
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.              
To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website
or otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will
not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded
Controlling Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management
of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i)
above.

 

8.              
The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the
Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or
verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

9.              
The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight
courier or (b) mailed by registered mail, postage prepaid.

 

 

    Exhibit P-1E-3

     

     

10.           
The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class
Loan](s) on the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination
of the related Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with
Section 3.13(b) of the Pooling and Servicing Agreement.

 

11.           
The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Excluded Information relating to the [Excluded Loan][Excluded Controlling
Class Loan](s) listed in Paragraph 2 above.

 

Capitalized terms used but
not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 
	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

    Exhibit P-1E-4

     

     

EXHIBIT P-1F

FORM OF NOTICE OF [EXCLUDED LOAN] [EXCLUDED CONTROLLING CLASS

HOLDER] TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

Via: Email

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust Series 2019-C54

cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

with a copy to:

Wells Fargo Bank, National Association,

8480 Stagecoach Circle

Frederick, Maryland 21701-4747

Attention: Wells Fargo Commercial Mortgage Trust Series 2019-C54

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

In accordance with Section 3.13(b)
of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.              
The undersigned is [the Directing Certificateholder][the Holder of the majority of the Controlling Class][a Controlling
Class Certificateholder] as of the date hereof.

 

2.              
The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the
“[Excluded Loan][Excluded Controlling Class Loan](s)”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

    Exhibit P-1F-1

     

    3.           
The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate
Administrator’s Website with respect to the Wells Fargo Commercial Mortgage Trust 2019-C54 securitization should be revoked
as to such users:

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.              
The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate Administrator’s Website unless and until it
(i) is no longer an Excluded Controlling Class Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s),
(ii) has delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted
an investor certification in the form of Exhibit P-1B to the Pooling and Servicing Agreement.

 

Capitalized terms used but
not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified. 

 

	 	 	 
	 	[Directing Certificateholder][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 	 

 

 

    Exhibit P-1F-2

     

     

 

 

 

	Dated: 	 	 	 	 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

  

    Exhibit P-1F-3

     

     

EXHIBIT P-1G

FORM OF CERTIFICATION OF THE DIRECTING

CERTIFICATEHOLDER

 

[Date]

 

	
        Wells Fargo Bank, National Association Commercial Mortgage Servicing

        Three Wells Fargo

        MAC D1050-084

        401 South Tryon Street, 8th Floor

        Charlotte, North Carolina 28202

        Attention: WFCM 2019-C54 Asset Manager 

        Commercial.servicing@wellsfargo.com

         
	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045-1951

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust

Series 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: WFCM 2019-C54 Surveillance Manager 

        With a copy sent contemporaneously via

        email to

        cmbs.notices@parkbridgefinancial.com

         
	Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota  55479

Attention:  Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 

Series 2019-C54
	
        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: WFCM 2019-C54 

        CMBSTrustee@wilmingtontrust.com

         
	
        LNR Partners, LLC

         

        1601 Washington Avenue, Suite 700

        Miami Beach, Florida 33139

        Attention: Heather Bennett and Job Warshaw

        Facsimile number: (305) 695-5601

        Email: hbennett@lnrpartners.com,

        jwarshaw@lnrproperty.com and

        lnr.cmbs.notices@lnrproperty.com

        

         

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

In accordance with Section 3.23
of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.              
The undersigned has been appointed to act as the Directing Certificateholder.

 

2.              
The undersigned is not a Borrower Party.

 

 

    Exhibit P-1G-1

     

     

3.              
If the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and
shall deliver the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable
parties the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

4.              
[[For Directing Certificateholders other than the initial Directing Certificateholder] The undersigned hereby certifies
that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions of the Pooling
and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail,
postage prepaid.]

 

5.              
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.

 

 

	 	 	 
	 	[Directing Certificateholder]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: 	 	 	 	 

 

cc: Wells Fargo Commercial Mortgage Securities, Inc.

 

    Exhibit P-1G-2

     

     

EXHIBIT P-2

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services WFCM 2019-C54

 

	 	Attention:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

In accordance with the requirements
for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”), the undersigned
hereby certifies and agrees as follows:

 

1.              
The undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates; or

 

2.              
The undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor
with the appropriate certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior
to the Closing Date, is requesting access pursuant to the Agreement to certain information (the “Information”)
on such 17g-5 website pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to
the undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall
also be applicable to information obtained from the 17g-5 Information Provider’s Website (including without limitation, to
any information received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by
the provisions of the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect
to any information obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from
the section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing
Date.

 

The undersigned shall be
deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website.

 

 

    Exhibit P-2-1

     

     

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

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified. 

	 	 	 	 
	 	By:	 	 
	 	 	Title:

Company:

Phone:	 

 

 

    Exhibit P-2-2

     

     

ANNEX A

 

CONFIDENTIALITY
AGREEMENT

 

This Confidentiality Agreement
(the “Confidentiality Agreement”) is made in connection with Wells Fargo Securities, LLC (together with its
affiliates, the “Furnishing Entities” and each a “Furnishing Entity”) furnishing certain
financial, operational, structural and other information relating to the issuance of the Wells Fargo Commercial Mortgage Trust
2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”) pursuant
to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Park Bridge Lender Services LLC, as
Operating Advisor and as Asset Representations Reviewer, Wells Fargo Bank, National Association, as Certificate Administrator and
as Custodian, and Wilmington Trust, National Association, as Trustee and the assets underlying or referenced by the Certificates,
including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with
respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through the website
of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement, including the
[section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date
(as defined in the Pooling and Servicing Agreement)]. Information provided by each Furnishing Entity is labeled as provided by
the specific Furnishing Entity.

 

Definition of Confidential
Information. For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include
the following information (irrespective of its source or form of communication, including information obtained by you through access
to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring
of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal
documents and other information (such information, the “Evaluation Material”) and (y)  any of the terms,
conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status
thereof; provided, however, that the term Confidential Information shall not include information which:

 

was or becomes
generally available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering
document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i) below)
in violation of this Confidentiality Agreement;

 

was or is lawfully
obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed by you
to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation to
maintain the information as confidential; or

 

is independently
developed by the NRSRO without reference to any Confidential Information.

 

 

    Exhibit P-2-3

     

     

Information to Be Held in Confidence.

 

You will use the Confidential
Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the extent that any
information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or research purposes
(the “Intended Purpose”).

 

You acknowledge that you
are aware that the United States and state securities laws impose restrictions on trading in securities when in possession of material,
non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative who is informed
of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat the Confidential
Information as private and confidential. Subject to Section 4, without the prior written consent of the applicable Furnishing
Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished to
you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

	 	●	disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

	 	●	solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information to the NRSRO’s password protected website; and

 

	 	●	use information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does not reveal any Confidential Information.

 

Disclosures Required by
Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena, civil investigatory
demand, request for information or documents, deposition or similar process relating to any legal proceeding, investigation, hearing
or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity with notice as soon
as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation, and otherwise to
the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request to disclose
the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise
required by a court or other governmental or regulatory authority to do so, and provided that you been informed by

 

    Exhibit P-2-4

     

     

written notice that the related Furnishing
Entity is seeking a protective order or other reasonable assurance for confidential treatment with respect to the requested Confidential
Information, you agree not to disclose the Confidential Information while the Furnishing Entity’s effort to obtain such a
protective order or other reasonable assurance for confidential treatment is pending. You agree to reasonably cooperate with each
Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance that confidential treatment will be
accorded to the portion of the Confidential Information that is being disclosed, at the sole expense of such Furnishing Entity;
provided, however, that in no event shall the NRSRO be required to take a position that such information should be
entitled to receive such a protective order or reasonable assurance as to confidential treatment. If a Furnishing Entity succeeds
in obtaining a protective order or other remedy, you agree to comply with its terms with respect to the disclosure of the Confidential
Information, at the sole expense of such Furnishing Entity. If a protective order or other remedy is not obtained or if the relevant
Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement in writing, you agree to furnish only
such information as you are legally required to disclose, at the sole expense of the relevant Furnishing Entity.

 

Obligation to Return Evaluation
Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material or documents, including
copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned to the relevant Furnishing
Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document or other material containing
Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s internal policies
and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain any portion of the Evaluation
Material that may be found in backup tapes or other archive or electronic media or other documents prepared by the NRSRO and any
Evaluation Material obtained in an oral communication; provided, that any Evaluation Material so retained by the NRSRO will
remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

Violations of this Confidentiality Agreement.

 

The NRSRO will be responsible
for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly to advise
each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of the Confidential
Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity to limit, stop
or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge and agree
that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that any of
the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached.
It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent
breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other
remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed

 

    Exhibit P-2-5

     

     

that no failure to or delay in exercising any
right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege.

 

Term. Notwithstanding
the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided a credit rating
on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing Law. This
Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the relationships
of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed by and construed
in accordance with the laws of the State of New York applicable to agreements made and to be performed within such State.

 

Amendments. This Confidentiality
Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement.
This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment
of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings
and agreements between us relating to such matters; provided, however, that, if the terms of this Confidentiality
Agreement conflict with another agreement relating to the Confidential Information that specifically states that the terms of such
agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality
Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms
hereof by entry into this website.

 

Contact Information.
Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor

New York, NY 10152

Attention: Lee Green

E-mail: wfs.cmbs@wellsfargo.com

 

    Exhibit P-2-6

     

     

EXHIBIT P-3

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services WFCM 2019-C54

 

Attention: Wells Fargo Commercial
Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

This Certification has been prepared for
provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.
If you represent a Market Data Provider not listed herein and would like access to the information, please contact CTSLink at 866-846-4526,
or at ctslink.customerservice@wellsfargo.com.

 

In accordance with the requirements
for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer, with respect to the above-referenced certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.              
The undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corp., Markit
Group Limited, BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, MBS Data LLC, RealInsight or Thomson
Reuters Corporation, a market data provider that has been given access to the Statements to Certificateholders, CREFC®
Reports and supplemental notices on www.ctslink.com (“CTSLink”) by request of the Depositor.

 

2.              
The undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation
above remains true and correct.

 

3.              
The undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own
use only, and agrees that it will not disseminate or otherwise make such information available to any other person without the
written consent of the Depositor.

 

4.              
The undersigned shall be fully liable for any breach of the Pooling and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Trust Fund for any loss, liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

 

    Exhibit P-3-1

     

     

5.              
Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 	 
	 	By:	 	 
	 	 	Title:

Company:

Phone:	 

 

    Exhibit P-3-2

     

     

EXHIBIT Q

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer, the undersigned, as Custodian, hereby certifies that, except as noted on the attached Custodial Exception Report, as
to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for which a Liquidation
Event has occurred) the Custodian has, subject to Section 2.02(c) of the Pooling and Servicing Agreement, reviewed the documents
delivered to it pursuant to Section 2.01 of the Pooling and Servicing Agreement and has determined that (i) subject to
the final proviso of the definition of “Mortgage File”, all documents specified in clauses (i) through (v),
(viii), (ix), (xi), (xii) and (xiii) (or, with respect to clause (xii), a copy of such letter of credit and the required
officer’s certificate), if any, of the definition of “Mortgage File,” as applicable, are in its possession, (ii) the
foregoing documents delivered or caused to be delivered by the Mortgage Loan Seller have been reviewed by it or by a Custodian
on its behalf and appear regular on their face and appear to be executed and to relate to such Mortgage Loan and (iii) based
on such examination and only as to the foregoing documents, the information set forth in the Mortgage Loan Schedule with respect
to the items specified in clauses (iv), (vi) and (viii)(c) in the definition of “Mortgage Loan Schedule” is correct.

 

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

 

 

	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Custodian	 
	 	 	 	 
	 	By:	 	 
	 	 	
         

        Name:

        Title:

        
	 

 

 

    Exhibit Q-1

     

    SCHEDULE A

 

Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127-023

New York, New York 10152

Attention: A.J. Sfarra

CRRCompliance@wellsfargo.com

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2019-C54 Asset Manager

commercial.servicing@wellsfargo.com

 

LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

Facsimile number: (305) 695-5601

Email: hbennett@lnrpartners.com, jwarshaw@lnrproperty.com and

lnr.cmbs.notices@lnrproperty.com

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee WFCM 2019-C54

CMBSTrustee@wilmingtontrust.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services WFCM 2019-C54

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: WFCM 2019-C54 Surveillance Manager

With a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

 

 

    Exhibit Q-2

     

     

[Wells Fargo Bank, National Association

301 South College St.

Charlotte, North Carolina 28202

Attention: Wells Fargo Commercial Mortgage Trust 2019-C54,

Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

with a copy to:

Troy B. Stoddard, Esq.

Wells Fargo Legal Department, D1086-341

550 South Tryon Street, 34th Floor

Charlotte, North Carolina 28202

Email:troy.stoddard@wellsfargo.com

 

and a copy to:

Jacqueline Gelman

Wells Fargo Bank, National Association

10 South Wacker Drive, 32nd Floor

Chicago, IL 60606

Telephone number: (312) 827-1531

Email: jacqueline.m.gelman@wellsfargo.com]

 

[Argentic Real Estate Finance LLC

31 West 27th Street, 12th Floor

New York, New York 10001

Attention: Michael Schulte 

Facsimile No.: (646) 560 1745]

 

 

    Exhibit Q-3

     

     

[Rialto Mortgage Finance, LLC

590 Madison Avenue, 9th Floor

New York, New York 10022

Attention: Kenneth M. Gorsuch, Managing Director]

 

[UBS AG, by and through its branch office at 1285 Avenue of the

Americas, New York, New York

1285 Avenue of the Americas

New York, New York 10019

Attention: David Schell

 

with a copy to:

 

UBS Securities LLC

1285 Avenue of the Americas

New York, New York 10019

Attention: Henry Chung and Office of General Counsel

 

and a copy to:

 

UBS Business Solutions LLC

1285 Avenue of the Americas

New York, New York 10019

Attention: Chad Eisenberger, Executive Director & Counsel]

 

[BSPRT CMBS Finance, LLC

1345 Avenue of the Americas, Suite 32A

New York, New York 10105

Attention: Micah Goodman and Tiffany Putman

 

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Jeffrey Rotblat

 

and

 

Benefit Street Partners Realty Trust, Inc.

1345 Avenue of the Americas, Suite 32A

New York, New York 10105

Attention: Micah Goodman and Tiffany Putman]

 

    Exhibit Q-4

     

     

EXHIBIT R-1

FORM OF POWER OF ATTORNEY BY TRUSTEE FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: Wells Fargo Commercial Mortgage Trust 2019-C54 Asset Manager

Telecopy Number: (704) 715-0036

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS,
that Wilmington Trust, National Association, a national banking association, incorporated and existing under the laws of the United
States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as trustee (the “Trustee”),
pursuant to that Pooling and Servicing Agreement dated as of December 1, 2019 (the “Agreement”), between Wells
Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such
capacity, the “ Master Servicer”), LNR Partners, LLC, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
the Trustee, as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, hereby
constitutes and appoints the Master Servicer, by and through the Master Servicer’s officers and authorized employees, the
Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s benefit,
in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Master Servicer and all properties
(“Mortgaged Properties”) administered by the Master Servicer pursuant to the Agreement, to execute and acknowledge
in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate the enumerated
transactions described in items 1 through 12 below with respect to the Mortgage Loans and Mortgaged Properties; provided,
however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents
are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings
set forth in the Agreement.

 

1.              
The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

 

    Exhibit R-1-1

     

     

2.              
The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance,
(i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the
provisions of the Agreement.

 

3.              
The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.              
The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as
real estate owned, or conveyance of title to real estate owned.

 

5.              
The completion of loan assumption agreements.

 

6.              
The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.              
The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the
Mortgage Loan secured and evidenced thereby.

 

8.              
The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction
with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

9.              
The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

 

	 	a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;

 

	 	b.	the preparation and issuance of statements of breach or non-performance;

 

	 	c.	the preparation and filing of notices of default and/or notices of sale;

 

	 	d.	the cancellation/rescission of notices of default and/or notices of sale;

 

 

    Exhibit R-1-2

     

     

	 	e.	the taking of deed in lieu of foreclosure;

 

	 	f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

	 	g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction actions or proceedings;

 

	 	h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

	 	i.	the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

10.         
With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

	 	a.	listing agreements;

 

	 	b.	purchase and sale agreements;

 

	 	c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

 

	 	d.	escrow instructions; and

 

	 	e.	any and all documents necessary to effect the transfer of property.

 

	 	11.	The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement of personal property.

 

	 	12.	The execution and delivery of the following:

 

	 	a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related Mortgaged Property and other related collateral;

 

	 	b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full defeasance, and all other comparable instruments; and

 

 

    Exhibit R-1-3

     

     

	 	c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties or REO Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The undersigned gives said
Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth
below.

 

This appointment is to be
construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not
intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that
the Master Servicer has the power to delegate its rights or obligations under the Agreement, the Master Servicer also has the power
to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney,
for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact
as are necessary for such purpose. The Master Servicer’s attorneys-in-fact shall have no greater authority than that held
by the Master Servicer.

 

Nothing contained herein
shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner
the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Master Servicer the
power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except as
specifically provided for herein or in the Agreement. If the Master Servicer receives any notice of suit, litigation or proceeding
in the name of Wilmington Trust, National Association, then the Master Servicer shall promptly forward a copy of same to the Trustee.

 

 

    Exhibit R-1-4

     

     

This limited power of attorney
is not intended to extend or limit the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer
to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Master Servicer hereby
agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney
by the Master Servicer. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement
or the earlier resignation or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney
is entered into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles
of such state.

 

Third parties without actual
notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited
Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been
made in writing by the undersigned.

 

IN WITNESS WHEREOF, Wilmington
Trust, National Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2019-C54 has caused its corporate seal to be
hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory
this ___________ day of ____________.

 

 

	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee for Wells Fargo Commercial Mortgage Trust 2019-C54 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

	 	 
	Witness:	 
	 	 
	 	 
	 	 
	Witness:	 
	 	 
	 	 

  

    Exhibit R-1-5

     

     

 

	STATE OF DELAWARE	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

 

On ____________________,
before me, _________________________________ Notary Public, personally appeared ___________________________, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF
PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official
seal.

 

 

	 	 	 
	 	 	Notary Public
	 	 	 
	[SEAL]	 	 
	 	 	 
	My commission expires:	 	 
	 	 	 

 

    Exhibit R-1-6

     

     

EXHIBIT R-2

FORM OF POWER OF ATTORNEY BY TRUSTEE FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: David Serna

Email: lnr.cmbs.notices@lnrproperty.com

 

 

SPACE ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS,
that Wilmington Trust, National Association, a national banking association, incorporated and existing under the laws of the United
States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890, as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of December 1, 2019 (the “Agreement”) by and between
Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer,
LNR Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, the Trustee,
as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, hereby constitutes
and appoints the Special Servicer, by and through the Special Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage
Loans”) serviced by the Special Servicer and all properties (“REO Properties”) administered by the
Special Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily
and reasonably necessary and appropriate to effectuate the enumerated transactions described in items (1) through (13)
below with respect to the Mortgage Loans and REO Properties; provided however, that the documents described below may only be executed
and delivered by such Attorneys-in-Fact if such documents are required or permitted under the terms of the Agreement. Capitalized
terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

1.              
The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and to draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

2.              
The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the
purpose of correcting such Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct
title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either

 

    Exhibit R-2-1

     

     

instance, (i) does not adversely affect
the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

3.              
The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company or a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.              
The conveyance of any property to the mortgage insurer, or the closing of title to any mortgaged property (a “Mortgaged
Property”) to be acquired as REO Property, or conveyance of title to any REO Property.

 

5.              
The completion of loan assumption agreements and transfers of interest in borrower entities.

 

6.              
The full satisfaction/release of a Mortgage or full conveyance upon payment and discharge of all sums secured thereby, including,
without limitation, cancellation of the related promissory note.

 

7.              
The assignment of any Mortgage and the related promissory note and other loan documents, in connection with the purchase
or repurchase of the Mortgage Loan secured and evidenced thereby.

 

8.              
The full assignment of a Mortgage upon payment and discharge of all sums secured thereby in conjunction with the refinancing
thereof, including, without limitation, the assignment of the related promissory note and other loan documents.

 

9.              
The full enforcement of and preservation of the Trustee’s interests in any Mortgage or the related promissory note,
and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on behalf of the Trust,
foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of judicial or non-judicial foreclosure and/or any
related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, or the termination,
cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings
with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, the initiation or
defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard insurance and
claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

	 	a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and such deed of trust;

 

	 	b.	the preparation and issuance of statements of breach or non-performance;

 

	 	c.	the preparation and filing of notices of default and/or notices of sale;

 

	 	d.	the cancellation/rescission of notices of default and/or notices of sale;

 

 

    Exhibit R-2-2

     

     

	 	e.	the filing, prosecution and defense of claims, and the appearance on behalf of the Trustee, in bankruptcy cases affecting any Mortgage or the related promissory note;

 

	 	f.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction actions or proceedings;

 

	 	g.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but not limited to appearing on behalf of the Trustee in quiet title actions;

 

	 	h.	the creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property; and

 

	 	i.	the preparation and execution of such other documents and the performance of such other actions as may be necessary under the terms of the Mortgage or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

	 	10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation, the execution of the following documentation:

 

	 	a.	listing agreements;

 

	 	b.	purchase and sale agreements;

 

	 	c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

 

	 	d.	escrow instructions; and

 

	 	e.	any and all documents necessary to effect the transfer of property.

 

11.         
The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement
of personal property.

 

12.         
Execute and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in
its capacity as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission
of fault or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.

 

13.         
The execution and delivery of the following:

 

	 	a.	any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by the

 

 

    Exhibit R-2-3

     

     

	 	 	Mortgage or other security document in the related Mortgage File or the related Mortgaged Property and other related collateral;

 

	 	b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, or of partial or full defeasance, and all other comparable instruments;

 

	 	c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents to any mezzanine financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property, REO Property or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged Properties or the replacement of asset managers) or REO Properties, documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements, management agreements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other consents; and

 

	 	d.	any and all documents, instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s duties and responsibilities under the Agreement.

 

The undersigned gives said
Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every act and thing necessary
and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned
might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth
below.

 

This appointment is to be
construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not
intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that
the Special Servicer has the power to delegate its rights or obligations under the Agreement, the Special Servicer also has the
power to delegate the authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of
Attorney, for purposes of performing its obligations and duties by executing such additional

 

    Exhibit R-2-4

     

     

powers of attorney in favor of its attorneys-in-fact
as are necessary for such purpose. The Special Servicer’s attorneys-in-fact shall have no greater authority than that held
by the Special Servicer.

 

Nothing contained herein
shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner
the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the Special Servicer the
power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association except as
specifically provided for herein or in the Agreement. If the Special Servicer receives any notice of suit, litigation or proceeding
in the name of Wilmington Trust, National Association, then the Special Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney
is not intended to extend or limit the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer
to take any action with respect to mortgages, deeds of trust or the related promissory notes not authorized by the Agreement.

 

The Special Servicer hereby
agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever incurred by the Trustee by reason or result of or in connection with the negligent use, or negligent or willful
misuse, of this Limited Power of Attorney by the Special Servicer, or its attorneys-in-fact, of the powers granted to it hereunder.
The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney
is entered into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles
of such state.

 

IN WITNESS WHEREOF, Wilmington
Trust, National Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates
has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a
duly elected and authorized signatory this ____ day of ____________.

 

	 	 	 	 
	 	Wilmington Trust, National Association, as Trustee for Wells Fargo Commercial Mortgage Trust 2019-C54
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

    Exhibit R-2-5

     

     

	Witness:	 
	 	 
	 	 

 

    Exhibit R-2-6

     

     

State of Delaware }

County of }

 

On                        
________________________,                         before                        
me, _________________________________Notary             Public,             personally
            appeared ___________________________, who proved to me
on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me
that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument the person, or the
entity upon behalf of which the person acted, executed the instrument.

 

I certify under PENALTY OF
PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

 

 

 

Notary signature

 

    Exhibit R-2-7

     

     

EXHIBIT S

INITIAL SERVICED COMPANION NOTEHOLDERS

 

	Loan	Companion Holder
	Global Payments, Inc.	
        Note A-2

         

        BSPRT CMBS Finance, LLC 

        1345 Avenue of the Americas, Suite 32A 

        New York, New York 10105 

        Attention: Micah Goodman

         

	NMR Pharmacy Portfolio	
        Note A-2

         

        BSPRT CMBS Finance, LLC 

        1345 Avenue of the Americas, Suite 32A 

        New York, New York 10105 

        Attention: Micah Goodman

         

 

 

    Exhibit S-1

     

     

EXHIBIT T

FORM OF NOTICE FOR NON-SERVICED MORTGAGE LOAN

 

[FOR THE TOWER AT BURBANK MORTGAGE LOAN:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: BANK 2019-BNK20 Asset Manager

Email: commercial.servicing@wellsfargo.com

with a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Facsimile Number: (704) 353-3190

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565

with a copy to:

Stinson Leonard Street LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106 2150

Fax Number: (816)-412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com]

 

 

    Exhibit T-1

     

    

[FOR THE PLANET SELF STORAGE PORTFOLIO MORTGAGE LOAN:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2019-C53 Asset Manager

Email: commercial.servicing@wellsfargo.com

with a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Facsimile Number: (704) 353-3190

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax Number: (888) 706-3565

with a copy to:

Stinson Leonard Street LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106 2150

Fax Number: (816)-412-9338

 

 

    Exhibit T-2

     

    

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com]

 

[FOR THE PHOENIX INDUSTRIAL PORTFOLIO II MORTGAGE LOAN:

 

Wells Fargo Bank, National Association,

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: UBS 2019-C17 Asset Manager

Email: commercial.servicing@wellsfargo.com

 

with a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Facsimile Number: (704) 353-3190

 

Rialto Capital Advisors, LLC

200 S. Biscayne Blvd., Suite 3550

Miami, Florida 33131

Attention: Liat Heller

Facsimile number: (305) 229-6425

E-mail: liat.heller@rialtocapital.com

 

Jeff Krasnoff

Facsimile number: (305) 229-6425

E-mail: jeff.krasnoff@rialtocapital.com;

Niral Shah

Facsimile number: (305) 229-6425

E-mail: niral.shah@rialtocapital.com;

Adam Singer

facsimile number: (305) 229-6425

E-mail: adam.singer@rialtocapital.com]

 

[FOR THE WASHINGTON AVENUE PORTFOLIO MORTGAGE LOAN:

 

 

    Exhibit T-3

     

     

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

10851 Mastin Street

Building 82, Suite 300

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy number: 1-888-706-3565

Email: NoticeAdmin@midlandls.com

with a copy to:

Stinson LLP 

1201 Walnut Street 

Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com

 

LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennet and Job Warshaw

Facsimile number (305) 695-5601

E-mail: LNR.CMBS.Notices@lnrproperty.com, hbennet@lnrproperty.com and

jwarshaw@lnrproperty.com]

 

[FOR THE CIRE EQUITY RETAIL & INDUSTRIAL PORTFOLIO MORTGAGE
LOAN:

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Fax number: 1-888-706-3565

 

with a copy to:

 

Stinson LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Fax number: (816) 412-9338

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

 

 

    Exhibit T-4

     

    

Attention: Executive Vice President – Division Head

Fax number: 1-888-706-3565

 

with a copy to:

 

Stinson LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Fax number: (816) 412-9338]

 

VIA EMAIL

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

As you know, Wells Fargo
Bank, National Association acts as the master servicer (the “Lead Master Servicer”) for the whole loan secured
by the [mortgaged property][portfolio of properties] identified as [The Tower at Burbank][Planet Self Storage Portfolio][Phoenix
Industrial Portfolio II] [Washington Avenue Portfolio][CIRE Equity Retail & Industrial Portfolio] (the “Subject Whole
Loan”) under the [BANK 2019-BNK20][WFCM 2019-C53][UBS 2019-C17][GSMS 2019-GSA1][BMARK 2019-B12] pooling and servicing
agreement (the “Lead PSA”). This is to inform you that Note[s] [_][_][_] of the Subject Whole Loan (the “Subject
Mortgage Loan”) [has][have] been transferred to Wells Fargo Commercial Mortgage Trust 2019-C54 pursuant to that certain
Pooling and Servicing Agreement, dated December 1, 2019 (the “2019-C54 Pooling Agreement”) between Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity,
the “2019-C54 Master Servicer”), LNR Partners, LLC, as special servicer, Wells Fargo Bank, National
Association, as certificate administrator (in such capacity, the “2019-C54 Certificate Administrator”), Wilmington
Trust, National Association, as trustee (the “2019-C54 Trustee”), and Park Bridge Lender Services LLC, as operating
advisor and as asset representations reviewer, and that the 2019-C54 Trustee is the holder of the Subject Mortgage Loan.

 

The undersigned, as 2019-C54
Certificate Administrator, hereby directs you, in your capacity as the Lead Master Servicer of the Subject Whole Loan, to remit
to the 2019-C54 Master Servicer all amounts payable to, and forward, deliver or otherwise make available, as the case may be, to
the 2019-C54 Master Servicer all reports, statements, documents, communications, and other information that are to be forwarded,
delivered or otherwise made available to, the holder of the Subject Mortgage Loan under the related Intercreditor Agreement (as
such term is defined in the 2019-C54 Pooling Agreement) and the Lead PSA.

 

The Subject Mortgage Loan
is not a Significant Obligor (as such term is defined in the 2019-C54 Pooling Agreement) under the 2019-C54 Pooling Agreement.

 

Thank you for your attention
to this matter.

 

 

    Exhibit T-5

     

     

 

	Date: 	 	 	 	 
	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

 

 

    Exhibit T-6

     

     

EXHIBIT U

FORM OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

	 	To:	Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

E-mail: info.cmbs@fitchratings.com

S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

 

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: Commercial Mortgage Surveillance

Facsimile No.: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

	 	From:	Wells Fargo Bank, National Association, in its capacity as Master Servicer under the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer.

 

Date: _________, 20___

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Mortgage Loan (the “Mortgage
Loan”) identified by loan number _____ [and loan number [_______]] on the Mortgage Loan Schedule attached to the Pooling
and Servicing Agreement and heretofore secured by the Mortgaged Properties identified on the Mortgage Loan Schedule by the following
names:____________________

                      ____________________

 

 

    Exhibit U-1

     

     

Reference is made to the
Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings assigned to such
terms in the Pooling and Servicing Agreement.

 

As Master Servicer under
the Pooling and Servicing Agreement, we hereby:

 

(a)       Notify
you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

 

____   a full defeasance
of the entire principal balance of the Mortgage Loan; or

 

____   a partial
defeasance of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of $____________
or _______% of the entire principal balance of the Mortgage Loan;

 

(b)       Certify
that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto,
which exceptions the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect
on the Mortgage Loan or the defeasance transaction:

 

(i)        The
Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied in
all material respects in completing the defeasance.

 

(ii)       The
defeasance was consummated on __________, 20__.

 

(iii)       The
defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section 2(a)(16)
of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for
‘AAA’ Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard &
Poor’s Public Finance Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation,
the principal due at maturity cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)      The
Master Servicer received an opinion of counsel (from counsel approved by the Master Servicer in accordance with the Servicing Standard)
that the defeasance will not result in an Adverse REMIC Event.

 

(v)       The
Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings Real Estate Finance Criteria,
as amended to the date of the defeasance (the “S&P Criteria”)) or is subject to restrictions in its organizational
documents substantially similar to those contained in the organization documents of the original Borrower with respect to bankruptcy
remoteness and single purpose as of the date of the defeasance, and after the defeasance owns no assets other than the defeasance
collateral and real property securing Mortgage Loans included in the pool.

 

 

    Exhibit U-2

     

     

(vi)       The
defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P Criteria)
in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities intermediary
and has been pledged to the Trustee on behalf of the Trust.

 

(vii)       The
agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee on behalf
of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from the proceeds
of the defeasance collateral directly to the Master Servicer’s collection account in the amounts and on the dates specified
in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed to the allocated
loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan documents (the “Scheduled
Payments”), (iii) permit reinvestment of proceeds of the defeasance collateral only in Permitted Investments (as
defined in the Pooling and Servicing Agreement or as defined in the documents evidencing the defeasance), (iv) permit release
of surplus defeasance collateral and earnings on reinvestment from the pledged securities account only after the Mortgage Loan
has been paid in full, if any such release is permitted, (v) prohibit transfers by the Defeasance Obligor of the defeasance
collateral and subordinate liens against the defeasance collateral, and (vi) provide for payment from sources other than the
defeasance collateral or other assets of the Defeasance Obligor of all fees and expenses of the securities intermediary for administering
the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance Obligor.

 

(viii)       The
Master Servicer received written confirmation from a firm of independent certified public accountants, who were approved by the
Master Servicer in accordance with the Servicing Standard stating that (i) revenues from the defeasance collateral (without
taking into account any earnings on reinvestment of such revenues) will be sufficient to timely pay each of the Scheduled Payments
after the defeasance including the payment in full of the Mortgage Loan (or the allocated portion thereof in connection with a
partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date), (ii) the revenues
received in any month from the defeasance collateral will be applied to make Scheduled Payments within four (4) months after
the date of receipt, and (iii) interest income from the defeasance collateral to the Defeasance Obligor in any calendar or
fiscal year will not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or the allocated portion thereof
in a partial defeasance) for such year.

 

(ix)       The
Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined below).
The entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent of
pool balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent
Distribution Date Statement received by us (the “Current Report”).

 

(x)       The
Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses a valid, perfected first
priority security interest in

 

    Exhibit U-3

     

     

the defeasance collateral and that
the documents executed in connection with the defeasance are enforceable in accordance with their respective terms.

 

(c)       Certify
that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance
Obligor, and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)       Certify
that the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

 

(e)       Agree
to provide copies of all items listed in Exhibit B to you upon request.

 

    Exhibit U-4

     

     

IN WITNESS WHEREOF, the Master
Servicer has caused this Notice and Certification to be executed as of the date captioned above.

 

	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION as Master Servicer
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

  

    Exhibit U-5

     

     

EXHIBIT V

FORM OF OPERATING ADVISOR ANNUAL REPORT1

 

Report Date: This report will be delivered annually no later
than [INSERT DATE], pursuant to the terms and conditions of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the
“Pooling and Servicing Agreement”).

Transaction: Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer: LNR Partners, LLC

Directing Certificateholder: Argentic Securities Income USA LLC

 

	 	I.	Population of Mortgage Loans that Were Considered in Compiling this Report

 

	 	1.	The Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

	 	(a)	[●] of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development of an Asset Status Report.

 

	 	(b)	[Final] Asset Status Reports were issued with respect to [●] of such Specially Serviced Loans. This report is based only on the Specially Serviced Loans in respect of which an Asset Status Report has been issued. The Asset Status Reports may not yet be fully implemented.

 

	 	2.	Prior to an Operating Advisor Consultation Event, if any Mortgage Loan is in special servicing and if the Special Servicer has subsequently completed a Major Decision with respect to such Specially Serviced Loan, the Special Servicer has provided the applicable fully executed Major Decision Reporting Package approved or deemed approved by the Directing Certificateholder to the Operating Advisor.

 

	 	3.	After an Operating Advisor Consultation Event, the Special Servicer has provided to the Operating Advisor:

 

	 	(a)	with respect to each Major Decision for the following non-Specially Serviced Loans, the related Major Decision Reporting Package and the opportunity to consult with respect to such Major Decision and recommended action:

 

 

 

 

 

1       This
report is an indicative report and does not reflect the final form of annual report to be used in any particular year. The Operating
Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the compliance
with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

 

    Exhibit V-1

     

     

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	(b)	with respect to following Specially Serviced Loans, each related Asset Status Report and the opportunity to consult with respect to such recommended action:

 

	 	 	 
	 	 	 
	 	 	 

 

	 	II.	Executive Summary

 

Based on the requirements
and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the Operating Advisor (in
accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing Agreement) has undertaken
a limited review of the Special Servicer’s reported actions under the Pooling and Servicing Agreement on the loans identified
in this report. Based solely on such limited review and subject to the assumptions, limitations and qualifications set forth herein,
the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is not] operating
in compliance with the Servicing Standard with respect to its performance of its duties under the Pooling and Servicing Agreement
during the prior calendar year on an “asset-level basis”. [The Operating Advisor believes, in its sole discretion exercised
in good faith, that the Special Servicer has failed to materially comply with the Servicing Standard as a result of the following
material deviations.]

 

	 	●	[LIST OF MATERIAL DEVIATION ITEMS]

 

In addition, the Operating
Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

	 	●	[ADD RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

	 	III.	List of Items that were Considered in Compiling this Report

 

In rendering the assessment set forth in this
report, the Operating Advisor examined and relied upon the accuracy and the completion of the items listed below:

 

	 	1.	Any Major Decision Reporting Package that is delivered or made available to the Operating Advisor by the Special Servicer pursuant to the Pooling and Servicing Agreement.

 

 

    Exhibit V-2

     

     

	 	2.	Reports by the Special Servicer made available to Privileged Persons that are posted on the certificate administrator’s website that is relevant to the Operating Advisor’s obligations under the Pooling and Servicing Agreement, each Asset Status Report (after an Operating Advisor Consultation Event), and each Final Asset Status Report, in each case, delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.

 

	 	3.	The Special Servicer’s assessment of compliance report, attestation report by a third party regarding the Special Servicer’s compliance with its obligations and net present value calculations and Appraisal Reduction Amount calculations delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.

 

	 	4.	[LIST OTHER REVIEWED INFORMATION].

 

	 	5.	[INSERT IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT: Consulted with the Special Servicer as provided under the Pooling and Servicing Agreement on Asset Status Reports for a Specially Serviced Loan delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement and with respect to Major Decisions processed by the Special Servicer.]

 

NOTE: The Operating Advisor’s
review of the above materials should be considered a limited review and not be considered a full or limited audit, legal review
or legal conclusion. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals (including
amendments and appendices), review underlying lease agreements or similar underlying documents, re-engineer the quantitative aspects
of their net present value calculator, visit any related property, visit the Special Servicer, visit the Directing Certificateholder
or interact with any borrower. In addition, our review of the net present value calculations and Appraisal Reduction calculations
is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions
of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas.

 

	 	IV.	Assumptions, Qualifications Related to the Work Product Undertaken and Opinions Related to this Report

 

	 	1.	As provided in the Pooling and Servicing Agreement, the Operating Advisor (i) is not required to report on instances of non-compliance with, or deviations from, the Servicing Standard or the special servicer’s obligations under the Pooling and Servicing Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial and (ii) will not be required in the ordinary course to provide or obtain a legal opinion, legal review or legal conclusion as part of that assessment.

 

	 	2.	In rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents that we have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.

 

 

    Exhibit V-3

     

     

	 	3.	Other than the receipt of any Major Decision Reporting Package or any Asset Status Report that is delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have access to, the Special Servicer’s and Directing Certificateholder’s discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Directing Certificateholder directly. As such, the Operating Advisor generally relied upon the information delivered to it by the Special Servicer as well as its interaction with the Special Servicer, if any, in gathering the relevant information to generate this report. The services that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

	 	4.	The Special Servicer has the legal authority and responsibility to service any Specially Serviced Loans pursuant to the Pooling and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein or direct the actions of the Special Servicer.

 

	 	5.	Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of any communications held between it and the Special Servicer regarding any Specially Serviced Loans and certain information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may not reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

	 	6.	There are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Loans. These include, but are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor does not participate in any discussions regarding such actions. As such, Operating Advisor has not assessed the Special Servicer’s operational compliance with respect to those types of actions.

 

	 	7.	The Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this report, they should address such questions to the certificate administrator through the certificate administrator’s website.

 

	 	8.	This report does not constitute recommendations to buy, sell or hold any security, nor does the Operating Advisor take into account market prices of securities or financial markets generally when performing its limited review of the Special Servicer as described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or any other party or individual. Nothing is intended to or should be construed as creating a fiduciary relationship between the Operating Advisor and any Certificateholder, party or individual.

 

Terms used but not defined herein have the
meaning set forth in the Pooling and Servicing Agreement.

 

    Exhibit V-4

     

     

EXHIBIT W

FORM OF NOTICE FROM OPERATING ADVISOR RECOMMENDING REPLACEMENT OF SPECIAL SERVICER

 

Wilmington Trust, National Association

as Trustee

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee WFCM 2019-C54

 

Wells Fargo Bank, National Association

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Trust 2019-C54

Email: trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

 

LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

Facsimile number: (305) 695-5601

Email: hbennett@lnrpartners.com, jwarshaw@lnrproperty.com and lnr.cmbs.notices@lnrproperty.com

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54, Recommendation of Replacement of Special Servicer

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and
Servicing Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer, on behalf of the holders of Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial
Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”) regarding the replacement of the
Special Servicer. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms
in the Pooling and Servicing Agreement.

 

Based upon our review of
the Special Servicer’s actions conducted pursuant to and in accordance with Section 3.26 of the Pooling and Servicing
Agreement, it is our assessment that

 

    Exhibit W-1

     

     

LNR Partners, LLC, in its current
capacity as Special Servicer, is not [performing its duties under the Pooling and Servicing Agreement][acting in accordance with
the Servicing Standard]. The following factors support our assessment: [________].

 

Based upon such assessment,
we further hereby recommend that LNR Partners, LLC be removed as Special Servicer and that [________] be appointed its
successor in such capacity.

 

	 	 	 	 
	 	Very truly yours,	 
	 	 	 
	 	 	 	 
	 	[The Operating Advisor]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

Dated:

 

    Exhibit W-2

     

     

EXHIBIT X

FORM OF CONFIDENTIALITY AGREEMENT

 

[Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2019-C54 Asset Manager

Telecopy Number: (704) 715-0036]

 

[LNR Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

Facsimile number: (305) 695-5601

Email: hbennett@lnrpartners.com, jwarshaw@lnrproperty.com and

lnr.cmbs.notices@lnrproperty.com]

 

	 	Re:	Access to Certain Information Regarding Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

Reference is hereby made
to that certain Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
among the Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer. Defined terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.

 

[Wells Fargo Bank, National
Association (“Wells Fargo”)/LNR Partners, LLC (“LNR”)] understands that [____]
(the “Company”) is requesting certain confidential or non-public information relating to the Mortgage Loans
to which the Company has continuing rights as a Certificateholder. The Company is requesting or may from time to time request such
information for the purpose of analyzing asset performance and evaluating any continuing rights the Company may have under the
Trust (the “Permitted Purpose”). The Company agrees that the Permitted Purpose shall not include the use or
disclosure of the Confidential Information (as defined below) in any manner that violates any applicable law, the Pooling and Servicing
Agreement or the related mortgage loan documents.

 

 

    Exhibit X-1

     

     

[Wells Fargo/LNR] will provide
the Company with certain confidential, non-public servicing information (the “Confidential Information”) pertaining
to the Mortgage Loans and the related Mortgaged Properties and borrowers. The Company acknowledges that the Confidential Information
(a) includes or may be based upon information provided to [Wells Fargo/LNR] by third parties, (b) may not have been verified
by [Wells Fargo/LNR], and (c) may be incomplete or contain inaccuracies. The Company agrees that [Wells Fargo/LNR], the [“Master
Servicer”/”Special Servicer”] (as defined in the Pooling and Servicing Agreement) and its respective
Representatives (as defined below) shall not have any liability to the Company or its Representatives resulting from (x) any
inaccuracies or omissions in the Confidential Information, (y) any use of the Confidential Information, or (z) [Wells
Fargo/LNR]’s failure or inability to provide the Confidential Information to the Company for any reason. Notwithstanding
the foregoing, the following will not constitute “Confidential Information” for purposes of this letter agreement:
(a) information that was already in Company’s possession prior to its receipt from [Wells Fargo/LNR]; (b) information
that is obtained by Company from a third person who, insofar as is known to Company, is not prohibited from transmitting the information
to Company by a contractual, legal or fiduciary obligation to [Wells Fargo/LNR]; (c) information that is or becomes publicly
available through no fault of Company; and (d) information that is independently developed by Company. The term “Representatives”
with respect to any entity shall mean the officers, directors, general partners, employees, agents, affiliates, auditors and legal
counsel (which may be internal counsel) of that entity.

 

The Company may have access
to the Confidential Information through (at [Wells Fargo/LNR]’s election): (i) responses to reasonable written inquiries
received from the Company, (ii) conference calls conducted on a reasonably scheduled basis with [Wells Fargo/LNR]’s
surveillance group, or (iii) direct on-line access (read-only capacity) to the information available on the applicable [____]
system or any successor or replacement system (“System”). [Wells Fargo/LNR] may cease or defer providing the
Company with Confidential Information in the event that (a) the Company or its Representatives violate any provision hereof,
or (b) [Wells Fargo/LNR] determines (in its sole discretion) that such termination is necessary for any reason, including
its determination that such action is required pursuant to the terms of the Pooling and Servicing Agreement, the related Mortgage
Loan documents, or any applicable law. [Wells Fargo/LNR] shall cease to provide the Company with Confidential Information if [Wells
Fargo/LNR] has actual knowledge that the Company or its Representatives are affiliates of any borrower under the Mortgage Loan
documents and [Wells Fargo/LNR] determines that the provision, notice or access to such Confidential Information would violate
the accepted servicing practices or servicing standards as defined in the Pooling and Servicing Agreement. The Company’s
obligations and the restrictions applicable to the protection of the Confidential Information hereunder shall survive the termination
of the Company’s access to the Confidential Information. [Wells Fargo/LNR]’s remedies hereunder, at law or at equity,
are cumulative and may be combined.

 

The Company agrees that it
will not, and it shall not permit its Representatives, to disclose the Confidential Information in any manner whatsoever to any
other person or entity, other than its Representatives (but only to the extent necessary to accomplish the Permitted Purpose) who
have a need to know the information, or as otherwise required by applicable law, court order or any governmental agency or regulator.
The Company acknowledges (i) its obligations under the U.S. federal securities laws, and (ii) that any disclosure
of the Confidential Information by it or its Representatives for any purpose other than a Permitted Purpose, in addition

 

    Exhibit X-2

     

     

to being a breach of this letter agreement,
may constitute a violation of federal and state securities laws. The Company will take reasonable measures to ensure that each
Representative is advised of this letter agreement and agrees to keep the Confidential Information confidential. The Company shall
be liable for any breach of this letter agreement by its Representatives. Notwithstanding the foregoing, the Company may subsequently
provide all or any part of such Confidential Information to any other person or entity that holds or is contemplating the purchase
of any Certificate or interest therein, but only if such person or entity confirms such ownership interest or prospective ownership
interest and provided that, prior to the delivery of such Confidential Information, such persons shall have executed and
delivered to the Company an agreement that is substantially similar in form and substance to this agreement.

 

If the provisions of this
Agreement are breached by the Company or its Representatives, Company agrees to indemnify and hold harmless [Wells Fargo/LNR] their
successors and assigns, from and against any resulting loss, cost, damage or expense undertaken, paid, awarded, assessed, incurred
or suffered by [Wells Fargo/LNR]. Company shall be liable to [Wells Fargo/LNR] for all court costs, reasonable and out of pocket
attorneys’ fees and other expenses incurred by [Wells Fargo/LNR] in enforcing its rights under this Agreement, recovering
damages and/or obtaining other appropriate relief.

 

This letter agreement shall
be governed by and construed in accordance with the laws of the State of New York without the application of conflict of laws
principles. Anything herein to the contrary notwithstanding, [Wells Fargo/LNR] intends at all times to comply with the terms and
provisions of the Pooling and Servicing Agreement and nothing in this letter agreement should be construed to limit or qualify
any of [Wells Fargo/LNR]’s rights or obligations under the Pooling and Servicing Agreement. This letter agreement may be
executed in counterparts and by facsimile/Portable Document Format (PDF); each such counterpart shall be deemed to be an original
instrument, and all such counterparts together shall constitute one agreement.

 

This agreement shall terminate
with respect to the information received by the Company one year after the Company receives such information or ceases to be a
Certificateholder. Company agrees that this letter agreement supersedes and replaces and survives any click-through agreement regarding
confidentiality of Confidential Information agreed to in connection with accessing the System whether agreed to in accessing the
System before or after signing this letter agreement.

 

Please have an authorized
signatory countersign in the space provided below to indicate the Company’s confirmation of, and agreement to, the matters
set forth herein.

 

 

    Exhibit X-3

     

     

	 	 	 
	 	Very truly yours,
	 	 	 
	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

 

 

	 	 	 
	 	[LNR Partners, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

 

 

CONFIRMED AND AGREED TO:

[COMPANY NAME]

 

	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

    Exhibit X-4

     

     

EXHIBIT Y

FORM CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATION

 

I, [identifying the certifying
individual], the President and Chief Executive Officer of Wells Fargo Commercial Mortgage Securities, Inc., the depositor
into the above-referenced Trust, certify that:

 

	 	1.	I have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the Wells Fargo Commercial Mortgage Trust 2019-C54 (the “Exchange Act periodic reports”);

 

	 	2.	Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

	 	3.	Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

 

	 	4.	Based on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in all material respects; and

 

	 	5.	All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: [(A) LNR Partners, LLC,
as Special Servicer, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor
and as Asset Representations Reviewer, (B) [list other applicable parties to servicing agreements for Non-Serviced Mortgage
Loans].

 

    Exhibit Y-1

     

     

 

	Date: 	 	 	 	 
	 	 	 	 	 

 

 

 

President and Chief Executive Officer

Wells Fargo Commercial Mortgage Securities, Inc.

(Senior officer in charge of the securitization of the

depositor)

 

    Exhibit Y-2

     

     

EXHIBIT Z-1

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(the “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator
(in such capacity, the “Certificate Administrator”), under that certain Pooling and Servicing Agreement, dated
as of December 1, 2019 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage
Securities, Inc. (the “Depositor”), as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), LNR Partners, LLC, as special servicer (the “Special
Servicer”), Wilmington Trust, National Association, as trustee, the Certificate Administrator, and Park Bridge Lender
Services LLC, as operating advisor and as asset representations reviewer, certifies to [Name of Certifying Person(s) for Sarbanes-Oxley
Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers, directors and affiliates, to
the extent that the following information is within our normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

	 	1.	I have reviewed the annual report on Form 10-K for the fiscal year 20[__] (the “Annual Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

	 	2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Annual Report;

 

	 	3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

	 	4.	I am responsible for reviewing the activities performed by the Certificate Administrator under the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

	5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the Certificate Administrator and related

 

 

    Exhibit Z-1-1

     

     

	 	attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Depositor, the Trustee and/or the Custodian.

 

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

 

Date:

 

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit Z-1-2

     

     

EXHIBIT Z-2

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Master Servicer under that certain Pooling and Servicing
Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo
Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity,
the “Master Servicer”), LNR Partners, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator (the “Certificate
Administrator”), and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, on
behalf of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name
of the Other Depositor] and [its][their respective] officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification, that:

 

	 	1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, all servicing information and all reports (the “Servicer Reports”) required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.12(b) and (d) of the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Master Servicer to the Certificate Administrator for inclusion in these reports;

 

	 	2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the Relevant Period, the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

	3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the Master Servicer, and except as disclosed in the compliance certificate delivered by the Master Servicer under Section 11.09 of the Pooling

 

 

    Exhibit Z-2-1

     

     

	 	and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant Period;

 

	 	4.	The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

	 	5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

[In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of third parties (including the Special Servicer, but other than a Sub-Servicer, Additional Servicer or any other third
party retained by the Master Servicer that is not a Sub-Servicer appointed pursuant to Section 3.20 of the Pooling and Servicing
Agreement) and, notwithstanding the foregoing certifications, neither I nor the Master Servicer makes any certification under the
foregoing clauses (2) and (3) with respect to the information in the Servicer Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement. Solely with respect to the completeness
of information and reports, I do not certify anything other than that all fields of information called for in written reports prepared
by the Master Servicer have been properly completed and that any fields that have been left blank on their face have been done
so in accordance with the CREFC procedures for such report.]

 

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

 

Date:

 

	 	 	 
	 	[WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

 

    Exhibit Z-2-2

     

     

EXHIBIT Z-3

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of LNR Partners, LLC as Special Servicer under that certain Pooling and Servicing Agreement
dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), entered into by Wells Fargo Commercial
Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”), LNR Partners, LLC, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), and Park Bridge Lender Services
LLC, as operating advisor and as asset representations reviewer, on behalf of the Special Servicer, certify to [Name of Certifying
Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

	 	1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), all servicing information and all required reports (the “Special Servicer Reports”) required to be submitted by the Special Servicer pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Special Servicer to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

	 	2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

	 	3.	I am, or a Servicing Officer under my supervision is, responsible for reviewing the activities performed by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing the servicer compliance statements required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB with respect to the Special Servicer, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section 11.09 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects during the Relevant Period;

 

	4.	The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of the Special Servicer with

 

 

    Exhibit Z-3-1

     

     

	 	respect to the Trust’s fiscal year _____ have been provided all information relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

	 	5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

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

 

Date:

 

	 	 	 
	 	Special Servicer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit Z-3-2

     

     

EXHIBIT Z-4

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY TRUSTEE

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(The “Trust”)

 

The undersigned, __________,
a __________ of WILMINGTON TRUST, NATIONAL ASSOCIATION, on behalf of WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as
master servicer (in such capacity, the “Master Servicer”), LNR Partners, LLC, as special servicer
(the “Special Servicer”), the Trustee, Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), and Park Bridge Lender Services LLC, as operating advisor
and as asset representations reviewer, certifies to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor,
[Name of the Other Depositor] and [its][their respective] officers, directors and affiliates, to the extent that the following
information is within our normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge
and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Trustee for asset-backed securities with respect to the Trustee or any Servicing Function
Participant retained by the Trustee and related attestation report on assessment of compliance with servicing criteria applicable
to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been
provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

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

 

Date:

 

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    Exhibit Z-4-1

     

     

EXHIBIT Z-5

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Park Bridge Lender Services LLC (the “Operating Advisor”) as Operating Advisor
under that certain Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells Fargo Bank, National Association, as
master servicer (in such capacity, the “Master Servicer”), LNR Partners, LLC, as special servicer
(the “Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”) and Park Bridge Lender Services
LLC, as Operating Advisor and as asset representations reviewer, on behalf of the Operating Advisor, certify to [Name of Certifying
Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

	 	1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) (such information provided by the Operating Advisor, collectively, the “Operating Advisor Periodic Information”) have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

	 	2.	Based on my knowledge, the Operating Advisor Periodic Information contained in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

	 	3.	The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

	4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating Advisor and related attestation report on

 

 

    Exhibit Z-5-1

     

     

	 	assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

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

 

Date:

 

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

as Operating Advisor
	 	 	 	 
	 	By: 	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	 	By: 	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	 	By: 	 
	 	 	 	Name:   
	 	 	 	Title:     

 

 

    Exhibit Z-5-2

     

     

EXHIBIT Z-6

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CUSTODIAN

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(The “Trust”)

 

The undersigned, __________,
a __________ of WELLS FARGO BANK, NATIONAL ASSOCIATION, on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian (the
“Custodian”), under that certain Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), LNR Partners, LLC,
as special servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee, Wells Fargo
Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, certifies to [Name of Certifying
Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor] and [its][their respective] officers,
directors and affiliates, to the extent that the following information is within our normal area of responsibilities and duties
under the Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

The report on assessment of compliance
with servicing criteria applicable to the Custodian for asset-backed securities with respect to the Custodian or any Servicing
Function Participant retained by the Custodian and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been
provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

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

 

 

    Exhibit Z-6-1

     

     

Date: 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    Exhibit Z-6-2

     

     

EXHIBIT Z-7

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C54
(the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Park Bridge Lender Services LLC (the “Asset Representations Reviewer”) as
Asset Representations Reviewer under that certain Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), entered into by Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), LNR Partners, LLC,
as special servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee, and Wells
Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”)
and Park Bridge Lender Services LLC, as operating advisor and as Asset Representations Reviewer, on behalf of the Asset Representations
Reviewer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, [Name of the Other Depositor]
and [its][their respective] officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification, that:

 

	 	1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), all information required to be submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Reports”) (such information provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic Information”) have been submitted by the Asset Representations Reviewer to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports; and

 

	 	2.	Based on my knowledge, the Asset Representations Reviewer Periodic Information contained in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports.

 

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

 

 

    Exhibit Z-7-1

     

     

Date:

 

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

as Operating Advisor
	 	 	 	 
	 	By: 	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	 	By: 	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	By:    	 
	 	 	Name:   
	 	 	Title:     

 

    Exhibit Z-7-2

     

     

EXHIBIT AA

SERVICING CRITERIA TO BE ADDRESSED

IN ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable Servicing
Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). In addition, this Exhibit AA
shall not be construed to impose on any Person any servicing duty that is not otherwise imposed on such Person under the main body
of the Pooling and Servicing Agreement of which this Exhibit AA forms a part or to require an assessment of a criterion
that is not encompassed by the servicing duties of the applicable party that are set forth in the main body of such Pooling and
Servicing Agreement. For the avoidance of doubt, for purposes of this Exhibit AA, other than with respect to Item 1122(d)(2)(iii),
references to Servicer below shall include any Sub-Servicer engaged by the Master Servicer or the Special Servicer.

 

	 	APPLICABLE SERVICING CRITERIA	APPLICABLE PARTY
	Reference	Criteria	 
	 	Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Certificate Administrator

Master Servicer

Special Servicer
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Certificate Administrator

Master Servicer

Special Servicer
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer

Custodian (as applicable)
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Certificate Administrator

Master Servicer

Special Servicer
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate Administrator

Master Servicer

Special Servicer
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate Administrator
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee (as applicable)2

Master Servicer

Special Servicer

	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Certificate Administrator

Master Servicer

Special Servicer

 

 

 

 

 

1       Only
to the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable
calendar year.

 

 

    Exhibit AA-1

     

     

	 	APPLICABLE SERVICING CRITERIA	APPLICABLE PARTY
	Reference	Criteria	 
	 	Servicing Considerations	 
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate Administrator

Master Servicer

Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	
        Certificate Administrator

        Master Servicer

        Special Servicer

         

	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Certificate Administrator

Master Servicer

Special Servicer
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Reporting Servicer.	Certificate Administrator

Operating Advisor (with respect to A and B)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Certificate Administrator
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	Certificate Administrator
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate Administrator
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

Master Servicer

Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	
        Certificate Administrator

         

        Master Servicer

        Special Servicer

         

	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Advisor

 

 

    Exhibit AA-2

     

     

	 	APPLICABLE SERVICING CRITERIA	APPLICABLE PARTY
	Reference	Criteria	 
	 	Servicing Considerations	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts):  (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer

	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

 

At all times that the Certificate
Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

At all times that the Master
Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer, may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Exhibit AA-3

     

     

EXHIBIT BB

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in
the “Party Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement
to disclose to the Depositor and the Certificate Administrator (or the Master Servicer to the extent specified in Section 11.04
of the Pooling and Servicing Agreement) any information described in the corresponding Form 10-D Item described in the “Item
on Form 10-D” column to the extent such party has actual knowledge (and in the case of net operating income information,
financial statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with Item 6
below, possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary
from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer, and the
Special Servicer shall be entitled to conclusively assume that there is no “significant obligor” other than a party
or property identified as such in the Prospectus and to assume that no other party or property will constitute a “significant
obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required to provide any
information for inclusion in a Form 10-D that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer
is not the Master Servicer or the Special Servicer, as the case may be. For this Series 2019-C54 Pooling and Servicing Agreement,
each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to assume that
there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB.

 

 

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution and Pool Performance Information:

        ●      Item
        1121(a)(13) of Regulation AB

        ●      Item
        1121(a)(14) of Regulation AB
	
        ●      Certificate
        Administrator

        ●      Depositor

	
        Item 1A: Asset-Level Information

        ●      Item
        1111(h) of Regulation AB

        ●      Item
        1125 of Regulation AB
	 ●      Master Servicer
	
        Item 1B: Asset Representations Reviewer and Investor Communication:

        ●      Item
        1121(d) of Regulation AB

        ●      Item
        1121(e) of Regulation AB
	
        ●      Certificate
        Administrator

        ●      Depositor

        ●      Asset
        Representations Reviewer (with respect to Item 1121(d) of Regulation AB only)

	Item 2: Legal Proceedings:	 ●      Master Servicer (as to itself)

 

 

    Exhibit BB-1

     

     

	Item on Form 10-D	Party Responsible
	●      Item 1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein that are material to security holders)	
        ●      Special
        Servicer (as to itself)

        ●      Certificate
        Administrator (as to itself)

        ●      Trustee
        (as to itself)

        ●      Depositor
        (as to itself)

        ●      Operating
        Advisor (as to itself)

        ●      Any
        other Reporting Servicer (as to itself)

        ●      Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

        ●      Each
        Mortgage Loan Seller as sponsor (as defined in Regulation AB)

        ●      Originators
        under Item 1110 of Regulation AB

        ●      Party
        under Item 1100(d)(1) of Regulation AB

	Item 3: Sale of Securities and Use of Proceeds	●      Depositor
	Item 4: Defaults Upon Senior Securities	●      Certificate Administrator
	Item 5: Submission of Matters to a Vote of Security Holders	●      Certificate Administrator
	
        Item 6: Significant Obligors of Pool Assets:

        ●      Item
        1112(b) of Regulation AB provided, however, that all of the following conditions shall apply:

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
        provided, however, that for a significant obligor under item 1101(k)(2) of Regulation AB, only net
	●      Master Servicer

 

 

    Exhibit BB-2

     

     

	Item on Form 10-D	Party Responsible
	
         

        operating income for the most recent fiscal year and interim period
        is required and, if such information for a prior period was required but not previously reported, such information for such prior
        period; and

        (c) the information shall be reportable in the Form 10-D that relates
        to the Distribution Date that immediately follows the Collection Period in which the information was received or prepared by the
        “Party Responsible” as described in clause (b) above.
	 
	
        Item 7: Change in Sponsor Interest in the Securities:

         

        ●      Item
        1124 of Regulation AB.
	●      Each Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)
	
        Item 8: Significant Enhancement Provider Information:

        ●      Item
        1114(b)(2) and Item 1115(b) of Regulation AB
	●      Depositor
	Item 9: Other Information, but only to the extent of any information that meets all the following conditions: (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Exhibit DD, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”.	
        ●      Certificate
        Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
        Responsible” with respect to such information pursuant to Exhibit DD.

        ●      Certificate
        Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
        as of the related Distribution Date and the preceding Distribution Date)

        ●      Master
        Servicer (with respect to the balance of the Collection Account as of the related Distribution Date and the preceding Distribution
        Date)

        ●      Special
        Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

        ●      Any
        other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
        AB to the extent material to Certificateholders)

 

 

    Exhibit BB-3

     

     

	Item on Form 10-D	Party Responsible
	
        Item 10: Exhibits (no. 3):

        Articles of incorporation and by-laws (Exhibit No. 3(i) and 3(ii)
        of Item 601 of Regulation S-K)
	●      Depositor
	
        Item 10: Exhibits (no. 4):

        With respect to instruments defining the rights of security holders
        (Exhibit No. 4 of Item 601 of Regulation S-K)
	
        ●      Certificate
        Administrator

        ●      Depositor

        provided that, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

        provided, further, in each case, that in the
        event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall
        be the responsible party.

	
        Item 10: Exhibits (no. 10):

        Material contracts (Exhibit No. 10 of Item 601 of Regulation S-K)
	●      Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
        Item 10: Exhibits (no. 22):

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the party that is the “Party Responsible” with
        respect to Item 5 above elects to publish a report containing the information required by such Item 5 above and also elects to
        report the information on Form 10-D by means of filing the published report and answering Item 5 by referencing the published report.
	●      The applicable party that is the “Party Responsible” with respect to Item 5 as set forth above.

 

 

    Exhibit BB-4

     

     

	Item on Form 10-D	Party Responsible
	
        Item 10: Exhibits (no. 23):

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item 601
        of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is incorporated
        by reference in the Depositor’s registration statement.
	●      Depositor
	
        Item 10: Exhibits (no. 24)

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K),
        but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a party,
        is signed pursuant to a power of attorney.
	●      Certificate Administrator
	
        Item 10: Exhibits (no. 99)

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)
	●      Not Applicable.
	
        Item 10: Exhibits (no. 100)

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation
        S-K).
	●      Not Applicable.
	Item 10: Exhibits (By Operation of Item 8 Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	●      Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K); provided that, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be the responsible party for this Item 10.

 

  

 

    Exhibit BB-5

     

     

EXHIBIT CC

ADDITIONAL FORM 10-K DISCLOSURE

 

The parties identified in
the “Party Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement
to disclose to the Depositor and the Certificate Administrator any information described in the corresponding Form 10-K Item
described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the case of
net operating income information, financial statements, annual operating statements, budgets and/or rent rolls required to be provided
in connection with 1112(b) below, possession) of such information (other than information as to itself). Each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee,
the Master Servicer and the Special Servicer shall be entitled to conclusively assume that there is no “significant obligor”
other than a party or property identified as such in the Prospectus and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Master Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which the Master Servicer or
the Special Servicer is not the Master Servicer or the Special Servicer, as the case may be. For this Series 2019-C54 Pooling
and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall
be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of
Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-K	Party Responsible
	Item 1B:  Unresolved Staff Comments	●      Depositor
	
        Item 9B: Other Information, but only to the extent of any information
        that meets all the following conditions:

         

         

        (a) such information constitutes “Additional Form 8-K
        Disclosure” pursuant to Exhibit DD,

         

         

        (b) such information is required to be reported as “Additional
        Form 8-K Disclosure” during the period to which the Form 10-K relates, and

         

         

        (c) such information was not previously reported as “Additional
        Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”

         
	●      Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party Responsible” with respect to such information pursuant to Exhibit DD.

 

 

    Exhibit CC-1

     

     

	Item 15:  Exhibits, Financial Statement Schedules (SEE BELOW)	SEE BELOW
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 1 of 3 Parts:

         

        ●    
        Item 1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been
        set forth in the Prospectus, (ii) such information was not so set forth and (iii) the applicable Master Servicer has
        not previously reported such information as “Additional Form 10-D Information”.

         
	●       The applicable Mortgage Loan Seller.
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 2 of 3 Parts:

         

        ●    
        Item 1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the Prospectus
        and (ii) the applicable Master Servicer has not previously reported such information or updated versions thereof as “Additional
        Form 10-D Information”.

         
	●        Depositor
	
        Instruction J(2)(b) (Significant Obligors of Pool Assets) –
        Part 3 of 3 Parts:

         

        ●    
        Item 1112(b) of Regulation AB; provided, however, that all of the following conditions shall apply:

         

        (a) information shall be required to be reported only with respect
        to a party or property (if any) identified as a “significant obligor” in the Prospectus;

         

        (b) the information to be reported shall consist of such quarterly
        and annual operating statements, budgets and rent rolls of the related Mortgaged Property or REO Property (as applicable), and
        quarterly and annual financial statements of the related Borrower (except in the case of an REO Property), received or prepared
        by the “Party Responsible” pursuant to its obligations under Section 3.12(b) of this Pooling and Servicing Agreement;
        provided, however, that for a

         
	●        Master Servicer

 

 

    Exhibit CC-2

     

     

	
         

        significant obligor described under item 1101(k)(2) of Regulation AB,
        only net operating income for the most recent fiscal year and interim period is required and, if such information for a prior period
        was required but not previously reported, such information for such prior period; and

         

        (c) the information shall be reportable only to the extent that
        is has not previously been reported as “Additional Form 10-D Information”.
	 
	
        Instruction J(2)(c) (Significant Enhancement Provider Information):

         

        ●     
        Items 1114(b)(2) and 1115(b) of Regulation AB

         
	●      Depositor
	
        Instruction J(2)(d) (Legal Proceedings):

         

        ●    
        Item 1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings
        described therein that are material to security holders)

         
	
        ●     
        Master Servicer (as to itself)

         

        ●     
        Special Servicer (as to itself)

         

        ●     
        Certificate Administrator (as to itself)

         

        ●     
        Trustee (as to itself)

         

        ●     
        Depositor (as to itself)

         

        ●     
        Trustee/Certificate Administrator / Master Servicer/Depositor/ Special Servicer as to the Trust (whichever of them is in
        principal control of the proceedings)

         

        ●     
        Each Mortgage Loan Seller as sponsor (as defined in Regulation AB)

         

        ●     
        Originators under Item 1110 of Regulation AB

         

        ●     
        Party under Item 1100(d)(1) of Regulation AB

         

	
        Instruction J(2)(e) (Affiliations and Certain Relationships and
        Related Transactions) – Part 1 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        but only the existence and (if existent) how there is (that is,
        the nature of) any affiliation between itself (that is, the particular “Party Responsible”), on the one hand, and any
        one
	
        ●     
        Master Servicer (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate Administrator,
        Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)).

         

        ●     
        Special Servicer

         

        ●     
        Certificate Administrator

 

 

    Exhibit CC-3

     

     

	
         

        or more of the following, on the other: (1) the Depositor,
        (2) any Mortgage Loan Seller, (3) the Trust and (4) any other party listed under this item as a “Party
        Responsible”; provided, however, that an affiliation need not be disclosed for purposes of the applicable Form 10-K
        if it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ●       
        1119(b) of Regulation AB,

         

        but only the existence and (if existent) the general character of
        any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 2019-C54 transaction) between itself (that is, the particular “Party Responsible”) or any of its
        affiliates, on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage
        Loan Seller, and (3) the Trust; provided, however, that a relationship, agreement, arrangement, transaction
        or understanding (A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported
        if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes
        of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K
        Disclosure”.

         

        and

         

        ●       
        1119(c) of Regulation AB,

         

        but only the existence and (if existent) a description (including
        the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2019-C54 transaction
        or the Mortgage Loans between itself (that is, the particular
	
         

        ●     
        Trustee

         

        ●     
        Each party (other than a Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator”
        of one or more Mortgage Loans, if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more of the
        assets of the Trust at the date of the Prospectus (provided that such a party shall no longer constitute a “Party Responsible”
        under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and Servicing Agreement
        to the effect that such party no longer constitutes an originator of 10% or more of the assets of the Trust).

         

        ●     
        Each party (other than a Mortgage Loan Seller), if any, that is specifically identified as an “originator of 10% or
        more of the assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered
        to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in
        which the Form 10-K is due.

         

        ●     
        Each party (if any) that is identified in the Prospectus as an “other material party to the securities or transaction”
        (or substantially similar phrasing); provided, however, that such a party shall no longer constitute a “Party
        Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to the Pooling and
        Servicing Agreement to the effect that such party no longer constitutes a material party for purposes of Regulation AB.

         

 

 

    Exhibit CC-4

     

     

	
        “Party Responsible”) or any of its affiliates, on the
        one hand, and any one or more of the following, on the other: (1) the Depositor, (2) any Mortgage Loan Seller, and (3) the
        Trust; provided, however, that a relationship (A) must be reported only if it then exists or existed within
        the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates
        and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it
        was previously reported as “Additional Form 10-K Disclosure”.

         
	●      Each party (if any) that that is specifically identified as an “other material party to the securities or transaction for purposes of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a written notice delivered by the Depositor to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K is due.
	
        Instruction J(2)(e) (Affiliations and Certain Relationships and
        Related Transactions) – Part 2 of 2 Parts:

         

        1119(a) of Regulation AB,

         

        But only the existence and (if existent) how there is any affiliation
        between itself (that is, the particular “Party Responsible”), on the one hand, and any one or more of the parties listed
        under the preceding item as a “Party Responsible”, on the other; provided, however, that an affiliation
        need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously
        reported as “Additional Form 10-K Disclosure”.

         

        and

         

        ●       
        1119(b) of Regulation AB,

         

        but only the existence and (if existent) the general character of
        any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course
        of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party (apart
        from the Series 2019-C54 transaction) between itself (that is, the particular “Party Responsible”), on the one
        hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the other;
        provided,
	
        ●     
        Depositor

         

        ●     
        Each Mortgage Loan Seller

         

 

 

    Exhibit CC-5

     

     

	
        however, that a relationship, agreement, arrangement, transaction
        or understanding (A) must be reported only if it then exists or existed within the two prior years, (B) need not be reported
        if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed for purposes
        of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported as “Additional Form 10-K
        Disclosure”.

         

        and

         

        ●       
        1119(c) of Regulation AB,

         

        but only the existence and (if existent) a description (including
        the terms and approximate dollar amount) of any specific relationship involving or related to the Series 2019-C54 transaction
        or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the
        one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the
        other; provided, however, that a relationship (A) must be reported only if it then exists or existed within
        the two prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates
        and (C) need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it
        was previously reported as “Additional Form 10-K Disclosure”.

         
	 
	
        Item 15: Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation or
        succession (Exhibit No. 2 of Item 601 of Regulation S-K)

         
	●        Depositor
	
        Item 15: Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and 3(ii)
        of Item 601 of Regulation S-K)

         
	●        Depositor

 

 

    Exhibit CC-6

     

     

	
        Item 15: Exhibits (no. 4):

         

        With respect to instruments defining the rights of security holders
        (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
        ●     
        Trustee

         

        ●     
        Certificate Administrator

         

        ●     
        Depositor

         

        provided that, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

         

        provided, further, in each case,
        that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate Administrator, then the
        Depositor shall be the responsible party.

         

	
        Item 15: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation S-K)

         
	●      Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.
	
        Item 15: Exhibits (no. 11):

         

        Statement regarding computation of per share earnings (Exhibit No. 11
        of Item 601 of Regulation S-K)

         
	●      Not Applicable.
	
        Item 15: Exhibits (no. 12):

         

        Statement regarding computation of ratios (Exhibit No. 12 of
        Item 601 of Regulation S-K)

         
	●      Not Applicable.
	
        Item 15: Exhibits (no. 13):

         

        Annual report to security holders, Form 10 Q and Form 10-QSB,
        or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K)

         
	●        Not Applicable

 

 

    Exhibit CC-7

     

     

	
        Item 15: Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K).

         
	●        Not Applicable
	
        Item 15: Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit No. 16 of
        Item 601 of Regulation S-K)

         
	●        Not Applicable
	
        Item 15: Exhibits (no. 18):

         

        Letter re change in accounting principles (Exhibit No. 18 of Item 601
        of Regulation S-K)

         
	●        Not Applicable.
	
        Item 15: Exhibits (no. 21):

         

        Subsidiaries of registrant (Exhibit No. 18 of Item 601
        of Regulation S-K)

         
	●        Depositor.
	
        Item 15: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote of Security
        Holders (Exhibit No. 22 of Item 601 of Regulation S-K).

         
	●        Not Applicable.
	
        Item 15: Exhibits (no. 23) – Part 1 of 2
        Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item 601
        of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D)
        that is incorporated by reference in the Depositor’s registration statement and (b) the consent is not the consent of
        a registered public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Pooling
        and Servicing Agreement.

         
	●        Depositor
	
        Item 15: Exhibits (no. 23) – Part 2 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item 601
        of Regulation S-K), but the required shall consist of a consent of the registered public accounting firm for purposes of any
        attestation report rendered with respect to the particular “Party Responsible” pursuant to Section 11.13 of this
        Pooling and Servicing Agreement.

         
	
        ●       
        Master Servicer

         

        ●       
        Special Servicer

         

        ●       
        Depositor

         

        ●       
        Any other Servicing Function Participant

         

        provided, however, in each case, that such party
        shall have the duty to report or deliver, or cause the reporting or delivery, of such

         

 

 

    Exhibit CC-8

     

     

	 	consent only to the extent that such party is required to deliver or cause the delivery of the related attestation report.
	
        Item 15: Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K),
        but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of
        a party, is signed pursuant to a power of attorney.

         
	●      Certificate Administrator
	
        Item 15: Exhibits (no. 31(i))

         

        Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i)
        of Item 601 of Regulation S-K).

         
	●      Not Applicable
	
        Item 15: Exhibits (no. 31(ii))

         

        Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii)
        of Item 601 of Regulation S-K).

         
	●      Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibits (no. 32)

         

        Section 1350 Certifications (Exhibit No. 32 of Item 601
        of Regulation S-K).

         
	●      Not Applicable.
	
        Item 15: Exhibits (no. 33)

         

        Report on assessment of compliance with servicing criteria for asset-backed
        securities (Exhibit No. 33 of Item 601 of Regulation S-K).

         
	●      Delivery of this exhibit (annual compliance assessment) is governed by Section 11.10 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibits (no. 34)

         

        Attestation report on assessment of compliance with servicing criteria
        for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation S-K).

         
	●      Delivery of this exhibit (annual accountants’ attestation report) is governed by Section 11.11 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibits (no. 35)

         

        Servicer compliance statement (Exhibit No. 35 of Item 601
        of Regulation S-K).

         
	●      Delivery of this exhibit (annual servicer compliance statements) is governed by Section 11.09 (and Section 11.07) of this Pooling and Servicing Agreement.

 

 

    Exhibit CC-9

     

     

	
        Item 15: Exhibit (no. 36)

         

        Certification For Shelf Offerings of Asset-Backed Securities (Exhibit
        No. 36 of Item 601 of Regulation S-K).

         
	●     Depositor
	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

         
	●      Not Applicable.
	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of
        Regulation S-K).

         
	●      Not Applicable.
	Item 15:  Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions:  (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	●      Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K).
	
        Item 15: Exhibit (no. 101)

         

        Interactive Data File (Exhibit No. 101 of Item 601 of
        Regulation S-K).

         
	Not Applicable
	
        Item 15: Exhibit (no. 102)

         

        Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).

         
	
        ●     
        Certificate Administrator

         

        ●     
        Depositor

         

	
        Item 15: Exhibit (no. 103)

         

        Asset Related Document (Exhibit No. 103 of Item 601 of
        Regulation S-K).

         
	
        ●     
        Certificate Administrator

         

        ●     
        Depositor

         

 

 

    Exhibit CC-10

     

     

EXHIBIT DD

FORM 8-K DISCLOSURE INFORMATION

 

The parties identified in
the “Party Responsible” column are obligated pursuant to Section 11.07 of the Pooling and Servicing Agreement
to report to the Depositor and the Certificate Administrator the occurrence of any event described in the corresponding Form 8-K
Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge of such information
(other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer shall be entitled to rely on the accuracy of the Prospectus (other than information with respect to itself that is set
forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from the Depositor or a Mortgage
Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled
to conclusively assume that there is no “significant obligor” other than a party or property identified as such in
the Prospectus and to assume that no other party or property will constitute a “significant obligor” after the Cut-off
Date. In no event shall the Master Servicer, or the Special Servicer be required to provide any information for inclusion in a
Form 8-K that relates to any Mortgage Loan for which the Master Servicer or the Special Servicer is not the applicable Master
Servicer or Special Servicer, as the case may be. For this Series 2019-C54 Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Master Servicer and the Special Servicer shall be entitled to assume that there is no provider
of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 8-K	Party Responsible
	Item 1.01:  Entry into a Material Definitive Agreement	
        ●    
        Depositor, except as described in the next bullet (it being acknowledged that Item 601 of Regulation S-K requires
        filing of material contracts to which the registrant or a subsidiary thereof is a party).

         

        ●    
        Certificate Administrator, Trustee, Master Servicer and/or Special Servicer (it being acknowledged that Instruction 3
        to Item 1.01 of Form 8-K requires disclosure regarding the entry into or an amendment of a definitive agreement that
        is material to the asset-backed securities transaction, even if the registrant is not a party to such agreement), in each case
        to the extent of any amendment or definitive agreement that satisfies all the following conditions: (a) such amendment or

         

 

 

     Exhibit DD-1

     

     

	 	definitive agreement relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive agreement is an amendment or definitive agreement to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the "Party Responsible" in connection with any amendment to this Pooling and Servicing Agreement.
	Item 1.02:  Termination of a Material Definitive Agreement– Part 1 of 2 Parts	●     Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions:  (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate Administrator shall be the “Party Responsible” in connection with any amendment to this Pooling and Servicing Agreement.
	Item 1.02:  Termination of a Material Definitive Agreement– Part 2 of 2 Parts	●     Depositor, to the extent of any material agreement not covered in the prior item
	Item 1.03:  Bankruptcy or Receivership	●     Depositor
	Item 2.04:  Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	
        ●    
        Depositor

         

        ●    
        Certificate Administrator

         

 

     Exhibit DD-2

     

     

	Item 3.03:  Material Modification to Rights of Security Holders	   ●      Certificate Administrator
	Item 5.03:  Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	   ●      Depositor
	Item  6.01:  ABS Informational and Computational Material	   ●      Depositor
	Item 6.02 (Part 1 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in trustee	
        ●       
        Trustee

         

        ●       
        Depositor

         

	Item 6.02 (Part 2 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a change in Master Servicer or Special Servicer	
        ●       
        Certificate Administrator

         

        ●       
        Master Servicer or Special Servicer, as the case may be (in each case, as to itself)

         

	Item 6.02 (Part 3 of 3 Parts):  Change of Servicer or Trustee, but only to the extent related to a servicer (other than a party to the Pooling and Servicing Agreement) appointed by the particular “Party Responsible”.	
        ●       
        Master Servicer (as to a party appointed by the Master Servicer)

         

        ●       
        Special Servicer

         

        ●       
        Certificate Administrator

         

        ●       
        Depositor

         

	Item 6.03:  Change in Credit Enhancement or External Support	
        ●       
        Depositor

         

        ●       
        Certificate Administrator

         

	Item 6.04:  Failure to Make a Required Distribution	   ●        Certificate Administrator
	Item 6.05:  Securities Act Updating Disclosure	   ●        Depositor
	Item 7.01:  Regulation FD Disclosure	   ●        Depositor
	Item 8.01:  Other Events	   ●        Depositor
	
        Item 9.01(d): Exhibits (no. 1):

         

        Underwriting agreement (Exhibit No. 1 of Item 601 of Regulation S-K)

         
	   ●        Not applicable
	
        Item 9.01(d): Exhibits (no. 2):

         

        Plan of acquisition, reorganization, arrangement, liquidation or
        succession (Exhibit No. 2 of Item 601 of Regulation S-K)

         
	   ●        Depositor
	
        Item 9.01(d): Exhibits (no. 3):

         

        Articles of incorporation and by-laws (Exhibit No. 3(i) and 3(ii)
        of Item 601 of Regulation S-K)

         
	   ●        Depositor

 

 

     Exhibit DD-3

     

     

	
        Item 9.01(d): Exhibits (no. 4):

         

        With respect to instruments defining the rights of security holders
        (Exhibit No. 4 of Item 601 of Regulation S-K)

         
	
        ●       
        Certificate Administrator

         

        provided that, in each case, that this shall in no event
        be construed to make such party responsible for the initial filing of this Pooling and Servicing Agreement

         

	
        Item 9.01(d): Exhibits (no. 7):

         

        Correspondence from an independent accountant regarding non-reliance
        on a previously issued audit report or completed interim review. (Exhibit No. 7 of Item 601 of Regulation S-K)

         
	●        Not Applicable
	
        Item 9.01(d): Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)

         
	●        Not Applicable
	
        Item 9.01(d): Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit No. 16 of Item 601
        of Regulation S-K)

         
	●        Not Applicable
	
        Item 9.01(d): Exhibits (no. 17):

         

        Correspondence on departure of director (Exhibit No. 17 of Item 601
        of Regulation S-K)

         
	●        Not Applicable
	
        Item 9.01(d): Exhibits (no. 20):

         

        Other documents or statements to security holders (Exhibit No. 20
        of Item 601 of Regulation S-K)

         
	●        Not Applicable
	
        Item 9.01(d): Exhibits (no. 23):

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of Item 601
        of Regulation S-K), where the filing of a written consent is required with respect to material (in the Form 10-D) that is
        incorporated by reference in the Depositor’s registration statement.

         
	●        Depositor
	
        Item 9.01(d): Exhibits (no. 24)

         

        Power of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K),
        but only if the name of any party signing the Form 10-D, or the name of any officer signing the Form 10-D on behalf of a party,
        is signed pursuant to a power of attorney.

         
	●        Certificate Administrator
	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

         
	●        Not Applicable.

 

 

     Exhibit DD-4

     

     

	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

         
	●        Not Applicable.

 

 

     Exhibit DD-5

     

     

EXHIBIT EE

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Wells Fargo Commercial Mortgage Securities, Inc., Commercial Mortgage Pass-Through Certificates, Series 2019-C54—SEC
REPORT PROCESSING

 

	 	Re:	**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section
[11.04] [11.05] [11.07] of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing
Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, Park Bridge Lender Services
LLC, as Operating Advisor and as Asset Representations Reviewer, the undersigned, as [ ], hereby notifies you that certain events
have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K] Disclosure:

 

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

 

    Exhibit EE-1

     

     

Any inquiries related to
this notification should be directed to [                    ],
phone number: [          ]; email address: [                    ]. 

 

	 	 	 	 
	 	[NAME OF PARTY],

as [role]
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

cc: Depositor

 

    Exhibit EE-2

     

     

EXHIBIT FF

INITIAL SUB-SERVICERS

 

	 	1.	Bellwether Enterprise Real Estate Capital, LLC

 

	 	2.	Berkadia Commercial Mortgage LLC

 

    Exhibit FF-1

     

     

EXHIBIT GG

SERVICING FUNCTION PARTICIPANTS

 

None.

 

    Exhibit GG-1

     

     

EXHIBIT HH

FORM OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

 

Wells Fargo Commercial Mortgage Trust 2019-C54,
Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Trust”)

 

I, [identifying the certifying
individual], on behalf of [Wells Fargo Bank, National Association, as Master Servicer] [LNR Partners, LLC, as Special
Servicer] [Wells Fargo Bank, National Association, as Certificate Administrator] [Wilmington Trust, National Association, as Trustee]
(the “Certifying Servicer”), certify to Wells Fargo Commercial Mortgage Securities, Inc. and its officers,
directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

	 	1.	I (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s activities [during the preceding calendar year] [between [__] and [__]] (the “Reporting Period”) and the Certifying Servicer’s performance under the Pooling and Servicing Agreement; and

 

	 	2.	To the best of my knowledge, based on such review, the Certifying Servicer has fulfilled all of its obligations under the Pooling and Servicing Agreement in all material respects during the Reporting Period. [To my knowledge, the Certifying Servicer has failed to fulfill the following obligations under the Pooling and Servicing Agreement: [SPECIFY EACH SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

 

	Date: 	 	 	 	 

 

[WELLS FARGO BANK, NATIONAL ASSOCIATION,

as master servicer]

[LNR Partners, LLC,

as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION,

as certificate administrator]

[WILMINGTON TRUST, NATIONAL ASSOCIATION,

as trustee]

 

	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

    Exhibit HH-1

     

     

EXHIBIT II

FORM OF REPORT ON ASSESSMENT

OF COMPLIANCE WITH SERVICING CRITERIA

 

[Name of Reporting Servicer]
(the “Reporting Servicer”) is responsible for assessing compliance with the servicing criteria applicable to
it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month period ending December 31,
20[__] (the “Reporting Period”), as set forth in Exhibit AA to the Pooling and Servicing Agreement. The
transactions covered by this report include asset-backed securities transactions for which the Reporting Servicer acted as [a master
servicer, special servicer, trustee, certificate administrator] involving commercial mortgage loans [other than __________________3]
(the “Platform”);

 

The Reporting Servicer has
engaged certain vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”)
to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance
with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on Schedule A;

 

Except as set forth in paragraph
4 below, the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess
the compliance with the applicable servicing criteria;

 

The criteria listed in the
column titled “Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the Reporting Servicer
based on the activities it performs, directly or through its Vendors, with respect to the Platform;

 

The Reporting Servicer has
complied, in all material respects, with the applicable servicing criteria as of December 31, 20[__] and for the Reporting
Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has
not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria
as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described
on Schedule B hereto];

 

The Reporting Servicer has
not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable
servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[,
except as described on Schedule B hereto]; and

 

 

 

 

3
          Describe any permissible exclusions, including those permitted
under telephone interpretation 17.04 (i.e., transactions registered prior to compliance with Regulation AB, transactions involving
an offer and sale of asset-backed securities that were not required to be issued), if applicable.

 

    Exhibit II-1

     

     

[____], a registered public
accounting firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance with the applicable
servicing criteria for the Reporting Period.

 

[Date of Certification]

 

	 	 	 
	 	[NAME OF REPORTING SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

  

    Exhibit II-2

     

     

EXHIBIT JJ

CREFC® PAYMENT INFORMATION

 

Payments shall be made to “CRE Finance Council” and
sent to:

Commercial Real Estate Finance Council, Inc.

28 West 44th Street, Suite 815

New York, NY 10036

Attn: Executive Director

 

or by wire transfer to:

 

Account Name: Commercial Real Estate Finance Council (CREFC®)

Bank Name: Chase

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

    Exhibit JJ-1

     

     

EXHIBIT KK

FORM OF NOTICE OF ADDITIONAL

INDEBTEDNESS

 

VIA E-MAIL:

 

To: Wells Fargo Bank, National Association, as Certificate Administrator;
cts.cmbs.bond.admin@wellsfargo.com and cts.sec.notifications@wellsfargo.com

 

Ref: WFCM 2019-C54, Additional Debt Notice for Form 10-D

 

The following information is being furnished
to you for inclusion on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing Agreement

 

	Portfolio Name 	Mortgage

Loan 	Position in Debt Stack 	Additional 

Debt 	OPB 	OPB Date 	Appraised Value 	Appraised Value Date 	Aggregate LTV 	Aggregate NCF DSCR 	Aggregate NCF DSCR Date 	Primary Servicer 	Master Servicer 	Lead Servicer 	Prospectus ID 
	WFCM 2019-C54	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Outside the Trust	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Outside the Trust	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 
	WFCM 2019-C54	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Outside the Trust	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Outside the Trust	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 
	WFCM 2019-C54	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Outside the Trust	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Outside the Trust	 	 	$	 	 	 	 	$	 	%	 	 	 	 	 	 
	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 	 	 

    Exhibit KK-1

     

     

EXHIBIT LL

[RESERVED]

 

    Exhibit LL-1

     

     

EXHIBIT MM

ADDITIONAL DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO: 

          CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT
MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) WFCM 2019-C54—SEC REPORT PROCESSING

Email: cts.sec.notifications@wellsfargo.com

 

	 	Re:	**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section 11.04
of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor (the “Depositor”), Wells Fargo Bank,
National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer, the undersigned, as [ ], hereby notifies you that certain events have come to our
attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K] Disclosure:

 

[With respect to the Collection
Account and REO Account balance information:

 

	Account Name 	Beginning Balance as of 

MM/DD/YYYY 	Ending Balance as of 

MM/DD/YYYY 
	Master Servicer’s Collection Account	 	 
	REO Account	 	 

 

 

    Exhibit MM-1

     

     

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to
this notification should be directed to [                    ],
phone number: [          ]; email address: [                    ].

 

 

	 	 	 
	 	[NAME OF PARTY],

as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Depositor

 

    Exhibit MM-2

     

     

EXHIBIT NN

FORM OF NOTICE OF PURCHASE OF

CONTROLLING CLASS CERTIFICATE

 

[Date]

 

Wells Fargo Bank, National Association

             as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Email: trustadministrationgroup@wellsfargo.com

Attention: Corporate Trust Services WFCM 2019-C54

Email: trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

 

Wells Fargo Bank, National Association

            as Master Servicer

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: WFCM 2019-C54 Asset Manager

Telecopy Number: (704) 715-0036

 

LNR Partners, LLC 

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

Facsimile number: (305) 695-5601

Email: hbennett@lnrpartners.com, jwarshaw@lnrproperty.com and

lnr.cmbs.notices@lnrproperty.com

 

 

    Exhibit NN-1

     

     

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: WFCM 2019-C54 Surveillance Manager

With a copy sent contemporaneously via email to

cmbs.notices@parkbridgefinancial.com

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2019, between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer

 

This letter is delivered
to you, pursuant to Section 3.23(a) of the Pooling and Servicing Agreement in connection with the transfer by ____________
(the “Transferor”) to us (the “Transferee”) of $__________________ original principal balance
in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates. The Certificates were issued pursuant to
the Pooling and Servicing Agreement.

 

	 	1.	Our name and address is as follows:

 

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

Contact Info: [Tel/Email]

 

	 	2.	[IF APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator, that we are purchasing a majority interest in the Class [__] Certificates, and that we are not affiliated with the Transferor. To the extent that any Control Termination Event or Consultation Termination Event has occurred due to a waiver of a prior Class [__] Certificateholder of its rights under the Pooling and Servicing Agreement, we hereby request that you reinstate such rights and post a “special notice” on your website to the following effect:

 

“A Consultation Termination
Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer of a majority interest of
the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior Holder.

 

All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

 

    Exhibit NN-2

     

     

 

	 	 	 	 
	 	Very truly yours,	 
	 	 	 	 
	 	(Transferee)
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

  

    Exhibit NN-3

     

     

EXHIBIT OO

FORM OF ASSET REVIEW REPORT BY THE

ASSET REPRESENTATIONS REVIEWER4

 

To: [Addresses of Recipients]

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

In accordance with Section 12.01
of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement, and is hereby
issuing the following Asset Review Report.

 

	 	1.	As described in the detailed scorecard attached hereto as Exhibit A, we have performed an Asset Review on each Delinquent Loan identified in accordance with the Pooling and Servicing Agreement and our conclusion is that there is [no evidence of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

	 	2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

	 	3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above, will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

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

  

 

 

 

4This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information. 

 

    Exhibit OO-1

     

     

 

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

as Asset Representations Reviewer
	 	 	 	 
	 	By: 	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	 	By: 	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	By: 	 	 	 
	 	 	Name:   
	 	 	Title:     

 

 

 

    Exhibit OO-2

     

     

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan 

Name	R&W 

#	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	44	Lease Estoppels	[Insert Test Description]	[Insert Test findings]
	32	Due on Sale or Encumbrance	 	 

 

 

    Exhibit OO-3

     

     

EXHIBIT PP

FORM OF ASSET REVIEW REPORT SUMMARY5

 

To: [Addresses of Recipients]

 

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

Ladies and Gentlemen:

 

In accordance with Section 12.01
of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement, and is hereby
issuing the following Asset Review Report Summary.

 

	 	1.	As described in the summary scorecard attached hereto as Exhibit A, we have performed an Asset Review on each Delinquent Loan identified in accordance with the terms of the Pooling and Servicing Agreement and our conclusion is that there is [no evidence of a Test failure/evidence of [•] Test failures] with respect to the Delinquent Loans.

 

	 	2.	A conclusion by the Asset Representations Reviewer of a Test pass or a Test failure shall not constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

	 	3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report Summary.

 

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

 

 

 

5 This report is an indicative
report, and the Asset Representations Reviewer will have the ability to modify or alter the organization and content of this report,
subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation, provisions relating
to Privileged Information. 

 

 

     Exhibit PP-1

     

     

 

	 	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC,

as Asset Representations Reviewer
	 	 	 	 
	 	By: 	Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	 	By: 	Park Bridge Financial LLC, a New York limited liability company, its sole member
	 	 	 	 	 
	 	 	   By:	 
	 	 	   Name:   
	 	 	   Title:     

  

     Exhibit PP-2

     

     

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan Name	Mortgage 

Loan Seller	Representations 

and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

     Exhibit PP-3

     

     

EXHIBIT QQ

ASSET REVIEW PROCEDURES

Subject to the Pooling and Servicing Agreement,
this Exhibit sets forth the Asset Representations Reviewer’s review procedures for each Delinquent Loan based on the information
provided for an Asset Review. Capitalized terms used herein and not defined herein shall have the meanings ascribed to them in
the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit QQ and the terms of the Pooling and Servicing
Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representations Reviewer’s responsibilities
and duties with respect to Asset Reviews.

 

Call for Review and Collection and Inventory
of Review Materials

 

Step 1
                    Asset Representations
Reviewer (“ARR”) receives the following items before beginning its review:

 

●                
CREFC® Delinquent Loan Status Report

 

●                
Notice of Asset Review Trigger (with attachments)

 

●                
Notice of Asset Review Vote Election

 

●                
Notice of Affirmative Asset Review Vote

 

●                
Asset Review Notice

 

●                
List of all Subject Loans

 

	 	●	Review Materials for each Subject Loan via Secure Data Room access, including the Diligence File

 

●                
Any Unsolicited Information (if applicable)

 

Step 2
                   For each Subject
Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure Data Room to determine what, if any, Review
Materials for such Subject Loan are missing, using the list of documents provided in

 

    Exhibit QQ-1

     

     

  the definition of “Mortgage
File” of this Agreement, any comparable lists included in the related Mortgage Loan Purchase Agreement, and any closing checklist
from the origination of such Subject Loan, to guide its review and determination.

 

Step
3                     If
ARR determines that the information made available to it in the Secure Data Room with respect to any Subject Loan is missing any
documents required to complete an Asset Review of such Subject Loan, ARR prepares list of such missing documents and (i) notifies
the Master Servicer (with respect to Non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced
Loans) of such missing documents, and requests that the Master Servicer or the Special Servicer, as the case may be, deliver to
the ARR such missing document(s) to the extent in its possession and (ii) in the event any missing documents are not provided by
the Master Servicer or the Special Servicer, as the case may be, the ARR shall request such documents from the related Mortgage
Loan Seller.

 

Analysis
and Testing of Representations and Warranties

 

Step
4                      
For each Subject Loan for which ARR has received all Review Materials required to complete an Asset Review of such Subject Loan,
ARR tests such Subject Loan for compliance with each representation and warranty made by the related Mortgage Loan Seller with
respect to such Subject Loan as follows:

 

	 	▪	ARR reviews each representation and warranty and each item included in the Review Materials applicable or related to such representation or warranty to determine whether there is any evidence that such representation or warranty was not true when made by the related Mortgage Loan Seller.

 

 

	 	▪	For each representation and warranty, ARR lists

 

	 	●	all items from the Review Materials reviewed or used in its testing of such representation and warranty;

 

	 	●	whether ARR has determined that there is any evidence that such representation or warranty was not true when made by the related Mortgage Loan Seller; and

	 	○	if so, stating the aspect of the applicable representation or warranty that does not appear to have been true when made by the related Mortgage Loan Seller and ARR’s basis for its conclusion;

	 	○	completing the Asset Review Report by setting forth, for each Subject Loan, the information contemplated herein with respect to each representation and warranty.

 

    Exhibit QQ-2

     

     

ARR
will not attempt (and has no obligation) to determine the materiality of any potential breach of a representation or warranty that
it discovers evidence of during its review as contemplated herein.

 

    Exhibit QQ-3

     

     

EXHIBIT RR

FORM OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services - WFCM 2019-C54

Email: trustadministrationgroup@wellsfargo.com

 

	 	Attention:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

In accordance with the requirements
for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the
“Pooling and Servicing Agreement”), between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, Park Bridge Lender Services
LLC, as Operating Advisor and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

	 	1.	The undersigned is [an authorized representative of the Asset Representations Reviewer][an authorized representative of the Depositor][a designee of the Depositor].

 

	 	2.	The undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make information contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage Loans to which the Asset Review relates.

 

	 	3.	The undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations above remains true and correct.

 

	 	4.	[The undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]6

 

 

 

 

6
          Required to the extent that a party other than the Asset Representations
Reviewer is identified by the Depositor as needing access to the Secure Data Room.

 

 

    Exhibit RR-1

     

     

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed
hereto by its duly authorized signatory, as of the date certified.

 

	 	 	 
	 	[NAME OF PARTY],

as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	Dated: 	 	 	 	 

 

 

	 	 	 
	[Wells Fargo Commercial Mortgage Securities, Inc.,

as Depositor]*	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

 

 

    Exhibit RR-2

     

     

EXHIBIT SS

FORM OF NOTICE OF [ADDITIONAL DELINQUENT LOAN][CESSATION OF DELINQUENT LOAN][CESSATION OF ASSET REVIEW TRIGGER]

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina  28202

Attention:  WFCM 2019-C54 Asset Manager	
        Park Bridge Lender Services LLC 

        600 Third Avenue, 40th Floor 

        New York, New York 10016 

        Attention: WFCM 2019-C54 Surveillance Manager 

        With a copy sent contemporaneously via email to

        cmbs.notices@parkbridgefinancial.com

         

	
        LNR Partners, LLC

        1601 Washington Avenue, Suite 700

        Miami Beach, Florida 33139

        Attention:  Heather Bennett and Job Warshaw

        Facsimile number:  (305) 695-5601

        Email:  hbennett@lnrpartners.com, jwarshaw@lnrproperty.com and

        lnr.cmbs.notices@lnrproperty.com
	 

	 	Attention:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

In accordance with Section 12.01(a)
of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer, the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

	 	1.	_____ An additional Mortgage Loan has become a Delinquent Loan.

 

	 	2.	_____ A Mortgage Loan has ceased to be a Delinquent Loan.

 

	 	3.	_____ An Asset Review Trigger has ceased to exist.

 

(check all that apply)

 

Capitalized terms used but
not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

 

    Exhibit SS-1

     

     

 

 

	 	 	 
	 	Wells Fargo Bank, National Association, as Certificate Administrator for the Holders of the Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54
	 	 	 
	 	By:  	 
	 	 	[Name]
	 	 	[Title]
	 	 	 	 	 

 

    Exhibit SS-2

     

     

EXHIBIT TT

FORM OF CERTIFICATE ADMINISTRATOR RECEIPT IN RESPECT OF THE RISK RETENTION CERTIFICATES

 

[Date]

 

	Wells Fargo Commercial Mortgage Securities, Inc.

c/o Wells Fargo Securities, LLC

375 Park Avenue, 2nd Floor, J0127-023

New York, New York 10152

Attention:  A.J. Sfarra

CRRCompliance@wellsfargo.com	
        Argentic Securities Holdings Cayman Limited

        31 West 27th Street, 12th Floor

        New York, New York 10001

        Attention: Darren J. Gluck

        Email: dgluck@argenticmgmt.com

         

        Argentic Real Estate Finance LLC

        31 West 27th Street, 12th Floor

        New York, New York 10001

        Attention: Michael Schulte

        Facsimile No.: (646) 560 1745

         

        [OR SUBSEQUENT TRANSFEREE]

         

	 	Re:	Wells Fargo Commercial Mortgage Trust 2019-C54, Commercial Mortgage Pass-Through Certificates, Series 2019-C54

 

In accordance with Section [5.02(e)][5.03(i)]
of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Agreement”), the Certificate Administrator,
as custodian, hereby acknowledges receipt of $[_] of the Class  [E-RR][F-RR][G-RR][H-RR] Certificates in the form of Definitive
Certificates (CUSIP No. [_]) as defined in the Agreement, for the benefit of [Argentic Securities Holdings Cayman Limited][Subsequent
Transferee]. A copy of the Class  [E-RR][F-RR][G-RR][H-RR] is attached as Exhibit A. Payments on the Class  [E-RR][F-RR][G-RR][H-RR]
will be made to the registered holder thereto in accordance with the Agreement.

 

Capitalized terms used but
not defined herein shall the respective meanings set forth in the Agreement. 

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity

but solely as Certificate Administrator 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 	 	 

  

    Exhibit TT-1

     

     

SCHEDULE 1

MORTGAGE LOANS WITH ADDITIONAL DEBT

 

	 1.	The Tower at Burbank
	 	 
	 2.	The District at Tuttle
	 	 
	 3.	Planet Self Storage Portfolio
	 	 
	 4.	Phoenix Industrial Portfolio II
	 	 
	 5.	Global Payments, Inc.
	 	 
	 6.	NMR Pharmacy Portfolio
	 	 
	 7.	Washington Avenue Portfolio
	 	 
	 8.	Number 10 Main Apartments
	 	 
	 9.	CIRE Equity Retail & Industrial Portfolio

 

     Schedule 1-1

     

     

SCHEDULE 2

CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

 

	Distribution Date 	 	Class A-SB Planned Principal Balance ($) 
	January 2020	 	21,614,000.00
	February 2020	 	21,614,000.00
	March 2020	 	21,614,000.00
	April 2020	 	21,614,000.00
	May 2020	 	21,614,000.00
	June 2020	 	21,614,000.00
	July 2020	 	21,614,000.00
	August 2020	 	21,614,000.00
	September 2020	 	21,614,000.00
	October 2020	 	21,614,000.00
	November 2020	 	21,614,000.00
	December 2020	 	21,614,000.00
	January 2021	 	21,614,000.00
	February 2021	 	21,614,000.00
	March 2021	 	21,614,000.00
	April 2021	 	21,614,000.00
	May 2021	 	21,614,000.00
	June 2021	 	21,614,000.00
	July 2021	 	21,614,000.00
	August 2021	 	21,614,000.00
	September 2021	 	21,614,000.00
	October 2021	 	21,614,000.00
	November 2021	 	21,614,000.00
	December 2021	 	21,614,000.00
	January 2022	 	21,614,000.00
	February 2022	 	21,614,000.00
	March 2022	 	21,614,000.00
	April 2022	 	21,614,000.00
	May 2022	 	21,614,000.00
	June 2022	 	21,614,000.00
	July 2022	 	21,614,000.00
	August 2022	 	21,614,000.00
	September 2022	 	21,614,000.00
	October 2022	 	21,614,000.00
	November 2022	 	21,614,000.00
	December 2022	 	21,614,000.00
	January 2023	 	21,614,000.00
	February 2023	 	21,614,000.00
	March 2023	 	21,614,000.00
	April 2023	 	21,614,000.00
	May 2023	 	21,614,000.00
	June 2023	 	21,614,000.00
	July 2023	 	21,614,000.00
	August 2023	 	21,614,000.00
	September 2023	 	21,614,000.00
	October 2023	 	21,614,000.00
	November 2023	 	21,614,000.00
	December 2023	 	21,614,000.00
	January 2024	 	21,614,000.00
	February 2024	 	21,614,000.00
	March 2024	 	21,614,000.00
	April 2024	 	21,614,000.00
	May 2024	 	21,614,000.00
	June 2024	 	21,614,000.00
	July 2024	 	21,614,000.00
	August 2024	 	21,614,000.00
	September 2024	 	21,614,000.00
	October 2024	 	21,613,096.98

 

 

	Distribution Date 	 	Class A-SB Planned Principal Balance ($) 
	November 2024	 	21,269,877.50
	December 2024	 	20,901,405.46
	January 2025	 	20,555,661.39
	February 2025	 	20,208,691.25
	March 2025	 	19,788,748.43
	April 2025	 	19,439,055.92
	May 2025	 	19,064,297.28
	June 2025	 	18,712,034.61
	July 2025	 	18,334,779.84
	August 2025	 	17,979,928.91
	September 2025	 	17,623,819.39
	October 2025	 	17,242,828.57
	November 2025	 	16,884,103.72
	December 2025	 	16,500,572.90
	January 2026	 	16,139,214.31
	February 2026	 	15,776,573.88
	March 2026	 	15,342,426.72
	April 2026	 	14,976,957.22
	May 2026	 	14,586,876.02
	June 2026	 	14,218,725.30
	July 2026	 	13,826,040.08
	August 2026	 	13,455,189.25
	September 2026	 	13,083,022.67
	October 2026	 	12,686,437.27
	 November 2026	 	12,311,542.30
	December 2026	 	11,912,307.09
	January 2027	 	11,534,664.53
	February 2027	 	11,155,681.97
	March 2027	 	10,706,721.43
	April 2027	 	10,324,798.51
	May 2027	 	9,918,737.74
	June 2027	 	9,534,017.72
	July 2027	 	9,125,240.41
	August 2027	 	8,737,703.59
	September 2027	 	8,348,791.41
	October 2027	 	7,935,942.69
	November 2027	 	7,544,184.19
	December 2027	 	7,128,571.11
	January 2028	 	6,733,946.24
	February 2028	 	6,337,920.69
	March 2028	 	5,895,837.46
	April 2028	 	5,496,835.47
	May 2028	 	5,074,187.51
	June 2028	 	4,672,268.11
	July 2028	 	4,246,786.77
	August 2028	 	3,841,929.43
	September 2028	 	3,435,634.83
	October 2028	 	3,005,904.29
	November 2028	 	2,596,640.92
	December 2028	 	2,164,027.12
	January 2029	 	1,751,774.06
	February 2029	 	1,338,057.31
	March 2029	 	857,611.86
	April 2029	 	440,718.10
	May 2029	 	693.66
	June 2029 and thereafter	 	0.00

 

 

     Schedule 2-1

     

     

SCHEDULE 3

DESIGNATED ESCROWS AND RESERVES

 

	Mortgage Loan Number	Mortgage Loan Name	Applicable Escrow or Reserve (Initial Amount)
	1	Continental Park - Rosecrans Douglas	TI/LC ($6,500,000)
	4	74 Kent Street & 11-20 46th Road	TCO Reserve ($3,000,000)
	4	74 Kent Street & 11-20 46th Road	Earn-Out Reserve ($2,000,000)
	4	74 Kent Street & 11-20 46th Road	Free Rent Reserve for TheraCare ($1,302,188)
	4	74 Kent Street & 11-20 46th Road	Outstanding TI/LC Funds ($2,290,826)
	14	Somerset Park at Union	Required Upgrade Reserve ($1,500,000)
	18	HIE & Candlewood Suites Portfolio	PIP Reserve ($3,760,000)
	19	The Hamptons Apartments	Renovation Reserve ($2,113,870)
	19	The Hamptons Apartments	Earnout Subaccount ($1,480,000)
	20	Hilton Garden Inn - Ft. Myers	PIP Reserve ($2,406,000)
	21	Washington Avenue Portfolio	Unoccupied Premises Rollover Reserve ($595,458)
	21	Washington Avenue Portfolio	Pub Heights Case Reserve ($250,000)

 

     Schedule 3-1Exhibit 4.9

 

EXECUTION VERSION

	 

 

CCRE COMMERCIAL MORTGAGE SECURITIES, L.P.,

Depositor,

 

MIDLAND LOAN SERVICES, A DIVISION OF PNC
BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

MIDLAND LOAN SERVICES, A DIVISION OF PNC
BANK, NATIONAL ASSOCIATION,

Special Servicer,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Trustee,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian,

 

PARK BRIDGE LENDER SERVICES LLC,

Operating Advisor,

 

and

 

PARK BRIDGE LENDER SERVICES LLC,

Asset Representations Reviewer

 

 

 

POOLING AND SERVICING AGREEMENT

Dated as of December 1, 2019

 

 

 

CF 2019-CF3 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2019-CF3

	 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 
	Article I
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.01	Defined Terms	8
	Section 1.02	Certain Calculations	131
	Section 1.03	Certain Constructions	136
	Section 1.04	Certain Matters Relating to the Non-Serviced Mortgage Loans	136
	 	 	 
	Article II
	 	 	 
	CONVEYANCE OF MORTGAGE LOANS;
	ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.01	Conveyance of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	138
	Section 2.02	Cooperation with the Mortgage Loan Sellers with Respect to Rights Under Loan Agreements	144
	Section 2.03	Acceptance by Custodian and the Trustee	144
	Section 2.04	Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	147
	Section 2.05	Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and the Asset Representations Reviewer	164
	Section 2.06	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests	172
	Section 2.07	Miscellaneous REMIC Provisions	172
	 	 	 
	Article III
	 	 	 
	ADMINISTRATION AND SERVICING
	OF THE TRUST FUND
	 	 	 
	Section 3.01	The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans and the Serviced Companion Loans	173
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	179
	Section 3.03	Collection of Mortgage Loan and Serviced Companion Loan Payments	179
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	180
	Section 3.05	Collection Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Custodial Accounts	182
	Section 3.06	Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Custodial Accounts and the Distribution Accounts; Trust Ledger	190

 

    -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 3.07	Investment of Funds in the Collection Accounts, the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	212
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	214
	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	219
	Section 3.10	Appraisals; Realization upon Defaulted Loans	226
	Section 3.11	Custodian to Cooperate; Release of Mortgage Files	233
	Section 3.12	Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	234
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	243
	Section 3.14	Access to Certain Documentation	250
	Section 3.15	Title and Management of REO Properties and REO Accounts	259
	Section 3.16	Sale of Specially Serviced Loans and REO Properties	264
	Section 3.17	Additional Obligations of the Master Servicer and the Special Servicer; Inspections	270
	Section 3.18	Authenticating Agent	273
	Section 3.19	Appointment of Custodians	274
	Section 3.20	Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	274
	Section 3.21	Servicing Advances	274
	Section 3.22	Appointment and Replacement of Special Servicer	279
	Section 3.23	Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	285
	Section 3.24	Special Instructions for the Master Servicer and/or Special Servicer	291
	Section 3.25	Certain Rights and Obligations of the Master Servicer and/or the Special Servicer	292
	Section 3.26	Modification, Waiver, Amendment and Consents	293
	Section 3.27	Certain Intercreditor Matters Relating to the Serviced Whole Loans	300
	Section 3.28	Directing Holder Contact with the Master Servicer and the Special Servicer	304
	Section 3.29	Controlling Class Certificateholders, the Controlling Class Representative and the Risk Retention Consultation Party; Certain Rights and Powers of the Directing Holder and the Risk Retention Consultation Party	305
	Section 3.30	Rating Agency Confirmation	308
	Section 3.31	Appointment and Duties of the Operating Advisor	310
	Section 3.32	Delivery of Excluded Information to the Certificate Administrator	317
	Section 3.33	Litigation Control	317
	 	 	 
	Article IV
	 	 	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 4.01	Distributions	321
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	331
	Section 4.03	Compliance With Withholding Requirements	345
	Section 4.04	REMIC Compliance	345
	Section 4.05	Imposition of Tax on the Trust Fund	347
	Section 4.06	Remittances	349
	Section 4.07	P&I Advances	349
	Section 4.08	Appraisal Reductions; Collateral Deficiency Amounts	356
	Section 4.09	Secure Data Room	359
	 	 	 
	Article V
	 	 	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	360
	Section 5.02	Registration, Transfer and Exchange of Certificates	365
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	377
	Section 5.04	Appointment of Paying Agent	377
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	377
	Section 5.06	Actions of Certificateholders	378
	Section 5.07	Rule 144A Information	379
	Section 5.08	Voting Procedures	379
	 	 	 
	Article VI
	 	 	 
	THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE OPERATING ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER
	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	381
	Section 6.02	Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating Advisor	381
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and Others	382
	Section 6.04	Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the Special Servicer and the Operating Advisor	385
	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	387
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	388
	Section 6.07	The Directing Holder and the Risk Retention Consultation Party	388
	Section 6.08	Rights of Non-Directing Holders	393

 

    -iii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 
	Article VII
	 	 	 
	SERVICER AND OPERATING ADVISOR TERMINATION
	 	 	 
	Section 7.01	Servicer Termination Events	393
	Section 7.02	Trustee to Act; Appointment of Successor	401
	Section 7.03	Notification to Certificateholders and Other Persons	403
	Section 7.04	Other Remedies of Trustee	404
	Section 7.05	Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	404
	Section 7.06	Trustee as Maker of Advances	404
	Section 7.07	Termination of the Operating Advisor	405
	 	 	 
	Article VIII
	 	 	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of Trustee and Certificate Administrator	408
	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	410
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans	413
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	415
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	415
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	418
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	419
	Section 8.08	Successor Trustee and Certificate Administrator	422
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	422
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	423
	 	 	 
	Article IX
	 	 	 
	TERMINATION
	 	 	 
	Section 9.01	Termination	424
	 	 	 
	Article X
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 10.01	Intent of the Parties; Reasonableness	429
	Section 10.02	Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	430
	Section 10.03	Information to be Provided by the Master Servicer and the Special Servicer	432
	Section 10.04	Information to be Provided by the Trustee	433
	Section 10.05	Filing Obligations	433

 

    -iv-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 10.06	Form 10-D and ABS-EE Filings	435
	Section 10.07	Form 10-K Filings	440
	Section 10.08	Sarbanes-Oxley Certification	443
	Section 10.09	Form 8-K Filings	444
	Section 10.10	Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	446
	Section 10.11	Annual Compliance Statements	447
	Section 10.12	Annual Reports on Assessment of Compliance with Servicing Criteria	448
	Section 10.13	Annual Independent Public Accountants’ Servicing Report	450
	Section 10.14	Exchange Act Reporting Indemnification	451
	Section 10.15	Amendments	455
	Section 10.16	Exchange Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods	455
	Section 10.17	Termination of the Certificate Administrator	456
	 	 	 
	Article XI
	 	 	 
	THE ASSET REPRESENTATIONS REVIEWER
	 	 	 
	Section 11.01	Asset Review	457
	Section 11.02	Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability	463
	Section 11.03	Resignation of the Asset Representations Reviewer	465
	Section 11.04	Restrictions of the Asset Representations Reviewer	465
	Section 11.05	Termination of the Asset Representations Reviewer	465
	 	 	 
	Article XII
	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 12.01	Counterparts	468
	Section 12.02	Limitation on Rights of Certificateholders	469
	Section 12.03	Governing Law	470
	Section 12.04	Waiver of Jury Trial; Consent to Jurisdiction	470
	Section 12.05	Notices	470
	Section 12.06	Severability of Provisions	478
	Section 12.07	Notice to the Depositor and Each Rating Agency	478
	Section 12.08	Amendment	480
	Section 12.09	Confirmation of Intent	485
	Section 12.10	No Intended Third-Party Beneficiaries	486
	Section 12.11	Entire Agreement	486
	Section 12.12	Third Party Beneficiaries	486
	Section 12.13	PNC Bank, National Association	487

 

    -v-

     

    

 

TABLE OF EXHIBITS

 

	Exhibit A-1	Form of Class A-1 Certificate
	Exhibit A-2	Form of Class A-2 Certificate
	Exhibit A-3	Form of Class A-SB Certificate
	Exhibit A-4	Form of Class A-3 Certificate
	Exhibit A-5	Form of Class A-4 Certificate
	Exhibit A-6	Form of Class X-A Certificate
	Exhibit A-7	Form of Class X-B Certificate
	Exhibit A-8	Form of Class A-S Certificate
	Exhibit A-9	Form of Class B Certificate
	Exhibit A-10	Form of Class C Certificate
	Exhibit A-11	Form of Class D Certificate
	Exhibit A-12	Form of Class E Certificate
	Exhibit A-13	Form of Class X-D Certificate
	Exhibit A-14	Form of Class F-RR Certificate
	Exhibit A-15	Form of Class G-RR Certificate
	Exhibit A-16	Form of Class H-RR Certificate
	Exhibit A-17	Form of Class J-RR Certificate
	Exhibit A-18	Form of VRR Interest Certificate
	Exhibit A-19	Form of Class R Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C-1	Form of Transferee Affidavit
	Exhibit C-2	Form of Transferor Letter
	Exhibit D-1	Form of Investment Representation Letter
	Exhibit D-2	Form of ERISA Representation Letter
	Exhibit D-3	Form of Transferee Certificate for Transfer of [Class F-RR, Class G-RR, Class H-RR or Class J-RR Certificates] [VRR Interest]
	Exhibit D-4	Form of Transferor Certificate for Transfer of [Class F-RR, Class G-RR, Class H-RR or Class J-RR Certificates] [VRR Interest]
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during the Restricted Period
	Exhibit I	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during the Restricted Period
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1A	Form of Investor Certification for Non-Borrower Party and/or the Risk Retention Consultation Party (for Persons other than the Controlling Class Representative or a Controlling Class Certificateholder)
	Exhibit L-1B	Form of Investor Certification for Non-Borrower Party (for the Controlling Class Representative or a Controlling Class Certificateholder)

 

    -vi-

     

    

 

	Exhibit L-1C	Form of Investor Certification for Borrower Party (for Persons other than the Controlling Class Representative, a Controlling Class Certificateholder and/or the Risk Retention Consultation Party)
	Exhibit L-1D	Form of Investor Certification for Borrower Party (for the Controlling Class Representative or a Controlling Class Certificateholder)
	Exhibit L-1E	Form of Notice of Excluded Controlling Class Holder
	Exhibit L-1F	Form of Notice of Excluded Controlling Class Holder to Certificate Administrator
	Exhibit L-1G	Form of Certification of the Controlling Class Representative
	Exhibit L-1H	Form of Certification of the Risk Retention Consultation Party
	Exhibit L-2	Form of Financial Market Publisher Certification
	Exhibit M	Form of Notification from Custodian
	Exhibit N-1	Form of Closing Date Custodian Certification
	Exhibit N-2	Form of Post-Closing Custodian Certification
	Exhibit O	Form of Trustee Backup Certification
	Exhibit P	Form of Custodian Backup Certification
	Exhibit Q	Form of Certificate Administrator Backup Certification
	Exhibit R	Form of Operating Advisor Backup Certification
	Exhibit S	Form of Asset Representations Reviewer Backup Certification
	Exhibit T	Form of Master Servicer Backup Certification
	Exhibit U	Form of Special Servicer Backup Certification
	Exhibit V	Form of Sub-Servicer Backup Certification
	Exhibit W	Form of Sarbanes Oxley Certification
	Exhibit X	Mortgage Loan Seller Sub-Servicers
	Exhibit Y	List of Mortgage Loans for the purpose of clause (c) of the definition of “Special Servicer Decision”
	Exhibit Z	Form of NRSRO Certification
	Exhibit AA-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit AA-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit BB	Form of Operating Advisor Annual Report
	Exhibit CC	Additional Disclosure Notification
	Exhibit DD	Form of Power of Attorney to the Master Servicer and Special Servicer
	Exhibit EE	Form of Non-Serviced Mortgage Loan Notification
	Exhibit FF	Additional Disclosure Notification (Accounts)
	Exhibit GG	Form of Additional Indebtedness Notification
	Exhibit HH	Asset Review Report
	Exhibit II	Asset Review Report Summary
	Exhibit JJ	Asset Review Procedures
	Exhibit KK	Form of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form of Notice of [Additional Delinquent Loan] [Cessation of Delinquent Loan] [Cessation of Asset Review Trigger]
	Exhibit MM	Form of Certificate Administrator Receipt in Respect of [Class H-RR, Class G-RR, Class H-RR and Class J-RR Certificates] and [VRR Interest] in Retained Interest Safekeeping Account

 

    -vii-

     

    

 

TABLE OF SCHEDULES

 

	Schedule I	Directing Holders
	Schedule II	Servicing Criteria to be Addressed in Assessment of Compliance
	Schedule III	Class A-SB Planned Principal Balance Schedule
	Schedule IV	Additional Form 10-D Disclosure
	Schedule V	Additional Form 10-K Disclosure
	Schedule VI	Form 8-K Disclosure Information
	Schedule VII	Initial Serviced Companion Loan Noteholders
	Schedule VIII	Contact Information for the Other 17g-5 Information Provider

 

    -viii-

     

    

 

 

Pooling and Servicing Agreement, dated as of December 1, 2019, between CCRE Commercial Mortgage Securities,
L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services,
a Division of PNC Bank, National Association, as a Special Servicer, Wells Fargo Bank, National Association, as Trustee, Wells
Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC, as
Operating Advisor, and Park Bridge Lender LLC, as Asset Representations Reviewer.

 

PRELIMINARY
STATEMENT:

 

(Terms used but not defined in this Preliminary
Statement shall have

the meanings specified in Article I hereof)

 

The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Mortgage Loans. For income tax purposes alone, the Trust Fund
will consist primarily of the Mortgage Loans and the Lower-Tier Regular Interests, all as more fully described below.

 

Lower-Tier REMIC

 

The Lower-Tier REMIC
will hold the Mortgage Loans and certain other related assets subject to this Agreement, and will issue (i) the Class LA-1, Class
LA-2, Class LA-SB, Class LA-3, Class LA-4, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF-RR, Class LG-RR, Class
LH-RR, Class LJ-RR and Class LVRR Interests, which are designated as classes of “regular interests” in the Lower-Tier
REMIC (the “Lower-Tier Regular Interests”), and (ii) the Lower-Tier Residual Interest, which is designated as
the sole class of “residual interests” in the Lower-Tier REMIC and is represented by the Class R Certificates.

 

The following table sets
forth the Class designation, the per annum rate at which interest will accrue on, and the original Lower-Tier Principal
Balance of, each Lower-Tier Regular Interest:

 

	Designation of

                                                                   Lower-Tier

                                                                   Regular Interest
	 	Pass-Through

                                                                   Rate
	 	Original Lower-

                                                                   Tier Principal

                                                                   Balance

	Class LA-1	 	(1)	 	$15,390,000
	Class LA-2	 	(1)	 	$58,585,000
	Class LA-SB	 	(1)	 	$21,534,000
	Class LA-3	 	(1)	 	$175,000,000
	Class LA-4	 	(1)	 	$266,794,000
	Class LA-S	 	(1)	 	$84,434,000
	Class LB	 	(1)	 	$31,663,000
	Class LC	 	(1)	 	$30,703,000
	Class LD	 	(1)	 	$19,189,000
	Class LE	 	(1)	 	$15,352,000
	Class LF-RR	 	(1)	 	$7,675,000
	Class LG-RR	 	(1)	 	$7,676,000

 

     

     

    

 

	Designation of

                                                                   Lower-Tier

                                                                   Regular Interest
	 	Pass-Through

                                                                   Rate
	 	Original Lower-

                                                                   Tier Principal

                                                                   Balance

	Class LH-RR	 	(1)	 	$8,635,000
	Class LJ-RR	 	(1)	 	$24,947,113
	Class LVRR	 	(1)	 	$21,551,091

 

 

		(1)	Each
                                         Lower-Tier Regular Interest will accrue interest at the WAC Rate in effect from time
                                         to time.

 

The Lower-Tier Residual
Interest will not have a Lower-Tier Principal Balance, will not bear interest and will not be entitled to distributions of Yield
Maintenance Charges. Any Available Funds remaining in the Lower-Tier REMIC Distribution Account after all distributions deemed
made on the Lower-Tier Regular Interests on any Distribution Date will be payable to the Holders of the Class R Certificates in
respect of the Lower-Tier Residual Interest.

 

Upper Tier REMIC

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will issue (i) the Class
A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates and the VRR Interest, which are designated as classes of “regular
interests” in the Upper-Tier REMIC and (ii) the Upper-Tier Residual Interest, which is designated as the sole class of “residual
interests” in the Upper-Tier REMIC, and is represented by the Class R Certificates.

 

The following table sets
forth the Class designation, the initial Certificate Balance or initial Notional Amount, as applicable, and approximate initial
Pass-Through Rate for each Class of Regular Certificates.

 

    -2-

     

    

 

	Class Designation	 	Initial Certificate

                                                                   Balance or

                                                                   Notional Amount
	 	Approximate

                                                                                Initial Pass-

                                                                                Through Rate (per

                                                                                annum)

	Class A-1	 	$15,390,000	 	2.0413%
	Class A-2	 	$58,585,000	 	2.9416%
	Class A-SB	 	$21,534,000	 	2.9426%
	Class A-3	 	$175,000,000	 	2.7522%
	Class A-4	 	$266,794,000	 	3.0055%
	Class X-A	 	$537,303,000(1)	 	0.8425%
	Class X-B	 	$146,800,000(1)	 	0.2966%
	Class X-D	 	$34,541,000(1)	 	1.2284%
	Class A-S	 	$84,434,000	 	3.2983%
	Class B	 	$31,663,000	 	3.5002%
	Class C	 	$30,703,000	 	3.7284%
	Class D	 	$19,189,000	 	2.5000%
	Class E	 	$15,352,000	 	2.5000%
	Class F-RR	 	$7,675,000	 	3.7284%
	Class G-RR	 	$7,676,000	 	3.7284%
	Class H-RR	 	$8,635,000	 	3.7284%
	Class J-RR	 	$24,947,113	 	3.7284%
	VRR Interest	 	$21,551,091	 	(2)
	 	 	 	 	 

 

(1)         The
Class X-A, Class X-B and Class X-D Certificates do not have Certificate Balances; rather, each such Class of Certificates will
accrue interest as provided herein on the related Notional Amount.

 

(2)         Except
for tax reporting purposes, the VRR Interest will not have a specified Pass-Through Rate, but will be entitled to interest on
any Distribution Date equal to the VRR Interest Distribution Amount for such Distribution Date. For tax reporting purposes, the
VRR Interest will accrue interest at the WAC Rate in effect from time to time.

 

The Upper-Tier Residual
Interest will not have a Certificate Balance or Notional Amount, will not bear interest and will not be entitled to distributions
of Yield Maintenance Charges. Any Available Funds remaining in the Upper-Tier REMIC Distribution Account after all required distributions
under this Agreement have been made with respect to the Regular Certificates will be distributed to the Holders of the Class R
Certificates in respect of the Upper-Tier Residual Interest.

 

The following table sets
forth, with respect to each Class of Principal Balance Certificates, (i) the corresponding Lower-Tier Regular Interest (the “Corresponding
Lower-Tier Regular Interest”) and (ii) the corresponding Class X Component (the “Corresponding Component”),
if any. Each Class of Principal Balance Certificates constitutes the “Corresponding Certificates” with respect
to each of the Corresponding Lower-Tier Regular Interest and the Corresponding Component (if any) for that Class.

 

	Class 	 	Corresponding
Lower-
	 	Corresponding

 

    -3-

     

    

 

	 Designation	 	Tier Regular Interests(1)
	 	 Component(1)

	 	 	 	 	 
	Class A-1	 	LA-1	 	XA-1
	Class A-2	 	LA-2	 	XA-2
	Class A-SB	 	LA-SB	 	XA-SB
	Class A-3	 	LA-3	 	XA-3
	Class A-4	 	LA-4	 	XA-4
	Class A-S	 	LA-S	 	XA-S
	Class B	 	LB	 	XB
	Class C	 	LC	 	XC
	Class D	 	LD	 	XD
	Class E	 	LE	 	XE
	Class F-RR	 	LF-RR	 	N/A
	Class G-RR	 	LG-RR	 	N/A
	Class H-RR	 	LH-RR	 	N/A
	Class J-RR	 	LJ-RR	 	N/A
	VRR	 	LVRR	 	N/A

 

 

(1)       The
Corresponding Lower-Tier Regular Interest and the Corresponding Component, if any, with respect to any Class of Principal Balance
Certificates are also the Corresponding Lower-Tier Regular Interest and Corresponding Component with respect to each other.

 

Risk Retention

 

KeyBank National Association
is the “retaining sponsor” (as defined in the Credit Risk Retention Rules) for the securitization transaction constituted
by the securitization of the Mortgage Loans and the issuance of the Certificates. On the Closing Date, KeyBank National Association
will acquire a certificated “eligible vertical interest” (as defined in Credit Risk Retention Rules) in the Issuing
Entity, that will be in the form of a “single vertical security” (as such term is defined in the Credit Risk Retention
Rules) with an initial Certificate Balance of $21,551,091, representing approximately 2.7310% of the initial aggregate Certificate
Balance of all of the Certificates, other than the Class R Certificates (the “VRR Interest”).

 

The Retaining Sponsor
will satisfy the remainder of its risk retention requirements under the Credit Risk Retention Rules by a retaining third party
purchaser, which will be KKR CMBS II Aggregator Type 1 L.P., a Delaware limited partnership (the “Retaining Third Party
Purchaser”), which will purchase, on the Closing Date, and hold for its own account an “eligible horizontal residual
interest” (as such term is defined in the Credit Risk Retention Rules), consisting of all of the Class F-RR, Class G-RR,
Class H-RR and Class J-RR Certificates (collectively, the “HRR Interest” and, together with the VRR Interest,
the “RR Interest”), with an initial aggregate Certificate Balance of $48,933,113 and having a fair value equal
to approximately 2.3632% of the fair value, as of the Closing Date, of all of the Certificates, other than the Class R Certificates.

 

    -4-

     

    

 

Whole Loans

 

The following table (the
“Whole Loan Table”) identifies, by loan number for the related Mortgage Loan and name of the related Mortgaged
Property or portfolio of Mortgaged Properties (in each case as set forth on the Mortgage Loan Schedule), each of the Whole Loans
related to the Trust as of the Closing Date, and further, with respect to each such Whole Loan, sets forth or otherwise identifies
as of the Closing Date: (1) whether the subject Whole Loan is a Serviced Whole Loan, a Non-Serviced Whole Loan or a Servicing Shift
Whole Loan; (2) in the case of a Non-Serviced Whole Loan, the applicable Non-Serviced PSA; (3) the date of the related Co-Lender
Agreement; and (4) the Mortgage Note(s) that evidences or collectively evidence, as applicable, (a) the related Mortgage Loan,
(b) any related Pari Passu Companion Loan(s) and (c) any related Subordinate Companion Loan(s).

 

    -5-

     

    

 

	Loan
    No. 	Whole
    Loan	Type	Non-Serviced
    PSA	Non-Serviced
    Primary Servicing Fee Rate (per annum)	Date
    of Co-Lender Agreement	Mortgage
    Loan	Pari
    Passu Companion Loan(s)	Subordinate
    Companion Loan(s)	Control
    Note
	1	Parklawn
    Building	Non-Serviced	MSC
    2019-L3	0.01000%	October
    24, 2019	Notes
    

    A-2, A-3	Notes
    

    A-1, A-4, A-5	N/A	Note
    

    A-1
	2	Century
    Plaza Towers	Non-Serviced	CPTS
    2019-CPT	0.00125%	October
    21, 2019	Notes
    

    A-1-C6, A-1-C7	Notes
    

    A-1-S1, A-1-S2, A-1-S3, A-1-C1, A-1-C2, A-1-C3, A-1-C4, A-1-C5, A-1-C8, A-2-S1, A-2-S2, A-2-S3, A-2-C1, A-2-C2, A-2-C3, A-2-C4,
    A-2-C5, A-2-C6, A-2-C7, A-3-S1, A-3-S2, A-3-S3, A-3-C1, A-3-C2, A-3-C3, A-3-C4, A-3-C5	Notes
    B-1, B-2, B-3	Notes
    

    B-1, 

    B-2, B-3
	6	Wells
    Fargo Place	Non-Serviced	MSC
    2019-L3	0.00250%	October
    25, 2019	Notes

    A-4, A-5, A-6, A-7	Notes
    

    A-1, A-2, A-3	N/A	Note

    A-1
	7	225
    Bush	Non-Serviced	Bench-mark
    2019-B14	0.00411%	November
    18, 2019	Note
    A-5	Notes

    A-1, A-2, A-3, A-4, A-6	Note
    B	Note
    B(1)
	9	180
    Water	Non-Serviced	COMM
    2019-GC44	0.00125%	November
    21, 2019	Note
    A-3	Notes
    

    A-1, A-2, A-4, A-5	Note
    B	Note
    B(2)
	10	3
    Columbus Circle	Non-Serviced	Bench-mark
    2019-B10	0.00250%	March
    13, 2019	Note
    

    A-1-4-A	Notes

    A-1-1, 

    A-1-2-A, 

    A-1-2-B,

    A-1-3, 

    A-1-4-B,

    A-1-5,	Notes
    B-1, B-2	Note

    B-1(3)

 

    -6-

     

    

 

								A-1-6,

    A-1-7, 

    A-1-8,

    A-2-1,

    A-2-2,

    A-2-3,

    A-2-4,

    A-2-5-A, 

A-2-5-B		
	11	Park
    Central Tower	Non-Serviced	CGCMT
    2019-C7	0.03125%	November
    7, 2019	Note
    A-2	Note
    A-1	N/A	Note
    

    A-1
	12	Airport
    Square	Serviced	N/A	N/A	December
    20, 2019	Note
    A-1	Note
    A-2	N/A	Note

    A-1
	17	Bushwick
    Avenue Portfolio	Non-Serviced	CF
    2019-CF2	0.00125%	August
    9, 2019	Note
    A-5	Notes

    A-1, A-2, A-3, A-4	N/A	Note

    A-1

 

 

		(1)	With
                                         respect to the 225 Bush Mortgage Loan, the initial Control Note is Note B, so long as
                                         no “Control Appraisal Period” (as defined in the related Co-Lender Agreement)
                                         has occurred and is continuing. If and for so long as such “Control Appraisal Period”
                                         has occurred and is continuing, then the Control Note will be Note A-1.

		(2)	With
                                         respect to the 180 Water Mortgage Loan, the initial Control Note is Note B, so long as
                                         no “Control Appraisal Period” (as defined in the related Co-Lender Agreement)
                                         has occurred and is continuing. If and for so long as such “Control Appraisal Period”
                                         has occurred and is continuing, then the Control Note will be Note A-1.

		(3)	With
                                         respect to the 3 Columbus Circle Mortgage Loan, the initial Control Note is Note B-1,
                                         so long as no “Control Appraisal Period” (as defined in the related Co-Lender
                                         Agreement) has occurred and is continuing. If and for so long as such “Control
                                         Appraisal Period” has occurred and is continuing, then the Control Note will be
                                         Note A-1-1.

 

Each of the Whole Loans
listed above consists of the corresponding Mortgage Loan and one or more Companion Loans. With respect to any Whole Loan, the Mortgage
Loan and the Pari Passu Companion Loan(s) are pari passu with each other to the extent provided in the related Co-Lender
Agreement, and any Subordinate Companion Loan(s) is/are generally subordinate to the related Mortgage Loan and any Pari Passu Companion
Loan(s) to the extent provided in the related Co-Lender Agreement. Each Serviced Whole Loan will be serviced and administered in
accordance with this Agreement and the related Co-Lender Agreement. Each Non-Serviced Whole Loan will be serviced and administered
in accordance with the related Non-Serviced PSA and the related Co-Lender Agreement. Each Servicing Shift Whole Loan will be serviced
and administered in accordance with this Agreement and the related Co-Lender Agreement prior to the related Servicing Shift Securitization
Date, and will be serviced and administered in accordance with the related Non-Serviced PSA and the related Co-Lender Agreement
on and after the related Servicing Shift Securitization Date.

 

The Companion Loans are
not part of the Trust Fund, but are each secured by the applicable Mortgage(s) that secure(s) the related Mortgage Loan that is
part of the Trust Fund. Amounts attributable to any Companion Loan will not be part of the Trust Fund, and (except to

 

    -7-

     

    

 

the extent
that such amounts are payable or reimbursable to any party to this Agreement) will be owned by the related Companion Holders.

 

 

 

As of the Cut-off Date,
the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $789,128,204.

 

In consideration of the
mutual agreements herein contained, the Depositor, the Master Servicer, each Special Servicer, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer and the other parties hereto hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.01     Defined
Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have
the meanings specified in this Article.

 

“3 Columbus
Circle Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as
3 Columbus Circle.

 

“3 Columbus
Circle Whole Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 3 Columbus
Circle.

 

“8-K Filing
Deadline”: As defined in Section 10.09 of this Agreement.

 

“10-K Filing
Deadline”: As defined in Section 10.07 of this Agreement.

 

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

 

“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at www.ctslink.com,
under the “NRSRO” tab or other applicable tab of the respective transaction, access to which is limited to the Depositor
and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

“30/360 Basis”:
The accrual of interest calculated on the basis of a year consisting of twelve 30-day months.

 

“180 Water Mortgage
Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 180 Water.

 

“180 Water Whole
Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 180 Water.

 

    -8-

     

    

 

“225 Bush Mortgage
Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 225 Bush.

 

“225 Bush Whole
Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as 225 Bush.

 

“AB Control
Appraisal Period”: With respect to any Serviced AB Whole Loans, the meaning assigned to the term “Control Appraisal
Period” or any analogous term in the related Co-Lender Agreement.

 

“AB Modified
Loan”: Any Corrected Loan (1) that became a Corrected Loan (which includes for purposes of this definition any Non-Serviced
Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant to the related Non-Serviced
PSA) due to a modification thereto that resulted in the creation of an A/B note structure (or similar structure) and as to which
the new junior note(s) did not previously exist or the principal amount of the new junior note(s) was previously part of either
an A note held by the Trust or the original unmodified Mortgage Loan and (2) as to which an Appraisal Reduction Amount is not in
effect.

 

“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan or Serviced Whole Loan, any Default arising when the related
Loan Documents require that the related Borrower must maintain standard extended coverage casualty insurance or other insurance
that covers acts of terrorism and the Special Servicer has determined, in accordance with the Servicing Standard and, unless a
Control Termination Event has occurred and is continuing, with the consent of the related Directing Holder (other than with respect
to an Excluded Loan) and, subject to the consultation rights of the Risk Retention Consultation Party (other than with respect
to any Excluded Risk Retention Consultation Party Loan) and subject to the consultation rights of the holder of any Companion Loan,
that either (i) such insurance is not available at commercially reasonable rates and the subject hazards are not at the time commonly
insured against by properties similar to the Mortgaged Property and located in or around the geographic region in which such Mortgaged
Property is located (but only by reference to such insurance that has been obtained by such owners at current market rates), or
(ii) such insurance is not available at any rate; provided that the Directing Holder will not have more than 30 days to
respond to the Special Servicer’s request for such consent; provided, further, that upon the Special Servicer’s
determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Special Servicer to consult
with the Directing Holder, the Special Servicer will not be required to do so. In making this determination, the Special Servicer,
to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant. During the period when
the Special Servicer is evaluating the availability of such insurance, or waiting for a response from the Controlling Class Representative,
neither the Master Servicer nor the Special Servicer shall be liable for any loss related to its failure to require the Borrower
to maintain such insurance and neither will be in default of its obligations as a result of such failure.

 

“Accrued AB
Loan Interest”: With respect to any AB Modified Loan and any date of determination, the accrued and unpaid interest that
remains unpaid with respect to the junior note(s) of such AB Modified Loan.

 

    -9-

     

    

 

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

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.

 

“Actual/360
Loans”: The Mortgage Loans that provide for the accrual of interest on an Actual/360 Basis and any related Serviced Companion
Loan.

 

“Additional
Debt”: With respect to any Mortgage Loan, any debt owed by the related Borrower to a party other than the lender under
such Mortgage Loan that is secured by the related Mortgaged Property.

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.06 of this Agreement.

 

“Additional
Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Mortgage Loan Sellers or the Underwriters (other than an Affiliate of any such party acting in the capacity of a Mortgage Loan
Seller Sub-Servicer), that Services any of the Mortgage Loans, and each Person, other than the Special Servicer, who is not an
Affiliate of any of the Master Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters,
who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any expense incurred with respect to the Trust Fund that would result in the Holders of Regular
Certificates receiving less than the full amount of principal and/or the Interest Accrual Amount to which they are entitled on
any Distribution Date.

 

“Administrative
Cost Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan and any Mortgage Loan as to
which the related Mortgaged Property has become an REO Property), as of any date of determination, a per annum rate equal
to the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate, the Asset
Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and, solely in the
case of a Non-Serviced Mortgage Loan, the related Non-Serviced Mortgage Loan Primary Servicing Fee Rate.

 

“Advance”:
Any P&I Advance or Servicing Advance.

 

“Advance Interest
Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances for which
the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which such Advance
was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of interest previously
paid on such Advance; provided that if the related Borrower makes payment of an amount in respect of which such Advance
was made with

 

    -10-

     

    

 

interest at the Default Rate, the Advance Interest Amount payable to the Master Servicer or the Trustee shall be
paid first, from the amount of Default Interest on the related Mortgage Loan (or Whole Loan, with respect to Servicing Advances)
actually paid by such Borrower, second, from late payment fees on the related Mortgage Loan (or Whole Loan, with respect
to Servicing Advances) actually paid by the related Borrower, and third, upon determining in accordance with the Servicing
Standard that such Advance Interest Amount is not recoverable from the amounts described in first or second, from
other amounts on deposit in the Collection Account or the Serviced Whole Loan Custodial Account, as applicable.

 

“Adverse REMIC
Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause either
Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon either Trust REMIC or the Trust Fund (including
but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from foreclosure
property”).

 

“Affected Reporting
Party”: As defined in Section 10.14 of this Agreement.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or the Depositor to determine whether any Person
is an Affiliate of such party.

 

“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate,
as defined in Rule 405 of the Act, of such Person.

 

“Affirmative
Asset Review Vote”: As defined in Section 11.01(a).

 

“Agent Member”:
Members of, or Depository Participants in, the Depository.

 

“Aggregate Principal
Distribution Amount”: For any Distribution Date, the sum of the following amounts:

 

(a)         the
Scheduled Principal Distribution Amount for that Distribution Date; and

 

(b)         the
Unscheduled Principal Distribution Amount for that Distribution Date.

 

provided, that the Aggregate Principal
Distribution Amount for any Distribution Date will be reduced, to not less than zero, by the amount of any reimbursements of:

 

    -11-

     

    

 

(A)        Nonrecoverable
Advances (including any Servicing Advance with respect to any Non-Serviced Mortgage Loan under the related Non-Serviced PSA reimbursed
out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement Rate that
are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would
have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date; and

 

(B)        Workout-Delayed
Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal
collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date;

 

provided further, that, in the case
of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage
Loans (including REO Mortgage Loans) are subsequently recovered on the related Mortgage Loan (or REO Mortgage Loan), such recovery
will increase the Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery
occurs. The principal component of the amounts set forth above shall be determined in accordance with Section 1.02 of this
Agreement.

 

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

 

“Airport Square
Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Airport
Square.

 

“Airport Square
Whole Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Airport Square.

 

“Allocated Loan
Amount”: With respect to any Mortgaged Property that is one of multiple Mortgaged Properties securing a Mortgage Loan
or Whole Loan, the portion of the total outstanding principal balance of such Mortgage Loan or Whole Loan, as the case may be,
as set forth in the applicable Loan Documents or the Mortgage Loan Schedule.

 

“A.M. Best”:
A.M. Best Company, or its successor in interest.

 

“Anticipated
Repayment Date”: With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised
Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

“Anticipated
Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to
Section 9.01(c) of this Agreement.

 

“Applicable
Moody’s Permitted Investment Rating”: in the case of such investments, the short-term debt obligations of which
are rated at least “P-1” by Moody’s or the long-term debt obligations of which are rated at least “A2”
by Moody’s.

 

“Applicable
Law”: As defined in Section 8.02(g) of this Agreement.

 

    -12-

     

    

 

“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York and the State of Minnesota and (b) such state or local tax laws whose applicability shall have been brought to
the attention of the Certificate Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from
the appropriate taxing authority as to the applicability of such state or local tax laws.

 

“Appraised-Out
Class”: As defined in Section 4.08(b) of this Agreement.

 

“Appraisal”:
An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and
in the same area.

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Serviced Mortgage Loan or any Serviced Whole Loan as to which an Appraisal
Reduction Event has occurred, an amount calculated by the Special Servicer (and, with respect to any Serviced Mortgage Loan other
than an Excluded Loan, prior to the occurrence of an applicable Consultation Termination Event, in consultation with the Directing
Holder and, after the occurrence and during the continuance of an Operating Advisor Consultation Event, in consultation with the
Operating Advisor to the extent set forth in Section 3.31 of this Agreement) as of the first Determination Date that is
at least 10 Business Days following the date the Special Servicer receives the required Appraisal or conducts a Small Loan Appraisal
Estimate (and thereafter by the first Determination Date following any material change in the amounts set forth in the following
equation) and receipt of information requested by the Special Servicer from the Master Servicer reasonably necessary to calculate
the Appraisal Reduction Amount, equal to the excess, if any, of (a) the Stated Principal Balance of such Serviced Mortgage Loan
or Serviced Whole Loan over (b) the excess of (i) the sum of: (A) 90% of the appraised value of the related Mortgaged Property
as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to that Mortgage Loan or Serviced Whole
Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall be paid by the Master
Servicer as an Advance), minus such downward adjustments as the Special Servicer may make (without implying any obligation to do
so) based upon its review of the Appraisals and any other information it deems relevant, or (2) by an internal valuation performed
by the Special Servicer with respect to any Serviced Mortgage Loan or Serviced Whole Loan with an outstanding principal balance
less than $2,000,000, plus (B) all escrows, letters of credit and reserves in respect of that Mortgage Loan or Serviced Whole Loan
(other than escrows and reserves for taxes and insurance) as of the date of calculation, plus (C) all insurance and casualty proceeds
and condemnation awards that constitute collateral for the related Mortgage Loan or Serviced Whole Loan (whether paid or then payable
by any insurance company or government authority), over (ii) the sum as of the Due Date occurring in the month of the date of determination
of (without duplication) (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest on
such Mortgage Loan or Serviced Whole Loan at a per annum rate equal to the Mortgage Rate (or with respect to the applicable
Serviced Whole Loan, the weighted average of the Mortgage Rates for the related Mortgage Loan and related Serviced Companion Loans),
(B) all unreimbursed Servicing Advances and all unreimbursed P&I Advances, and all unpaid interest on Advances at the Reimbursement
Rate, in respect of such Mortgage Loan or Serviced Whole Loan, (C) all currently due and unpaid real estate taxes

 

    -13-

     

    

 

and assessments,
insurance premiums and ground rents (net of any escrows or reserves therefor) with respect to such Mortgage Loan or Serviced Whole
Loan that have not been the subject of an Advance by the Master Servicer, Special Servicer or the Trustee, as applicable, (D) any
other unpaid Additional Trust Fund Expenses in respect of such Mortgage Loan or Serviced Whole Loan (but subject to the provisions
of Section 1.02(e)) and (E) all other amounts due and unpaid with respect to such Mortgage Loan or Serviced Whole Loan that,
if not paid by the related Borrower, would result in a shortfall in distributions to the Certificateholders, except for Prepayment
Premiums and Yield Maintenance Charges payable due to an acceleration of such Mortgage Loan or Serviced Whole Loan following a
default thereunder; provided, without limiting the Special Servicer’s obligation to order and obtain such Appraisal,
if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as applicable, referred
to above within 60 days of the Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason of
clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event), the Appraisal Reduction Amount
shall be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage Loan or the applicable
Serviced Whole Loan until such time as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received or
conducted and the Appraisal Reduction Amount is recalculated.

 

Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to a Serviced Mortgage Loan or a Serviced Whole Loan or
the related REO Property will be reduced to zero as of the date the related Serviced Mortgage Loan or Serviced Whole Loan is paid
in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, with respect to any Serviced Mortgage Loan
or a Serviced Whole Loan as to which an Appraisal Reduction Event has occurred, such Serviced Mortgage Loan or Serviced Whole Loan
shall no longer be subject to the Appraisal Reduction Amount if (a) such Mortgage Loan or Serviced Whole Loan has become a Corrected
Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan) and (b) no other Appraisal Reduction
Event has occurred and is continuing.

 

Each Serviced Whole Loan
shall be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with respect to the Mortgage
Loan and Companion Loan(s), as applicable, that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of
any Serviced Whole Loan with a Subordinate Companion Loan will first be allocated to such Subordinate Companion Loan up to the
unpaid principal balance thereof. Any Appraisal Reduction Amount in respect of a Serviced Whole Loan with a Pari Passu Companion
Loan (to the extent not otherwise allocated to any related Subordinate Companion Loan) shall be allocated in accordance with the
related Co-Lender Agreement or, if no allocation is specified in the related Co-Lender Agreement, then pro rata, between
the related Mortgage Loan and the related Serviced Pari Passu Companion Loan(s) based upon their respective outstanding principal
balances.

 

For any Distribution
Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal Reduction Amount
shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the related Non-Serviced
PSA.

 

    -14-

     

    

 

“Appraisal Reduction
Event”: With respect to a Serviced Mortgage Loan or a Serviced Whole Loan, the earliest to occur of:

 

(i)    
     120 days after an uncured Delinquency (without regard to the application of any grace period), other than
any uncured delinquency in respect of a Balloon Payment, in respect of the Mortgage Loan or a related Companion Loan, as
applicable;

 

(ii)   
     the date on which a reduction in the amount of Periodic Payments on the Mortgage Loan or related
Companion Loan, as applicable, or a change in any other material economic term of the Mortgage Loan or the related Companion
Loan, as applicable, (other than an extension of its maturity), becomes effective as a result of a modification of the
related Mortgage Loan or Companion Loan, as applicable, by the Special Servicer;

 

(iii)     
  30 days after the date on which a receiver has been appointed for the Mortgaged Property;

 

(iv) 
       30 days after the date on which a Borrower or the tenant at a single tenant property
declares bankruptcy (and such bankruptcy is not otherwise dismissed within such time);

 

(v) 
       60 days after the date on which an involuntary petition of bankruptcy is filed with
respect to the Borrower if not dismissed within such time;

 

(vi)   
    a payment default has occurred with respect to the related Balloon Payment; provided, however,
if (A) the related Borrower is diligently seeking a refinancing commitment (and delivers a statement to that effect to the
Master Servicer within 30 days after the default, who shall promptly deliver a copy to the Special Servicer, the Operating
Advisor and the Directing Holder (but only for so long as no Consultation Termination Event has occurred)), (B) the related
Borrower continues to make its Assumed Scheduled Payment, (C) no other Appraisal Reduction Event has occurred with respect to
that Mortgage Loan or Serviced Whole Loan, and (D) for so long as no Control Termination Event has occurred and is
continuing, the Directing Holder consents, an Appraisal Reduction Event will not occur until 60 days beyond the related
Maturity Date, unless extended by the Special Servicer in accordance with the Mortgage Loan documents or this Agreement; and provided, further,
if the related Borrower has delivered to the Master Servicer, who shall promptly deliver a copy to the Special Servicer, the
Operating Advisor and the Directing Holder (but only for so long as no Consultation Termination Event has occurred), on or
before the 60th day after the related Maturity Date, a refinancing commitment reasonably acceptable to the Special Servicer,
and the Borrower continues to make its Assumed Scheduled Payments (and no other Appraisal Reduction Event has occurred with
respect to that Mortgage Loan or Serviced Whole Loan), an Appraisal Reduction Event will not occur until the earlier of (1)
120 days beyond the related Maturity Date (or extended Maturity Date) and (2) the termination of the refinancing commitment;
and

 

    -15-

     

    

 

(vii)       immediately
after a Mortgage Loan or related Companion Loan becomes an REO Loan;

 

provided, however,
that the 30-day period referenced in clauses (iii) and (iv) above will not apply if the related Mortgage Loan is
a Specially Serviced Loan; and provided further, that no Appraisal Reduction Event may occur with respect to any Serviced
Mortgage Loan or Serviced Whole Loan at any time when the Certificate Balances of all Classes of Subordinate Certificates have
been reduced to zero.

 

“Arbitration
Rules”: As defined in Section 2.04(n)(i).

 

“ARD Loan”:
Any Mortgage Loan the terms of which provide that if, after an Anticipated Repayment Date, the related Borrower has not prepaid
such Mortgage Loan in full, any principal outstanding on that date will accrue interest at the Revised Rate rather than the Initial
Rate. For the avoidance of doubt, there are no ARD Loans and references thereto in this Agreement are to be disregarded.

 

“Asset-Level
Basis”: Only as used in connection with any Operating Advisor Annual Report, the Special Servicer’s performance
of its duties as they relate to the resolution and/or liquidation of Specially Serviced Loans, taking into account the Special
Servicer’s specific duties under this Agreement as well as the extent to which those duties were performed in accordance
with the Servicing Standard, with reasonable consideration by the Operating Advisor of any annual compliance statement, assessment
of compliance report, attestation report, Asset Status Report and other information delivered to the Operating Advisor by the Special
Servicer (other than any communications between the Controlling Class Representative or any related Directing Holder, as applicable,
and the Special Servicer that would be Privileged Information) pursuant to the provisions of this Agreement.

 

“Asset Representations
Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any
successor Asset Representations Reviewer appointed as herein provided.

 

“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 11.02(b).

 

“Asset Representations
Reviewer Cap”: As defined in Section 11.02(b).

 

“Asset Representations
Reviewer Fee”: With respect to each Mortgage Loan and REO Mortgage Loan (including each Non-Serviced Mortgage Loan),
for any Distribution Date, a fee payable to the Asset Representations Reviewer monthly from amounts received with respect to each
Mortgage Loan and REO Mortgage Loan (including each Non-Serviced Mortgage Loan) and will accrue at a rate equal to the applicable
Asset Representations Reviewer Fee Rate with respect to each such loan on the Stated Principal Balance of the related loan immediately
prior to such Distribution Date and will be calculated on the same interest accrual basis as the related loan and prorated for
any partial periods.

 

    -16-

     

    

 

“Asset Representations
Reviewer Fee Rate”: A per annum rate equal to, with respect to each Mortgage Loan and REO Mortgage Loan (including
each Non-Serviced Mortgage Loan), 0.00032%.

 

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

 

“Asset Representations
Reviewer Termination Event”: As defined in Section 11.05(a).

 

“Asset Review”:
A review of the compliance of each Delinquent Loan with certain representations and warranties of the applicable Mortgage Loan
Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto.

 

“Asset Review
Notice”: As defined in Section 11.01(a).

 

“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 11.01(a),
the Certificateholders evidencing at least 5.0% of the aggregate Voting Rights represented by all Certificates.

 

“Asset Review
Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit
HH.

 

“Asset Review
Report Summary”: As defined in Section 11.01(b)(viii), a summary reporting setting forth the conclusions of an
Asset Review Report substantially in the form attached hereto as Exhibit II.

 

“Asset Review
Standard”: The performance by the Asset Representations Reviewer of its duties under this Agreement in good faith subject
to the express terms of this Agreement. All determinations or assumptions made by the Asset Representations Reviewer in connection
with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion and judgment based on the
facts and circumstances known to it at the time of such determination or assumptions.

 

“Asset Review
Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25% or more of
the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Mortgage Loans) held by the Trust as
of the end of the applicable Collection Period are Delinquent Loans or (2) at least 15 Mortgage Loans are Delinquent Loans as of
the end of the applicable Collection Period and the aggregate outstanding principal balance of such Delinquent Loans in the aggregate
constitutes at least 20% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Mortgage
Loans) held by the Trust as of the end of the applicable Collection Period.

 

“Asset Review
Vote Election”: As defined in Section 11.01(a).

 

“Asset Status
Report”: As defined in Section 3.23(e) of this Agreement.

 

    -17-

     

    

 

“Assignment
of Leases, Rents and Profits”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or
similar agreement executed by the Borrower, assigning to the mortgagee all of the income, rents and profits derived from the ownership,
operation, leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged
and delivered, as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect of record
the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket
assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law and acceptable
for recording.

 

“Assumed Scheduled
Payment”: For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan)
or any Companion Loan that is delinquent in respect of its Balloon Payment or as to which the related Mortgaged Property has become
an REO Property, an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such
Mortgage Loan or Companion Loan, as applicable, on the related Due Date based on the constant payment required by the related Mortgage
Note or the original amortization schedule of the Mortgage Loan or Companion Loan, as applicable (as calculated with interest at
the related Mortgage Rate), if any, assuming the related Balloon Payment had not become due or the related Mortgaged Property had
not become an REO Property, after giving effect to any reduction in the principal balance occurring in connection with a modification
of such Mortgage Loan or Companion Loan, as applicable, in connection with a default or a bankruptcy modification (or similar proceeding),
and (b) interest on the Stated Principal Balance of the Mortgage Loan or Companion Loan, as applicable, at its Mortgage Rate (net
of interest at the applicable Servicing Fee Rate and the Non-Serviced Mortgage Loan Primary Servicing Fee Rate to the extent applicable).

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan or related substitution
of a Borrower (or an interest therein) thereunder (in each case, as permitted or set forth in the related Loan Documents or under
the provisions of this Agreement).

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this Agreement.

 

“Available Funds”:
With respect to any Distribution Date, an amount equal to the sum of the following amounts (without duplication):

 

(a)         the
aggregate amount of all cash received on the Mortgage Loans and any REO Properties (in the case of any Non-Serviced Mortgage Loan
or related REO Property, only to the extent received by the Trust pursuant to the related Non-Serviced PSA and/or the related Co-Lender
Agreement) (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e)
of this

 

    -18-

     

    

 

Agreement) on deposit in the Collection Account (in each case, exclusive of any amount on deposit in or credited to any
portion of the Collection Account that is held for the benefit of the Companion Loan Noteholders), as of the related Master Servicer
Remittance Date, exclusive of (without duplication) any portion thereof that represents:

 

(i)   
     all Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without
regard to grace periods) after the end of the related Collection Period (without regard to grace periods) or that are
received subsequent to the related Determination Date (or, in the case of a Non-Serviced Mortgage Loan or related REO
Property, the later of the related Determination Date and the applicable remittance date to the Trust in the month of the
subject Distribution Date);

 

(ii)    
   all Unscheduled Payments of principal (including Principal Prepayments (together with any related payments
of interest allocable to the period following the Due Date for the related Mortgage Loan during the related Collection
Period)) and interest, Net Liquidation Proceeds, Net Insurance Proceeds or Net Condemnation Proceeds and other unscheduled
recoveries allocable to the Mortgage Loans received subsequent to the related Determination Date (or, in the case of a
Non-Serviced Mortgage Loan or related REO Property, the later of the related Determination Date and the applicable remittance
date to the Trust in the month of the subject Distribution Date);

 

(iii)    
   all amounts payable or reimbursable to any Person from (A) the Collection Account pursuant to clauses
(ii) through (xv), inclusive, and (xix) through (xxi), inclusive, of Section 3.06(a) of this
Agreement or (B) the Lower-Tier REMIC Distribution Account pursuant to clauses (ii) through (iv), inclusive, of Section
3.06(f) of this Agreement;

 

(iv)       with
respect to each Mortgage Loan that is an Actual/360 Loan and any Distribution Date in (1) each February and (2) any January occurring
in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), an amount equal
to one day of interest on the Stated Principal Balance of such Mortgage Loan as of the close of business on the Distribution Date
in the month preceding the month in which the subject Distribution Date occurs at the related Net Mortgage Rate, to the extent
such amounts are to be deposited in the Interest Reserve Account and held for future distribution pursuant to Section 3.05(e)
of this Agreement;

 

(v)       
 all Yield Maintenance Charges and Prepayment Premiums;

 

(vi)       all
amounts deposited in the Collection Account in error;

 

(vii)      any
Gain-on-Sale Proceeds deliverable to the Certificate Administrator for deposit in the Gain-on-Sale Reserve Account;

 

(viii)     all
Excess Interest allocable to the Mortgage Loans; and

 

    -19-

     

    

 

(ix)   
    all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of
this Agreement; and

 

(b)         if
and to the extent not already included in clause (a) hereof, the aggregate amount allocable to the Mortgage Loans transferred
from the REO Account on or before the applicable Master Servicer Remittance Date to the Collection Account for such Distribution
Date pursuant to Section 3.15(b);

 

(c)         all
Compensating Interest Payments made by the Master Servicer with respect to the Mortgage Loans with respect to such Distribution
Date and P&I Advances made by the Master Servicer or the Trustee, as applicable, with respect to such Distribution Date net
of certain amounts that are due or reimbursable to Persons other than the holders of the Certificates;

 

(d)          with
respect to each Mortgage Loan that is an Actual/360 Loan and for the Distribution Date occurring in each March (or February if
the final Distribution Date occurs in such month), the Withheld Amounts with respect to such Mortgage Loan remitted to the Lower-Tier
REMIC Distribution Account pursuant to Section 3.05(e) of this Agreement; and

 

(e)         the
Gain-on-Sale Remittance Amount for such Distribution Date.

 

Notwithstanding the investment of funds
held in the Collection Account or the Lower-Tier REMIC Distribution Account pursuant to Section 3.07 of this Agreement,
for purposes of calculating the Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Balloon Loan”:
Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the Maturity Date in excess of its constant Periodic
Payment.

 

“Balloon Payment”:
With respect to each Balloon Loan, the scheduled payment of principal due on the Maturity Date (less principal included in the
applicable amortization schedule or scheduled Periodic Payment).

 

“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and any Class of the Non-Vertically Retained
Principal Balance Certificates, a fraction (not greater than one) (a) whose numerator is the amount, if any, by which (i) the Pass-Through
Rate on such Class of Certificates exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment
Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment and (b) whose denominator is the
amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the yield rate (as provided by the Master Servicer)
used in calculating the Prepayment Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment;
provided, however, that if such yield rate is greater than or equal to both the Mortgage Rate on such Mortgage Loan
and the Pass-Through Rate described in clause (a)(i) above, then the Base Interest Fraction shall be zero; provided,
further, that if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the
Pass-Through Rate described in clause (a)(i) above, then the Base Interest Fraction shall be one.

 

    -20-

     

    

 

To the extent that the
“yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer is not provided
in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to the yield, on the
U.S. Treasury primary issue with a maturity date closest to the Maturity Date or Anticipated Repayment Date, as applicable, for
the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same coupon the issue with
the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close to the Maturity Date
or Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier maturity date shall be
selected.

 

“Benchmark 2019-B10
PSA”: That certain Pooling and Servicing Agreement dated as of April 1, 2019 by and among Deutsche Mortgage & Asset
Receiving Corporation, as depositor, KeyBank National Association, as master servicer, LNR Partners, LLC, as special servicer,
Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying
agent and custodian, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, which governs the
servicing of the 3 Columbus Circle Whole Loan.

 

“Benchmark 2019-B14
PSA”: That certain Pooling and Servicing Agreement dated as of November 1, 2019 by and between J.P. Morgan Chase Commercial
Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association,
as certificate administrator, Wells Fargo Bank, National Association, as trustee, and Pentalpha Surveillance LLC, as operating
advisor and asset representations reviewer, which governs the servicing of the 225 Bush Whole Loan.

 

“Bid Allocation”:
With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant to Section 7.01(a)
of this Agreement, the amount of such proceeds (net of any expenses incurred in connection with such bid and the transfer of servicing),
multiplied by a fraction equal to (a) the aggregate of the monthly Servicing Fees for the Master Servicer or such Sub-Servicer
therefor, as the case may be, as of such date of determination, over (b) the aggregate of the monthly Servicing Fees for the Master
Servicer and all Sub-Servicers therefor as of such date of determination.

 

“Book-Entry
Certificate”: Any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note
or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity
deed of trust (“IDOT”) structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor,
individually and collectively, as the context may require.

 

“Borrower Accounts”:
As defined in Section 3.07(a) of this Agreement.

 

    -21-

     

    

 

“Borrower Party”:
A Borrower, a mortgagor, a manager of a Mortgaged Property, a Restricted Mezzanine Holder or any Borrower Party Affiliate.

 

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

 

“Breach”:
As defined in Section 2.04(e) of this Agreement.

 

“Bushwick Avenue
Portfolio Mortgage Loan”: The Mortgage Loan secured by the portfolio of Mortgaged Properties identified on the Mortgage
Loan Schedule as Bushwick Avenue Portfolio.

 

“Bushwick Avenue
Portfolio Whole Loan”: The Whole Loan secured by the portfolio of Mortgaged Properties identified on the Mortgage Loan
Schedule as Bushwick Avenue Portfolio.

 

“Business Day”:
Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal cities in which the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate
Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the Federal Reserve Bank
of New York or banking institutions or savings associations in New York, New York or the principal cities in which the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate Administrator conduct
servicing, trust administration or surveillance operations are authorized or obligated by law or executive order to be closed.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payment on the Mortgage Loan or Serviced Companion Loan or sale of a Defaulted Loan, the highest of (1) the rate determined by
the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrowers
on similar non-defaulted debt of the Borrowers as of such date of determination, (2) the applicable Mortgage Rate and (3) the yield
on 10-year U.S. treasuries as of such date of determination and (ii) for all other cash flows, including property cash flow, the
“discount rate” set forth in the most recent related Appraisal (or Updated Appraisal).

 

“Cash Collateral
Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account or accounts
created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan

 

    -22-

     

    

 

Document into which the
Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders, as successor
to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax purposes by
the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions of the
related Loan Documents and Section 3.07(a) of this Agreement, which Person shall be taxed on all reinvestment income or
gain thereon in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan. The Master Servicer shall be permitted
to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan Custodial Account,
as applicable. To the extent not inconsistent with the terms of the related Loan Documents, each such Cash Collateral Account shall
be an Eligible Account.

 

“Cash Collateral
Account Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account agreement,
if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account, if any,
may have been established.

 

“CCRE”:
Cantor Commercial Real Estate Lending, L.P., in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“CCRE DC Mixed
Use Portfolio VI Note”: With respect to the DC Mixed Use Portfolio VI Mortgage Loan, that certain promissory note A-1
with an outstanding principal balance of $27,076,400 as of the Cut-off Date, made by the related Borrower in favor of SMC and endorsed
to CCRE, as such promissory note may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed,
split or otherwise modified.

 

“CCRE Indemnification
Agreement”: The indemnification agreement dated as of the Pricing Date, among CCRE, the Depositor, the Underwriters and
the Initial Purchasers.

 

“CCRE Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of December 1, 2019, between CCRE and the Depositor.

 

“Century Plaza
Towers Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as
Century Plaza Towers.

 

“Century Plaza
Towers Whole Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Century
Plaza Towers.

 

“Certificate”:
Any Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class
D, Class E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificate and any mortgage pass-through certificate evidencing
the VRR Interest, in any event issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided. Wells Fargo
Bank,

 

    -23-

     

    

 

National Association, will perform its obligations as Certificate Administrator hereunder through its Corporate Trust Services
division.

 

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

 

“Certificate
Administrator/Trustee Fee”: With respect to each Mortgage Loan and each REO Mortgage Loan for any Distribution Date,
an amount for the related Interest Accrual Period equal to the product of (i) the Certificate Administrator/Trustee Fee Rate multiplied
by (ii) the Stated Principal Balance of such Mortgage Loan or REO Mortgage Loan immediately prior to such Distribution Date, computed
on the same accrual basis as interest accrues on the related Mortgage Loan or REO Mortgage Loan. The Certificate Administrator/Trustee
Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
the Certificate Administrator/Trustee Fee with respect to each Mortgage Loan or any REO Mortgage Loan shall be payable from the
Lower-Tier REMIC.

 

“Certificate
Administrator/Trustee Fee Rate”: A rate equal to 0.00919% per annum.

 

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

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates (a) on or prior to the first Distribution Date,
an amount equal to the initial Certificate Balance of such Class, as specified in the Preliminary Statement to this Agreement,
and (b) as of any date of determination after the first Distribution Date, subject to any increase in accordance with Section
4.01(f), the Certificate Balance of such Class on the Distribution Date immediately prior to such date of determination less
any distributions allocable to principal and any allocations of applicable Realized Losses made thereon on such prior Distribution
Date.

 

“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the Depository
and selected by the Certificate Administrator.

 

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

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.

 

    -24-

     

    

 

“Certificateholder”:
The Person in whose name a Certificate is registered in the Certificate Register or any beneficial owner thereof; provided,
however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement,
any Certificate registered in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Excluded
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of
such Persons or (ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding
the foregoing, any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall not be deemed to be outstanding
as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided,
further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall not be deemed
to be outstanding as to the Special Servicer or such Affiliate solely with respect to any related Excluded Special Servicer Loan),
and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage of
Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; provided,
however, that the foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer, any Excluded
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of
such Persons unless such consent, approval or waiver sought from such party would in any way increase its compensation or limit
its obligations in the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with respect
to a Mortgage Loan; provided, further that so long as there is no Servicer Termination Event with respect to the
Master Servicer or the Special Servicer, the Master Servicer and the Special Servicer or such Affiliate of either shall be entitled
to exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such party’s
compensation or increase its obligations or liabilities hereunder; and provided, further that such restrictions shall
not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage Loan Seller’s
rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor Certification in which
it has certified as to the existence of certain policies and procedures restricting the flow of information between it and the
Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable, and any Certificates
beneficially owned by such Affiliate shall be deemed to be outstanding. The Trustee and the Certificate Administrator shall each
be entitled to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in determining
whether a Certificate is registered in the name of an Affiliate of such Person. All references herein to “Holders”
or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights
through the Depository and the Depository Participants, except as otherwise specified herein; provided, however,
that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder” only the Person
in whose name a Certificate is registered in the Certificate Register.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22 or the Asset Representations Reviewer pursuant to Section 11.05, the Holders and/or Certificate Owners
of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account, in the case of a replacement of the
Special Servicer, the application of any Appraisal Reduction

 

    -25-

     

    

 

Amounts to notionally reduce the Certificate Balances of the Certificates
pursuant to Section 4.08 of this Agreement) of all Principal Balance Certificates on an aggregate basis.

 

“Certification
Parties”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Certificateholder”: A Certificateholder or Certificate Owner of a Certificate that has provided the Certificate Administrator
with an executed Investor Certification.

 

“Certifying
Person”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Servicer”: As defined in Section 10.11(a) of this Agreement.

 

“CF 2019-CF2
PSA”: That certain Pooling and Servicing Agreement, dated as of October 1, 2019, between CCRE Commercial Mortgage Securities,
L.P., as depositor, KeyBank National Association, as master servicer and as a special servicer, LNR Partners, LLC, as a special
servicer, Citibank, N.A., as trustee, Citibank, N.A., as certificate administrator, paying agent and custodian, Park Bridge Lender
Services LLC, as operating advisor, and Park Bridge Lender LLC, as asset representations reviewer, which governs the servicing
of the Bushwick Avenue Portfolio Whole Loan.

 

“CGCMT 2019-C7
PSA”: That certain Pooling and Servicing Agreement, dated as of December 1, 2019, between Citigroup Commercial Mortgage
Securities Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer,
Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator,
and Wilmington Trust, National Association, as trustee, which governs the servicing of the Park Central Tower Whole Loan.

 

“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation and each Lower-Tier Regular
Interest.

 

“Class A-1 Certificate”:
Any one of the Certificates with a “Class A-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-1 Pass-Through
Rate”: A fixed per annum rate equal to 2.0413%.

 

“Class A-2 Certificate”:
Any one of the Certificates with a “Class A-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-2 Pass-Through
Rate”: A fixed per annum rate equal to 2.9416%.

 

“Class A-3 Certificate”:
Any one of the Certificates with a “Class A-3” designation on the face thereof, executed and authenticated by the Certificate
Administrator or

 

    -26-

     

    

 

the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-3 Pass-Through
Rate”: A fixed per annum rate equal to 2.7522%.

 

“Class A-4 Certificate”:
Any one of the Certificates with a “Class A-4” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-4 Pass-Through
Rate”: A fixed per annum rate equal to 3.0055%.

 

“Class A-S Certificate”:
Any one of the Certificates with a “Class A-S” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-S Pass-Through
Rate”: With respect to any Distribution Date, a variable per annum rate equal to the lesser of (a) 3.2983% and
(b) the WAC Rate for such Distribution Date.

 

“Class A-SB
Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-SB
Pass-Through Rate”: A fixed per annum rate equal to 2.9426%.

 

“Class A-SB
Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule III hereto relating to the Class A-SB Certificates.

 

“Class B Certificate”:
Any one of the Certificates with a “Class B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class B Pass-Through
Rate”: With respect to any Distribution Date, a variable per annum rate equal to the lesser of (a) 3.5002% and
(b) the WAC Rate for such Distribution Date.

 

“Class C Certificate”:
Any one of the Certificates with a “Class C” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class C Pass-Through
Rate”: With respect to any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution Date.

 

    -27-

     

    

 

“Class D Certificate”:
Any one of the Certificates with a “Class D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class D Pass-Through
Rate”: A fixed per annum rate equal to 2.5000%.

 

“Class E Certificate”:
Any one of the Certificates with a “Class E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class E Pass-Through
Rate”: A fixed per annum rate equal to 2.5000%.

 

“Class F-RR
Certificate”: Any one of the Certificates with a “Class F-RR “ designation on the face thereof, executed
and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the
form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class F-RR
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution
Date.

 

“Class G-RR
Certificate”: Any one of the Certificates with a “Class G-RR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class G-RR
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution
Date.

 

“Class H-RR
Certificate”: Any one of the Certificates with a “Class H-RR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class H-RR
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution
Date.

 

“Class J-RR
Certificate”: Any one of the Certificates with a “Class J-RR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class J-RR
Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the WAC Rate for such Distribution
Date.

 

“Class LA-1
Interest,” “Class LA-2 Interest,” “Class LA-SB Interest,” “Class LA-3
Interest,” “Class LA-4 Interest,” “Class LA-S Interest,” “Class LB Interest,”

 

    -28-

     

    

 

“Class LC Interest,” “Class LD Interest,” “Class LE Interest,” “Class
LF-RR Interest,” “Class LG-RR Interest”, “Class LH-RR Interest,” “Class
LJ-RR Interest” and “Class LVRR Interest”: Each, a regular interest in the Lower-Tier REMIC entitled
to monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class R Certificate”:
Any one of the Certificates with a “Class R” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement. The Class R Certificates have no Pass-Through Rate, Certificate
Balance or Notional Amount.

 

“Class X Certificates”:
The Class X-A, Class X-B and Class X-D Certificates, collectively.

 

“Class X Component”:
Each of the Class X-A Components, Class X-B Components and Class X-D Components.

 

“Class X Component
Notional Amount”: With respect to each Class X Component and any date of determination, an amount equal to the then Lower-Tier
Principal Balance of its Corresponding Lower-Tier Regular Interest.

 

“Class X Notional
Amount”: With respect to any Class of Class X Certificates, the Class X-A Notional Amount, the Class X-B Notional Amount
and the Class X-D Notional Amount, as applicable and as the context may require.

 

“Class X Strip
Rate”: With respect to any Class X Component, the Class X-A Strip Rate, the Class X-B Strip Rate and the Class X-D Strip
Rate, as applicable.

 

“Class X-A Certificate”:
Any one of the Certificates with a “Class X-A” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-A Component”:
Each of Component XA-1, Component XA-2, Component XA-SB, Component XA-3 and Component XA-4, each of which constitutes a separate
class of “regular interests,” within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through
rate equal to its Class X-A Strip Rate from time to time and a notional amount equal to its Class X Component Notional Amount from
time to time.

 

“Class X-A Notional
Amount”: With respect to the Class X-A Certificates, as of any date of determination, the sum of the Class X Component
Notional Amounts of all of the Class X-A Components.

 

“Class X-A Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for the respective Class
X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Class
X Components outstanding immediately prior to such Distribution Date.

 

    -29-

     

    

 

“Class X-A Strip
Rate”: With respect to any of the Class X-A Components for any Distribution Date, a per annum rate equal to the
excess, if any, of (i) the WAC Rate for such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-B Certificate”:
Any one of the Certificates with a “Class X-B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-B Component”:
Each of Component XA-S, Component XB and Component XC, each of which constitutes a separate class of “regular interests,”
within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X-B Strip Rate
from time to time and a notional amount equal to its Class X Component Notional Amount from time to time.

 

“Class X-B Notional
Amount”: With respect to the Class X-B Certificates, as of any date of determination, the sum of the Class X Component
Notional Amounts of the Class X-B Components.

 

“Class X-B Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-B Strip Rates for the respective Class
X-B Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Class
X Components outstanding immediately prior to such Distribution Date.

 

“Class X-B Strip
Rate”: With respect to any of the Class X-B Components for any Distribution Date, a per annum rate equal to the
excess, if any, of (i) the WAC Rate for such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-D Certificate”:
Any one of the Certificates with a “Class X-D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-D Component”:
Each of Component XD and Component XE, each of which constitutes a separate class of “regular interests,” within the
meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC with a pass-through rate equal to its Class X-D Strip Rate from time
to time and a notional amount equal to its Class X Component Notional Amount from time to time.

 

“Class X-D Notional
Amount”: With respect to the Class X-D Certificates, as of any date of determination, the sum of the Class X Component
Notional Amounts of the Class X-D Components.

 

“Class X-D Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-D Strip Rates for the respective Class
X-D Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Class
X Components outstanding immediately prior to such Distribution Date.

 

    -30-

     

    

 

“Class X-D Strip
Rate”: With respect to any of the Class X-D Components for any Distribution Date, a per annum rate equal to the
excess, if any, of (i) the WAC Rate for such Distribution Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.

 

“Closing Date”:
December 20, 2019.

 

“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.

 

“Co-Lender Agreement”:
With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from time to time by and between
the holder of the related Mortgage Loan and the holder(s) of the related Companion Loan(s) relating to the relative rights of such
holders.

 

“Collateral
Deficiency Amount”: With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated
Principal Balance of such AB Modified Loan (taking into account the related junior note(s) and pari passu notes included
therein), over (ii) the sum of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the
most recent appraised value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected
or taken into account in such appraised value and to the extent on deposit with, or otherwise under the control of, the lender
as of the date of such determination, any capital or additional collateral contributed by the related Borrower at the time the
Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged
Property or Mortgaged Properties (provided, that in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this
clause (y) will be taken into account solely to the extent relevant information is received by the Special Servicer), plus
(z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by
the lender in respect of such AB Modified Loan as of the date of such determination. The Master Servicer, the Operating Advisor
and the Certificate Administrator shall be entitled to conclusively rely on the Special Servicer’s calculation or determination
of any Collateral Deficiency Amount.

 

“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage
Securities, L.P., CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 Collection Account”
and which must be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date and any Mortgage Loan or any Whole Loan, the period commencing on the
day immediately following the Due Date for such Mortgage Loan or Whole Loan, as applicable, in the month preceding the month in

 

    -31-

     

    

 

which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan or Whole Loan had a Due
Date in such preceding month and ending on and including the Due Date for such Mortgage Loan or Whole Loan occurring in the month
in which that Distribution Date occurs. Notwithstanding the foregoing, in the event that the last day of a Collection Period (or
applicable grace period) is not a Business Day, any Periodic Payments due or received, as the context may require, with respect
to Mortgage Loans or Whole Loans relating to such Collection Period on the Business Day immediately following such day shall be
deemed to have been due or received, as applicable, during such Collection Period and not during any other Collection Period.

 

“COMM 2019-GC44
PSA”: That certain Pooling and Servicing Agreement dated as of December 1, 2019 by and among Deutsche Mortgage &
Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor
and asset representations reviewer, which governs the servicing of the 180 Water Whole Loan.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.05(a) of this Agreement.

 

“Companion Loan”:
A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.

 

“Companion Loan
Noteholder”: A holder of a Companion Loan.

 

“Compensating
Interest Payment”: As defined in Section 3.17(c) of this Agreement.

 

“Component XA-1”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-1 Interest as of any date of determination.

 

“Component XA-2”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-2 Interest as of any date of determination.

 

“Component XA-3”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-3 Interest as of any date of determination.

 

“Component XA-4”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-4 Interest as of any date of determination.

 

    -32-

     

    

 

“Component XA-SB”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-SB Interest as of any date of determination.

 

“Component XA-S”:
One of the components of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-S Interest as of any date of determination.

 

“Component XB”:
One of the components of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LB Interest as of any date of determination.

 

“Component XC”:
The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LC Interest as of any date of determination.

 

“Component XD”:
The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LD Interest as of any date of determination.

 

“Component XE”:
The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LE Interest as of any date of determination.

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).

 

“Consultation
Termination Event”: The occurrence of no Class of Control Eligible Certificates having a then outstanding Certificate
Balance equal to at least 25% of the initial Certificate Balance of that Class, in each case, without regard to the application
of any Cumulative Appraisal Reduction Amounts; provided, that a Consultation Termination Event shall not be deemed to be
continuing in the event the Certificate Balances of all Classes of Non-Vertically Retained Principal Balance Certificates other
than the Control Eligible Certificates have been reduced to zero; and provided further that a Consultation Termination Event
shall not apply to a Servicing Shift Mortgage Loan (except for purposes of the Controlling Class Representative exercising consultation
rights afforded to the holder of a Mortgage Loan under the related Co-Lender Agreement in its capacity as a non-controlling noteholder).

 

    -33-

     

    

 

“Control Eligible
Certificates”: Any of the Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates.

 

“Control Note”:
With respect to any Whole Loan, the “Controlling Note” or other similar term or concept specified in the related Co-Lender
Agreement. As of the Closing Date, the Control Note with respect to each Whole Loan will be the promissory note(s) listed as the
“Control Note” in the column titled “Control Note” in the “Whole Loan” table in the Preliminary
Statement.

 

“Control Termination
Event”: The occurrence of the Certificate Balance of the Class F-RR Certificates (taking into account the application
of any Appraisal Reduction Amounts and Collateral Deficiency Amounts with respect to the Mortgage Loans to notionally reduce the
Certificate Balance of such Class in accordance with Section 4.08(a) hereof) being reduced to less than 25% of the initial
Certificate Balance of such Class; provided, that a Control Termination Event shall not be deemed to be continuing in the
event the Certificate Balances of all Classes of Non-Vertically Retained Principal Balance Certificates other than the Control
Eligible Certificates have been reduced to zero; and provided further that a Control Termination Event shall not apply to
a Servicing Shift Mortgage Loan.

 

“Controlling
Class”: With respect to the Certificates as of any time of determination, the most subordinate Class of Control Eligible
Certificates then outstanding that has an aggregate Certificate Balance (as notionally reduced by any Appraisal Reduction Amounts
and/or Collateral Deficiency Amounts with respect to the Mortgage Loans that are allocable to such Class in accordance with Section
4.08(a) of this Agreement) equal to at least 25% of the initial Certificate Balance of that Class (or if no Class of Control
Eligible Certificates meets the preceding requirement, the Class F-RR Certificates); provided that if, at any time, the
Certificate Balances of all Classes of Non-Vertically Retained Principal Balance Certificates other than the Control Eligible Certificates
have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, the Controlling Class shall
be the most subordinate Class of Control Eligible Certificates that has a Certificate Balance greater than zero (without regard
to any Cumulative Appraisal Reduction Amounts). The Controlling Class as of the Closing Date shall be the Class J-RR Certificates.

 

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

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or a representative thereof) selected by more than 50%
of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time
(which, for the avoidance of doubt, will exclude any entity whose Certificates are not deemed to be outstanding pursuant to the
definition of “Certificateholder” herein). The Certificate Administrator and the other parties hereto shall be entitled
to assume that the identity of the Controlling Class Representative has not changed until such parties receive written notice of
a replacement of the Controlling Class Representative from a party holding the requisite interest in the Controlling Class, or
the resignation of then-current Controlling Class Representative.

 

    -34-

     

    

 

The initial Controlling
Class Representative on the Closing Date shall be KKR Real Estate Credit Opportunity Partners II L.P. KKR Real Estate Credit Opportunity
Partners II L.P. or any successor Controlling Class Representative selected thereby and notified to the Certificate Registrar thereof
in writing is the Controlling Class Representative appointed by the Holder (or Certificate Owner) of each Class of Control Eligible
Certificates, until the Certificate Registrar receives written notice of a replacement Controlling Class Representative from a
majority of the Controlling Class Certificateholders by Certificate Balance.

 

“Corporate Trust
Office”: The offices of the Trustee located at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate
Trust Services – CF 2019-CF3 and of the Certificate Administrator, located at (i) for Certificate transfers and surrenders,
600 South 4th Street, 7th Floor, MAC N9300-070, Minneapolis, Minnesota 55479, Attention: Certificate Transfer Services –
CF 2019-CF3 and (ii) for all other purposes, 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services
– CF 2019-CF3 or the principal trust office of any successor certificate administrator qualified and appointed pursuant to
this Agreement.

 

“Corrected Loan”:
With respect to each Mortgage Loan or any Serviced Whole Loan that has become a Specially Serviced Loan: (A) with respect to the
circumstances described in clauses (i) and (ii) of the definition of “Specially Serviced Loans,” when
the Borrower thereunder has brought the Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive
full and timely Periodic Payments, including pursuant to any workout of the Mortgage Loan or Serviced Companion Loan; (B) with
respect to the circumstances described in clause (iii), (iv), (v) and (vii) of the definition of “Specially
Serviced Loans,” when such circumstances cease to exist in the good faith judgment of the Special Servicer; or (C) with respect
to the circumstances described in clause (vi) of the definition of “Specially Serviced Loans,” when such default
is cured (as determined by the Special Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided,
in each case, that at that time no circumstance exists (as provided in the definition of “Specially Serviced Loan”)
that would cause the Mortgage Loan or Serviced Companion Loan to continue to be characterized as a Specially Serviced Loan. If
any Specially Serviced Loan becomes a Corrected Loan, the Special Servicer shall transfer servicing of such Corrected Loan to the
Master Servicer.

 

“Corresponding
Certificates”: As identified in the Preliminary Statement with respect to any Lower-Tier Regular Interest or Class X
Component, as applicable.

 

“Corresponding
Component”: As identified in the Preliminary Statement with respect to any Class of Principal Balance Certificates or
any Lower-Tier Regular Interest, as applicable.

 

“Corresponding
Lower-Tier Regular Interest”: As identified in the Preliminary Statement with respect to any Class of Principal Balance
Certificates or Class X Component.

 

“CPTS 2019-CPT
TSA”: That certain Trust and Servicing Agreement dated as of November 9, 2019, by and among Deutsche Mortgage & Asset
Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, CWCapital Asset Management LLC,
as special servicer, Wilmington Trust, National Association, as trustee, and

 

    -35-

     

    

 

Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, which governs the servicing of the Century Plaza Towers Whole Loan.

 

“Credit Risk
Retention Rules”: The Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly
promulgated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal
Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission, and the Department of
Housing and Urban Development (the “Agencies”) (which such joint final rule has been codified, inter alia, at
12 C.F.R. Part 43) to implement the credit risk retention requirements under Section 15G of the Securities Exchange Act of 1934
(as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), as such regulations may be amended
from time to time by such Agencies, and subject to such clarification and interpretation as have been provided by such Agencies,
whether in the adopting release, or as may be provided by any such Agency or its staff from time to time, in each case, as effective
from time to time as of the applicable compliance date specified therein.

 

“CREFC®”:
Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee, the Special Servicer and, if no Control
Termination Event has occurred and is continuing, the Controlling Class Representative.

 

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

 

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

 

    -36-

     

    

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially in the
form of and containing the information called for therein, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format substantially
in the form of and containing the information called for therein, or such other form for the presentation of such information as
may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans,
or such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally. In connection with preparing the CREFC® Comparative Financial
Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements for
the fiscal quarter ending March 31, 2020, and (b) annual financial statements beginning with annual financial statements for the
2020 fiscal year.

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally. The initial data for this report shall be provided by each Mortgage Loan Seller.

 

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

 

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

 

“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical Loan Modification/Forbearance
and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein
for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation

 

    -37-

     

    

 

of such information as may be approved
from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and each REO Mortgage Loan and for any
Distribution Date, the amount of interest accrued during the related loan-level interest accrual period at the CREFC®
Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of such Mortgage Loan or REO Mortgage Loan immediately
prior to such Distribution Date; provided that such amounts will be computed for the same period and on the same interest
accrual basis respecting which any related interest payment due or deemed due on the related Mortgage Loan or REO Mortgage Loan
is computed and will be pro rated for partial periods. Any payments of the CREFC® Intellectual Property Royalty
License Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions
(or such other instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least two
Business Days prior to the Master Servicer Remittance Date):

 

Account Name: Commercial
Real Estate Finance Council (CREFC®)

Bank Name: JPM Morgan
Chase Bank, National Association

Bank Address: 80 Broadway,
New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: A rate equal to 0.00050% per annum.

 

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

 

“CREFC®
Investor Reporting Package (CREFC® IRP)”:

 

(a)         The
following eight electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update File,
(iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC® Financial File,
(vi) CREFC® Collateral Summary File, (vii) CREFC® Special Servicer Loan File and (viii) CREFC®
Schedule AL File;

 

(b)         The
following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC®
Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC®
Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet,
(ix) CREFC® Advance Recovery Report, (x) CREFC® Total Loan Report and (xi) CREFC®
Reconciliation of Funds Report;

 

(c)   
     the following eight templates: (i) CREFC® Appraisal Reduction Template, (ii)
CREFC® Servicer Realized Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv)
CREFC® Historical Bond/Collateral Realized Loss

 

    -38-

     

    

 

Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC®
Significant Insurance Event Template; and

 

(d)       such
other reports and data files as CREFC® may designate as part of the “CREFC® Investor Reporting
Package (CREFC® IRP)” from time to time generally.

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the Closing
Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective from
time to time on the CREFC® Website and, provided that each CREFC® Loan Periodic Update File
shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month, and
all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the downloadable
form of the “CREFC® Loan Setup File” available and effective from time to time on the CREFC® Website.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for, in the
downloadable form of the “CREFC® Property File” available and effective from time to time on the CREFC®
Website.

 

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

 

    -39-

     

    

 

“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and containing
the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally, which in any
case shall include all information required by required by Items 1111(h)(3) and 1125 of Regulation AB and Item 601(b)(102) of Regulation
S-K.

 

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

 

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

 

“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC® Servicer
Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial Status Report,
the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC Report, the CREFC®
Advance Recovery Report and the CREFC® Total Loan Report.

 

“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

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

 

“Crossover Date”:
The Distribution Date, if any, on which the aggregate of the Certificate Balances of the Class A-S, Class B, Class C, Class D,
Class E, Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates is (or is expected to be) reduced to zero as a result of
the allocation of Realized Losses to those Classes of Certificates.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination, the sum of (i) all Appraisal Reduction Amounts then in
effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator
shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal
Reduction Amount.

 

    -40-

     

    

 

“Custodial Agreement”:
The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended or modified from time to time
in accordance with the terms thereof. No Custodial Agreement will be required if the Custodian is the same party as the Certificate
Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master
Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer. Wells Fargo Bank, National Association
will perform its obligations as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”:
With respect to each Mortgage Loan, its respective Due Date in December 2019 (or, in the case of any Mortgage Loan that has its
first due date in January 2020, the date that would have been its Due Date in December 2019 under the terms thereof if a Monthly
Payment were scheduled to be due in that month).

 

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

 

“DC Mixed Use
Portfolio VI Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Properties identified on the Mortgage Loan Schedule
as DC Mixed Use Portfolio VI Mortgage Loan.

 

“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan or Serviced Whole Loan as of any date of determination and for any
period, the ratio calculated by dividing the net operating income or net cash flow, as applicable, of the related Mortgaged Property
or Mortgaged Properties, as the case may be, for the most recently ended 12-month trailing or one-year period for which data is
available from the related Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on such Mortgage Loan or Serviced Whole Loan but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for such
Mortgaged Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement,
by the annual debt service required by such Mortgage Loan or Serviced Whole Loan. Annual debt service shall be calculated by multiplying
the Periodic Payment in effect on such date of determination for such Mortgage Loan or Serviced Whole Loan by 12 (or such fewer
number of months for which related information is available).

 

“Default”:
An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time or
the giving of notice, or both, 

 

    -41-

     

    

 

would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole Loan.

 

“Default Interest”:
With respect to any Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced Companion Loan
(other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.

 

“Default Rate”:
With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage
Loan or Serviced Companion Loan following any event of default on such Mortgage Loan or Serviced Companion Loan, including a default
in the payment of a Periodic Payment or a Balloon Payment.

 

“Defaulted Loan”:
A Serviced Mortgage Loan or a Serviced Pari Passu Whole Loan (i) that is delinquent at least 60 days in respect of its Periodic
Payments or delinquent in respect of its Balloon Payment, if any; provided that in respect of a Balloon Payment, such period
will be 60 days if the related Borrower has provided the Master Servicer or the Special Servicer with a written and fully executed
commitment or otherwise binding application for refinancing of the related Mortgage Loan from an acceptable lender reasonably satisfactory
in form and substance to the Special Servicer (and the party receiving such commitment will promptly forward a copy of such commitment
or application to the Master Servicer or the Special Servicer, as applicable, if it is not evident that a copy has been delivered
to such other party); and, in either case, such Delinquency is to be determined without giving effect to any grace period permitted
by the related Loan Documents and without regard to any acceleration of payments under the related Mortgage Loan or Serviced Pari
Passu Companion Loan or (ii) as to which the Special Servicer has, by written notice to the related Borrower, accelerated the maturity
of the indebtedness evidenced by the related Mortgage Note.

 

“Defeasance
Account”: As defined in Section 3.26(k) of this Agreement.

 

“Defect”:
As defined in Section 2.04(e) of this Agreement.

 

“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than a Mortgage Loan Seller Sub-Servicer), any item (x) regarding such party, (y) prepared by such party
or any registered public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered
by or on behalf of such party pursuant to the delivery requirements under Article X of this Agreement that does not conform
to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder.

 

“Delinquency”:
Any failure of a Borrower to make a scheduled Periodic Payment or Balloon Payment on a Due Date.

 

“Delinquent
Loan”: A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon Payment,
if any, in either case such delinquency to be determined without giving effect to any grace period.

 

    -42-

     

    

 

“Denomination”:
As defined in Section 5.01(a) of this Agreement.

 

“Depositor”:
CCRE Commercial Mortgage Securities, L.P., a Delaware limited partnership, and its successors and assigns.

 

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

 

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

 

“Determination
Date”: With respect to any Distribution Date, the 11th day of the calendar month of the related Distribution Date or,
if such 11th day is not a Business Day, then the next Business Day, commencing in January 2020.

 

“Diligence File”:
With respect to each Mortgage Loan, collectively the following documents in electronic format:

 

(a)         A
copy of each of the following documents:

 

(1)       
(A) the Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of
the Trustee or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such
originator is not the Mortgage Loan Seller of the related Mortgage Loan) (or, alternatively, if the original executed
Mortgage Note has been lost, a lost note affidavit and indemnity from the applicable Mortgage Loan Seller or another prior
holder together with a copy of such Mortgage Note), and (B) if such Mortgage Loan is part of a Serviced Whole Loan, the
executed Mortgage Note for each related Serviced Companion Loan;

 

(2)       
the Mortgage, together with any and all intervening assignments of the Mortgage, in each case (unless the particular item has
not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the
applicable recorder’s office (if in the possession of the related Mortgage Loan Seller);

 

(3)         any
related Assignment of Leases (if such item is a document separate from the Mortgage), together with any and all intervening assignments
of such Assignment of Leases, in each case (unless the particular item has not been returned from the applicable recording office)
with evidence of recording indicated thereon or certified by the applicable recorder’s office (if in the possession of the
related Mortgage Loan Seller);

 

(4)       
 final written modification agreements in those instances in which the terms or provisions of the Mortgage Note for such
Mortgage Loan (or,

 

    -43-

     

    

 

if applicable, any Mortgage Note of a related Serviced Companion Loan) or the related Mortgage have been modified, in each
case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated
thereon if the instrument being modified is a recordable document;

 

(5)         the
policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan (or the related Serviced Whole
Loan, if applicable) or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be a “marked
up” pro forma title policy marked as binding and executed by an authorized representative of the title insurer or an agreement
to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title insurer) to issue
such title insurance policy;

 

(6)         the
Ground Lease relating to such Mortgage Loan (or the related Serviced Whole Loan, if applicable), if any, and any ground lessor
estoppel;

 

(7)         the
related Loan Agreement, if any;

 

(8)         the
guaranty under such Mortgage Loan (or the related Serviced Whole Loan, if applicable) , if any;

 

(9)         the
lockbox agreement or cash management agreement relating to such Mortgage Loan or the related Serviced Whole Loan, if any;

 

(10)       the
environmental indemnity from or delivered on behalf of the related Borrower, if any;

 

(11)       the
related escrow agreement and the related security agreement (in each case, if such item is a document separate from the related
Mortgage) and, if applicable, any intervening assignments thereof;

 

(12)       in
the case of a Mortgage Loan that is part of a Whole Loan, the related Co-Lender Agreement;

 

(13)       any
filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements in favor of the originator of such
Mortgage Loan (or the related Serviced Whole Loan, if applicable) or in favor of any assignee prior to the Trustee and UCC-3 assignment
financing statements in favor of the Trustee (or, in each case, a copy thereof certified to be the copy of such assignment submitted
or to be submitted for filing), if in the possession of the related Mortgage Loan Seller;

 

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(14)      
in the case of any Mortgage Loan or the related Serviced Whole Loan as to which there exists a related mezzanine loan, the
related mezzanine loan intercreditor agreement;

 

(15)      
any related Environmental Insurance Policy;

 

(16)      any
letter of credit relating to such Mortgage Loan or the related Serviced Whole Loan and any related assignment thereof; and

 

(17)      
any related franchise agreement, property management agreement or hotel management agreement and related comfort letters
(together with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee the
benefits of such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related
franchisor to issue a replacement comfort letter (or any new document or acknowledgement as may be contemplated under the
existing comfort letter) for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of such
replacement comfort letter or any new document or acknowledgement as may be contemplated under the existing comfort letter)
and/or estoppel letters relating to such Mortgage Loan or the related Serviced Whole Loan and any related assignment
thereof;

 

(b)         a
copy of any engineering reports or property condition reports;

 

(c)         other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent
roll;

 

(d)         for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;

 

(e)         a
copy of all legal opinions (excluding attorney client communications between the related Mortgage Loan Seller, and its counsel
that are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the
closing of the related Mortgage Loan;

 

(f)          a
copy of all Borrower certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies (to
the extent not previously included as part of this definition), if any, delivered in connection with the origination of the related
Mortgage Loan;

 

(g)         a
copy of the appraisal for the related Mortgaged Property or Mortgaged Properties;

 

(h)         for
any Mortgage Loan that the related Mortgaged Property or Mortgaged Properties is leased to a single tenant, a copy of the lease;

 

(i)          a
copy of the applicable Mortgage Loan Seller’s asset summary;

 

    -45-

     

    

 

(j)    
     a copy of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)    
    a
copy of all zoning reports;

 

(l)    
     a
copy of financial statements of the related Borrower;

 

(m)    
   a
copy of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

(n)         a
copy of all UCC searches;

 

(o)         a
copy of all litigation searches;

 

(p)         a
copy of all bankruptcy searches;

 

(q)         a
copy of any origination settlement statement;

 

(r)          a
copy of the insurance summary report;

 

(s)         a
copy of the organizational documents of the related Borrower and any guarantor;

 

(t)          a
copy of all escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not included
in the origination settlement statement;

 

(u)         the
original or a copy of all related environmental reports that were received by the related Mortgage Loan Seller;

 

(v)         unless
already included as part of the environmental reports, a copy of any closure letter (environmental); and

 

(w)        unless
already included as part of the environmental reports, a copy of any environmental remediation agreement for the related Mortgaged
Property or Mortgaged Properties,

 

in each case, to the extent that
the related Mortgage Loan Seller received such documents or information in connection with the origination of such Mortgage Loan.
In the event any of the items identified above were not received in connection with the origination of such Mortgage Loan (other
than documents that would not be included in connection with the origination of the Mortgage Loan because such document is inapplicable
to the origination of a Mortgage Loan of that structure or type, taking into account whether or not such Mortgage Loan has any
additional debt), the Diligence File shall include a statement to that effect. No information that is proprietary to the any Mortgage
Loan Seller or any draft documents, privileged or internal communications, credit underwriting or due diligence analysis shall
constitute part of the Diligence File. It is not required

 

    -46-

     

    

 

to include any of the same items identified above again if such items
have already been included under another clause of the definition of Diligence File, and the Diligence File shall include a statement
to that effect. Each Mortgage Loan Seller may, without any obligation to do so, include such other documents or information as
part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer
to perform the Asset Review on a Mortgage Loan; provided that such documents or information are clearly labeled and identified.

 

“Diligence File
Certification”: As defined in Section 2.01(f).

 

“Directing Holder”:
With respect to any Serviced Mortgage Loan or Serviced Whole Loan, (a) except in the case of an Excluded Loan or a Servicing Shift
Whole Loan, the Controlling Class Representative; and (b) with respect to a Servicing Shift Whole Loan, prior to the related Servicing
Shift Securitization Date, the related holder of the related Control Note.

 

At such time as there
is no Controlling Class in accordance with the definition thereof, the Controlling Class Representative as Directing Holder shall
have no rights under this Agreement.

 

The identification and
contact information of each initial Directing Holder as of the Closing Date is set forth on Schedule I to this Agreement.
The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.

 

For the avoidance of
doubt, notwithstanding anything to the contrary contained in this Agreement, a Control Termination Event and Consultation Termination
Event shall not affect the rights of a Non-Directing Holder. Whenever the term “Directing Holder” is used in this Agreement
without further clarification, the parties hereto intend for such reference to mean the applicable Directing Holder under the circumstances.

 

In the event that no
Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master
Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and
no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the new
Directing Holder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with,
provide notice to, or seek the approval or consent of any such Directing Holder as the case may be.

 

“Directing Holder
Approval Process”: The process for approval of an Asset Status Report by a Directing Holder described in Section 3.23(e).

 

“Directly Operate”:
With respect to any Serviced REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily
provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury Regulations Section
1.512(b)-1(c)(5), the management or operation of such Serviced REO Property, the holding of such Serviced REO Property primarily
for sale to customers in the ordinary course of a trade or business, or any use of such Serviced REO Property in a trade or business
conducted by the Trust Fund, or the performance of any construction work on the

 

    -47-

     

    

 

Serviced REO Property other than through an Independent
Contractor; provided that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate
a Serviced REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect
to such Serviced REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan
or Serviced REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage
fees, rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its
Affiliates that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor
in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan and any purchaser of any Mortgage
Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or Serviced REO Property) in connection with the disposition,
workout or foreclosure of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan, if applicable, the
management or disposition of any Serviced REO Property, and the performance by the Special Servicer or any such Affiliate of any
other special servicing duties under this Agreement other than (1) any Permitted Special Servicer/Affiliate Fees and (2) any compensation
to which the Special Servicer is entitled pursuant to this Agreement.

 

“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.

 

“Dispute Resolution
Consultation”: As defined in Section 2.04(l)(iii).

 

“Dispute Resolution
Cut-off Date”: As defined in Section 2.04(l)(i).

 

“Disqualified
Non-U.S. Tax Person”: With respect to a Class R Certificate, any Non-U.S. Tax Person or agent thereof other than (a)
a Non-U.S. Tax Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or applicable successor
Form promulgated by the IRS for the purpose of providing and certifying the information provided on Form W-8ECI as of the Closing
Date) or (b) a Non-U.S. Tax Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally
recognized tax counsel to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements
of the Code and the regulations promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded
for federal income tax purposes.

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit),
(b) a foreign government, International Organization (as defined below) or agency or instrumentality of either of the foregoing,
(c) an organization that is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on

 

    -48-

     

    

 

unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the
Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate
Registrar based upon an Opinion of Counsel provided to the Certificate Registrar (which shall be an expense of the Trust) to the
effect that any Transfer to such Person may cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any
time that the Certificates are outstanding. For the purposes of this definition, the terms “United States,” “State”
and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier REMIC Distribution Account and the Lower-Tier REMIC Distribution Account, each
of which may be sub-accounts of a single Eligible Account.

 

“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing
in January 2020. The first Distribution Date shall be January 17, 2020.

 

“Distribution
Date Statement”: As defined in Section 4.02 of this Agreement.

 

“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee or Operating Advisor, the Asset Representations Reviewer, which lists certain parties identified
by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article
X of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting
requirements under any other securitization transaction.

 

“Due Date”:
With respect to (i) any Mortgage Loan or Serviced Whole Loan on or prior to its Maturity Date, the day of the month set forth in
the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due (without regard to any grace period)
and (ii) any Mortgage Loan or Serviced Whole Loan after the Maturity Date therefor or any REO Loan, the day of the month set forth
in the related Mortgage Note on which each Periodic Payment on such Mortgage Loan or Serviced Whole Loan had been scheduled to
be first due (without regard to any grace period).

 

“Early Termination
Notice Date”: Any Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans (including
REO Mortgage Loans) remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans
as of the Cut-off Date.

 

“EDGAR Compatible
Format”: With respect to (a) the CREFC® Schedule AL File and the Schedule AL Additional File, XML format
or such other format as mutually agreed to between the Depositor, Certificate Administrator and the Master Servicer and (b) any
report, file or document other than those listed in clause (a) above, any format compatible with EDGAR, including, without
limitation, HTML, word, excel or clean and searchable PDF.

 

    -49-

     

    

 

“Eligible Account”:
Any of:

 

(i)   
      an account or accounts maintained with a depository institution or trust company (A) the short-term
unsecured debt obligations or commercial paper of which are rated at least “A-1” by S&P, “F1” by
Fitch and “P-1” from Moody’s, in the case of accounts in which funds are held for 30 days or less or, (B)
in the case of accounts in which funds are held for more than 30 days, the long-term unsecured debt obligations of which are
rated at least “BBB+” by S&P, “A” by Fitch and “A2” by Moody’s,

 

(ii)    
    an account or accounts maintained with PNC Bank, National Association so long as such depository’s
long-term deposit accounts or long-term unsecured debt rating shall be at least “BBB+” by S&P,
“BBB+” by Fitch and “A2” by Moody’s (if the deposits are to be held in the account for more
than 30 days) or PNC Bank, National Association’s short-term deposit accounts or short-term unsecured debt rating is
rated at least “A-2” by S&P, “F2” by Fitch and “P-1” by Moody’s (if the
deposits are to be held in the account for 30 days or less),

 

(iii) an
account or accounts maintained with KeyBank National Association so long as such depository’s long-term deposit accounts
or long-term unsecured debt rating shall be at least “BBB+” by S&P, “BBB+” by Fitch and “A2”
by Moody’s (if the deposits are to be held in the account for more than 30 days) or KeyBank National Association’s
short-term deposit accounts or short-term unsecured debt rating is rated at least “A-2” by S&P, “F2”
by Fitch and “P-1” by Moody’s (if the deposits are to be held in the account for 30 days or less),

 

(iv)      
 a segregated trust account or accounts maintained with the trust department of a federal or state chartered depository
institution or trust company acting in its fiduciary capacity which institution or trust company has a combined capital and
surplus of at least $50,000,000 and is subject to supervision or examination by federal or state authority and to regulations
regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations and the long-term unsecured debt
obligations of which are rated at least “BBB+” by S&P and “A2” by Moody’s,

 

(v)     
   such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set
forth in the applicable clause, would be listed in clause (i) or (ii) above, with respect to which a Rating
Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth in the applicable
clause is not satisfied with respect to such account, or

 

(vi)  
     any other account as to which the Certificate Administrator, the Trustee, the Master Servicer
or the Special Servicer, as applicable, receives a Rating Agency Confirmation or Serviced Companion Loan Rating Agency
Confirmation, as applicable, from each Rating Agency and Serviced Companion Loan Rating Agency, which may be an account
maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer.

 

Eligible Accounts may
bear interest.

 

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“Eligible Investor”:
Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except with respect
to the Class R Certificates) an Institutional Accredited Investor.

 

“Eligible Asset
Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations reviewer
on a transaction rated by any of DBRS, Fitch, KBRA, Moody’s, Morningstar or S&P and that has not been a special servicer,
operating advisor or asset representations reviewer on a transaction for which DBRS, Fitch, KBRA, Moody’s, Morningstar or
S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing or other relevant concerns with the special servicer, operating advisor or asset representations reviewer as the
sole or material factor in such rating action, (b) can and will make the representations and warranties set forth in Section
2.05(g), (c) is not (and is not affiliated with) any Sponsor, any Mortgage Loan Seller, the Master Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee, any Directing Holder, the Risk Retention Consultation Party or any of
their respective Affiliates, (d) has neither performed (and is not affiliated with any party hired to perform) any due diligence,
loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion
Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter, any party to this Agreement,
the Risk Retention Consultation Party or any Directing Holder of any of their respective Affiliates, nor been paid any fees, compensation
or other remuneration by any of them in connection with any such services, and (e) does not directly or indirectly, through one
or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loans, any Companion Loan or any securities
backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this Agreement relates,
other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable) and except as otherwise
set forth in Section 11.02.

 

“Eligible Operating
Advisor”: An entity (i) that is the special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by each Rating Agency (including, in the case of Park Bridge Lender Services LLC, this transaction) but has not
been special servicer on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its rating or ratings
of, one or more classes of certificates for such transaction citing servicing concerns with the special servicer as the sole or
material factor in such rating action; (ii) that can and will make the representations and warranties set forth in Section 2.05(f)
of this Agreement; (iii) that is not (and is not affiliated with (including Risk Retention Affiliated with)) the Depositor, the
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller, any Directing Holder,
the Retaining Third Party Purchaser, the Risk Retention Consultation Party, a Non-Serviced Depositor, a Non-Serviced Trustee, a
Non-Serviced Certificate Administrator, a Non-Serviced Master Servicer, a Non-Serviced Special Servicer, an Other Depositor, an
Other Trustee, an Other Servicer or an Other Special Servicer or any of the respective Affiliates (including Risk Retention Affiliates)
of the foregoing parties; (iv) that has not been paid by any Special Servicer or successor Special Servicer any fees, compensation
or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment or recommendation for replacement
of a successor Special Servicer to become the Special Servicer; (v) that (x) has been regularly engaged in the business of analyzing
and

 

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advising clients in commercial mortgage-backed securities matters and has at least five years of experience in collateral analysis
and loss projections, and (y) has at least five years of experience in commercial real estate asset management and experience in
the workout and management of distressed commercial real estate assets; and (vi) that does not directly or indirectly, through
one or more Affiliates or otherwise, own or have derivative exposure in any interest in any Certificates, any Mortgage Loan or
otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in fees from
its role as Operating Advisor and Asset Representations Reviewer (to the extent it also acts as the Asset Representations Reviewer).

 

“Enforcing Party”:
The person obligated to enforce the rights of the Trust against the related Mortgage Loan Seller with respect to the Repurchase
Request.

 

“Enforcing Servicer”:
The Special Servicer.

 

“Environmental
Insurance Policy”: With respect to any Mortgaged Property or Serviced REO Property, any insurance policy covering pollution
conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgaged Property or
Serviced REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

 

“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the Mortgage
Loan Sellers in connection with the related Mortgage Loan.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“Escrow Account”:
As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related Cash Collateral
Account.

 

“Escrow Payment”:
Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral Account Agreement, Lock-Box
Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application toward the payment of taxes,
insurance premiums, assessments, environmental remediation and similar items in respect of the related Mortgaged Property or related
to the satisfaction of closing conditions for the related Mortgage Loan.

 

“Euroclear”:
Euroclear Bank, as operator of the Euroclear System and its successors in interest.

 

“Excess Interest”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, interest accrued on
the related outstanding principal balance at the Revised Rate in respect of such Mortgage Loan in excess of the interest accrued
at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted by applicable law and the
related Loan Documents. The Excess Interest on any ARD Loan shall not be an asset of either Trust REMIC. For the avoidance of doubt,
there are no ARD Loans and no Excess Interest, and references thereto in this Agreement shall be disregarded.

 

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“Excess Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, the sum
of (A) the excess, if any, of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment
of any of the terms of such Mortgage Loan or Serviced Whole Loan, as applicable, over (ii) all unpaid or unreimbursed additional
expenses (including, without limitation, reimbursement of Advances and interest on Advances to the extent not otherwise paid or
reimbursed by the Borrower but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred
on behalf of the Trust with respect to the related Mortgage Loan or Serviced Whole Loan, as applicable, and reimbursed from such
Modification Fees and (B) expenses previously paid or reimbursed from Modification Fees as described in the preceding clause
(A), which expenses have been recovered from the related Borrower or otherwise.

 

“Excess Modification
Fee Amount”: With respect to either the Master Servicer or the Special Servicer, any Corrected Loan and any particular
modification, waiver, extension or amendment with respect to such Corrected Loan that gives rise to the payment of a Workout Fee,
an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of the related Borrower with respect to the
related Mortgage Loan (including the related Serviced Companion Loan, if applicable, unless prohibited under the related Co-Lender
Agreement) and received and retained by the Master Servicer or the Special Servicer, as applicable, as compensation within the
prior 18 months of such modification, waiver, extension or amendment, but only to the extent those fees have not previously been
deducted from a Workout Fee or Liquidation Fee.

 

“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting
from any principal prepayments made on the Mortgage Loans to be included in the Available Funds for such Distribution Date that
are not covered by the portion of the Master Servicer’s Compensating Interest Payment for such Distribution Date allocable
to the Serviced Mortgage Loans and the portion of the compensating interest payments allocable to the Non-Serviced Mortgage Loans
to the extent received from the related Non-Serviced Master Servicers.

 

“Excess Servicing
Fees”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect thereto),
that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect
thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers
identified on Exhibit X to this Agreement) minus the sum of 0.00125% plus any related sub-servicing fee rate; provided
that such rate shall be subject to reduction pursuant to Section 7.02 of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan and any Serviced Companion Loan (and any successor REO Loan with respect
thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Master
Servicer shall be the owner of such Excess Servicing Fee Right.

 

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“Exchange Act”:
The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

 

“Excluded Controlling
Class Holder”: A Borrower Party that is the Controlling Class Representative or any Controlling Class Certificateholder.
Immediately upon obtaining actual knowledge of any such party becoming an “Excluded Controlling Class Holder,” such
Excluded Controlling Class Holder shall provide notice in the form of Exhibit L-1E hereto to the Master Servicer, the Special
Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which such notice shall be delivered in accordance
with Section 12.05 of this Agreement and shall specifically identify the Excluded Controlling Class Holder and the subject
Excluded Controlling Class Loan. Additionally, any Excluded Controlling Class Holder shall also send to the Certificate Administrator
a notice substantially in the form of Exhibit L-1F hereto, which such notice shall provide each of the user ID’s for
the Certificate Administrator’s website associated with such Excluded Controlling Class Holder, and which such notice shall
direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s
Website as provided in this Agreement.

 

“Excluded Controlling
Class Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling
Class Representative or any Controlling Class Certificateholder, as applicable, is a Borrower Party.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Loan, any information and reports solely relating to such Excluded Controlling Class
Loan and/or the related Mortgaged Properties, including, without limitation, any Asset Status Reports, Final Asset Status Reports
or summaries thereof, or any appraisals, inspection reports (related to Specially Serviced Loans conducted by the Special Servicer
or the Excluded Special Servicer), recoverability officer’s certificates, the Operating Advisor Annual Reports, any determination
of a Special Servicer’s net present value calculation, any Appraisal Reduction Amount or Collateral Deficiency Amount calculations,
environmental assessments, seismic reports and property condition reports and such other information and reports designated as
Excluded Information (other than such information with respect to such Excluded Controlling Class Loan that is aggregated with
information of other Mortgage Loans at a pool level) by the Master Servicer, the Special Servicer and the Operating Advisor, as
the case may be. For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package
(CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to any Excluded Controlling
Class Loan) and any Schedule AL Additional File shall not be considered “Excluded Information.” For the avoidance of
doubt, the Certificate Administrator’s obligation to segregate any information delivered to it under the “Excluded
Information” tab on the Certificate Administrator’s Website shall be triggered solely by such information being delivered
in the manner provided in Section 3.32 hereof.

 

“Excluded Loan”:
A Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling Class Representative or the
holder(s) of the majority of the Controlling Class (by Certificate Balance) is (or are) a Borrower Party.

 

“Excluded Risk
Retention Consultation Party Loan”: A Serviced Mortgage Loan or Serviced Whole Loan with respect to which, as of any
date of determination, the Risk

 

    -54-

     

    

 

Retention Consultation Party, the Retaining Sponsor or the Holder of more than 50% of the VRR Interest
(by Certificate Balance) is a Borrower Party.

 

“Excluded Special
Servicer”: With respect to any Excluded Special Servicer Loan, a special servicer that is not a Borrower Party and satisfies
all of the eligibility requirements applicable to the special servicer set forth in this Agreement.

 

“Excluded Special
Servicer Loan”: Any Serviced Mortgage Loan or Serviced Whole Loan with respect to which, as of any date of determination,
the Special Servicer has obtained knowledge that it is a Borrower Party.

 

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

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, the initial Asset Status Report required to be delivered
by the Special Servicer by the Initial Delivery Date or any Subsequent Asset Status Report, in each case, in the form fully approved
or deemed approved, if applicable, by the Directing Holder pursuant to the Directing Holder Approval Process or the Risk Retention
Consultation Party (other than with respect to any Excluded Risk Retention Consultation Party Loan), together with such other data
or supporting information provided by the Special Servicer to the Directing Holder or the Risk Retention Consultation Party (other
than with respect to any Excluded Risk Retention Consultation Party Loan) that does not include any communication (other than the
Final Asset Status Report) between the Special Servicer and the Directing Holder or the Risk Retention Consultation Party with
respect to such Specially Serviced Loan. For the avoidance of doubt, the Special Servicer may issue more than one Final Asset Status
Report with respect to any Specially Serviced Loan in accordance with the procedures provided in Section 3.23 of this Agreement.
Each Final Asset Status Report shall be labeled or otherwise identified or communicated as being final.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.04(l)(iii).

 

“Final Recovery
Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject to repurchase
by the related Mortgage Loan Seller pursuant to Section 2.04(e) of this Agreement, or in the case of a Whole Loan, subject
to a purchase pursuant to the applicable Co-Lender Agreement, or any Mortgage Loan or Whole Loan subject to purchase pursuant to
any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Purchase
Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property) which the Master Servicer
(or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable judgment, and, if no
Consultation Termination Event has occurred and is continuing, in consultation with the Directing Holder, as evidenced by a certificate
of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer), expects to be finally recoverable.
If no Control Termination Event has occurred and is continuing, the Directing Holder shall have ten (10) Business Days to review
and approve each such recovery determination; provided that if the Directing Holder fails to approve or disapprove any recovery
determination within ten (10) Business Days of receipt of the initial recovery determination, such consent shall be deemed given.
The Master Servicer

 

    -55-

     

    

 

shall maintain records, prepared by a Servicing Officer, of each Final Recovery Determination until the earlier
of (i) its termination as the Master Servicer hereunder and the transfer of such records to a successor servicer and (ii) five
years following the termination of the Trust Fund.

 

“Financial Market
Publisher”: Blackrock Financial Management, Inc., CMBS.com, Inc., Bloomberg Financial Markets, L.P., Trepp, LLC, Intex
Solutions, Inc., Interactive Data Corporation, Markit LLC and Thomson Reuters Corporation or any successor entities thereof.

 

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

 

“Form 8-K”:
A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from time to time.

 

“Form 8-K Disclosure
Information”: As defined in Section 10.09 of this Agreement.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan or any
related REO Property (but with respect to any Mortgage Loan that is part of a Whole Loan only the pro rata share of such
proceeds allocated to the Trust in respect thereof pursuant to the terms of the related Co-Lender Agreement), over (ii) the amount
that would have been received if a principal payment and all other amounts due in full had been made with respect to such Mortgage
Loan on the Due Date immediately following the date on which such proceeds were received.

 

“Gain-on-Sale
Remittance Amount”: For each Distribution Date, the lesser of: (i) the amount on deposit in the Gain-on-Sale Reserve
Account and available for distribution on such Distribution Date and (ii) the excess, if any, of (A) the sum of (1) the aggregate
of (x) the Interest Distribution Amounts for all Classes of Non-Vertically Retained Regular Certificates for such Distribution
Date, (y) the Principal Distribution Amount for such Distribution Date and (z) all previously allocated applicable Realized Losses
reimbursable with respect to the Non-Vertically Retained Principal Balance Certificates on such Distribution Date, plus (2) the
VRR Allocation Percentage of the aggregate amount described in the immediately preceding subclause (1) over (B) the amount of Non-Vertically
Retained Available Funds for such Distribution Date without regard to any withdrawals from the Gain-on-Sale Reserve Account.

 

“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced Companion
Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CF 2019-CF3
Mortgage

 

    -56-

     

    

 

Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 and, if applicable, Serviced Companion Loan Noteholders,
Gain-on-Sale Reserve Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account of an Eligible
Account and will be an asset of the Lower-Tier REMIC.

 

“Global Certificates”:
Each of the Publicly Offered Global Certificates, Regulation S Global Certificates or Rule 144A Global Certificates if and so long
as such class of Certificates is registered in the name of a nominee of the Depository.

 

“Grantor Trust
Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified
pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or
any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing materials,
polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde and any substances
classified as being “in inventory,” “usable work in process” or similar classification which would, if
classified as unusable, be included in the foregoing definition.

 

“Holder”:
With respect to any Certificate, a Certificateholder; and with respect to any Lower-Tier Regular Interest, the Trustee for the
benefit of the Certificateholders.

 

“HRR Interest”:
As defined in the Preliminary Statement under the caption “Risk Retention.”

 

“Indemnification
Agreements”: Each of the CCRE Indemnification Agreement, the SMC Indemnification Agreement and the KBNA Indemnification
Agreement.

 

“Indemnified
Party”: As defined in Section 8.05(d) of this Agreement, as the context requires.

 

“Indemnified
Party A”: As defined in Section 8.05(g) of this Agreement, as the context requires.

 

“Indemnified
Party B”: As defined in Section 8.05(h) of this Agreement, as the context requires.

 

“Indemnifying
Party”: As defined in Section 8.05(d) of this Agreement, as the context requires.

 

“Indemnifying
Party A”: As defined in Section 8.05(g) of this Agreement, as the context requires.

 

“Indemnifying
Party B”: As defined in Section 8.05(h) of this Agreement, as the context requires.

 

    -57-

     

    

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, any Directing Holder, the Controlling Class Representative, the Risk Retention Consultation Party, any Borrower or Manager
or any Affiliate thereof, and (ii) is not connected with any such Person thereof as an officer, employee, promoter, underwriter,
trustee, partner, director or Person performing similar functions.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is at
arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor
the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer
or the Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the
Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of
Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated
to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to fail to qualify as Rents from Real
Property (provided that such income would otherwise so qualify).

 

“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.

 

“Initial Delivery
Date”: As defined in Section 3.23(e).

 

“Initial Purchasers”:
Cantor Fitzgerald & Co., KeyBanc Capital Markets Inc. and Deutsche Bank Securities Inc. and their respective successors in
interest.

 

“Initial Rate”:
The stated Mortgage Rate with respect to an ARD Loan as of the Cut-off Date.

 

“Initial Resolution
Period”: As defined in Section 2.04(e) of this Agreement.

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner of a Certificate (in either case, other than a Holder
of the VRR Interest) to deliver a

 

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Repurchase Request as described in Section 2.04(k) with respect to a Mortgage Loan. For
the avoidance of doubt, there may not be more than one Initial Requesting Certificateholder with respect to any Mortgage Loan.

 

“Initial Schedule
AL Additional File”: The data file containing additional information or schedules regarding data points in the Initial
Schedule AL File required by Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation S-K.

 

“Initial Schedule
AL File”: The data file(s) prepared by, or on behalf of, the Depositor and filed as Exhibit 102 and, if applicable, Exhibit
103 to the Form ABS-EE incorporated by reference into the Prospectus.

 

“Inquiries”:
As defined in Section 4.02(c) of this Agreement.

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act.

 

“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan or Serviced
Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Non-Vertically Retained Regular Certificates, an amount
equal to interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the related Certificate
Balance or Notional Amount, as applicable, outstanding immediately prior to such Distribution Date. Calculations of interest due
in respect of the Non-Vertically Retained Regular Certificates shall be made on the basis of a 360-day year consisting of twelve
30-day months.

 

“Interest Accrual
Period”: With respect to each Distribution Date, the calendar month immediately preceding the month in which such Distribution
Date occurs.

 

“Interest Distribution
Amount”: With respect to any Distribution Date and with respect to each Class of Non-Vertically Retained Regular Certificates,
an amount equal to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution Date and (ii)
the Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest
Shortfall allocated to such Class on such Distribution Date pursuant to Section 4.01(i).

 

“Interest Reserve
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, Interest Reserve Account” and
which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset of the
Lower-Tier REMIC.

 

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“Interest Shortfall”:
On any Distribution Date for any Class of Non-Vertically Retained Regular Certificates, subject to increase as described in Section
4.01(f) of this Agreement, the sum of (a) the portion of the Interest Distribution Amount for such Class remaining unpaid as
of the close of business on the preceding Distribution Date, and (b) to the extent permitted by applicable law, (i) in the case
of a Class of Non-Vertically Retained Principal Balance Certificates, one month’s interest on that amount remaining unpaid
at the Pass-Through Rate applicable to such Class for the current Distribution Date and (ii) in the case of a Class of Class X
Certificates, one-month’s interest on that amount remaining unpaid at the WAC Rate for such Distribution Date.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Excluded Special
Servicer, if any, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Directing
Holder, the Risk Retention Consultation Party, any Companion Loan Holder, any Certificateholder, any Borrower, any Mortgage Loan
Seller, any holder of a related mezzanine loan, any Manager, any Borrower Party, any Independent Contractor engaged by the Special
Servicer pursuant to Section 3.15 of this Agreement, or any Person known to a Servicing Officer of the Special Servicer
to be an Affiliate of any of them.

 

“Intralinks
Site”: The internet website, which shall initially be “www.intralinks.com,” used by the Depositor and Mortgage
Loan Sellers to accept and upload the Diligence Files.

 

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

 

“Investment
Account”: As defined in Section 3.07(a) of this Agreement.

 

“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.

 

“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit L-1B, Exhibit
L-1C or Exhibit L-1D to this Agreement or in the form of an electronic certification on the Certificate Administrator’s
Website (which may be a “click through”), representing (i) that such Person executing the certificate is a Certificateholder,
the Controlling Class Representative or the Risk Retention Consultation Party (in each case, to the extent such Person is not a
Certificateholder), a beneficial owner of a Certificate, a Companion Loan Noteholder or a prospective purchaser of a Certificate
(or any investment advisor or manager or other representative of the foregoing), (ii) that either (a) such Person is the Risk Retention
Consultation Party or is a Person who is not a Borrower Party, in which case such Person shall have access to all the reports and
information made available to Certificateholders via the Certificate Administrator’s Website hereunder, or (b) such Person
is a Borrower Party in which case (1) if such Person is the Controlling Class Representative or a Controlling Class Certificateholder,
such Person shall have access to all the reports and information made available to Certificateholders via the Certificate Administrator’s

 

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Website hereunder other than any Excluded Information as set forth herein, or (2) if such Person is not the Controlling Class Representative
or a Controlling Class Certificateholder, in which case such Person shall only receive access to the Distribution Date Statements
prepared by the Certificate Administrator, (iii) that such Person has received a copy of the final Prospectus and (iv) such Person
agrees to keep any Privileged Information confidential and will not violate any securities laws; provided, however,
that the Controlling Class Representative or any Controlling Class Certificateholder (i) shall be permitted to obtain, upon request,
in accordance with Section 4.02(b) of this Agreement any Excluded Information relating to any Excluded Controlling Class
Loan with respect to which such party is not a Borrower Party (if such Excluded Information is not otherwise available to such
party via the Certificate Administrator’s Website on account of it constituting Excluded Information) from the Master Servicer
or the Special Servicer, as the case may be, and (ii) shall be considered a Privileged Person for all other purposes, except with
respect to its ability to obtain information with respect to any related Excluded Controlling Class Loan as to which it is a Borrower
Party. The Master Servicer, the Trustee and the Certificate Administrator may conclusively rely on the Investor Certification.

 

“Investor Q&A
Forum”: As defined in Section 4.02(c) of this Agreement.

 

“Investor Registry”:
As defined in Section 4.02(d) of this Agreement.

 

“IO Group YM
Distribution Amount”: As defined in Section 4.01(d) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

“KBNA”:
KeyBank National Association, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“KBNA Indemnification
Agreement”: The indemnification agreement dated as of the Pricing Date, among KBNA, the Depositor, the Underwriters and
the Initial Purchasers.

 

“KBNA Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of December 1, 2019, among KBNA and the Depositor.

 

“KBRA”:
Kroll Bond Rating Agency, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence,
“KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person
reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings
of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Late Collections”:
With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection Period (or the related
grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent
late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced Whole Loan (without regard
to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously
recovered. With respect to any REO Loan, all amounts received in connection with

 

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the related REO Property during any Collection
Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan), whether as Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest
due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced Whole Loan (without regard to any acceleration
of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default) on a Due Date in a previous Collection
Period and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Mortgage
Loan or Serviced Whole Loan or the liquidation of a Serviced REO Property or the sale of any Mortgage Loan or Serviced Whole Loan
pursuant to Section 3.16 or Section 9.01 of this Agreement (including, without limitation, legal fees and expenses,
committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan or Serviced REO Loan, (ii)
with respect to each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified in the following paragraph), or (iii)
with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with Section
3.16 of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage Loan be sold
by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case as to which
the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage Loan
Seller, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout Fee
has been paid, or will be payable), equal to:

 

(a)           the
lesser of:

 

(i)         the
product of 1.0% and the proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated
or repurchased Mortgage Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such payoff
or Net Liquidation Proceeds that represents Penalty Charges (or, if such rate would result in an aggregate liquidation fee of less
than $25,000, then such higher rate as would result in an aggregate liquidation fee equal to $25,000); and

 

(ii)        $1,000,000;
provided that any Liquidation Fees paid to a predecessor or successor Special Servicer shall not be taken into account in
determining the $1,000,000 cap; and

 

(b)           with
respect to any particular liquidation (or partial liquidation), as reduced by the amount of any Excess Modification Fees paid by
or on behalf of the related Borrower with respect to the related Mortgage Loan (including a Serviced Companion Loan) or REO Property
and received by the Special Servicer as additional

 

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servicing compensation within the prior 18 months, but only to the extent those
fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

In addition,
with respect to each Mortgage Loan and each Serviced Companion Loan (with respect to any Serviced Companion Loan, only to the extent
that (i) the Special Servicer is enforcing the related Mortgage Loan Seller’s obligations under the applicable Mortgage Loan
Purchase Agreement with respect to such Serviced Companion Loan and (ii) the related Liquidation Fee is not otherwise required
to be paid to the Other Special Servicer engaged with respect to the securitization trust that includes such Serviced Companion
Loan or prohibited from being paid to the Special Servicer under this Agreement (in each case, under the Other PSA governing the
securitization trust that includes such Serviced Companion Loan) as to which the Special Servicer obtains any payment or Loss of
Value Payment from the applicable Mortgage Loan Seller in connection with the repurchase of such Mortgage Loan and Serviced Companion
Loan by the applicable Mortgage Loan Seller following the dispute resolution procedures specified in Section 2.04 of this
Agreement, the Special Servicer will be entitled to a fee payable from, and calculated by application of 1.00% to the related payment
or Loss of Value Payment (exclusive of default interest), subject to a cap of $1,000,000; provided, however, that
any such fee payable with respect to the Serviced Companion Loan will be payable solely from proceeds on such Serviced Companion
Loan.

 

Notwithstanding the foregoing,
no Liquidation Fee shall be payable based on, or out of, Liquidation Proceeds received in connection with, or with respect to:

 

(a)            the
purchase of any Defaulted Loan by the Special Servicer, the Directing Holder or any Companion Loan Holder or any of their respective
Affiliates if such purchase occurred within 90 days after the transfer of the Defaulted Loan to special servicing;

 

(b)           the
purchase of all the Mortgage Loans and all property acquired in respect of any Mortgage Loan by the Sole Certificateholder, the
Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer;

 

(c)            a
repurchase or replacement of a Mortgage Loan (other than an REO Mortgage Loan) by the applicable Mortgage Loan Seller due to a
breach of a representation or warranty or a document defect in the mortgage file if the applicable Mortgage Loan Seller repurchases
or replaces such Mortgage Loan within the Initial Resolution Period (and giving effect to any applicable Resolution Extension Period);

 

(d)           any
existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, in connection with the purchase
of the related Mortgage Loan or any related Serviced Companion Loan by the holder of the related mezzanine loan, in each case if
the purchase of such Mortgage Loan or any related Serviced Companion Loan occurred within 90 days after the first time that such
holder’s option to purchase such Mortgage Loan any related Serviced Companion Loan becomes exercisable; provided,
that even if the purchase occurs before such expiration the Liquidation Fee

 

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shall be payable to the extent paid by, and collected
from, the related Borrower or the related mezzanine lender;

 

(e)            any
Serviced Pari Passu Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement
in connection with (A) a repurchase or replacement of such Serviced Pari Passu Companion Loan by the applicable Mortgage Loan Seller
due to a breach of a representation or warranty or a document defect under the related mortgage loan purchase agreement related
to the related Other PSA prior to the expiration of the cure period (including any applicable extension thereof) set forth therein
or (B) a purchase of the Serviced Pari Passu Companion Loan pursuant to a clean-up call or similar liquidation under the related
Other PSA;

 

(f)            a
Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within
the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period
set forth in Section 2.04(e) of this Agreement); and

 

(g)           a
Mortgage Loan or Serviced Whole Loan becoming a Specially Serviced Loan only because of an event described in clause (i)
of the definition of “Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation
Proceeds are received within 3 months following the related Maturity Date as a result of the related Mortgage Loan or Serviced
Whole Loan being refinanced or otherwise repaid in full (provided that the Special Servicer may collect from the related
Borrower and retain (x) a liquidation fee, (y) such other fees as are provided for in the related Loan Documents and (z) other
appropriate fees in connection with such liquidation).

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral
constituting security for a Defaulted Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise,
exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law and the terms
and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a
Borrower; (iii) the sale of a Defaulted Loan; (iv) the repurchase of a Mortgage Loan (or related REO Mortgage Loan) by the applicable
Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage Loans and all
property acquired in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a majority of the
Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01 of this
Agreement; (vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date,
the purchase of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is part of a Whole Loan,
the purchase of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable, pursuant
to the related Co-Lender Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to
the Collection Account in accordance with Section 3.06(e) of this Agreement (provided that, for the purpose of determining
the amount of the Liquidation Fee (if

 

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any) payable to the Special Servicer in connection with such Loss of Value Payment, the full
amount of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation
Fee (if any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect
to the Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only
the portion of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included in Liquidation Proceeds.

 

“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related Originator and the Borrower,
pursuant to which such Mortgage Loan was made.

 

“Loan Documents”:
With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.

 

“Loan Number”:
With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor
or any sub-servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to the related Loan Documents to receive revenues
therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive
the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole
Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The Master
Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance with
the terms of the related Mortgage Loan or Serviced Whole Loan.

 

“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related Originator and the
Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.

 

“Loss of Value
Payment”: As defined in Section 2.04(f) of this Agreement.

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(d) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of either Trust REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(a).

 

“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interest, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal thereof and Realized

 

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Losses allocable thereto in all prior periods
as described in Section 4.01(f) of this Agreement, such that at all times the Lower-Tier Principal Balance of such Lower-Tier
Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, the Class LA-2 Interest, the Class LA-SB Interest, the Class LA-3 Interest,
the Class LA-4 Interest, the Class LA-S Interest, the Class LB Interest, the Class LC Interest, the Class LD Interest, the Class
LE Interest, the Class LF-RR Interest, the Class LG-RR Interest, Class LH-RR, the Class LJ-RR Interest and the Class LVRR Interest
issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each Lower-Tier Regular Interest (i)
is designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to its Corresponding Certificates and Corresponding
Component (if any), (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance as set forth in the Preliminary Statement
herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has a “latest possible maturity date,” within the meaning
of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution Date and (vii) is entitled to the distributions
in the amounts and at the times specified in Section 4.01 of this Agreement.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans (other than Excess Interest),
collections thereon, the Trust’s interest in any REO Property acquired in respect thereof, amounts related thereto held from
time to time in the Collection Account and the Lower-Tier REMIC Distribution Account, the REO Account (to the extent of the Trust
Fund’s interest therein), related amounts in the Interest Reserve Account, amounts held from time to time and the Gain-on-Sale
Reserve Account (to the extent of the Trust Fund’s interest therein) in respect thereof and all other property included in
the Trust Fund (other than the Loss-of-Value Reserve Fund) that is not in the Upper-Tier REMIC.

 

“Lower-Tier
REMIC Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained
by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee,
for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, Lower-Tier
REMIC Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier
REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier
Residual Interest”: The sole class of “residual interests,” within the meaning of Code Section 860G(a)(2)
in the Lower-Tier REMIC, which will be represented by the Class R Certificates.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
With respect to any Mortgage Loan, any of the following:

 

(a)            any
proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the ownership
of properties securing

 

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such of the Serviced Mortgage Loans or Serviced Whole Loans as come into and continue in default;

 

(b)           any
modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a Serviced Mortgage
Loan or Serviced Whole Loan or any extension of the Maturity Date of such Mortgage Loan or Serviced Whole Loan;

 

(c)            following
a default or an event of default with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any exercise of remedies, including the acceleration of the Mortgage Loan or Serviced Whole Loan or initiation of any proceedings,
judicial or otherwise, under the related Loan Documents;

 

(d)           any
sale of a Defaulted Loan (that is not a Non-Serviced Mortgage Loan) or REO Property (other than in connection with the termination
of the Trust as provided in Section 9.01 or a Defaulted Loan that is a Non-Serviced Mortgage Loan that the Special Servicer
is permitted to sell in accordance with Section 3.16(b) of this Agreement, in each case for less than the applicable Purchase
Price;

 

(e)            any
determination to bring a Mortgaged Property or an REO Property into compliance with applicable environmental laws or to otherwise
address Hazardous Material located at a Mortgaged Property or an REO Property;

 

(f)            any
release of material collateral or any acceptance of substitute or additional collateral for a Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan or any consent to either of the foregoing, other than (i) the release of collateral securing
any Mortgage Loan in connection with a defeasance, (ii) the acceptance of substitute or additional collateral in the form of non-callable
United States Treasury obligations in connection with a defeasance; or (iii) immaterial condemnation actions and other similar
takings, or if otherwise required pursuant to the specific terms of the related Loan Documents and for which there is no lender
discretion;

 

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

 

(h)           any
property management company changes (with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) with a principal
balance greater than $2,500,000), including, without limitation, approval of the termination of a manager and appointment of a
new property manager, or franchise changes (with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan, in each case, for which lender consent or approval is required under the Loan Documents);

 

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

 

(j)             any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in a Borrower, guarantor or other
obligor releasing a Borrower, guarantor or other obligor from liability under a Serviced Mortgage Loan or Serviced Whole Loan other
than pursuant to the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(k)            any
determination of an Acceptable Insurance Default;

 

(l)             any
modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and non-disturbance
or attornment agreement in connection with any lease, at a Mortgaged Property if (i) the lease involves a ground lease or lease
of an outparcel or affects an area greater than or equal to the lesser of (A) 20% of the net rentable area of the improvements
at the Mortgaged Property, (B) 20,000 square feet of the improvements at the Mortgaged Property, (ii) such transaction either is
not a routine leasing matter or such transaction relates to a Specially Serviced Loan, provided that if lender consent is
not required for such transaction pursuant to the Loan Documents, such transaction will not constitute a Major Decision, or (iii)
involves a tenant or space specifically identified by name or space location in the related Loan Documents as requiring the consent
of the lender for the associated activity;

 

(m)           any
material modification, waiver or amendment of an intercreditor agreement or similar agreement with any mezzanine lender or subordinate
debt holder related to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, or any action to enforce
rights (or decision not to enforce rights) with respect thereto, or any material modification, waiver or amendment thereof;

 

(n)           any
incurrence of additional debt by a Borrower or any mezzanine financing by any beneficial owner of a Borrower (to the extent that
the lender has consent rights pursuant to the related Loan Documents (for purposes of the determination whether a lender has such
consent rights pursuant to the related Loan Documents, any Loan Document provision that requires that an intercreditor agreement
be reasonably or otherwise acceptable to the lender will constitute such consent rights));

 

(o)           any
determination by the Master Servicer to transfer a Mortgage Loan or Serviced Whole Loan to the Special Servicer under the circumstances
described in clause (v) of the definition of “Specially Serviced Loan”;

 

(p)           agreeing
to any modification, waiver, consent or amendment of the related Mortgage Loan or Whole Loan in connection with a defeasance if
such proposed modification, waiver, consent or amendment is with respect to (i) a waiver of a mortgage loan event of default (but
excluding non-monetary events of default other than defaults relating to transfers of interest in the borrower or the existing
collateral or material

 

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modifications of the existing collateral), (ii) a modification of the type of defeasance collateral required
under the Loan Documents such that defeasance collateral other than direct, non-callable obligations of the United States would
be permitted or (iii) a modification that would permit a principal prepayment instead of defeasance if the applicable loan documents
do not otherwise permit such principal prepayment;

 

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

 

(r)            any
approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty proceeds or
condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property, in each case, to the
extent the lender has discretion under the related Loan Documents;

 

(s)            approving
annual budgets for the related Mortgaged Property with increases (in excess of 10%) in operating expenses or payments to entities
actually known by the master servicer to be affiliates of the related Borrower (excluding affiliated managers paid at fee rates
agreed to at the origination of the related Mortgage Loan or Serviced Whole Loan);

 

(t)             approving
any waiver regarding the receipt of financial statements (other than immaterial timing waivers); and

 

(u)           to
the extent not already set forth above, solely for purposes of compliance with the Credit Risk Retention Rules and solely with
respect to the Operating Advisor’s non-binding consultation rights, (i) any material modification of, or waiver with respect
to, any provision of a Loan Document (including a Mortgage); (ii) foreclosure upon or comparable conversion of the ownership of
a Mortgaged Property; and (iii) any acquisition of a Mortgaged Property (provided, however, that for so long as a
Control Termination Event has occurred and is continuing but a Consultation Termination Event has not occurred and is continuing,
the applicable Directing Holder will, to the extent not already set forth above, have consultation rights with respect to the matters
specified in this clause (u));

 

provided, however, that notwithstanding
the foregoing, the Master Servicer and the Special Servicer may mutually agree as provided in this Agreement that the Master Servicer
will process and obtain the prior consent of the Special Servicer with respect to any of the matters listed in the foregoing clauses
(a) through (u) with respect to any Performing Loan, and, whether processed by the Master Servicer or not, with respect
to a Major Decision, the Master Servicer and Special Servicer will each be entitled to 50% of any Excess Modification Fees, consent
fees, ancillary fees (other than fees for insufficient or returned checks), assumption fees, transfer fees, earnout fees and similar
fees (other than assumption application fees, defeasance fees and review fees) paid in connection with such matters as provided
in Section 3.12.

 

For the avoidance of
doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to make any Major Decisions
with respect to any

 

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Non-Serviced Mortgage Loans and the Controlling Class Representative shall have no consent and/or consultation
rights regarding Major Decisions with respect to any Non-Serviced Mortgage Loans, Servicing Shift Mortgage Loans and Excluded Loans
under this Agreement.

 

With respect to any Serviced
Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling Holder”, the “Directing
Holder”, “Directing Lender” or any analogous concept under the related Co-Lender Agreement, then with respect
to such Serviced Whole Loan, the term “Major Decision” shall mean “Major Decision”, “Major Action”
or any analogous concept under the related Co-Lender Agreement.

 

“Major Decision
Reporting Package”: With respect to any Major Decision for which it is processing, a written report by the Master Servicer
or the Special Servicer, as applicable, describing in reasonable detail (i) the background and circumstances requiring action of
the Master Servicer or the Special Servicer, as applicable, and (ii) the proposed course of action recommended, which may be in
the form of an Asset Status Report.

 

“Management
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between
the Manager and the related Borrower, or any successor Management Agreement between such parties.

 

“Manager”:
With respect to any Mortgage Loan or Serviced Whole Loan, any property manager for the related Mortgaged Properties.

 

“Master Servicer”:
Midland Loan Services, a Division of PNC Bank, National Association, a national banking association, or its successor in interest,
or any successor master servicer appointed as provided herein.

 

“Master Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.

 

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

 

“Master Servicer
Termination Event”: As defined in Section 7.01(a) of this Agreement.

 

“Master Servicer
Website”: The internet website maintained by the Master Servicer; initially located at “www.pnc.com/midland.”

 

“Master Servicing
Fee”: With respect to each Mortgage Loan for any Distribution Date, an amount for the related Interest Accrual Period
equal to the product of (i) the applicable Master Servicing Fee Rate multiplied by (ii) the Stated Principal Balance of such Mortgage
Loan immediately prior to such Distribution Date, computed on the same accrual basis as interest accrues on the related Mortgage
Loan. For the avoidance of doubt, the Master Servicing Fee with respect to each Mortgage Loan shall be payable from the Lower-Tier
REMIC.

 

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“Master Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to this Agreement
under the column labeled “Master Servicing Fee Rate”.

 

“Material Breach”:
As defined in Section 2.04(e) of this Agreement.

 

“Material Defect”:
As defined in Section 2.04(e) of this Agreement.

 

“Maturity Date”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage Loan or Serviced
Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.

 

“Mediation Rules”:
As defined in Section 2.04(m)(i).

 

“Modification
Fees”: With respect to any Serviced Mortgage Loan or Serviced Whole Loan, any and all fees with respect to a modification,
restructure, extension, waiver or amendment that modifies, restructures, extends, amends or waives any term of the related Loan
Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special Servicer (other than all Assumption
Fees, consent fees, assumption application fees, defeasance fees and fees similar to the foregoing). For the avoidance of doubt,
Special Servicing Fees, Workout Fees and Liquidation Fees due to the Special Servicer in connection with a modification, restructure,
extension, waiver or amendment shall not be considered Modification Fees. For each modification, restructure, extension, waiver
or amendment in connection with working out of a Specially Serviced Loan, the Modification Fees collected from the related Borrower
shall be subject to a cap of 1.0% of the outstanding principal balance of such Serviced Mortgage Loan or Serviced Whole Loan on
the closing date of the related modification, restructure, extension, waiver or amendment (prior to giving effect to such modification,
restructure, extension, waiver or amendment); provided that, other than as set forth in the following paragraph, no aggregate
cap shall exist in connection with the amount of Modification Fees which may be collected from the related Borrower with respect
to any Specially Serviced Loan.

 

With respect to each
of the Master Servicer and the Special Servicer, the Excess Modification Fees collected and earned by such Person from the related
Borrower (taken in the aggregate with any other Excess Modification Fees collected and earned by such Person from the related Borrower
within the prior 18-months of the collection of the current Excess Modification Fees) will be subject to a cap of 1.0% of the outstanding
principal balance of the related Serviced Mortgage Loan or Serviced Whole Loan, as applicable, on the closing date of the related
modification, extension, waiver or amendment (after giving effect to such modification, extension, waiver or amendment) with respect
to any Serviced Mortgage Loan or Serviced Whole Loan, as applicable.

 

“Modified Mortgage
Loan”: Any Specially Serviced Loan that has been modified by the Special Servicer pursuant to Section 3.26 of
this Agreement in a manner that:

 

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(a)            reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

(b)           except
as expressly contemplated by the related Mortgage, results in a release of the lien of the Mortgage on any material portion of
the related Mortgaged Property without a corresponding Principal Prepayment in an amount not less than the fair market value (as
is), as determined by an Appraisal delivered to the Special Servicer (at the expense of the related Borrower and upon which the
Special Servicer may conclusively rely), of the property to be released; or

 

(c)            in
the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for such Mortgage
Loan or Serviced Companion Loan or reduces the likelihood of timely payment of amounts due thereon.

 

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

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any successor in interest. If neither such rating agency nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific
ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing a Mortgage Note.

 

“Mortgage File”:
With respect to any Mortgage Loan or any Serviced Companion Loan, subject to Section 2.01 and Section 2.03, collectively
the following documents pertaining to such particular Mortgage Loan or Serviced Companion Loan and any additional documents required
to be added to such Mortgage File pursuant to the express provisions of this Agreement:

 

(i)            With
respect to the subject Mortgage Loan, (A) the original Mortgage Note, endorsed on its face or by allonge attached to the Mortgage
Note, without recourse, either in blank, or to the order of the Trustee in the following form: “Pay to the order of Wells
Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2019-CF3, without recourse”; and including or accompanied by all prior or intervening endorsements,
if any, showing a complete, unbroken chain of endorsement from the Originator to the most recent endorsee prior to the Trustee
(or if the original Mortgage

 

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Note has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another
prior holder, together with a copy of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee); and (B)
in the case of each related Serviced Companion Loan, a copy of the executed Mortgage Note for such Serviced Companion Loan;

 

(ii)            the
original (or a copy certified by the applicable recording office) of the Mortgage and, if applicable, the originals (or copies
certified by the applicable recording office) of any intervening assignments of the Mortgage, showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan, as applicable, to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(iii)           an
original of an Assignment of Mortgage in recordable form (subject to the completion of missing recording information and, if applicable,
the assignee’s name) or, if the related Mortgage Loan Seller is responsible for the recording thereof, a copy of such Assignment
of Mortgage to be sent for recordation, in each case executed by the most recent assignee of record thereof prior to the Trustee
or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National
Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3” (and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);
provided that, with respect to a Servicing Shift Mortgage Loan, such assignments will be executed in blank until the earliest
of (x) the related Servicing Shift Securitization Date, (y) the date on which such Mortgage Loan becomes a Specially Serviced Loan
and (z) 180 days after the Closing Date;

 

(iv)          the
original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(v)           an
original assignment of any related Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents
and Profits”) (if such item is a document separate from the Mortgage), in recordable form (subject to the completion
of missing recording information and, if applicable, the assignee’s name), or a copy thereof if the related Mortgage Loan
Seller is responsible for the recording thereof, in each case executed by the most recent assignee of record thereof prior to the
Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced
Companion Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in
clause (iii) above;

 

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provided that, with respect to a Servicing Shift Mortgage Loan, such assignments will be executed
in blank until the earliest of (x) the related Servicing Shift Securitization Date, (y) the date on which such Mortgage Loan becomes
a Specially Serviced Loan and (z) 180 days after the Closing Date;

 

(vi)          (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable,
the originals or copies of any intervening assignments of such security agreement and of all other unrecorded Loan Documents showing
a complete chain of assignment from the Originator of the related Mortgage Loan or Serviced Whole Loan to the most recent assignee
thereof prior to the Trustee, if any; and (B) an original assignment of any related security agreement (if such item is a document
separate from the related Mortgage) and of all other unrecorded Loan Documents executed by the most recent assignee thereof prior
to the Trustee or, if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wells Fargo
Bank, National Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced
Companion Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in
clause (iii) above;

 

(vii)         originals
or copies of all modification, consolidation, assumption, written assurance and substitution agreements in those instances in which
the terms or provisions of the Mortgage, the Mortgage Note or any related security document have been modified or the Mortgage
Loan or related Serviced Whole Loan has been assumed or consolidated;

 

(viii)        the
original or a copy of the lender’s title insurance policy issued in connection with the origination of the Mortgage Loan,
together with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy,
insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or (subject to Section 2(d) of the applicable
Mortgage Loan Purchase Agreement) a “marked up” commitment to insure marked as binding and countersigned by the related
insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or approved
as binding in writing by the related title insurance company), or (subject to Section 2(d) of the applicable Mortgage Loan Purchase
Agreement) an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of
the title company;

 

(ix)           stamped
or certified copies of any UCC financing statements, related amendments and continuation statements that were filed in order to
perfect (and maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or related Serviced
Whole Loan (and each assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property
(in each case with evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller
(or its agent), together with original UCC-3 assignments of financing statements showing a complete chain of assignment from the
secured party named in the

 

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applicable UCC-1 financing statements to the most recent assignee of record thereof prior to the Trustee,
if any;

 

(x)            an
original assignment of UCC financing statement by the most recent assignee of record prior to the Trustee or, if none, by the Originator,
in favor of the Trustee of any UCC financing statement referred to in the immediately preceding clause (ix) that has been
executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction (or, if the related Mortgage Loan
Seller is responsible for the filing of such assignment, a copy of such assignment to be sent for filing), evidencing the transfer
of such security interest, either in blank or in favor of the Trustee in the following form: “Wells Fargo Bank, National
Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3” (in such capacity and, with respect to any related Serviced Whole Loan, on behalf of any related Serviced
Companion Loan Noteholders);

 

(xi)           (A)
a copy of any co-lender agreement or intercreditor agreement relating to existing debt of the Borrower, including any Co-Lender
Agreement relating to a Whole Loan, (B) in the case of a related Non-Serviced Whole Loan, a copy of the related Non-Serviced PSA
and (C) in the case of a related Serviced Whole Loan, a copy of each related Other PSA;

 

(xii)          with
respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the
related co-lender agreement, subordination agreement or other intercreditor agreement;

 

(xiii)         the
original or a copy of the Loan Agreement relating to such Mortgage Loan or Serviced Whole Loan, if any;

 

(xiv)         the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower
if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant
to such power of attorney;

 

(xv)          the
original (or copy, if the original is held by the Master Servicer or applicable Non-Serviced Master Servicer pursuant to Section
2.01(d)) of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan, together
with the appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing
such Mortgage Loan (or copy thereof, if the original is held by the Master Servicer or applicable Non-Serviced Master Servicer
pursuant to Section 2.01(d)) which entitles the Master Servicer on behalf of the Trust to draw thereon;

 

(xvi)         if
the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect
to a leasehold interest that is a space lease or an air rights lease, the original of such space lease or air rights lease), and
any related lessor estoppel or similar agreement or a copy thereof, if any;

 

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(xvii)        the
original or copy of any guaranty of the obligations of the Borrower under a Mortgage Loan or related Serviced Whole Loan, together
with, as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any,
and (B) an original assignment of such guaranty in favor of the Trustee executed by the most recent assignee thereof prior to the
Trustee or, if none, by the Originator;

 

(xviii)       copies
of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xix)          with
respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any,
and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer
or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage
Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the extent
required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included in the
Mortgage File following receipt thereof by the Master Servicer;

 

(xx)       if
any related escrow agreement, Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement,
a copy thereof; with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified
copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest
in the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments
of financing statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wells Fargo Bank,
National Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced
Companion Loan Noteholders));

 

(xxi)       the
original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies
of Environmental Reports; and

 

(xxii)       if
any related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
and the assignment thereof, if any, to the Trustee.

 

“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and from time
to time held in the Trust Fund. The Mortgage Loans originally so transferred, assigned and held are identified on the Mortgage
Loan Schedule as of the Closing Date. Subject to the next sentence, such term shall include any

 

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REO Loan, any REO Mortgage Loan,
any Specially Serviced Loan, any Non-Serviced Mortgage Loan and any Mortgage Loan that has been defeased in whole or in part. Such
term shall not include Serviced Companion Loans, Non-Serviced Companion Loans or REO Companion Loans or, in the case of an REO
Loan related to a Serviced Whole Loan, the portion of such REO Loan consisting of a Serviced Companion Loan. In addition, notwithstanding
anything to the contrary in this Agreement: (a) with respect to the DC Mixed Use Portfolio VI Mortgage Loan (which consists of
two (2) separate notes contributed to the Trust by CCRE and SMC, respectively), the term “Mortgage Loan” shall mean
the entire such DC Mixed Use Portfolio VI Mortgage Loan, except that (i) for the purposes of determining any rights or obligations
of CCRE with respect to such Mortgage Loan under this Agreement or the CCRE Purchase Agreement, except as otherwise provided in
Section 11.02(c), the term “Mortgage Loan” shall refer to the portion of the DC Mixed Use Portfolio VI Mortgage
Loan evidenced by the CCRE DC Mixed Use Portfolio VI Note and such promissory note shall be treated like a separate Mortgage Loan,
and (ii) for the purposes of determining any rights or obligations of SMC with respect to such Mortgage Loan under this Agreement
or the SMC Purchase Agreement, except as otherwise provided in Section 11.02(c), the term “Mortgage Loan” shall
refer to the portion of the DC Mixed Use Portfolio VI Mortgage Loan evidenced by the SMC DC Mixed Use Portfolio VI Note and such
promissory note shall be treated like a separate Mortgage Loan. For the avoidance of doubt, no Retained Defeasance Rights and Obligations
will be part of a “Mortgage Loan” or an asset of the Trust.

 

“Mortgage Loan
Purchase Agreements”: Each of the CCRE Purchase Agreement, the SMC Purchase Agreement and the KBNA Purchase Agreement.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached as Exhibit
B to this Agreement, which list shall set forth the following information with respect to each Mortgage Loan:

 

(a)           the
Loan Number;

 

(b)           the
Mortgage Loan name;

 

(c)           the
street address (including city, state and zip code) of the related Mortgaged Property;

 

(d)           the
Mortgage Rate in effect as of the Cut-off Date;

 

(e)            the
original principal balance;

 

(f)            the
Stated Principal Balance as of the Cut-off Date;

 

(g)           the
Maturity Date or Anticipated Repayment Date for each Mortgage Loan;

 

(h)           the
Due Date;

 

(i)            the
amount of the Periodic Payment due on the first Due Date following the Cut-off Date;

 

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(j)             the
Servicing Fee Rate;

 

(k)           whether
the Mortgage Loan is an Actual/360 Loan;

 

(l)            whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan;

 

(m)          the
Revised Rate of such Mortgage Loan, if any;

 

(n)           whether
the Mortgage Loan is part of a Whole Loan;

 

(o)           whether
the Mortgage Loan is secured in any part by a leasehold interest; and

 

(p)           whether
the Mortgage Loan has any related mezzanine debt or other subordinate debt.

 

Such list may be in the form of more than
one list, collectively setting forth all of the information required. A comparable list shall be prepared with respect to each
Serviced Companion Loan.

 

“Mortgage Loan
Seller Sub-Servicer”: A Servicing Function Participant or Sub-Servicer required to be retained by the Master Servicer
by a Mortgage Loan Seller, as listed on Exhibit X to this Agreement, or any successor thereto.

 

“Mortgage Loan
Sellers”: Each of CCRE, SMC and KBNA.

 

“Mortgage Note”:
With respect to any Mortgage Loan or Companion Loan as of any date of determination, the note or other evidence of indebtedness
and/or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan or Companion Loan, as the case may be, including
any amendments or modifications, or any renewal or substitution notes, as of such date.

 

“Mortgage Pool”:
All of the Mortgage Loans and any successor REO Mortgage Loans, collectively. The Mortgage Pool does not include the Companion
Loans or any REO Companion Loans.

 

“Mortgaged Property”:
The underlying property securing a Mortgage Loan including any REO Property, consisting of a fee simple estate, and, with respect
to certain Mortgage Loans, a leasehold estate or both a leasehold estate and a fee simple estate, or a leasehold estate in a portion
of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial or multifamily property,
together with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

“Mortgage Rate”:
With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan and any Mortgage Loan as to which the related Mortgaged
Property has become an REO Property) and any related Companion Loan (even if the related Mortgaged Property has become an REO Property),
as applicable, at any time, the per annum rate at which interest then accrues on such Mortgage Loan or related Companion
Loan, as

 

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applicable (in the absence of a default), as stated in the related Mortgage Note or componentization notice evidencing
such Mortgage Loan or related Companion Loan, without giving effect to any Default Rate or any Revised Rate.

 

“MSC 2019-L3
PSA”: That certain Pooling and Servicing Agreement dated as of November 1, 2019, between Morgan Stanley Capital I Inc.,
as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as general special servicer, Situs
Holdings, LLC, as ILPT Industrial Portfolio special servicer, Wells Fargo Bank, National Association, as certificate administrator,
Wilmington Trust, National Association, as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations
reviewer, which governs the servicing of the Parklawn Building Whole Loan and the Wells Fargo Place Whole Loan.

 

“Net Condemnation
Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation
or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan
Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net Default
Interest”: With respect to any Mortgage Loan or Serviced Whole Loan and any Distribution Date, an amount equal to the
sum of (i) the amount of the aggregate collected Default Interest allocable to the Mortgage Loans and the Serviced Whole Loans
received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from (A) the Collection Account pursuant
to Section 3.06(a)(ix) of this Agreement for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses (other
than Special Servicing Fees, Liquidation Fees and Workout Fees) incurred on the related Mortgage Loan during or prior to such Collection
Period and (B) each Serviced Whole Loan Custodial Account pursuant to Section 3.06(b)(ix) for Advance Interest Amounts and
unreimbursed Additional Trust Fund Expenses (other than Special Servicing Fees, Liquidation Fees and Workout Fees) incurred on
the related Mortgage Loan or Serviced Whole Loan during or prior to such Collection Period, subject in all cases to any provisions
of the related Co-Lender Agreement providing for the reimbursement of expenses from Default Interest allocable to the related Companion
Loan.

 

“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net Liquidation
Proceeds”: The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan or related REO
Property, net of the amount of (i) Liquidation Expenses incurred with respect thereto, (ii) with respect to proceeds received in
connection with the taking of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts
required to be applied to the restoration or repair of the related Mortgaged Property and (iii) any portion thereof to be released
to the related Borrower pursuant to the related Loan Documents or applicable law.

 

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“Net Mortgage
Rate”: With respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan and any Mortgage Loan as to which
the related Mortgaged Property has become an REO Property) at any time, the per annum rate equal to the Mortgage Rate for
such Mortgage Loan then in effect (without regard to any increase in the interest rate of any ARD Loan after the related Anticipated
Repayment Date), less the related Administrative Cost Rate; provided, however, that for purposes of calculating Pass-Through
Rates on the Non-Vertically Retained Regular Certificates, Pass-Through Rates on the Lower-Tier Regular Interests, the WAC Rate
and Withheld Amounts, the Net Mortgage Rate shall be determined without regard to any modification, waiver or amendment of the
terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer or any Non-Serviced Master
Servicer or Non-Serviced Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related
Borrower or otherwise. The Net Mortgage Rate shall not be reduced by any Operating Advisor Fee Rate following the termination of
the Operating Advisor pursuant to Section 7.07(e). Notwithstanding the foregoing, for any Mortgage Loan that does not accrue
interest on a 30/360 Basis, solely for purposes of calculating the Pass-Through Rates on the Non-Vertically Retained Regular Certificates,
Pass-Through Rates on the Lower-Tier Regular Interests and the WAC Rate for any Distribution Date, the Net Mortgage Rate of such
Mortgage Loan for the one-month loan-level interest accrual period applicable to the related Due Date immediately preceding such
Distribution Date will be the annualized rate at which interest would have to accrue in respect thereof on the basis of a 360-day
year consisting of twelve 30-day months in order to produce the aggregate amount of interest actually required (or, except for
any prepayment, whether or not voluntary, that would have actually been required) to be paid in respect of such Mortgage Loan for
such one-month interest accrual period at the related Net Mortgage Rate (calculated solely in accordance with the prior sentence);
provided, however, that with respect to each Mortgage Loan that is an Actual/360 Loan, the Net Mortgage Rate for
the one-month loan-level interest accrual period (i) applicable to the Due Dates in (a) January and February in each year that
is not a leap year or (b) February only in each year that is a leap year (in either case, unless the related Distribution Date
is the final Distribution Date) shall be determined exclusive of related Withheld Amounts from that month and (ii) applicable to
the Due Date in March (or February if the related Distribution Date is the final Distribution Date) shall be determined inclusive
of the related Withheld Amounts for the immediately preceding February and January, as applicable.

 

“Net Prepayment
Interest Excess”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of all Prepayment
Interest Excesses for such Distribution Date for all Serviced Mortgage Loans and Serviced Pari Passu Companion Loans exceeds (ii)
the Compensating Interest Payment for all Serviced Mortgage Loans and Serviced Pari Passu Companion Loans for such Distribution
Date.

 

“Net REO Proceeds”:
With respect to each Serviced REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes,
assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.

 

“New Lease”:
Any lease of a Serviced REO Property entered into on behalf of the Lower-Tier REMIC if such Trust REMIC has the right to renegotiate
the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.

 

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“Non-Control
Note”: With respect to any Whole Loan, any “Non-Controlling Note” or other similar term or concept specified
in the related Co-Lender Agreement. As of the Closing Date, the Non-Control Notes with respect to each Whole Loan will be the promissory
notes listed that are not listed in the column titled “Control Note” in the Whole Loan table in the Preliminary Statement.

 

“Non-Controlling
Holder”: With respect to any Whole Loan, the holder(s) of a Non-Control Note. As of the Closing Date, the Non-Controlling
Holders with respect to each Whole Loan will be the holders listed next to the related Non-Control Notes in the column “Note
Holder” in the table in the Preliminary Statement titled “Whole Loans.”

 

“Non-Directing
Holder”: With respect to any Companion Loan, the “Non-Directing Holder,” “Non-Controlling Note Holder”
or any analogous concept under the related Co-Lender Agreement.

 

“Non-Serviced
Asset Representations Reviewer”: With respect to any Non-Serviced Whole Loan, the asset representations reviewer (or
its equivalent) under the related Non-Serviced PSA.

 

“Non-Serviced
Certificate Administrator”: With respect to a Non-Serviced Whole Loan, the “certificate administrator” under
the applicable Non-Serviced PSA.

 

“Non-Serviced
Companion Loan”: The Pari Passu Companion Loans and Subordinate Companion Loans, if any, identified as (i) “Non-Serviced”
under the heading “Type” in the “Whole Loan” chart in the Preliminary Statement or (ii) “Servicing
Shift” under the heading “Type” in the “Whole Loan” chart in the Preliminary Statement, on and after
the related Servicing Shift Securitization Date.

 

“Non-Serviced
Custodian”: With respect to a Non-Serviced Mortgage Loan, the “custodian” under the applicable Non-Serviced
PSA.

 

“Non-Serviced
Depositor”: With respect to a Non-Serviced Mortgage Loan, the “depositor” under the applicable Non-Serviced
PSA.

 

“Non-Serviced
Directing Holder”: With respect to any Non-Serviced Whole Loan, the directing holder (or its equivalent) under the related
Non-Serviced PSA.

 

“Non-Serviced
Master Servicer”: With respect to a Non-Serviced Mortgage Loan, the “master servicer” or “servicer”
under the applicable Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loans”: Any Mortgage Loan that is part of a Non-Serviced Whole Loan. The only Non-Serviced Mortgage Loans related
to the Trust are (i) the Mortgage Loans identified as “Non-Serviced” under the heading “Type” in the “Whole
Loans” chart in the Preliminary Statement, and (ii) on and after the related Servicing Shift Securitization Date, the Mortgage
Loans identified as “Servicing Shift” under the heading “Type” in the “Whole Loan” chart in
the Preliminary Statement.

 

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“Non-Serviced
Mortgage Loan Service Providers”: With respect to any Non-Serviced Mortgage Loan, the related Non-Serviced Trustee, Non-Serviced
Master Servicer, Non-Serviced Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such Non-Serviced Mortgage Loan pursuant to the related Non-Serviced PSA.

 

“Non-Serviced
Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary
servicing rate” (each as defined or set forth in the applicable Non-Serviced PSA) and any other servicing fee rate under
the applicable Non-Serviced PSA (other than those payable to the applicable Non-Serviced Special Servicer) applicable to any Non-Serviced
Mortgage Loan. With respect to each Non-Serviced Mortgage Loan, the Non-Serviced Mortgage Loan Primary Servicing Fee Rate is the
per annum rate set forth under the heading “Non-Serviced Primary Servicing Fee Rate” in the “Whole Loan”
chart in the Preliminary Statement.

 

“Non-Serviced
Operating Advisor”: With respect to any Non-Serviced Whole Loan, the operating advisor (or its equivalent) under the
related Non-Serviced PSA.

 

“Non-Serviced
Pari Passu Companion Loan”: Each of the Companion Loans identified as “Non-Serviced” (or “Servicing
Shift” after the Servicing Shift Securitization Date) under the heading “Mortgage Loan Type” that is pari
passu in right of payment with the related Mortgage Loan in the table entitled “Whole Loans” in the Preliminary
Statement.

 

“Non-Serviced
Pari Passu Whole Loan”: Each of the Whole Loans identified as “Non-Serviced” under the heading “Mortgage
Loan Type” with one or more Non-Serviced Pari Passu Companion Loans in the table entitled “Whole Loans” in the
Preliminary Statement and, after the Servicing Shift Securitization Date, the Servicing Shift Whole Loan.

 

“Non-Serviced
PSA”: With respect to any Non-Serviced Mortgage Loan or the related Non-Serviced Whole Loan, the pooling and servicing
agreement, trust and servicing agreement or other comparable agreement governing the creation of a Non-Serviced Securitization
Trust that includes a related Non-Serviced Companion Loan, the issuance of securities backed by the assets of such Non-Serviced
Securitization Trust and the servicing of such Non-Serviced Mortgage Loan, such Non-Serviced Whole Loan and the related Non-Serviced
Companion Loan(s), or any successor servicing agreement with respect to such Non-Serviced Mortgage Loan, such Non-Serviced Whole
Loan and the related Non-Serviced Companion Loan(s) contemplated by the related Co-Lender Agreement. The only Non-Serviced PSAs
related to the Trust as of the Closing Date are identified under the heading “Non-Serviced PSA” in the “Whole
Loan” chart in the Preliminary Statement. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift
Whole Loan, on or after the related Servicing Shift Securitization Date, the related Servicing Shift Mortgage Loan Pooling and
Servicing Agreement shall be a Non-Serviced PSA.

 

“Non-Serviced
Securitization Trust”: With respect to any Non-Serviced Mortgage Loan, the “issuing entity” (within the meaning
of Item 1101(f) of Regulation AB) that holds a related Non-Serviced Companion Loan (or any portion thereof or interest therein)
and is created under the related Non-Serviced PSA.

 

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“Non-Serviced
Special Servicer”: With respect to a Non-Serviced Mortgage Loan, the “special servicer” under the applicable
Non-Serviced PSA.

 

“Non-Serviced
Trustee”: With respect to a Non-Serviced Mortgage Loan, the “trustee” under the applicable Non-Serviced PSA.

 

“Non-Serviced
Whole Loan”: Any Whole Loan that is not serviced under this Agreement, but instead is being serviced pursuant to the
pooling and servicing agreement, trust and servicing agreement or other comparable agreement governing the securitization of a
related Companion Loan (whether by itself or with other mortgage assets), or pursuant to any successor servicing agreement contemplated
by the related Co-Lender Agreement. References herein to a Serviced Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes. The Non-Serviced Whole Loans related to the Trust are (i) the Whole Loans identified as “Non-Serviced”
under the heading “Type” in the “Whole Loans” chart in the Preliminary Statement and (ii) on and after
the related Servicing Shift Securitization Date, the Whole Loans identified as “Servicing Shift” under the heading
“Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement
Amounts.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or an REO
Mortgage Loan that the Master Servicer or the Special Servicer, in each case in accordance with the Servicing Standard and Section
4.07(c), or the Trustee, in its good faith business judgment, as applicable, determines would not be ultimately recoverable,
together with any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation
Proceeds and other collections on or in respect of the related Mortgage Loan or REO Mortgage Loan, as applicable, which shall be
evidenced by an Officer’s Certificate as provided by Section 4.07(c) of this Agreement.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Mortgage Loan (other
than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan or any Serviced REO Property that the Master Servicer or the Special
Servicer, in each case in accordance with the Servicing Standard and Section 3.21(e) of this Agreement, or the Trustee,
in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and
unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections
on or in respect of the related Mortgage Loan, Serviced Whole Loan or Serviced REO Property, which shall be evidenced by an officer
certificate as provided by Section 3.21(e) of this Agreement. The determination as to the recoverability of any Servicing
Advance previously made or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made
by the applicable servicer under, and in accordance with the terms of, the related Non-Serviced PSA. Any such determination made
by any such party shall be conclusive and binding on the Certificateholders and may, in all cases, be conclusively relied upon
by the Master Servicer, the Special Servicer and the Trustee, as applicable.

 

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“Nonrecoverable
Workout-Delayed Reimbursement Amounts”: Any Workout-Delayed Reimbursement Amounts when the Person making such determination
in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I Advances, as applicable,
and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement
Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage
Loan, Serviced Whole Loan or REO Loan (or applicable portion thereof) or (b) has determined that such Workout-Delayed Reimbursement
Amounts would not ultimately be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances,
out of the principal portion of future collections on all of the Mortgage Loans and REO Properties and from general principal collections
in the Collection Account.

 

“Non-Vertically
Retained Percentage”: The difference between 100% and the VRR Percentage.

 

“Non-Vertically
Retained Available Funds”: For any Distribution Date, the product of (i) the Non-Vertically Retained Percentage, multiplied
by (ii) the Available Funds for such Distribution Date.

 

“Non-Vertically
Retained Principal Balance Certificates”: The Principal Balance Certificates (other than the VRR Interest).

 

“Non-Vertically
Retained Regular Certificates”: The Regular Certificates (other than the VRR Interest).

 

“Notice of Termination”:
Any of the notices given to the Trustee, the Certificate Administrator and the Master Servicer by the Certificateholder owning
a majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section
9.01(c) of this Agreement.

 

“Notional Amount”:
As of any date of determination: (i) with respect to each Class of the Class X-A, Class X-B and Class X-D Certificates as a Class,
the related Class X Notional Amount as of such date of determination and (ii) with respect to any Class X Certificate, the product
of the Percentage Interest evidenced by such Certificate and the related Class X Notional Amount as of such date of determination.

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

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

 

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keep such information confidential, except to the extent such information has been made available to
the general public.

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer, Special Servicer, Additional Servicer, Operating Advisor or Asset Representations
Reviewer customarily performing functions similar to those performed by any of the above designated officers, any Servicing Officer
and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject, or an authorized officer of the Depositor, and delivered to the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as the case may be.

 

“Operating Advisor”:
Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any successor Operating
Advisor appointed as herein provided.

 

“Operating Advisor
Annual Report”: As defined in Section 3.31(c) of this Agreement.

 

“Operating Advisor
Consultation Event”: The event that occurs when the aggregate outstanding Certificate Balance of the HRR Interest (as
notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to the HRR Interest) is 25% or less of the initial
aggregate Certificate Balance of the HRR Interest. Furthermore, with respect to Excluded Loans, an Operating Advisor Consultation
Event shall be deemed to exist.

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to $10,000
with respect to any Serviced Mortgage Loan or Serviced Whole Loan or such lesser amount as the related Borrower agrees to pay,
payable pursuant to Section 3.06 of this Agreement; provided, no such fee shall be payable unless paid by the related
Borrower. The Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major
Decision. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting
Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with the Servicing Standard;
provided, that the Master Servicer or the Special Servicer, as applicable, shall consult on a non-binding basis with the
Operating Advisor prior to any such waiver or reduction. No Operating Advisor Consulting Fee shall be payable with respect to any
Subordinate Companion Loan, any Non-Serviced Whole Loan or any Servicing Shift Whole Loan.

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan and each REO Mortgage Loan and any Distribution Date, an amount for the related
Interest Accrual Period equal to the product of (i) the applicable Operating Advisor Fee Rate and (ii) the Stated Principal Balance
of such Mortgage Loan or REO Mortgage Loan immediately prior to such Distribution Date, calculated on the same interest accrual
basis as the related Mortgage Loan or REO Mortgage Loan and prorated for any partial periods. Such fee shall be in addition to,
and not in

 

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lieu of, any other fee or other sum payable to the Operating Advisor under this Agreement. The Operating Advisor Fee
shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
the Operating Advisor Fee with respect to each Mortgage Loan or REO Mortgage Loan shall be deemed payable from the Lower-Tier REMIC.
For the avoidance of doubt, no Operating Advisor Fee shall accrue on the principal balance of, or be payable with respect to, any
Companion Loan or REO Companion Loan. No Operating Advisor Fee shall accrue following the termination of the Operating Advisor
pursuant to Section 7.07(e).

 

“Operating Advisor
Fee Rate”: With respect to each Mortgage Loan (including each REO Mortgage Loan) for any Interest Accrual Period, a per
annum rate equal to 0.00173% with respect to all Mortgage Loans. At any time that there is no Operating Advisor hereunder,
the applicable per annum rate shall be 0.0%.

 

“Operating Advisor
Standard”: As defined in Section 3.31(b) of this Agreement.

 

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

 

“Operating Advisor
Termination Event”: As defined in Section 7.07(a) of this Agreement.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of either Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions on
any income or property of either Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition
of “Independent Contractor”) or (c) a resignation of the Master Servicer or the Special Servicer pursuant to
Section 6.04(b) of this Agreement, must be an opinion of counsel who is Independent of the Depositor, the Master Servicer
and the Special Servicer.

 

“Originator”:
Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator
of such Mortgage Loan.

 

“Other 17g-5
Information Provider”: The applicable other “17g-5 information provider” under an Other PSA relating to a
Serviced Companion Loan. The Depositor shall inform the other parties hereto of the name and contact information for any Other
17g-5 Information Provider existing as of the Closing Date. The name and contact information of any such Other 17g-5 Information
Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall be entitled to conclusively
rely upon the information set forth on Schedule VIII until such party receives notice of any change thereto.

 

“Other Asset
Representations Reviewer”: The applicable other “asset representations reviewer” under an Other PSA relating
to a Serviced Companion Loan.

 

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“Other Depositor”:
The applicable other “depositor” under an Other PSA relating to a Serviced Companion Loan.

 

“Other Indemnified
Parties”: As defined in Section 1.04 of this Agreement.

 

“Other Operating
Advisor”: The applicable other “operating advisor” or “trust advisor” under an Other PSA relating
to a Serviced Companion Loan.

 

“Other PSA”:
Any pooling and servicing agreement or other comparable agreement governing the securitization of a Serviced Companion Loan.

 

“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds a Serviced
Companion Loan or a successor REO Companion Loan with respect thereto, as identified in writing to the parties to this Agreement.

 

“Other Servicer”:
The applicable other “master servicer” under an Other PSA relating to a Serviced Companion Loan.

 

“Other Special
Servicer”: The applicable other “special servicer” under an Other PSA relating to a Serviced Companion Loan.

 

“Other Trustee”:
The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable,
the other “custodian” under an Other PSA relating to a Serviced Companion Loan.

 

“Ownership Interest”:
Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”:
As to any Mortgage Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.
Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred
to and without duplication, payment or reimbursement of interest thereon at the Reimbursement Rate. Neither the Master Servicer
nor the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts due on any Companion Loan.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the Determination Date for such Distribution Date (or, in
the case of a Non-Serviced Mortgage Loan or related REO Mortgage Loan, the later of the related Determination Date or the applicable
remittance date to the Trust for such Mortgage Loan or REO Mortgage Loan in the month of such Distribution Date).

 

“Pari Passu
Companion Loan”: A Companion Loan that, pursuant to the related Loan Documents and/or the related Co-Lender Agreement,
is pari passu in right of payment to the related Split Mortgage Loan. The only Pari Passu Companion Loans related to the
Trust as of the Closing Date are evidenced by the Mortgage Notes identified under the heading “Pari Passu Companion Loan(s)”
in the “Whole Loans” chart in the Preliminary Statement, each of which Mortgage Notes evidences a separate Pari Passu
Companion Loan.

 

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“Park Central
Tower Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as
Park Central Tower.

 

“Park Central
Tower Whole Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Park
Central Tower.

 

“Parklawn Building
Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Parklawn
Building.

 

“Parklawn Building
Whole Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Parklawn Building.

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates set forth below, the following rates:

 

	
        Class
	
        Pass-Through
Rate

	 	 
	Class A-1	Class A-1 Pass-Through Rate
	Class A-SB	Class A-SB Pass-Through Rate
	Class A-2	Class A-2 Pass-Through Rate
	Class A-3	Class A-3 Pass-Through Rate
	Class A-4	Class A-4 Pass-Through Rate
	Class X-A	Class X-A Pass-Through Rate
	Class X-B	Class X-B Pass-Through Rate
	Class X-D	Class X-D Pass-Through Rate
	Class A-S	Class A-S Pass-Through Rate
	Class B	Class B Pass-Through Rate
	Class C	Class C Pass-Through Rate
	Class D	Class D Pass-Through Rate
	Class E	Class E Pass-Through Rate
	Class F-RR	Class F-RR Pass-Through Rate
	Class G-RR	Class G-RR Pass-Through Rate
	Class H-RR	Class H-RR Pass-Through Rate
	Class J-RR	Class J-RR Pass-Through Rate
	 	 

 

With respect to any Lower-Tier Regular Interest for any Distribution
Date, the WAC Rate for such Distribution Date.

 

“Paying Agent”:
The paying agent appointed pursuant to Section 5.04 of this Agreement.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan or Serviced Companion Loan (or successor REO Loan), any amounts collected thereon from the Borrower
that represent

 

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default charges, penalty charges, late fees and/or Default Interest, and excluding any Yield Maintenance Charge,
Prepayment Premium or Excess Interest.

 

“Percentage
Allocation Entitlement”: (a) with respect to the VRR Interest, the VRR Percentage; and (b) with respect to the Non-Vertically
Retained Regular Certificates, the Non-Vertically Retained Percentage.

 

“Percentage
Interest”: As to any Certificate (except any Class R Certificate), the initial Denomination as of the Closing Date divided
by the initial Certificate Balance or Notional Amount, as applicable, of the related Class of Certificates. With respect to any
Class R Certificate, the percentage interest is set forth on the face thereof.

 

“Performance
Certification”: As defined in Section 10.08 of this Agreement.

 

“Performing
Loan”: A Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced
Loan or REO Loan.

 

“Performing
Party”: As defined in Section 10.14 of this Agreement.

 

“Periodic Payment”:
With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the scheduled monthly
payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding any constant
Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related Mortgage Note.
The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the related Due
Date had the related Mortgage Note not been discharged, determined as set forth in the preceding sentence and on the assumption
that all other amounts, if any, due thereunder are paid when due.

 

“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a scheduled maturity on or before the Business
Day preceding the date upon which such funds are required to be drawn, regardless of whether issued by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and having at
all times the required ratings, if any, provided for in this definition, unless each Rating Agency and Serviced Companion Loan
Rating Agency shall have provided a Rating Agency Confirmation or Serviced Companion Loan Rating Agency Confirmation, as applicable,
relating to the Certificates and Serviced Companion Loan Securities:

 

(A)       direct
obligations of, or obligations fully guaranteed as to timely payment of principal and interest by, the U.S. Treasury; U.S. Department
of Housing and Urban Development public housing agency bonds; Federal Housing Administration debentures; Government National Mortgage
Association (GNMA) guaranteed mortgage-backed securities or participation certificates; Resolution Funding Corp. debt obligations;
and Small Business Administration-guaranteed participation certificates and guaranteed pool certificates;

 

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(B)        repurchase
agreements on obligations specified in clause (A) of this definition, with a party agreeing to repurchase such obligations:
(a) in the case of such investments with maturities of 30 days or less, (1) the short term obligations of which are rated at least
“F1” by Fitch or the long term obligations of which are rated at least “A” by Fitch and (2) the short term
obligations of which are rated at least “A-1” by S&P; (b) in the case of such investments with maturities of three
months or less, but more than 30 days, (1) the short term obligations of which are rated at least “F1+” by Fitch or
the long term obligations of which are rated at least “AA-” by Fitch and (2) (x) if it has a term of 60 days or less,
but more than thirty (30) days, the short term obligations of which are rated at least “A-1” by S&P and (y) if
it has a term of three months or less, but more than 60 days, the short term obligations of which are rated at least “A-1+”
by S&P (or at least “A-1” by S&P if the long term obligations of which are rated at least “AA-”
by S&P); (c) in the case of such investments with maturities of six months or less, but more than three months, (1) the short
term obligations of which are rated at least “F1+” by Fitch or the long term obligations of which are rated at least
“AA-” by Fitch and (2) the short term obligations of which are rated at least “A-1+” by S&P (or at
least “A-1” by S&P if the long term obligations of which are rated at least “AA-” by S&P); (d)
in the case of such investments with maturities of more than six months, (1) the short term obligations of which are rated at least
“F1+” by Fitch or the long term obligations of which are rated at least “AA-” by Fitch and (2) the short
term obligations of which are rated at least “A-1+” by S&P (or at least “A-1” by S&P if the long
term obligations of which are rated at least “AA-” by S&P); and (e) the obligations of which satisfy the Applicable
Moody’s Permitted Investment Rating (or, in the case of any such Rating Agency or Serviced Companion Loan Rating Agency as
set forth in subclauses (a) through (e) above, such lower rating as is the subject of a Rating Agency Confirmation
or Serviced Companion Loan Rating Agency Confirmation, as applicable, by such Rating Agency or Serviced Companion Loan Rating Agency
relating to the Certificates and any Serviced Companion Loan Securities);

 

(C)       federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any bank
or trust company organized under the laws of the United States or any state thereof: (a) in the case of such investments with maturities
of 30 days or less, (1) the short term obligations of which are rated at least “F1” by Fitch or the long term obligations
of which are rated at least “A” by Fitch and (2) the short term obligations of which are rated at least “A-1”
by S&P; (b) in the case of such investments with maturities of three months or less, but more than 30 days, (1) the short term
obligations of which are rated at least “F1+” by Fitch or the long term obligations of which are rated at least “AA-”
by Fitch and (2) (x) if it has a term of 60 days or less, but more than thirty (30) days, the short term obligations of which are
rated at least “A-1” by S&P and (y) if it has a term of three months or less, but more than 60 days, the short
term obligations of which are rated at least “A-1+” by S&P (or at least “A-1” by S&P if the long
term obligations of which are rated at least “AA-” by S&P); (c) in the case of such investments with maturities
of six months or less, but more than three months, (1) the short term obligations of

 

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which are rated at least “F1+”
by Fitch or the long term obligations of which are rated at least “AA-” by Fitch and (2) the short term obligations
of which are rated at least “A-1+” by S&P (or at least “A-1” by S&P if the long term obligations
of which are rated at least “AA-” by S&P); (d) in the case of such investments with maturities of more than six
months, (1) the short term obligations of which are rated at least “F1+” by Fitch or the long term obligations of which
are rated at least “AA-” by Fitch and (2) the short term obligations of which are rated at least “A-1+”
by S&P (or at least “A-1” by S&P if the long term obligations of which are rated at least “AA-”
by S&P); and (e) the obligations of which satisfy the Applicable Moody’s Permitted Investment Rating (or, in the case
of any such Rating Agency or Serviced Companion Loan Rating Agency as set forth in subclauses (a) through (e) above,
such lower rating as is the subject of a Rating Agency Confirmation or Serviced Companion Loan Rating Agency Confirmation, as applicable,
by such Rating Agency or Serviced Companion Loan Rating Agency relating to the Certificates and any Serviced Companion Loan Securities);

 

(D)       commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so
incorporated, provided that the commercial paper is United States Dollar denominated and amounts payable thereunder
are not subject to any withholding imposed by any non-United States jurisdiction): (a) in the case of such investments with
maturities of 30 days or less, (1) the short term obligations of which are rated at least “F1” by Fitch or the
long term obligations of which are rated at least “A” by Fitch, (2) the short term obligations of which are rated
at least “A-1” by S&P and (3) the short-term obligations of which are rated at least “K3” by KBRA
or the long-term obligations of which are rated at least “BBB-” by KBRA (or, if not rated by KBRA, an equivalent
(or higher) rating by any two other NRSROs (which
may include S&P and Fitch)); (b) in the case of such investments with maturities of three months or less, but more than 30
days, (1) the short term obligations of which are rated at least “F1+” by Fitch or the long term obligations of which
are rated at least “AA-” by Fitch, (2) (x) if it has a term of 60 days or less, but more than thirty (30) days, the
short term obligations of which are rated at least “A-1” by S&P and (y) if it has a term of three months or less,
but more than 60 days, the short term obligations of which are rated at least “A-1+” by S&P (or at least “A-1”
by S&P if the long term obligations of which are rated at least “AA-” by S&P), and (3) the short-term obligations
of which are rated at least “K3” by KBRA or the long-term obligations of which are rated at least “BBB-”
by KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include S&P and Fitch));
(c) in the case of such investments with maturities of six months or less, but more than three months, (1) the short term obligations
of which are rated at least “F1+” by Fitch or the long term obligations of which are rated at least “AA-”
by Fitch, (2) the short term obligations of which are rated at least “A-1+” by S&P (or at least “A-1”
by S&P if the long term obligations of which are rated at least “AA-” by S&P), and (3) the short-term obligations
of which are rated at least “K1” by KBRA or the long-term obligations of which are rated at least “A-”
by KBRA (or, if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs

 

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(which may include S&P and Fitch));
(d) in the case of such investments with maturities of more than six months, (1) the short term obligations of which are rated
at least “F1+” by Fitch or the long term obligations of which are rated at least “AA-” by Fitch, (2) the
short term obligations of which are rated at least “A-1+” by S&P (or at least “A-1” by S&P if the
long term obligations of which are rated at least “AA-” by S&P), and (3) the short-term obligations of which are
rated at least “K1” by KBRA or the long-term obligations of which are rated at least “A-” by KBRA (or,
if not rated by KBRA, an equivalent (or higher) rating by any two other NRSROs (which may include S&P and Fitch)); and (e)
the obligations of which satisfy the Applicable Moody’s Permitted Investment Rating (or, in the case of any such Rating Agency
or Serviced Companion Loan Rating Agency as set forth in subclauses (a) through (e) above, such lower rating as is
the subject of a Rating Agency Confirmation or Serviced Companion Loan Rating Agency Confirmation, as applicable, by such Rating
Agency or Serviced Companion Loan Rating Agency relating to the Certificates and any Serviced Companion Loan Securities);

 

(E)       (a)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, U.S. Bank Long Term Eurodollar Sweep or the Wells
Fargo Money Market Funds) so long as any such fund is (1) rated “AAAm” by S&P, (2) rated in the highest short term
unsecured debt ratings category by Fitch, (3) rated in the highest short term unsecured debt ratings category by KBRA (or, if not
rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any of the Rating Agencies)) and
(4) rated at least “Aaa-mf” by Moody’s (or, in the case of any such Rating Agency or Serviced Companion Loan
Rating Agency as set forth in subclauses (1) through (4) above, otherwise acceptable to such Rating Agency or Serviced
Companion Loan Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation or Serviced Companion Loan Rating
Agency Confirmation, as applicable, relating to the Certificates and any Serviced Companion Loan Securities), or (b) units of money
market funds that (1) have substantially all of its assets invested continuously in the types of investments referred to in clause
(A) above, (2) has net assets of not less than $5,000,000,000, (3) seek to maintain a constant net asset value per share, (4)
has a rating of “AAAm” by S&P and has the highest rating obtainable for money market funds from Fitch and (5) are
rated at least “Aaa-mf” by Moody’s;

 

(F)       an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (B) – (E) above, and is the subject of a Rating Agency Confirmation or Serviced
Companion Loan Rating Agency Confirmation, as applicable, relating to the Certificates and any Serviced Companion Loan Securities
from each Rating Agency or Serviced Companion Loan Rating Agency for which the minimum rating(s) set forth in the applicable clause
is not satisfied with respect to such obligation or security; or

 

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(G)       any
other obligation or security other than one listed in clauses (A) – (E) above, that is the subject of a Rating
Agency Confirmation or Serviced Companion Loan Rating Agency Confirmation, as applicable, relating to the Certificates and any
Serviced Companion Loan Securities from each and every Rating Agency and Serviced Companion Loan Rating Agency;

 

provided that each investment described
hereunder shall not (A) evidence either the right to receive (1) only interest with respect to such investment or (2) a yield to
maturity greater than 120% of the yield to maturity at par of the underlying obligations, (B) be purchased at a price greater than
par, (C) be sold prior to stated maturity if such sale would result in a loss of principal on the instrument or a tax on “prohibited
transactions” under Section 860F of the Code or (D) have an “r” highlighter or other comparable qualifier attached
to its rating; and provided, further, that each investment described hereunder must have (W) an unqualified rating
(i.e., one with no qualifying suffix), with the exception of ratings with regulatory indicators, such as the “(sf)”
subscript, and unsolicited ratings, (X) a predetermined fixed amount of principal due at maturity (that cannot vary or change),
(Y) an original maturity of not more than 365 days and a remaining maturity of not more than thirty (30) days and (Z) except in
the case of a Permitted Investment described in clause (E) of this definition, a fixed interest rate or an interest rate
that is tied to a single interest rate index plus a single fixed spread and moves proportionately with that index; and provided,
further, that each investment described hereunder must be a “cash flow investment” (within the meaning of the
REMIC Provisions).

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, property condition report
fees, customary title agent fees and insurance commissions or fees and appraisal fees received or retained by the Special Servicer
or any of its Affiliates in connection with any services performed by such party with respect to any Serviced Mortgage Loan, Serviced
Whole Loan or REO Property, in each case, in accordance with Article III of this Agreement.

 

“Permitted Transferee”:
With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer, other than (a) a Disqualified
Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided
at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in
any Class R Certificate to such Person will not cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding, (c) a Person that is a Disqualified Non-U.S. Tax Person, (d) a Plan or any Person investing the assets of a Plan,
(e) an entity treated as a domestic partnership for U.S. federal income tax purposes, one or more of the direct or indirect beneficial
owners (other than through a U.S. corporation) of which is (or is permitted under the applicable partnership agreement to be) a
Disqualified Non-U.S. Tax Person or (f) a U.S. Tax Person with respect to whom income on the Class R Certificate is attributable
to a fixed base or foreign permanent establishment, within the meaning of an applicable income tax treaty, of such transferee or
any other U.S. Tax Person.

 

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

 

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“Plan”:
As defined in Section 5.02(k) of this Agreement.

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.04(l)(i).

 

“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to any Serviced Mortgage
Loan or Serviced Companion Loan that was subject to a Principal Prepayment in full or in part, or as to which Insurance Proceeds,
Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application
to such Serviced Mortgage Loan or Serviced Companion Loan, in each case after the Due Date in the month in which such Distribution
Date occurs and on or prior to the related Determination Date, the amount of interest accrued at the Net Mortgage Rate for such
Mortgage Loan or Serviced Companion Loan, on the amount of such Principal Prepayment or the principal portion of such Insurance
Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, from such Due Date to, but not including, the date of prepayment
(or any later date through which interest accrues thereon) and accruing in the manner set forth in the related Loan Documents,
to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard to any Prepayment Premium,
Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Serviced Mortgage Loan or Serviced Companion Loan
that was subject to a Principal Prepayment in full or in part and which did not include a full month’s interest, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or
Special Servicer for application to such Serviced Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding the calendar month in which such Distribution Date occurs and prior to the Due Date in the
related Collection Period, the amount of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced
Companion Loan on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during
the period commencing on the date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation
Proceeds, as applicable, were applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending
on (and including) the day immediately preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge
or Excess Interest actually collected).

 

“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing Date”:
December 9, 2019.

 

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“Primary Servicing
Fee Rate”: (A) With respect to each Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage
Loans), the sum of the per annum rates set forth on Exhibit B to this Agreement under the columns labeled “Primary
Servicing Fee Rate” and “Sub Servicer Fee Rate” and (B) with respect to a Servicing Shift Whole Loan, prior to
such Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B to this Agreement
under the columns labeled “Primary Servicing Fee Rate” and “Sub Servicer Fee Rate”. With respect to Non-Serviced
Mortgage Loans, except as provided for on Exhibit B to this Agreement, no Primary Servicing Fee Rate will be charged by
the Master Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate is charged by the applicable Other Servicer
pursuant to the related Non-Serviced PSA. For the avoidance of doubt, the Primary Servicing Fee Rate includes any fee rate payable
to a Mortgage Loan Seller Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, New York
Edition (or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate
Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer
exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect
from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special Servicer with regard
to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal Balance
Certificates”: The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates and the VRR Interest, collectively.

 

“Principal Distribution
Amount”: For any Distribution Date, an amount equal to the sum of (a) the Non-Vertically Retained Percentage of the Aggregate
Principal Distribution Amount for such Distribution Date plus (b) the Principal Shortfall Amount for such Distribution Date.

 

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

 

“Principal Shortfall
Amount”: For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding
Distribution Date exceeds (ii) the aggregate amount actually distributed to Holders of the Non-Vertically Retained Principal Balance
Certificates on the preceding Distribution Date in respect of such Principal Distribution Amount.

 

“Private Certificate”:
Each of the Class X-D, Class D, Class E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest.

 

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“Private Global
Certificate”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates with respect to the Private
Certificates if and so long as such class of Certificates is registered in the name of a nominee of the Depository.

 

“Private Placement
Memorandum”: The Private Placement Memorandum, dated December 9, 2019, pursuant to which the Private Certificates were
or will be offered for sale.

 

“Privileged
Information”: (i) Any correspondence or other communications between a Directing Holder or the Risk Retention Consultation
Party and the Special Servicer related to any Specially Serviced Loan (other than with respect to an Excluded Loan unless the Special
Servicer is the related Excluded Special Servicer) or the exercise of the consent or consultation rights, as applicable, of the
Directing Holder or the Risk Retention Consultation Party under this Agreement or any related Co-Lender Agreement, (ii) any strategically
sensitive information that the Special Servicer has reasonably determined (and has labeled, identified or otherwise communicated
as privileged or confidential information) could compromise the Trust Fund’s position in any ongoing or future negotiations
with the related Borrower or other interested party, (iii) information subject to attorney-client privilege (that has been labeled,
identified or otherwise communicated as being subject to such privilege) and (iv) any Asset Status Report or Final Asset Status
Report.

 

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

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Controlling Class Representative
(but only prior to the occurrence of a Consultation Termination Event), the Operating Advisor, any Affiliate of the Operating Advisor
designated by the Operating Advisor, the Asset Representations Reviewer, any Companion Loan Noteholder who provides an Investor
Certification, any Person (including the Controlling Class Representative and the Risk Retention Consultation Party) that provides
the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides the Certificate
Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted electronically;
provided, however, that in no event may a Borrower Party (other than a Borrower Party that is the Special Servicer)
be entitled to receive (i) if such party is an Excluded Controlling Class Holder, any Excluded Information via the Certificate
Administrator’s Website (unless a loan-by-loan segregation is

 

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later performed by the Certificate Administrator, in which
case such access will only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party
is not an Excluded Controlling Class Holder, any information other than the Distribution Date Statement. Notwithstanding the foregoing,
(A) if the Special Servicer obtains knowledge that it is a Borrower Party, the Special Servicer may nevertheless be a Privileged
Person, provided that the Special Servicer will not directly or indirectly provide any information related to any Excluded
Special Servicer Loan (which may include any asset status reports, Final Asset Status Reports (or summaries thereof), and such
other information as may be specified in this Agreement pertaining to such Excluded Special Servicer Loan) to the related Borrower
Party, any of the Special Servicer’s employees or personnel or any of its Affiliates involved in the management of any investment
in the related Borrower Party or the related Mortgaged Property or, to its actual knowledge, any non-affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, and will maintain sufficient internal controls and appropriate policies
and procedures in place in order to comply with those obligations, and (B) any Excluded Controlling Class Holder will be permitted
to reasonably request and obtain, in accordance with the terms of this Agreement, any Excluded Information relating to any Excluded
Controlling Class Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information
is not otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website on account
of it constituting Excluded Information) from the Master Servicer or the Special Servicer, as the case may be. Notwithstanding
any provision to the contrary in this Agreement, neither the Master Servicer nor the Certificate Administrator will have any obligation
to restrict access by the Special Servicer or any Excluded Special Servicer to any information related to any Excluded Special
Servicer Loan. The Master Servicer shall not restrict access by the Special Servicer to any information related to any Mortgage
Loan, and the Certificate Administrator shall not restrict access by the Special Servicer to any information related to any Mortgage
Loan including any Excluded Special Servicer Loan.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Property Protection
Expenses”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, any costs
and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a), Section
3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), Section 3.16(c) or
Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of
the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions
of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“Proposed Course
of Action Notice”: As defined in Section 2.04(l)(i).

 

“Prospectus”:
The Depositor’s Prospectus dated December 9, 2019, relating to the offering of the Publicly Offered Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

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“Publicly Offered
Certificates”: Each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class
B and Class C Certificates.

 

“Publicly Offered
Global Certificates”: Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly Offered
Certificates is registered in the name of the Depository.

 

“Purchase Price”:
With respect to (i) any Mortgage Loan (including an REO Mortgage Loan) to be repurchased or purchased or substituted for, as applicable,
pursuant to Section 2.04 or Section 9.01 of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO
Loan to be sold pursuant to Section 3.16 of this Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan
to be sold by the Special Servicer in accordance with Section 3.16(b) of this Agreement, an amount, calculated by the Special
Servicer, equal to:

 

(a)           the
outstanding principal balance of such Mortgage Loan, Specially Serviced Loan, Serviced REO Loan or Defaulted Loan, as applicable,
as of the date of purchase, repurchase, substitution or sale; plus

 

(b)           all
accrued and unpaid interest on such Mortgage Loan, Specially Serviced Loan, Serviced REO Loan or Defaulted Loan, as applicable,
at the related Mortgage Rate in effect from time to time to but not including the Due Date immediately preceding or coinciding
with the first Determination Date coinciding with or following the date of purchase, repurchase, substitution or sale, but excluding
any Default Interest or Excess Interest; plus

 

(c)           all
related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all
Special Servicing Fees and Workout Fees allocable to such Mortgage Loan, Specially Serviced Loan, Serviced REO Loan or Defaulted
Loan, as applicable (and, in the case of a Non-Serviced Mortgage Loan, unpaid fees payable to the applicable servicer, Non-Serviced
Master Servicer, the Non-Serviced Special Servicer or the Non-Serviced Trustee allocable to such Mortgage Loan); plus

 

(d)           any
Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan, Specially Serviced Loan,
Serviced REO Loan or Defaulted Loan, as applicable; plus

 

(e)           all
Additional Trust Fund Expenses allocable to such Mortgage Loan, Specially Serviced Loan, Serviced REO Loan or Defaulted Loan, as
applicable; plus

 

(f)            if
such Mortgage Loan is being purchased or substituted by a Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement,
to the extent not otherwise included in the amount described in clause (c) of this definition, any unpaid Asset Representations
Reviewer Asset Review Fee related to such Mortgage Loan and all reasonable out-of-pocket expenses reasonably incurred or to be
incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect
of the Breach or Defect giving rise to the repurchase or substitution obligation, including any such expenses arising out of the
enforcement of the repurchase

 

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or substitution obligation, including, without duplication, any such expenses previously reimbursed
from the Collection Account or the applicable Serviced Whole Loan Custodial Account, as applicable, plus accrued and unpaid interest
thereon at the Reimbursement Rate, to the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator,
the Asset Representations Reviewer or the Trustee; provided, however, that such out-of-pocket expenses shall not
include expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking part
in an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable, rights under
the dispute resolution mechanics pursuant to Section 2.04(l)(i) hereof.

 

For purposes of this Agreement,
(i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by the related Mortgage Loan Seller
shall be the purchase price paid by the related Mortgage Loan Seller under the related Other PSA or the applicable servicing agreement
and (ii) with respect to a sale of an REO Property securing a Serviced Whole Loan, the term Mortgage Loan or REO Loan shall be
construed to include any related Companion Loans.

 

“Qualified Affiliate”:
Any Person (a) that is organized and doing business under the laws of any state of the United States or the District of Columbia,
(b) that is in the business of performing the duties of a servicer of mortgage loans (or, in the case of the Operating Advisor,
that is in the business of performing the duties of an operating advisor), and (c) as to which 50% or greater of its outstanding
voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer, the Special Servicer or the
Operating Advisor, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the
Master Servicer, the Special Servicer or the Operating Advisor, as applicable.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:
As used in Section 3.08 of this Agreement,

 

(i)             in
the case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified
to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) at least “A-“
by S&P (or, if not rated by S&P, an equivalent rating by (x) at least two NRSROs (which may include Moody’s, Morningstar
and/or Fitch) or (y) one NRSRO (which may include Moody’s, Morningstar and/or Fitch) and A.M. Best), and (b) at least “A-”
by Fitch (or, if not rated by Fitch, an equivalent (or higher) rating by (x) at least two NRSROs (which may include S&P, Morningstar
and/or Moody’s) or (y) one NRSRO (which may include S&P, Morningstar and/or Moody’s) and AM Best); and

 

(ii)           in
the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d)
of this Agreement, a company that shall have a claim paying ability rated at least equal to any one of the following: (1) “A-”
or better by S&P, (2) “A3” or better by Moody’s, (3) “A-“ or better by Fitch, (4) “A (low)”
or better by DBRS or (5) “A-:X” or better by A.M. Best,

 

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or, in the
case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related
Serviced Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion
Loan Securities (subject to the foregoing exceptions).

 

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

 

“Qualified Replacement
Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements applicable to
special servicers in Section 6.02 and Section 6.04 of this Agreement, (ii) is not the Operating Advisor, the Asset
Representations Reviewer or an Affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated
to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this
Agreement, or (y) for the appointment of the successor special servicer or the recommendation by the Operating Advisor for the
replacement special servicer to become the Special Servicer, (iv) is not entitled to receive any compensation from the Operating
Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation that such
party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its
appointment as successor special servicer, in each case, unless expressly approved by 100% of the Certificateholders, (vi) is included
on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (vii) is not a special servicer that has
been cited by KBRA as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of
the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in
a transaction serviced by the applicable servicer prior to the time of determination and (viii) currently has a special servicer
rating of at least “CSS3” from Fitch.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to a Mortgage Loan that is part of a Whole Loan,
for which no substitution shall be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect
exists that must, on the date of substitution: (i) have an outstanding Stated Principal Balance, after application of all scheduled
payments of principal and/or interest due during or prior to the month of substitution, whether or not received, not in excess
of the Stated Principal Balance of the Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution
occurs; (ii) have a fixed Mortgage Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard
to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace
period no longer than that of the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for
example, on the basis of a 360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not
greater than, and not more than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi)
have a then current loan to value ratio equal to or less than the lesser of (A) the loan to value ratio for the Removed Mortgage
Loan as of the Closing Date and (B) 75%, in each case using the value for the Mortgaged Property as determined using an Appraisal
prepared in accordance with the requirements of the FIRREA; (vii) comply (except in a manner that would

 

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not be adverse to the interests
of the Certificateholders) as of the date of substitution in all material respects with all of the representations and warranties
set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report that indicates no material adverse
environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part of the related Mortgage
File; (ix) have a then current Debt Service Coverage Ratio at least equal to the greater of (A) the original Debt Service Coverage
Ratio of the Removed Mortgage Loan as of the Closing Date and (B) 1.25x; (x) be determined by an Opinion of Counsel (at the applicable
Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within the meaning of Section 860G(a)(4)
of the Code; (xi) not have a Maturity Date or an amortization period that extends to a date that is after the date that is two
years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions to those of the Replaced Mortgage
Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator and the Trustee have received
a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such Rating Agency Confirmation to
be paid by the applicable Mortgage Loan Seller; (xiv) have been approved, so long as no Control Termination Event has occurred
and is not continuing and the Removed Mortgage Loan is not an Excluded Loan, by the Controlling Class Representative; (xv) prohibit
defeasance within two years after the Closing Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in
the termination of the REMIC status of either Trust REMIC or the imposition of tax on either Trust REMIC or the Trust other than
a tax on income expressly permitted or contemplated to be received by the terms of this Agreement, as determined by an Opinion
of Counsel; (xvii) have an engineering report that indicates no material adverse property condition or deferred maintenance with
respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be current
in the payment of all scheduled payments of principal and interest then due. In the event that one or more mortgage loans are substituted
for one or more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis of aggregate
Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements
specified in clauses (ii) through (xviii) above, except the rates referred to in clause (ii) above and the
remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided
that no individual Mortgage Rate (net of the Administrative Cost Rate) shall be lower than the highest Pass-Through Rate (that
is a fixed rate not subject to a cap equal to the WAC Rate) of any Class of Principal Balance Certificates having an outstanding
Certificate Balance. When a Qualified Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage
Loan Seller shall certify that the Mortgage Loan meets all of the requirements of the above definition and shall send such certification
to the Certificate Administrator, the Trustee and, prior to the occurrence of a Consultation Termination Event has occurred, the
Controlling Class Representative.

 

“RAC No-Response
Scenario”: As defined in Section 3.30(a).

 

“Rated Final
Distribution Date”: The Distribution Date in January 2053. The Class J-RR and Class R Certificates and the VRR Interest
will not have a Rated Final Distribution Date.

 

“Rating Agency”:
Any of Fitch, S&P or KBRA; provided, that with respect to any matter affecting a Non-Serviced Mortgage Loan or any Serviced
Whole Loan, “Rating

 

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Agency” shall also refer to any rating agency engaged to rate the Serviced Companion Loan Securities
related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable
Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,
withdrawal or qualification of the then current rating assigned to any Class of Certificates if then rated by the Rating Agency;
provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision not to review the
matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation
from such Rating Agency with respect to such matter. At any time during which no Certificates are rated by a Rating Agency, no
Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter affecting any Serviced Pari Passu
Companion Loan, any Rating Agency Confirmation shall also refer to the nationally recognized statistical rating organizations then
rating the securities representing an interest in such loan and such rating organizations’ respective ratings of such securities.

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.

 

“Real Property”:
Land or improvements thereon such as buildings or other inherently permanent structures thereon (including items that are structural
components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized Losses”:
(a) With respect to any Distribution Date and the Non-Vertically Retained Principal Balance Certificates, the amount, if any, by
which (i) the aggregate Certificate Balance of the Non-Vertically Retained Principal Balance Certificates, after giving effect
to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the Non-Vertically Retained Percentage
and (B) the aggregate Stated Principal Balance of the Mortgage Loans (including any REO Mortgage Loans) expected to be outstanding
immediately following such Distribution Date (and, for purposes of this calculation only, such aggregate Stated Principal Balance
will not be reduced by the amount of principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer,
the Special Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement
Amounts, to the extent such Workout-Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances);
and (b) with respect to any Distribution Date and the VRR Interest, the amount, if any, by which (i) the product of (A) the VRR
Percentage and (B) the aggregate Stated Principal Balance (for purposes of this calculation, the aggregate Stated Principal Balance
will not be reduced by the amount of principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer,
the Special Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement
Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans, including
any REO Mortgage Loans, expected to be outstanding immediately following that Distribution Date, is less than (ii) the then aggregate
Certificate Balance of the VRR Interest after giving effect to distributions of principal on that Distribution Date..

 

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“Reassignment
of Assignment of Leases, Rents and Profits”: As defined in clause (v) of the definition of “Mortgage File”
of this Agreement.

 

“Record Date”:
With respect to each Distribution Date, the last Business Day of the calendar month immediately preceding the month in which such
Distribution Date occurs.

 

“Regular Certificates”:
The Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class
D, Class E, Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates and the VRR Interest.

 

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

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class X-D, Class D and Class E Certificates issued as such on the Closing Date.

 

“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.21(f) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate,
compounded annually. Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance
is made or the related expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received
on the Mortgage Loan as to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance
Date after a determination of non-recoverability, as the case may be, is made, provided that such interest at the Reimbursement
Rate will continue to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance;
and provided, further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan
until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment
is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

“Relevant Distribution
Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any “significant
obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization holding a Serviced
Companion Loan, the “Distribution Date” (or analogous concept) under the related Other PSA.

 

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“Relevant Servicing
Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement). For clarification
purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing
Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing Function Participant engaged by the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria”
refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing Function Participant
based on the functions it has been engaged to perform.

 

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

 

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

 

“Removed Mortgage
Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which one or more
Qualified Substitute Mortgage Loans are substituted.

 

“Rents from
Real Property”: With respect to any Serviced REO Property, gross income of the character described in Section 856(d)
of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)          except
as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with
respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income or profits
derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise
constitutes Rents from Real Property);

 

(b)          any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5)
of the Code;

 

(c)          any
amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates
such Serviced REO Property;

 

(d)          any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section
1.856-4(b)(1); and

 

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(e)          rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced
REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or
accrued under, or in connection with, the lease.

 

“REO Account”:
As defined in Section 3.15(b) of this Agreement.

 

“REO Companion
Loan”: Any Serviced Companion Loan that is or is part of an REO Loan.

 

“REO Loan”:
Any Mortgage Loan or Serviced Whole Loan, as the context may require, as to which the related Mortgaged Property has become an
REO Property.

 

“REO Mortgage
Loan”. Any Mortgage Loan that is or is part of an REO Loan.

 

“REO Proceeds”:
With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the Special Servicer with
respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”:
A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure,
deed in lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s beneficial interest
in the Mortgaged Property acquired by the related Non-Serviced Trustee pursuant to the related Non-Serviced PSA.

 

“Replacement
Mortgage Loan”: Any mortgage loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting Servicer”:
As defined in Section 10.12 of this Agreement.

 

“Repurchase
Communication”: For purposes of Section 2.04(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.

 

“Repurchase”:
As defined in Section 2.04(d) of this Agreement.

 

“Repurchase
Request”: As defined in Section 2.04(d) of this Agreement.

 

“Repurchase
Request Recipient”: As defined in Section 2.04(d) of this Agreement.

 

“Repurchase
Request Rejection”: As defined in Section 2.04(d) of this Agreement.

 

“Repurchase
Request Withdrawal”: As defined in Section 2.04(d) of this Agreement.

 

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“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this
Agreement.

 

“Requesting
Certificateholder”: As defined in Section 2.04(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.

 

“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:
With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established
pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account of a related Cash
Collateral Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled
to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or
Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.
The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable,
or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced
Whole Loan.

 

“Resolution
Extension Period”:

 

(a)          for
purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is not a Specially Serviced Loan at the commencement
of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the
end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end
of such Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written
notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such
Mortgage Loan subsequent to the end of such Initial Resolution Period;

 

(c)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a not a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period,
the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following
the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the

 

    -106-

     

    

 

applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during
such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

“Resolution
Failure”: As defined in Section 2.04(k)(iii).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
has made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Special Servicer, on behalf
of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the
related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of a
sale or other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the Certificate
Administrator, as the case may be, assigned to the Corporate Trust Office of such party 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, in each case, with direct responsibility for the administration of this Agreement and, in the case of any certification
required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears on a list of corporate
trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such list may from time to
time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan that has been accelerated or as to which the mezzanine lender
has initiated foreclosure or enforcement proceedings against the equity collateral pledged to secure such mezzanine loan.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates
and (b) the Closing Date.

 

“Retained Defeasance
Rights and Obligations”: As defined in Section 3.26(h).

 

“Retained Interest
Safekeeping Account”: As defined in Section 5.01(j).

 

“Retaining Party”:
KeyBank National Association, as the Holder of the VRR Interest, and KKR CMBS II Aggregator Type 1 L.P., as the Holder of the HRR
Interest

 

    -107-

     

    

 

and, in each case, including any successor Holder of the applicable Certificates, individually or collectively as the
context may require.

 

“Retaining Sponsor”:
KeyBank National Association, acting as retaining sponsor with respect to the securitization of the Mortgage Pool and the issuance
of the Certificates, as such term is defined under § 43.2 of the Credit Risk Retention Rules.

 

“Retaining Third
Party Purchaser”: As defined in the Preliminary Statement under the caption “Risk Retention.”

 

“Revised Rate”:
With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased interest rate
after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set
forth in the related Mortgage Loan.

 

“Risk Retention
Affiliate” or “Risk Retention Affiliated”: Means “affiliate of” or “affiliated with”,
as such terms are defined in 12 C.F.R. Section 43.2 of the Credit Risk Retention Rules.

 

“Risk Retention
Consultation Party”: The party selected by the Retaining Sponsor. The Certificate Administrator and the other parties
hereto shall be entitled to assume that the identity of the Risk Retention Consultation Party has not changed until such parties
receive written notice of a replacement of the Risk Retention Consultation Party from Holders of more than 50% of the VRR Interest
by Certificate Balance, as determined by the Certificate Registrar from time to time. The initial Risk Retention Consultation Party
shall be KeyBank National Association.

 

In the event that no
Risk Retention Consultation Party has been appointed or identified to the Master Servicer or the Special Servicer, as applicable,
and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator
and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the
new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer, as applicable, shall have no
duty to consult with, provide notice to, or seek the approval or consent of any such Risk Retention Consultation Party as the case
may be.

 

“RR Interest
Transfer Restriction Period”: The period from the Closing Date to the latest of (i) the date on which the total unpaid
principal balance of the Mortgage Pool has been reduced to 33.0% of the aggregate Cut-off Date Balance of the Mortgage Pool, (ii)
the date on which the total outstanding Certificate Balance of the Principal Balance Certificates has been reduced to 33.0% of
the total outstanding Certificate Balance of the Principal Balance Certificates on the Closing Date and (iii) two years after the
Closing Date; provided that, in the case of the HRR Interest, the RR Interest Transfer Restriction Period will end on the
earlier of (a) the latest of (i) the date on which the total unpaid principal balance of the Mortgage Pool has been reduced to
33.0% of the aggregate Cut-off Date Balance of the Mortgage Pool, (ii) the date on which the total outstanding Certificate Balance
of the Principal Balance Certificates has been reduced to 33.0% of the total outstanding Certificate Balance of the Principal Balance

 

    -108-

     

    

 

Certificates on the Closing Date and (iii) two years after the Closing Date and (b) date on which each of the Mortgage Loans has
been defeased in accordance with Rule 7(b)(8)(i) of the Credit Risk Retention Rules; provided, further, that if the Credit
Risk Retention Rules are modified or repealed, the applicable Retaining Party may, with the consent of the Retaining Sponsor, choose
to comply with such Credit Risk Retention Rules as are then in effect; and provided further that the Trustee or Certificate
Administrator may reasonably request an Opinion of Counsel to such effect at the expense of the Holder of the HRR Interest or the
VRR Interest, as applicable, to the extent it believes such opinion is necessary.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A Global
Certificate”: Each of the Class X-D, Class D and Class E Certificates issued as such on the Closing Date.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.04(d) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.04(d) of this Agreement.

 

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

 

“Sarbanes Oxley
Act”: The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes Oxley
Certification”: As defined in Section 10.08 of this Agreement.

 

“Schedule AL
Additional File”: The data file containing additional information or schedules regarding data points in the CREFC®
Schedule AL File required by Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation S-K.

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date, the aggregate of the principal portions of the following:
(a) all Periodic Payments (which do not include Balloon Payments) with respect to the Mortgage Loans due during or, if and to the
extent not previously received or advanced pursuant to Section 4.07 and distributed to Certificateholders on a preceding
Distribution Date, prior to the related Collection Period, and all Assumed Scheduled Payments with respect to the Mortgage Loans
for the related Collection Period, in each case to the extent either (i) paid by the related Borrower as of the related Determination
Date (or, with respect to a Non-Serviced Mortgage Loan, received by the Master Servicer as of the later of the related Determination
Date and the applicable remittance date to the Trust in the month of the subject Distribution Date) or (ii) advanced by the Master
Servicer or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon
Payments with respect to the Mortgage Loans to the extent received as of the related Determination Date (or, with respect to a
Non-Serviced Mortgage Loan, received by the

 

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Master Servicer as of the later of the related Determination Date and the applicable
remittance date to the Trust in the month of the subject Distribution Date), and to the extent not included in clause (a)
above for the subject Distribution Date and not included in the Principal Distribution Amount for any prior Distribution Date.
The principal component of the amounts set forth above shall be determined in accordance with Section 1.02 of this Agreement.

 

“Secure Data
Room”: The “Secure Data Room” tab on the page relating to this transaction within the Certificate Administrator’s
Website (initially “www.ctslink.com”).

 

“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

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

 

“Serviced AB
Whole Loan”: Each of the Whole Loans identified as “Serviced” under the heading “Mortgage Loan Type”
in the “Whole Loans” chart in the Preliminary Statement with one or more Serviced Subordinate Companion Loans.

 

“Serviced Companion
Loan”: (i) The Pari Passu Companion Loans and Subordinate Companion Loans identified as “Serviced” under
the heading “Type” in the “Whole Loans” chart in the Preliminary Statement, and (ii) prior to the related
Servicing Shift Securitization Date, the Pari Passu Companion Loans identified as “Servicing Shift” under the heading
“Type” in the “Whole Loans” chart in the Preliminary Statement. With respect to each Servicing Shift Mortgage
Loan and the related Servicing Shift Whole Loan, each related Companion Loan will no longer be a Serviced Companion Loan on and
after the related Servicing Shift Securitization Date

 

“Serviced Companion
Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan
is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information
required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder”
shall also include the related Other Servicer.

 

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

 

“Serviced Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may
be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to act or other
event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating
assigned to any class of

 

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such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating Agency);
provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency indicating
its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation is
sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided
in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the applicable
Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced Companion
Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

“Serviced Companion
Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or an interest in
any related REO Property is part of the Trust Fund, any class of securities backed by such Serviced Companion Loan. Any reference
herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one or more of
the Serviced Companion Loans.

 

“Serviced Companion
Loan Service Provider”: With respect to any Serviced Pari Passu Companion Loan that has been deposited into a securitization
trust, the related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other PSA.

 

“Serviced Mortgage
Loan”: Any Mortgage Loan that is not a Non-Serviced Mortgage Loan.

 

“Serviced Pari
Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Companion Loan”: Any Pari Passu Companion Loan that is a Serviced Companion Loan.

 

“Serviced Pari
Passu Whole Loan”: Any Serviced Whole Loan that includes a Pari Passu Companion Loan.

 

“Serviced REO
Loan”: Any REO Loan that relates to a Serviced REO Property.

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Subordinate
Companion Loan”: Any Subordinate Companion Loan that is a Serviced Companion Loan.

 

“Serviced Whole
Loan”: Any Whole Loan serviced under this Agreement. References herein to a Serviced Whole Loan shall be construed to
refer to the aggregate indebtedness under the related notes. The Serviced Whole Loans related to the Trust are (i) the Whole Loans
identified as “Serviced” under the heading “Type” in the “Whole Loans” chart in

 

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the Preliminary
Statement and (ii) prior to the related Servicing Shift Securitization Date, the Whole Loans identified as “Servicing Shift”
under the heading “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Serviced Whole
Loan Custodial Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained
by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion
Loan Noteholders, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage
Securities, L.P., CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, Serviced Whole Loan
Custodial Account.” Amounts in any Serviced Whole Loan Custodial Account applicable to the related Serviced Companion Loans
shall not be assets of the Trust Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect
of amounts reimbursable therefrom) and, the related Serviced Companion Loan Noteholders. Any such account or sub-account shall
be an Eligible Account or a sub-account of an Eligible Account (including a sub-account of the Collection Account).

 

“Serviced Whole
Loan Remittance Amount”: For each distribution date that the Master Servicer is required to make a distribution to a
Serviced Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related
Mortgaged Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced
REO Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s)
pursuant to the related Co-Lender Agreement or to be remitted to the Collection Account.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Co-Lender Agreement (or if no such date is specified, the Master
Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the earliest
of (A) Master Servicer Remittance Date, (B) the Business Day immediately succeeding the “determination date” set forth
in the related Other PSA and (C) the date required under the related Co-Lender Agreement; provided, however, that
in no event may any such “determination date” occur prior to (and any such otherwise earlier “determination date”
shall, for purposes of this definition, be deemed to occur on) the sixth (6th) day of each month or, if such sixth (6th) day is
not a Business Day, the next succeeding Business Day.

 

“Serviced Whole
Loan REO Account”: An REO Account with respect to any REO Property that relates to a Serviced Whole Loan.

 

“Servicer Termination
Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,

 

    -112-

     

    

 

as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Whole Loan,
the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which a default, delinquency or other
unanticipated event has occurred or is reasonably foreseeable or (b) a Mortgaged Property securing a Mortgage Loan (other than
a Non-Serviced Mortgage Loan) or an REO Property, including, in the case of each of such clause (a) and clause (b),
but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.04,
(ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds
or any Liquidation Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation
Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and
(v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated
herein to be paid as a “Servicing Advance”. Notwithstanding anything to the contrary, “Servicing Advances”
shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment,
supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses
incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the Master Servicer, the
Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase
rights granted to the holder of a Companion Loan under the related Co-Lender Agreement or this Agreement.

 

“Servicing Compensation”:
With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges
or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan, REO Mortgage Loan, Serviced Companion Loan and successor REO Companion Loan in respect of a
Serviced Companion Loan and for any Distribution Date, an amount for the related Interest Accrual Period equal to the product of
(i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal Balance of such Mortgage Loan,
REO Mortgage Loan, Serviced Companion Loan and successor REO Companion Loan in respect of a Serviced Companion Loan immediately
prior to such Distribution Date. The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a)
of this Agreement. For the avoidance of doubt, with respect to each Mortgage Loan and REO Mortgage Loan, the Servicing Fee shall
be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing
Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement and (B) with respect to each
Serviced Companion Loan, the primary servicing fee rate, which is 0.02125% per annum with respect to the Airport Square
Whole Loan.

 

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“Servicing File”:
As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter
related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation AB, is performing
activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as
provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained
by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant
in connection with its servicing obligations under this Agreement.

 

“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Servicing Shift
Companion Loan Directing Holder”: With respect to a Servicing Shift Whole Loan, the “Controlling Holder,”
the “Directing Holder,” “Directing Lender” or any analogous concept set forth under the related Co-Lender
Agreement. Prior to the applicable Servicing Shift Securitization Date, the “Directing Holder” with respect to the
related Servicing Shift Whole Loan will be the holder of the related Controlling Pari Passu Companion Loan. On and after the applicable
Servicing Shift Securitization Date, there will be no Servicing Shift Companion Loan Directing Holder under the Pooling and Servicing
Agreement with respect to the related Servicing Shift Whole Loan.

 

“Servicing Shift
Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other evidence
of indebtedness and/or agreements evidencing the indebtedness of a Borrower under such Servicing Shift Whole Loan including any
amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Non-Serviced
Securitization Trust will cause servicing to shift from this Agreement to the related Non-Serviced PSA pursuant to the terms of
the related Co-Lender Agreement for such Servicing Shift Whole Loan. With respect to any Servicing Shift Whole Loan, the related
Servicing Shift Lead Note as of the Closing Date is identified in the footnotes to the “Whole Loans” chart in the Preliminary
Statement.

 

“Servicing Shift
Mortgage Loan Pooling and Servicing Agreement”: With respect to a Servicing Shift Mortgage Loan or a Servicing Shift
Whole Loan, on and after the

 

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related Servicing Shift Securitization Date, the related pooling and servicing agreement or other
comparable agreement governing the creation of the Non-Serviced Securitization Trust that holds the related Pari Passu Companion
Loan evidenced by the related Servicing Shift Lead Note.

 

“Servicing Shift
Mortgage Loan”: With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust that will be serviced
under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing agreement
entered into in connection with the securitization of the related Controlling Pari Passu Companion Loan on and after the date of
such securitization. As of the Closing Date, each of the Mortgage Loans identified as “Servicing Shift” under the heading
“Type” in the “Whole Loans” chart in the Preliminary Statement will be a Servicing Shift Mortgage Loan
related to the Trust. For the avoidance of doubt, there is no Servicing Shift Mortgage Loan relating to the Trust and, therefore,
all references in this Agreement to “Servicing Shift Mortgage Loan” shall be disregarded.

 

“Servicing Shift
Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead
Note is included in a related Non-Serviced Securitization Trust, provided that such holder of a Servicing Shift Lead Note
provides each of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related
Non-Serviced Securitization Trust) with notice in accordance with the terms of the related Co-Lender Agreement that such Servicing
Shift Lead Note is to be included in such Non-Serviced Securitization Trust, which notice shall include contact information for
the related Non-Serviced Master Servicer, the Non-Serviced Special Servicer, the Non-Serviced Certificate Administrator and the
Non-Serviced Trustee.

 

“Servicing Shift
Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes the related Servicing
Shift Mortgage Loan included in the Trust and one or more Pari Passu Companion Loans not included in the Trust, but the servicing
of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization of the
related Controlling Pari Passu Companion Loan on and after the date of such securitization. As of the Closing Date, each of the
Whole Loans identified as “Servicing Shift” under the heading “Type” in the “Whole Loans” chart
in the Preliminary Statement will be a Servicing Shift Whole Loan related to the Trust. For the avoidance of doubt, there is no
Servicing Shift Whole Loan relating to the Trust and, therefore, all references in this Agreement to “Servicing Shift Whole
Loan” shall be disregarded.

 

“Servicing Standard”:
With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Mortgage Loans
(other than any Non-Serviced Mortgage Loans), any related Serviced Companion Loans, Serviced Whole Loans, Specially Serviced Loans
(other than any Non-Serviced Mortgage Loans) and Serviced REO Properties for which each is responsible in the best interests of
and for the benefit of all of the Certificateholders and, in the case of any Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate
nature of such Subordinate Companion Loan), as determined by the Master Servicer or the Special Servicer, as

 

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the case may be, in
the exercise of its reasonable judgment) in accordance with applicable law, the terms of this Agreement, the applicable Loan Documents
and any related Co-Lender Agreement, and to the extent consistent with the foregoing, in accordance with the higher of the following
standards of care:

 

(a)          the
same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)          the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and
administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with
a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans
or, in the case of Defaulted Loans, the maximization of recovery of principal and interest on a net present value basis (determined
in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable Mortgage
Loans or Serviced Whole Loans, and the best interests of the Trust and the Certificateholders and, in the case of any Serviced
Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders and Serviced
Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan, taking into
account the pari passu or subordinate nature of the related Companion Loan), as determined by the Master Servicer or the
Special Servicer, as the case may be, in its reasonable judgment in either case, giving due consideration to the customary and
usual standards of practice of prudent institutional commercial, multifamily and manufactured housing community mortgage loan servicers,
but without regard to any potential conflict of interest arising from (a) any relationship that the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer, may have with the related Borrower,
any Mortgage Loan Seller, any other party to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate
or any interest in any Non-Serviced Companion Loan, Serviced Companion Loan or any mezzanine loan related to a Mortgage Loan by
the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation
to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation
for its services hereunder or with respect to any particular transaction; (e) the ownership, servicing or management for others
of any other mortgage loans or mortgaged properties by the Master Servicer or the Special Servicer or any Affiliate of the Master
Servicer or the Special Servicer, as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate
of the Master Servicer or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including,
without limitation, any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master
Servicer or Special Servicer, as the case may be, or any of its affiliates may have; (h) any obligation of the Master Servicer,
the Special Servicer or one of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller
(if the Master Servicer or the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

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“Servicing Transfer
Event”: Any event specified in any of the paragraphs of the definition of Specially Serviced Loan.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross collateralized and/or cross-defaulted loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by
principal balance as of the Cut-off Date). As of the Closing Date, no Mortgaged Property constitutes a Significant Obligor related
to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is 15 days after the Distribution Date (or, in the case of a Serviced Companion Loan, the
“distribution date” under the related Other PSA) occurring on or immediately following the date on which financial
statements for such calendar quarter are required to be delivered to the related lender under the related Loan Documents. The parties
to this Agreement acknowledge that in the event the Mortgaged Property securing the related Serviced Companion Loan is a “significant
obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization that includes such
Serviced Companion Loan, the date on which quarterly financial statements are required to be delivered to the related lender under
the related Loan Documents is, with respect to net operating income information, for the Airport Square Whole Loan, thirty (30)
days following the end of each fiscal quarter, subject to the terms of the related loan agreement.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar Law”:
As defined in Section 5.02(k) of this Agreement.

 

“Small Loan
Appraisal Estimate”: With respect to any Serviced Mortgage Loan or Serviced Whole Loan having a Stated Principal Balance
of less than $2,000,000, the Special Servicer’s good faith estimate of the value of the Mortgaged Property securing such
Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“SMC”:
Starwood Mortgage Capital LLC, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“SMC DC Mixed
Use Portfolio VI Note”: With respect to the DC Mixed Use Portfolio VI Mortgage Loan, that certain promissory note A-2
with an outstanding principal balance of $6,769,100 as of the Cut-off Date, made by the related Borrower in favor of SMC, as such
promissory note may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or
otherwise modified.

 

“SMC Indemnification
Agreement”: The indemnification agreement dated as of the Pricing Date, among SMC, the Depositor, the Underwriters and
the Initial Purchasers.

 

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“SMC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective as of December 1, 2019, among SMC and the Depositor.

 

“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then-outstanding Certificates (including Certificates
with Certificate Balances that have been actually or notionally reduced by any Realized Losses or Appraisal Reduction Amounts,
but excluding the Class R Certificates) or an assignment of the Voting Rights thereof; provided, that the Notional Amounts
of the Class X-A, Class X-B and Class X-D Certificates and the Certificate Balances of the Class A-1, Class A-2, Class A-SB, Class
A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates have been reduced to zero.

 

“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.05 of this Agreement, (b) notice of any request by
at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(d)
of this Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate and replace
the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted to Certificateholders pursuant
to Section 3.22(c) of this Agreement.

 

“Special Servicer”:
With respect to (i) each of the Mortgage Loans (other than any Non-Serviced Mortgage Loan and any Excluded Special Servicer Loan)
and any related Serviced Companion Loans, Midland Loan Services, a Division of PNC Bank, National Association, or its successor
in interest, or any successor special servicer appointed as provided herein; and (ii) with respect to any Excluded Special Servicer
Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 3.22(i) of this Agreement, as applicable
and as the context may require.

 

“Special Servicer
Decision”: Any of the following:

 

(a)          approving
or denying leases, lease modifications or amendments or any requests for subordination, non-disturbance and attornment agreements
or other similar agreements for all leases (other than, in each case, ground leases) in excess of the lesser of (i) 30,000 square
feet and (ii) 30% of the net rentable area at the related Mortgaged Property;

 

(b)          approving
annual budgets for the related Mortgaged Property with respect to a Mortgage Loan with a debt service coverage ratio below 1.25x
(to the extent lender approval is required under the related Loan Documents) with material (more than 10%) increases in operating
expenses or payments to entities actually known by the Master Servicer to be Affiliates of the related Borrower (excluding affiliated
managers paid at fee rates agreed to at the origination of the related Mortgage Loan);

 

(c)          any
requests for the funding or disbursement of amounts pursuant to the related Loan Documents from any escrow accounts, reserve funds
or letters of credit, in each case, held as “performance”, “earn-out” or “holdback” escrows
or reserves and identified on Exhibit Y to this Agreement, other than routine and/or customary escrow and reserve fundings
or disbursements for which the satisfaction of performance related

 

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criteria is not required pursuant to the terms of the related
Loan Documents (for the avoidance of doubt, any request for the funding or disbursement of ordinary course impounds, repair and
replacement reserves, lender approved budget and operating expenses, and tenant improvements pursuant to an approved lease, each
in accordance with the Loan Documents or any other funding or disbursement as mutually agreed upon by the Master Servicer and the
Special Servicer, will not constitute a Special Servicer Decision);

 

(d)           any
requests for the release of collateral or the acceptance of substitute or additional collateral for a Mortgage Loan or Serviced
Whole Loan other than: (i) grants of easements or rights of way that do not materially affect the use or value of the Mortgaged
Property or the Borrower’s ability to make any payments with respect to the Mortgage Loan or Serviced Whole Loan; (ii) the
release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral, except as provided in clause
(i) of this definition of Special Servicer Decision below; (iii) the acceptance of substitute or additional collateral in the
form of non-callable United States Treasury obligations in connection with a defeasance; or (iv) requests that are related to any
condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the Mortgaged Property;

 

(e)           approving
any transfer of an interest in the Borrower under a Serviced Mortgage Loan or an assumption agreement, unless such transfer or
assumption (i) is allowed under the terms of the related Loan Documents without the exercise of any lender approval or discretion
other than confirming the satisfaction of the conditions to the transfer or assumption set forth in the related Loan Documents
that do not include lender approval or the exercise of lender discretion, including a consent to transfer or assumption to any
subsidiary or affiliate of such Borrower or to a person acquiring less than a majority interest in such Borrower and (ii) does
not involve incurring new mezzanine financing or a change in control of the Borrower;

 

(f)            requests
to incur additional debt in accordance with the terms of the applicable Loan Documents;

 

(g)           approval
of any waiver regarding the receipt of financial statements (other than immaterial timing waivers including late financial statements);

 

(h)           approval
of an easement that materially affects the use or value of a Mortgaged Property or the Borrower’s ability to make any payments
with respect to the related Mortgage Loan;

 

(i)            agreeing
to any modification, waiver, consent or amendment of a Mortgage Loan or Serviced Whole Loan in connection with a defeasance if
such proposed modification, waiver, consent or amendment is with respect to (i) a waiver of a Mortgage Loan event of default (but
excluding non-monetary events of default other than defaults relating to transfers of interest in the Borrower or the existing
collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance collateral required
under the related Loan Documents such that defeasance

 

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collateral other than direct, non-callable obligations of the United States
of America would be permitted or (iii) a modification that would permit a principal prepayment instead of defeasance if the related
Loan Documents do not otherwise permit such principal prepayment; and

 

(j)           
determining whether to cure any default by a Borrower under a ground lease or permit any ground lease modification, amendment or
subordination, non-disturbance and attornment agreement or entry into a new ground lease (and in any such case, the Master Servicer
will be required to provide the Special Servicer with any notice that it receives relating to a default by the Borrower under a
ground lease where the collateral for the related Mortgage Loan is the ground lease);

 

provided, however,
that notwithstanding the foregoing, the Master Servicer and the Special Servicer may mutually agree as provided in this Agreement
that the Master Servicer will process any of the foregoing matters (as well as any Major Decision) with respect to any Performing
Loan; provided, further, that the Master Servicer will, without the need for any such mutual agreement between the
Master Servicer and the Special Servicer, process any Special Servicer Decision described in subclauses (i) and (ii)
of clause (i) of this definition of “Special Servicer Decision” with respect to any Performing Loan, in each
case subject to the consent (or deemed consent) of the Special Servicer as obtained pursuant to this Agreement.

 

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

 

“Special Servicer
Termination Event”: As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing
Compensation”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan,
any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due
to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each Collection Period (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such Collection Period, or portion thereof (determined using the same
interest accrual methodology and payment period that is applied with respect to the Mortgage Rate for such Mortgage Loan for such
month) multiplied by the Stated Principal Balance of such Specially Serviced Loan (or Serviced REO Loan). For the avoidance of
doubt, (A) in the event that a Principal Prepayment in full or an event described in clauses (i) through (vii) under
the definition of “Liquidation Proceeds” has occurred with respect to any such Specially Serviced Loan or Serviced
REO Loan on a date that is not a Due Date or if such Specially Serviced Loan or Serviced REO Loan is otherwise not specially serviced
for the entire subject Collection Period, in connection with any partial month interest payment, the Special Servicing Fee is payable
for the same period respecting which any related interest payment due on such Specially Serviced Loan or deemed to be due on such
Serviced REO Loan is computed

 

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and (B) the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect
to the Mortgage Loans and the REO Mortgage Loans.

 

“Special Servicing
Fee Rate”: With respect to any Specially Serviced Loan or REO Property, a rate equal to (a) 0.2500% per annum
or (b) if such rate in clause (a) would result in a Special Servicing Fee with respect to a Specially Serviced Loan or REO
Property (other than an REO Property acquired with respect to any Non-Serviced Whole Loan) that would be less than $3,500 in any
given month, then the Special Servicing Fee Rate for such month for such Specially Serviced Loan or REO Property shall be the higher
per annum rate as would result in a Special Servicing Fee equal to $3,500 for such month with respect to such Specially
Serviced Loan or REO Property.

 

“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, any Serviced Mortgage Loan or Serviced Companion Loan:

 

(i)           as
to which a payment default has occurred at its original Maturity Date, or, if the original Maturity Date has been extended, at
its extended Maturity Date, and in the case of a Balloon Payment, if the Balloon Payment is delinquent and the related Borrower
has not provided the Master Servicer (who shall promptly forward such written evidence to the Special Servicer) or Special Servicer,
as of the related Maturity Date, written evidence from a lender regularly engaged in the business of making loans (similar to the
Mortgage Loan being refinanced) that are secured by commercial real estate of such lender’s signed and binding (subject only
to market conditions) application to refinance such Mortgage Loan, and such application will include delivery of a non-refundable
good faith deposit by the related Borrower, or a signed purchase and sale agreement with respect to a sale of the Mortgaged Property
and such purchase and sale agreement will include delivery of a deposit in an amount at least equal to five percent (5%) of the
outstanding principal balance of such Mortgage Loan by the purchaser (in each case subject only to typical due diligence and closing
conditions in a manner consistent with real estate lending market practices of a similarly situated Mortgaged Property that is
satisfactory in form and substance to the Master Servicer and the Special Servicer from an acceptable lender or purchaser reasonably
satisfactory to the Master Servicer and the Special Servicer (and the Master Servicer or Special Servicer, as applicable, shall
promptly forward such application, purchase and sale agreement or other similar refinancing or sale documentation to the other
such party)), which provides that such refinancing or sale will occur within 120 days of such related Maturity Date, provided
that such Mortgage Loan and any related Companion Loan, as applicable, will become a Specially Serviced Loan immediately (a) if,
in the judgment of the Special Servicer in accordance with the Servicing Standard, the related Borrower fails to diligently pursue
such refinancing or sale, or fails to satisfy any condition of such refinancing or sale or the related Borrower fails to pay any
Assumed Scheduled Payment on the related due date (subject to any applicable grace period) at any time before the refinancing or
sale, (b) if such refinancing or sale does not occur within 120 days of the related Maturity Date (or within such shorter period
as the refinancing or sale is scheduled to occur

 

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pursuant to the related refinancing documentation or purchase agreement), or (iii)
the related refinancing documentation or purchase agreement is terminated before the refinancing or sale is scheduled to occur;

 

(ii)          as
to which any Periodic Payment (other than a Balloon Payment) is more than 60 days delinquent (unless, prior to such Periodic Payment
becoming more than 60 days delinquent, in the case of a Mortgage Loan with an associated Subordinate Companion Loan or mezzanine
loan, the holder of the related Companion Loan or the holder of the related mezzanine debt, as applicable, cures such delinquency);

 

(iii)         as
to which (a) the Borrower has entered into or consented to bankruptcy, appointment of a receiver or conservator or a similar insolvency
proceeding, or (b) the Borrower has become the subject of a decree or order for that proceeding; provided that, with respect
to clause (b), that if the appointment, decree or order was involuntary and is stayed or discharged, or the case dismissed
within 60 days, that Mortgage Loan and any related Companion Loan will not be considered a Specially Serviced Loan during that
period), or (c) the Borrower has admitted in writing its inability to pay its debts generally as they become due;

 

(iv)        as
to which the Master Servicer or Special Servicer has received notice of the foreclosure or proposed foreclosure of any lien other
than the Mortgage on the Mortgaged Property;

 

(v)         as
to which, in the judgment of the Master Servicer or Special Servicer (and, in the case of the Special Servicer, unless a Control
Termination Event has occurred and is continuing, with the consent of the Directing Holder), as applicable, a payment default is
imminent or reasonably foreseeable and is not likely to be cured by the Borrower within 60 days;

 

(vi)        as
to which a default that the Master Servicer or Special Servicer has notice (other than a failure by the related Borrower to pay
principal or interest) and which the Master Servicer or Special Servicer (and, in the case of the Special Servicer, with respect
to any Serviced Mortgage Loan other than an Excluded Loan and unless a Control Termination Event has occurred and is continuing,
with the consent of the Directing Holder) determines, in its good faith reasonable judgment, may materially and adversely affect
the interests of the Certificateholders (and, with respect to any Whole Loan, the interest of the Certificateholders and the holders
of the related Companion Loan, as a collective whole (taking into account the pari passu nature of any Pari Passu Companion
Loans and the subordinate nature of any Subordinate Companion Loans, as applicable), has occurred and remains unremedied for the
applicable grace period specified in the Mortgage Loan or related Companion Loan documents, other than in certain circumstances
the failure to maintain terrorism insurance (or if no grace period is specified for events of default that are capable of cure,
60 days); or

 

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(vii)       as
to which the Master Servicer or Special Servicer (and, in the case of the Special Servicer, unless a Control Termination Event
has occurred and is continuing, with the consent of the Directing Holder) determines that (a) a default (other than as described
in clause (v) above) under the Mortgage Loan or related Companion Loan is imminent or reasonably foreseeable, (b) such default
will materially impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan or related Companion
Loan or otherwise materially adversely affect the interests of Certificateholders (and, with respect to a Serviced Whole Loan,
the interest of the Certificateholders and the holders of the related Companion Loan as a collective whole (taking into account
the pari passu nature of any Pari Passu Companion Loan and the subordinate nature of any Subordinate Companion Loan, as
applicable)), and (c) the default will continue unremedied for the applicable cure period under the terms of the Mortgage Loan
or related Companion Loan, or, if no cure period is specified and the default is capable of being cured, for 60 days (provided
that such 60-day grace period does not apply to a default that gives rise to immediate acceleration without application of a grace
period under the terms of the Mortgage Loan or related Companion Loan); provided that any determination that a special servicing
transfer event has occurred under this clause (vii) with respect to any Serviced Mortgage Loan or related Serviced Companion
Loan solely by reason of the failure (or imminent failure) of the related Borrower to maintain or cause to be maintained insurance
coverage against damages or losses arising from acts of terrorism may only be made by the Special Servicer (with, unless a Control
Termination Event has occurred and is continuing, the consent of the Directing Holder) as described under Section 3.08.

 

If a Servicing
Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist
with respect to the related Serviced Companion Loans, and vice versa.

 

“Split Mortgage
Loan”: Any Mortgage Loan that is part of a Whole Loan. The only Split Mortgage Loans that are assets of the Trust as
of the Closing Date are those that have the respective loan numbers (as set forth on the Mortgage Loan Schedule) listed on the
“Whole Loan” chart under the heading “Loan No.”

 

“Startup Day”:
In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.07 of this
Agreement.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan (including any such loan as to which the related Mortgaged Property has become
and REO Property), on any date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan (or in the
case of a Qualified Substitute Mortgage Loan, the outstanding principal balance as of the related date of substitution and after
application of all scheduled payments of principal and interest due on or before the related Due Date in the month of substitution,
whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I Advances
in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal of
or with respect to such Mortgage Loan that are part of the

 

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Scheduled Principal Distribution Amount and/or the Unscheduled Principal
Distribution Amount (determined without regard to the proviso to the definition thereof) for such Distribution Date, and (ii) any
principal forgiven by the Special Servicer (or with respect to a Non-Serviced Mortgage Loan, by the related Non-Serviced Special
Servicer or other applicable servicer) and other principal losses realized in respect of such Mortgage Loan since the Determination
Date for the previous Distribution Date through and including the related Determination Date (or with respect to a Non-Serviced
Mortgage Loan, during the corresponding one-month period in accordance with the terms of the related Non-Serviced PSA and Co-Lender
Agreement). With respect to any Serviced Companion Loan (including any Serviced Companion Loan as to which the related Mortgaged
Property has become an REO Property), as of any date of determination, the Stated Principal Balance shall equal the unpaid principal
balance of such Serviced Companion Loan as of the Cut-Off Date, minus (i) all amounts remitted to the related Companion Loan Noteholder
as of such date of determination that are allocable to principal of such Serviced Companion Loan and (ii) any principal forgiven
by the Special Servicer and other principal losses realized in respect of such Serviced Companion Loan as of such date of determination.
Notwithstanding the foregoing, the Stated Principal Balance of a Mortgage Loan or Companion Loan that has been paid in full or
with respect to which the Special Servicer has made a Final Recovery Determination (or, in the case of a Non-Serviced Mortgage
Loan, with respect to which the Non-Serviced Special Servicer has made an equivalent determination) shall be zero from and after
the Distribution Date related to the first Determination Date as of which such payment or determination is made. The Stated Principal
Balance of a Serviced Whole Loan (including a Serviced Whole Loan as to which the related Mortgaged Property has become an REO
Property), as of any date of determination, shall equal the sum of the then Stated Principal Balances of the related Mortgage Loan
and the related Companion Loan(s).

 

A Mortgage Loan (including
a Mortgage Loan as to which the related Mortgaged Property has become and REO Property) shall be deemed to be part of the Trust
Fund and to have an outstanding Stated Principal Balance until the Distribution Date on which Liquidation Proceeds, if any, are
to be (or, if no such Liquidation Proceeds are received, would have been) distributed to Certificateholders. The Stated Principal
Balance of any Mortgage Loan or Serviced Whole Loan with respect to which the Master Servicer or Special Servicer has made a Final
Recovery Determination is zero.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Properties.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this
Agreement.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete

 

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functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master
Servicer or a Servicing Function Participant.

 

“Subject Loans”:
As defined in Section 11.02(b).

 

“Subordinate
Certificates”: The Class A-S, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates.

 

“Subordinate
Companion Loan”: A Companion Loan that, pursuant to the related Loan Documents and/or the related Co-Lender Agreement,
is generally subordinate in right of payment to the related Split Mortgage Loan. The only Subordinate Companion Loans related to
the Trust as of the Closing Date are evidenced by the Mortgage Notes identified under the heading “Subordinate Companion
Loan(s)” in the “Whole Loans” table in the Preliminary Statement.

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

“Tax Returns”:
The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including
Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its
classification as a REMIC under the REMIC Provisions, together with any and all other information, reports or returns that may
be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any
applicable provisions of federal law or Applicable State and Local Tax Law.

 

“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Test”:
As defined in Section 11.01(b)(iv).

 

“Third Party
Appraiser”: A Person performing an Appraisal.

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental
report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

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“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after
the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits in
the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower).

 

“Trust Ledger”:
Amounts deposited in the Collection Account or a Serviced Whole Loan Custodial Account and attributable to the Mortgage Loans or
related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06 of this Agreement, as applicable,
and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the Trustee on behalf of the Certificateholders
and related Companion Loan Noteholders, as applicable.

 

“Trust REMICs”:
The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
Wells Fargo Bank, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed
as herein provided. Wells Fargo Bank, National Association will perform its duties as Trustee hereunder through its Corporate Trust
Services division.

 

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

 

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“Underwriters”:
Cantor Fitzgerald & Co., Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., CastleOak Securities, L.P. and Drexel
Hamilton, LLC and their respective successors in interest.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement, as applicable, but that has not been recovered
from the related Borrower or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole
Loan or Serviced REO Property in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to any Mortgage Loan, all Net Liquidation Proceeds, Net Condemnation Proceeds and Net Insurance
Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased pursuant to
Section 2.04, Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount with respect
to any substitution pursuant to Section 2.04(h) of this Agreement and any other payments under or with respect to such Mortgage
Loan not scheduled to be made at the time of receipt, including Principal Prepayments received by the Master Servicer (but excluding
Prepayment Premiums or Yield Maintenance Charges, if any).

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date, the aggregate of the following (in each case to
the extent not included in the Principal Distribution Amount for any prior Distribution Date): (a) all Principal Prepayments received
on the Mortgage Loans as of the related Determination Date (or, with respect to a Non-Serviced Mortgage Loan, received by the Master
Servicer as of the later of the related Determination Date and the applicable remittance date to the Trust in the month of the
subject Distribution Date); and (b) the principal portion of any other collections (exclusive of payments by Borrowers) received
on the Mortgage Loans and any REO Properties as of the related Determination Date (or, with respect to a Non-Serviced Mortgage
Loan, received by the Master Servicer or Special Servicer, as applicable, as of the later of the related Determination Date and
the applicable remittance date to the Trust in the month of the subject Distribution Date), whether in the form of Liquidation
Proceeds, Insurance Proceeds, and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were
identified and applied by the Master Servicer as recoveries of previously unadvanced principal of the related Mortgage Loan; provided,
that all such Liquidation Proceeds and Insurance Proceeds, Condemnation Proceeds will be reduced by any unpaid Special Servicing
Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the
Collection Account to cover Nonrecoverable Advances or Additional Trust Fund Expenses or to offset a previously allocated Realized
Loss, accrued interest on Advances and other additional expenses of the Trust incurred in connection with or otherwise relating
to the related Mortgage Loan, thus reducing the Unscheduled Principal Distribution Amount. The principal component of the amounts
set forth above shall be determined in accordance with Section 1.02 of this Agreement.

 

“Updated Appraisal”:
An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed
on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be

 

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paid as a Servicing
Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:
With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance
of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000,
an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

“Upper-Tier
REMIC Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained
by the Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo
Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee,
for the benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, Upper-Tier
REMIC Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier
REMIC Distribution Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
REMIC Distribution Account, and amounts held therein from time to time.

 

“Upper-Tier
Residual Interest”: The sole class of “residual interests,” within the meaning of Code Section 860G(a)(2),
in the Upper-Tier REMIC, which will be represented by the Class R Certificates.

 

“U.S. Tax Person”:
A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury regulations),
or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia,
an estate whose income is subject to United States federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Tax Persons
have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury regulations,
certain trusts in existence as of August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

“Voting Rights”:
The voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders. At all
times during the term of this Agreement, the percentage of Voting Rights assigned to each Class of Certificates shall be: (a) 2%
to be allocated among the Certificateholders of the Class X-A, Class X-B and Class X-D Certificates (allocated to the Class X-A,
Class X-B and Class X-D Certificates on a pro rata basis based on their respective outstanding Notional Amounts at the time
of determination), (b) 98% to be allocated among the Certificateholders of the respective Classes of Principal Balance Certificates
in proportion to the Certificate Balances of such Classes (and solely in connection with any vote for purposes of determining whether
to remove the Special Servicer pursuant to Section 3.22(c), Section 3.22(d) or Section 7.01(b), or the Operating
Advisor

 

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pursuant to Section 7.07(a) or Section 7.07(b), considering any notional reduction in the Certificate Balance
for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof), determined in each case
as of the prior Distribution Date and (c) 0%, in the case of the Class R Certificates. The Voting Rights assigned to any Class
of Certificates shall be allocated among such Certificates in proportion to their respective Percentage Interests.

 

“VRR Allocation
Percentage”: The VRR Percentage divided by the Non-Vertically Retained Percentage.

 

“VRR Available
Funds”: For any Distribution Date, the product of (i) the VRR Percentage, multiplied by (ii) the Available Funds for
such Distribution Date.

 

“VRR Interest”:
As defined in the Preliminary Statement under the caption “Risk Retention.” The VRR Interest constitutes a separate
Class of Certificates and shall be evidenced by any one of the Certificates with a “VRR Interest” designation on the
face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor
in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“VRR Interest
Distribution Amount”: With respect to the VRR Interest for any Distribution Date the product of (A) the VRR Allocation
Percentage and (B) the aggregate amount of interest distributed on such Distribution Date with respect to the Non-Vertically Retained
Regular Certificates according to clauses First, Fourth, Seventh, Tenth, Thirteenth, Sixteenth, Nineteenth, Twenty-Second, Twenty-Fifth
and Twenty-Eighth of the first paragraph in Section 4.01(b) of this Agreement.

 

“VRR Percentage”:
A fraction, expressed as a percentage, the numerator of which is the initial Certificate Balance of the VRR Interest, and the denominator
of which is the aggregate initial Certificate Balance of all Classes of Principal Balance Certificates.

 

“VRR Principal
Distribution Amount”: With respect to the VRR Interest for any Distribution Date, the product of (a) the VRR Allocation
Percentage and (b) the aggregate amount of principal distributed on such Distribution Date with respect to the Non-Vertically Retained
Principal Balance Certificates according to clauses Second, Fifth, Eighth, Eleventh, Fourteenth, Seventeenth, Twentieth, Twenty-Third,
Twenty-Sixth and Twenty-Ninth of the first paragraph in, and/or according to the last paragraph in, Section 4.01(b) of this
Agreement.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage), the numerator
of which is the sum for all Mortgage Loans (including any Non-Serviced Mortgage Loan and any Mortgage Loan as to which the related
Mortgaged Property has become an REO Property) of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the
first day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan immediately prior to
the related Distribution Date, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans immediately
prior to the related Distribution Date.

 

“Wells Fargo
Place Mortgage Loan”: The Mortgage Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as
Wells Fargo Place.

 

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“Wells Fargo
Place Whole Loan”: The Whole Loan secured by the Mortgaged Property identified on the Mortgage Loan Schedule as Wells
Fargo Place.

 

“Whole Loan”:
With respect to any Mortgage Loan with a related Companion Loan, such Mortgage Loan and its related Companion Loan(s), collectively,
as identified in the “Whole Loans” chart in the Preliminary Statement. With respect to each Whole Loan, references
herein to each such Whole Loan shall be construed to refer to the aggregate indebtedness under the related Mortgage Loan and the
related Companion Loan(s).

 

“Withheld Amount”:
With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring
in January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution
Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated
Principal Balance immediately following the Distribution Date in the month preceding the month in which such Distribution Date
occurs, to the extent that a Periodic Payment or a P&I Advance is made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute)
a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance
is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Serviced Whole
Loan becomes a Corrected Loan and (ii) the amount of such Advance becomes an obligation of the related Borrower to pay such amount
under the terms of the modified Loan Documents.

 

“Workout Fee”:
An amount equal to the lesser of (1) 1.0% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a Material
Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding
late payment charges, Excess Interest and Default Interest) received on a Specially Serviced Loan that becomes a Corrected Loan
for so long as it remains a Corrected Loan, pursuant to Section 3.12(b) of this Agreement and (2) $1,000,000, in the aggregate
with respect to any particular Corrected Loan; provided, however, that in the event the Workout Fee collected over
the course of such workout calculated at the Workout Fee rate set forth in clause (1) above is less than $25,000, then the
Special Servicer will be entitled to an amount from the final payment on the related Corrected Loan (including any related Serviced
Companion Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Loan (including
any related Serviced Companion Loan) to be $25,000; provided, further, however, that any Workout Fees paid
to a predecessor or successor Special Servicer shall not be taken into account in determining the $1,000,000 cap.

 

Notwithstanding the foregoing,
(i) no Workout Fee shall be payable by the Trust with respect to any Corrected Loan if and to the extent that the Corrected Loan
became a

 

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Specially Serviced Loan under clause (iii) of the definition of “Specially Serviced Loan” (and no other
clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced Companion Loan is modified
by the Special Servicer in accordance with the terms of this Agreement; (ii) if a Mortgage Loan or Serviced Companion Loan becomes
a Specially Serviced Loan only because of an event described in clause (i) of the definition of “Specially Serviced
Loan” and the related collection of principal and interest is received within 3 months following the related Maturity Date
as a result of the related Mortgage Loan or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer
shall not be entitled to collect a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce
the amount available for distributions to Certificateholders, but the Special Servicer may collect from the related Borrower and
retain (x) a workout fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees
in connection with such workout; and (iii) a Workout Fee shall not be payable in connection with the receipt of the same collections
as to which a Liquidation Fee is payable. For the avoidance of doubt, the applicable Mortgage Loan Seller will be required to pay
a Workout Fee in connection with a repurchase or substitution to the extent the Special Servicer was entitled to such a fee and
such fee was unpaid immediately prior to such repurchase or substitution or was previously paid by the Trust and was not reimbursed
by the related Borrower immediately prior to such repurchase or substitution. The Workout Fee with respect to any Corrected Loan
will cease to be payable if the Corrected Loan again becomes a Specially Serviced Loan but will become payable again if and when
the Mortgage Loan (including a Serviced Companion Loan) again becomes a Corrected Loan. The Workout Fee with respect to any Specially
Serviced Loan that becomes a Corrected Loan will be reduced by any Excess Modification Fees paid by or on behalf of the related
Borrower with respect to a related Mortgage Loan or REO Mortgage Loan and received by the Special Servicer as compensation within
the prior 18 months, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the
related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation
set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

Section 1.02     Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)           All
calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and
of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein
shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect
to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Trustee Fee, the CREFC®
Intellectual Property Royalty License Fee, the Asset Representations Reviewer Fee and the Operating Advisor Fee for each Mortgage
Loan or Serviced Whole Loan, as applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced
Whole Loan, as applicable.

 

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(b)           Any
Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master
Servicer or the Certificate Administrator; provided, that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied
in accordance with Section 3.01(b) of this Agreement to reduce the unpaid principal balance of such Mortgage Loan or Serviced
Whole Loan on which interest accrues.

 

(c)           Except
as otherwise provided in the related Loan Documents or Co-Lender Agreement, any amounts received in respect of a Mortgage Loan
or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to
Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)           Allocations
of payments between a Mortgage Loan and the related Serviced Companion Loans in a Serviced Whole Loan shall be made in accordance
with the related Co-Lender Agreement.

 

(e)           If
an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, either Trust
REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment
of any REMIC tax or expense, or this Agreement states that any expense is solely “an expense of the Trust Fund” or
words of similar import, then such expense shall not be allocated to, deducted or reimbursed from, or otherwise charged against
any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder shall not suffer any adverse consequences as
a result of the payment of such expense.

 

(f)            All
amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than a Mortgage Loan that is or is part of
an REO Loan) in the form of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds
(exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the
holder of the related Serviced Companion Loan, pursuant to the related Co-Lender Agreement) shall be allocated to amounts due and
owing under the related Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express
provisions of the related Loan Documents and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related
Co-Lender Agreement; provided that, absent such express provisions, all such amounts collected (exclusive, if applicable,
in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced
Companion Loan(s) pursuant to the related Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts
due under such Mortgage Loan, pursuant to this Agreement, in the following order of priority:

 

(i)             first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable,

 

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unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)            second,
as a recovery of Nonrecoverable Advances with respect to such Mortgage Loan and any interest on those Nonrecoverable Advances at
the Reimbursement Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described
in the first proviso in the definition of “Aggregate Principal Distribution Amount”);

 

(iii)          third,
to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid
interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and
unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through and including the end of
the applicable loan-level interest accrual period in which such collections are received by or on behalf of the Trust, over (B)
the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan
that have occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts and (y)
Accrued AB Loan Interest (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below on earlier dates);

 

(iv)           fourth,
to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of principal of such
Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or,
if such Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)            fifth,
as a recovery of (A) accrued and unpaid interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the
extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that
have occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts and (B) Accrued
AB Loan Interest (in each clause (A) and (B), to the extent that collections have not been allocated as recovery
of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)          sixth,
other than in the case of a Non-Serviced Mortgage Loan, as a recovery of amounts to be currently allocated to the payment of, or
escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to such Mortgage
Loan;

 

(vii)         seventh,
other than in the case of a Non-Serviced Mortgage Loan, as a recovery of any other reserves to the extent then required to be held
in escrow with respect to such Mortgage Loan;

 

(viii)        eighth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

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(ix)           ninth,
as a recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

(x)            tenth,
as a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)           eleventh,
as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal and other
than, if applicable, accrued and unpaid Excess Interest (and, if both consent fees and Operating Advisor Consulting Fees are due
and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees);

 

(xii)          twelfth,
as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;
and

 

(xiii)         thirteenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, as a recovery of any accrued but unpaid Excess Interest;

 

provided that, to the extent required
under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the lender’s rights under the related
Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation) at a
time when the loan-to-value ratio of the related Mortgage Loan or Serviced Whole Loan exceeds 125%, or would exceed 125% following
any partial release (based solely on the value of real property and excluding personal property and going concern value, if any)
must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan or Serviced Whole Loan in the manner
permitted by the REMIC Provisions.

 

(g)           Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property
related to a Serviced Whole Loan, exclusive of any amounts payable to the holder(s) of the related Serviced Companion Loan(s) pursuant
to the related Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the related Mortgage
Loan, pursuant to this Agreement, in the following order of priority:

 

(i)             first,
as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage
Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust
Fund Expenses with respect to the related Mortgage Loan;

 

(ii)            second,
as a recovery of Nonrecoverable Advances with respect to the related Mortgage Loan and any interest on those Nonrecoverable Advances
at the Reimbursement Rate, to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described
in the first proviso in the definition of “Aggregate Principal Distribution Amount”);

 

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(iii)          third,
to the extent not previously so allocated pursuant to clause (i) or (ii) above, as a recovery of accrued and unpaid
interest on the related Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued
and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through and including the end
of the applicable Mortgage Loan interest accrual period in which such collections are received by or on behalf of the Trust, over
(B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the related Mortgage
Loan that have occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts and (y) Accrued
AB Loan Interest (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below or Section 1.02(f)(v) on earlier dates);

 

(iv)           fourth,
to the extent not previously allocated pursuant to clause (i) or (ii) above, as a recovery of principal of the related
Mortgage Loan to the extent of its entire unpaid principal balance;

 

(v)            fifth,
as a recovery of (A) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for the related Mortgage Loan that have occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts and (B) Accrued AB Loan Interest (in each of clause
(A) and (B), to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to this clause (v) or Section 1.02(f)(v) on earlier dates);

 

(vi)          sixth,
as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)         seventh,
as a recovery of any late payment charges and Default Interest then due and owing under the related Mortgage Loan;

 

(viii)        eighth,
as a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

(ix)          ninth,
as a recovery of any other amounts then due and owing under the related Mortgage Loan other than, if applicable, accrued and unpaid
Excess Interest (and, if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to
consent fees and then, allocated to Operating Advisor Consulting Fees); and

 

(x)           tenth,
in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)           The
applications of amounts received in respect of any Mortgage Loan (other than a Mortgage Loan that is or is a part of an REO Loan)
pursuant to paragraph (f) of this Section 1.02 shall be determined by the Master Servicer in accordance with the Servicing
Standard. The applications of amounts received in respect of any REO Property pursuant to paragraph (g) of this Section 1.02
shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

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(i)            All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or
REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the
Loan Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(j)            For
purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage
Loans notwithstanding that the related loan documents may provide otherwise.

 

Section 1.03     Certain
Constructions. (a) For purposes of this Agreement, each Class of Principal Balance Certificates shall be deemed to be outstanding
only to the extent its respective Certificate Balance has not been reduced to zero. For purposes of this Agreement, the Class
R Certificates shall be outstanding so long as the Trust Fund has not been terminated pursuant to Section 9.01 of this
Agreement or any other Class of Certificates remains outstanding. For purposes of this Agreement, each of the Class X-A, Class
X-B and Class X-D Certificates shall be deemed to be outstanding until their respective Notional Amounts have been reduced to
zero.

 

(b)           Notwithstanding
anything to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer
or Special Servicer that is subject to the consent or approval of the Directing Holder shall in each case be further subject to
the determination by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the
Directing Holder, or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder fails
to grant its consent or approval to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is
consistent with the Servicing Standard. In each case, (a) if the response by the Directing Holder hereunder is inconsistent with
the Servicing Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing
Standard, and (b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the interests
of the Certificateholder and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan)) and has made a reasonable effort to contact the Directing Holder, it may take such action without
waiting for a response from the Directing Holder; provided that the Special Servicer or Master Servicer, as applicable,
shall provide the Directing Holder (or the Operating Advisor, if applicable) with prompt written notice following such action including
a reasonably detailed explanation of the basis for such action.

 

(c)           For
the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust or a party to
this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees and expenses
are intended to include costs (including, but not limited to, reasonable attorney’s fees and expenses) of the enforcement
of such indemnity.

 

Section 1.04     Certain
Matters Relating to the Non-Serviced Mortgage Loans. Each Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced
Depositor,

 

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Non-Serviced Custodian, Non-Serviced Certificate Administrator and Non-Serviced Trustee, and any of their respective
directors, officers, employees or agents (collectively, the “Other Indemnified Parties”), shall be indemnified
by the Trust and held harmless against the Trust’s pro rata share (subject to the related Co-Lender Agreement) of
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any
other costs, liabilities, fees and expenses incurred in connection with servicing and administration of or any actual or threatened
legal action or claim relating to the related Non-Serviced Mortgage Loan under the related Non-Serviced PSA, this Agreement or
the related Co-Lender Agreement (but excluding any such losses allocable to the related Companion Loans); provided that
such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne by such
party, without right of reimbursement, pursuant to the terms of the related Non-Serviced PSA; (ii) incurred in connection with
any legal action or claim against such party resulting from any breach of a representation or warranty made by such person under
any related Non-Serviced PSA or (iii) incurred in connection with any legal action or claim against such party resulting from
any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and duties under any related
Non-Serviced PSA or the related Co-Lender Agreement or resulting from negligent disregard of such obligations and duties.

 

In connection with the
securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of)
the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the
related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders
reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

On each Servicing Shift
Securitization Date (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than
the note(s) evidencing the related Servicing Shift Mortgage Loan, the original of which shall be retained by the Custodian) for
the related Servicing Shift Whole Loan to the related Non-Serviced Trustee under the related Non-Serviced PSA and retain a copy
of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan Seller that
the applicable Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, transfer
(and cooperate with reasonable requests in connection with such transfer of) the Servicing File for the related Servicing Shift
Whole Loan, and any Escrow Payments, reserve funds and the original of the items specified in clause (xv) of the definition
of “Mortgage File” for the related Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing
Shift Securitization Date.

 

Upon receipt of notice
from the applicable Mortgage Loan Seller that the applicable Servicing Shift Lead Note has been or is being securitized on the
related Servicing Shift Securitization Date, the Master Servicer shall provide the Custodian with a Request for Release of the
Mortgage File on the related Servicing Shift Securitization Date and transfer (and cooperate with reasonable requests in connection
with such transfer of) the Servicing File to the

 

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related Other Servicer identified to it pursuant to the related notice from the
related Mortgage Loan Seller on the related Servicing Shift Securitization Date.

 

Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01     Conveyance
of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and
delivery hereof on the Closing Date, does hereby establish a trust designated as “CF 2019-CF3 Mortgage Trust,” appoint
the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse
(except to the extent herein provided) in trust for the benefit of the Certificateholders all the right, title and interest of
the Depositor, including any security interest therein (whether in real or personal property and whether tangible or intangible)
in favor of the Depositor, in, to and under (i) the Mortgage Loans, including all rights to payment in respect thereof, except
as set forth below, and (ii) all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent
included or to be included in the Trust Fund for the benefit of the Certificateholders. Such transfer and assignment includes
all interest and principal received or receivable on or with respect to the Mortgage Loans (other than payments of principal,
interest and other amounts due and payable on the Mortgage Loans on or before the Cut Off Date and excluding any Retained Defeasance
Rights and Obligations with respect to the Mortgage Loans) and, in the case of a Mortgage Loan included in a Whole Loan, is subject
to the related Co-Lender Agreement. Such transfer and assignment of any Non-Serviced Mortgage Loan and the right to service any
Non-Serviced Mortgage Loan is further subject to the terms and conditions of the applicable Non-Serviced PSA and the related Co-Lender
Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and
otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders
and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under each Mortgage
Loan Purchase Agreement (excluding the Depositor’s rights and remedies under Sections 4(b)(ix), 4(e), 4(f), 4(i)(ii), 4(k),
6(e)-(g), 9, 11 and 21 of each such Mortgage Loan Purchase Agreement). The Depositor shall cause the Reserve Accounts, Cash Collateral
Accounts and Lock-Box Accounts relating to the Mortgage Loans to be transferred to and held in the name of the Master Servicer
on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage
Loan that is subject to a Co-Lender Agreement, the parties hereto intend that the provisions of this Section 2.01(a) serve
as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust, as the
assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this Agreement)
assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of the Depositor
in, to and arising out of the related Co-Lender Agreement and the Trustee on behalf of the Trust hereby accepts (subject to applicable
provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of the Depositor with respect
to related Co-Lender Agreement from and after the Closing Date. In addition, the Trustee acknowledges that any such Mortgage Loan,

 

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other than a Non-Serviced Mortgage Loan, shall be serviced pursuant to the terms of this Agreement.

 

(b)           In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents
and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement
to deliver to and deposit with, or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date,
the documents and/or instruments referred to in clauses (i), (ii), (viii) (subject to the third paragraph
of this Section 2.01(b)), (xv) and (xvi) of the definition of “Mortgage File” for each Mortgage
Loan so assigned and, except as otherwise provided in Section 2.01(c), within 45 days following the Closing Date, the remaining
applicable documents referred to in the definition of “Mortgage File” for each such Mortgage Loan or Serviced Companion
Loan, in each case, with copies to the Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents
and records that are part of each applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to
be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate
original of such Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and
an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the definition of “Mortgage File,”
only a single original set of the documents and/or instruments specified in the definition of “Mortgage File” is required
to be delivered. With respect to a Non-Serviced Mortgage Loan, the preceding document delivery requirements will be met by the
delivery by the applicable Mortgage Loan Seller to the Custodian of copies of the documents and/or instruments specified in the
definition of “Mortgage File” (other than the Mortgage Note and intervening endorsements evidencing a Non-Serviced
Mortgage Loan, with respect to which the originals shall be required), including a copy of the Mortgage securing the applicable
Non-Serviced Mortgage Loan and copies of the companion notes and any assignments or other transfer documents referred to in clause
(i)(B) of the definition of “Mortgage File” as being in favor of the Trustee shall instead be in favor of the applicable
Non-Serviced Trustee; unless Wells Fargo Bank, National Association is also the Custodian on the applicable Non-Serviced Securitization,
in which case only the original note, along and intercreditor agreement shall be delivered; provided that with respect to
such Non-Serviced Mortgage Loan, if Wells Fargo Bank, National Association ceases to be Custodian with respect to such Non-Serviced
Mortgage Loan, it shall, upon receipt of a request for release, provide the original note, along and intercreditor agreement and
copies of all other Loan Documents specified above to the successor Custodian.

 

If a Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance
policy referred to in clause (viii) of the definition of “Mortgage File” solely because such policy has not
yet been issued, the delivery requirements of this Section 2.01 will be deemed to be satisfied as to such missing item,
and such missing item will be deemed to have been included in the related Mortgage File by delivery to the Custodian of a binder
marked as binding and countersigned by the title insurer or its authorized agent (which may be a pro forma or specimen title
insurance policy which has been accepted or approved as binding in writing by the related title insurance

 

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company) or an acknowledged
closing instruction or escrow letter, and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following
the receipt thereof, the original related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed
Assignments of Mortgage, Reassignments of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall
be held by the Custodian.

 

Subject to the second
preceding paragraph, all original documents relating to the Mortgage Loans that are not delivered to the Custodian are and shall
be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit
of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of
the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion
Loan, the original Mortgage Note, is required pursuant to the terms of this Section 2.01 to be a part of a Mortgage File
in order to effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

Notwithstanding anything
to the contrary contained in this Agreement, if there exists with respect to any group of related cross-collateralized Mortgage
Loans only one original of any document referred to in the definition of “Mortgage File” covering all of the Mortgage
Loans in such group, then the inclusion of the original of such document in the Mortgage File for any Mortgage Loan in such group
shall be deemed an inclusion of such original in the Mortgage File for each such Mortgage Loan.

 

After the Depositor’s
transfer of the Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall not take any action
inconsistent with the Trust’s ownership of the Mortgage Loans.

 

(c)           The
Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the related Mortgage Loan Purchase Agreement
that, within 45 days after the Closing Date or, without limiting the requirement of the second paragraph of this Section 2.01(c),
after such later date on which such Mortgage Loan Seller has received all missing filing/recording information, such Mortgage Loan
Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage
Loan that is a Non-Serviced Mortgage Loan and subject to the second succeeding paragraph with respect to any Mortgage Loan that
is a Servicing Shift Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the Trustee in
the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CF 2019-CF3 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3” (and, with respect to a Serviced Whole Loan, the related
Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage referred to in
clause (iii) of the definition of “Mortgage File” which has not yet been submitted for recording and (b) each
Reassignment of Assignment of Leases, Rents and Profits referred to in clause (v) of the definition of “Mortgage File”
(if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) complete
(to the extent necessary) and file in the appropriate public filing office each UCC assignment of financing statement in favor
of the Trustee referred to in clauses (x) and (xx) of the definition of “Mortgage File” which has not
yet been submitted for filing or recording. Each such document referred to in clause (1) of 

 

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the prior sentence shall reflect that
the recorded original should be returned by the public recording office to the Custodian or its designee (or to the
Mortgage Loan Seller or its designee as an alternative) following recording, and each such document referred to in clause
(2) of the prior sentence shall reflect that the file copy thereof should be returned to the Custodian or its designee
(or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided that in those instances
where the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment of Leases, Rents
and Profits, the Custodian shall use commercially reasonable efforts to obtain therefrom a certified copy of the recorded
original, at the expense of the Depositor. In the event that any such document or instrument in respect of any Mortgage Loan
is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller
shall promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the
case may be, and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian or
such other third party vendor as retained by the Mortgage Loan Seller for recording or filing, as appropriate, at such
Mortgage Loan Seller’s expense (as set forth in the related Mortgage Loan Purchase Agreement). If the Custodian has
received written notice that any such document or instrument in respect of any Mortgage Loan is lost or returned unrecorded
or unfiled, as the case may be, because of a defect therein, the Custodian shall promptly forward the same to the applicable
Mortgage Loan Seller. In the event that any Mortgage Loan Seller receives the original recorded or filed copy, each Mortgage
Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no event later than five Business Days
following such receipt) deliver such original or filed copy to the Custodian, with evidence of filing or recording thereon.
Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public
recording office retains the original Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or
Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations of the
related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall be deemed to have been satisfied
upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment of Mortgage, Assignment of
Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

The Depositor hereby
represents and warrants that each Mortgage Loan Seller has covenanted in the related Mortgage Loan Purchase Agreement that if it
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of any of the documents and/or instruments
referred to in clauses (ii), (iv), (vii) (if recorded) and (xiv) (if recorded) of the definition of
“Mortgage File” and the UCC financing statements and UCC assignments of financing statements referred to in clauses
(ix) and (xx) of the definition of “Mortgage File”, with evidence of recording or filing thereon, solely
because of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation
or filing, or because such original recorded or filed document has been lost or returned from the recording or filing office and
subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied
as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File, provided
that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may
relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable title insurance
company or the related Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for recording or filing,
as

 

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the case may be) has been delivered to the Custodian within 60 days after the Closing Date, and either the original of such
missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered
to the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date as the Custodian may
consent to, which consent shall not be unreasonably withheld, conditioned or delayed, so long as the related Mortgage Loan Seller
has provided the Custodian with evidence of such recording or filing, as the case may be, or has certified to the Custodian as
to the occurrence of such recording or filing, as the case may be, and is, as certified to the Custodian no less often than quarterly,
in good faith attempting to obtain from the appropriate public recording or filing office such original or copy, provided
such extensions do not exceed 24 months in the aggregate).

 

Notwithstanding anything
to the contrary contained in this Section 2.01 or in Section 2.03, in connection with a Servicing Shift Whole Loan
(1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant to this Agreement (other than the
endorsements to the Mortgage Note(s) evidencing the related Servicing Shift Mortgage Loan) until the earlier of (i) the related
Servicing Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related
Non-Serviced PSA, (ii) 180 days following the Closing Date, in which case assignments and recordations shall be effected in accordance
with this Section 2.01 until the occurrence, if any, of such Servicing Shift Securitization Date and (iii) such Servicing
Shift Whole Loan becoming a Specially Serviced Loan prior to such Servicing Shift Securitization Date, in which case assignments
and recordations shall be effected in accordance with this Section 2.01 until the occurrence, if any, of such Servicing
Shift Securitization Date, (2) no letter of credit need be amended (including, without limitation, to change the beneficiary thereon)
until the earlier of (i) the related Servicing Shift Securitization Date, in which case such amendment shall be in accordance with
the related Non-Serviced PSA, (ii) 180 days following the Closing Date in which case such amendment shall be effected in accordance
with the terms of this Section 2.01, and (iii) such Servicing Shift Whole Loan becoming a Specially Serviced Loan prior
to such Servicing Shift Securitization Date in which case such amendment shall be effected in accordance with the terms of this
Section 2.01, and (3) on and following such Servicing Shift Securitization Date, the Person selling the related Servicing
Shift Lead Note to the related Non-Serviced Depositor, at its own expense, shall be (a) entitled to direct in writing, which may
be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the Loan Documents relating to such
Servicing Shift Whole Loan in its possession (other than the original Mortgage Note(s) evidencing such Servicing Shift Mortgage
Loan) to the related Non-Serviced Trustee or the related Non-Serviced Custodian, (b) if the right under clause (a) is exercised,
required to cause the retention by or delivery to the Custodian of photocopies of Loan Documents related to such Servicing Shift
Whole Loan so delivered to such Non-Serviced Trustee or such Non-Serviced Custodian, (c) entitled to cause the completion (or,
in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery)
and recordation of instruments of assignment in the name of the related Non-Serviced Trustee or related Non-Serviced Custodian
(and, to the extent any instruments of assignment that are part of the Mortgage File with respect to such Servicing Shift Whole
Loan have been recorded or filed pursuant to this Agreement prior to the related Servicing Shift Date, to require the Trustee to
execute and deliver assignments to the related Non-Serviced Trustee), (d) if the right under clause (c) is exercised, required
to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled
to require the Master

 

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Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of, the
Servicing File, and any Escrow Payments, reserve funds and the item specified in clause (xv) of the definition of “Mortgage
File” for such Servicing Shift Whole Loan to the related Non-Serviced Master Servicer.

 

(d)           Notwithstanding
anything herein to the contrary, with respect to the documents referred to in clause (xv) of the definition of “Mortgage
File”, the Master Servicer shall hold (or the applicable Non-Serviced Master Servicer with respect to any Non-Serviced Mortgage
Loan will hold) the original of each such document in trust on behalf of the Trust (or the applicable Non-Serviced Securitization
Trust with respect to any Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the
applicable Non-Serviced Securitization Trust with respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller
shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section
2.01 of this Agreement by delivering the original of each such document to the Master Servicer (or the applicable Non-Serviced
Master Servicer with respect to any Non-Serviced Mortgage Loan) who shall forward a copy of the applicable document to the Custodian
(or the applicable Non-Serviced Custodian with respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller
shall pay any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter
of credit to the Trust (or the applicable Non-Serviced Securitization Trust with respect to any Non-Serviced Mortgage Loan) in
care of the Master Servicer (or the applicable Non-Serviced Master Servicer with respect to any Non-Serviced Mortgage Loan)) required
in order for the Master Servicer (or the applicable Non-Serviced Master Servicer with respect to any Non-Serviced Mortgage Loan)
to draw on such letter of credit on behalf of the Trust (or the applicable Non-Serviced Securitization Trust with respect to any
Non-Serviced Mortgage Loan). In the event that the assignment or amendment documents specified in clause (xv) of the definition
of “Mortgage File” are missing with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loans) because
the related assignment or amendment documents have not been completed, the applicable Mortgage Loan Seller shall take all necessary
steps to enable the Master Servicer to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing
on the letter of credit in its own name pursuant to written instructions from the Master Servicer and immediately remitting such
funds (or causing such funds to be remitted) to the Master Servicer.

 

(e)           [Reserved].

 

(f)            Each
Mortgage Loan Purchase Agreement shall provide that within 60 days of the Closing Date, each Mortgage Loan Seller shall deliver
or cause to be delivered an electronic copy of the Diligence Files for each of its Mortgage Loans to the Depositor by uploading
such Diligence Files to the Intralinks Site. Within 60 days after the Closing Date, the applicable Mortgage Loan Seller shall provide
(which may be sent by electronic mail) to the Depositor (with a copy (which may be sent by electronic mail) to the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Directing Holder, the Asset Representations
Reviewer and the Operating Advisor) an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that
the electronic copy of the Diligence File uploaded to the Intralinks Site contains all documents and information required under
the definition of “Diligence File” (the “Diligence File Certification”).

 

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(g)           Within
five (5) Business Days of the Closing Date, the Depositor shall deliver the Initial Schedule AL File and the Initial Schedule AL
Additional File in XML format and the Annex A to the Prospectus to the Master Servicer.

 

(h)           Notwithstanding
anything to the contrary contained herein, with respect to the DC Mixed Use Portfolio VI Mortgage Loan, the obligations of each
of CCRE and SMC to deliver a Mortgage Note (and any related allonge or assignment) to the Custodian shall be limited to delivery
to the Custodian of only the Mortgage Note evidencing the portion of such Mortgage Loan being sold by such party (and any related
allonge or assignment). With respect to the DC Mixed Use Portfolio VI Mortgage Loan, the obligations of CCRE and SMC to deliver
the remaining portion of the related Mortgage File or any document required to be delivered with respect thereto shall be joint
and several, provided that either of CCRE or SMC may deliver one Mortgage File or one of any other document required to be delivered
with respect to the DC Mixed Use Portfolio VI Mortgage Loan hereunder and such delivery shall satisfy such delivery requirements
for each of CCRE and SMC.

 

Section 2.02     Cooperation
with the Mortgage Loan Sellers with Respect to Rights Under Loan Agreements.

 

It is expressly agreed
and understood that, notwithstanding the assignment of the Loan Documents, it is intended that the Mortgage Loan Sellers receive
the benefit of the provisions of any section of any Loan Agreement or securitization cooperation agreement related to indemnification
of the lender and/or its Affiliates with respect to any securitization of the Mortgage Loans. Therefore, the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and Trustee
hereby agree to cooperate with the Mortgage Loan Sellers with respect to the benefits of the provisions of any section of any Loan
Agreement or securitization cooperation agreement related to indemnification of the lender and/or its Affiliates with respect to
any securitization of the Mortgage Loans with respect to securitization indemnification, including, without limitation, reassignment
to the Mortgage Loan Sellers of such sections, but no other portion of the related Loan Documents, to permit the Mortgage Loan
Sellers and their Affiliates to enforce such provisions for their benefit. To the extent that the Trustee is required to execute
any document facilitating an assignment under this Section 2.02, such document shall be in form and substance reasonably
acceptable to the Trustee.

 

Section 2.03      Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to
it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such
documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage
File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions
herein set forth, for the use and benefit of all present and future Certificateholders and Serviced Companion Loan Noteholders.

 

The Custodian hereby
certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s closing
date

 

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certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached
as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan)
is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where appropriate)
and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in clause (ii), clause (viii),
clause (xv) and clause (xvi) of the definition of “Mortgage File” have been received, have been executed,
appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially
adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage
Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation
to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any
exceptions noted therein, on the Closing Date.

 

On or about the 60th
day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and
monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions
have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected
Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Controlling Class Representative,
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that
all documents (other than documents referred to in clause (xv) of the definition of “Mortgage File,” which shall
be delivered to the Master Servicer, and the documents referred to in clauses (iii) and (v) of the definition of
“Mortgage File” and the assignments of financing statements referred to in clauses (x) and (xx) of the
definition of “Mortgage File,” which shall be delivered for filing or recording by the related Mortgage Loan Seller
as provided herein) referred to the definition of “Mortgage File” (in the case of the documents referred to in clauses
(iv), (v), (vii), (xiv), (xv), (xvii) and (xix) of the definition of “Mortgage
File,” as identified to it in writing by the related Mortgage Loan Seller) and any original recorded documents included in
the delivery of a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be recorded
or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such
documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In so doing, the Custodian may rely on the purported
due execution and genuineness of any such document and on the purported genuineness of any signature thereon. Notwithstanding the
foregoing, with respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each of the Controlling
Class Representative, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller that the document set forth in clause (i)(A)
of the definition of “Mortgage File” has been received.

 

If at the conclusion
of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been
recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be
what they purport to be or have been torn in any materially adverse manner or mutilated

 

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or otherwise defaced, the Custodian shall
promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but only if
no Consultation Termination Event has occurred and is continuing), the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the related Mortgage Loan Seller by providing
a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or missing document.
The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed, recorded or undamaged
document, as applicable, or, if the failure to deliver such document in such form constitutes a Material Defect, the Depositor
shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan in the manner provided
in Section 2.04 of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the
Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure
to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by the Depositor to
use its best efforts to deliver any such document.

 

Contemporaneously with
its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially
in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer,
that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any
documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required
for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective
Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage
File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether
any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.

 

The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section
9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

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Section 2.04     Representations,
Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents
and warrants that:

 

(i)            The
Depositor is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)           The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(iii)          This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery
of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal,
valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting
creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(iv)          The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its partnership agreement or Certificate of Limited Partnership, or any law or regulation to which the Depositor
is subject, or conflict with, result in a breach of or constitute a default under (or an event which with notice or lapse of time
or both would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument to which the
Depositor is a party or by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation
or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability
of the Depositor to carry out the transactions contemplated by this Agreement;

 

(v)           The
limited partnership agreement of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)        to
acquire, own, hold, sell, originate, transfer, convey, safekeep, dispose of, assign, issue, pledge, borrow money against, finance,
refinance, administer and otherwise deal with the Mortgage Assets. (a) commercial real estate loans and other related assets, (b)
mortgage-backed securities, mortgage participation certificates, or any other certificate or security, and the beneficial ownership
interest evidenced by such certificate or security, backed by or evidencing an interest in a pool of single family or multifamily
commercial or residential mortgage loans; (c) mortgage loans secured by mortgages, deeds of trust or similar first or junior liens
on single family or multifamily residential properties, commercial properties or real estate projects under construction,

 

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whether
or not guaranteed or insured, in whole or in part, by any governmental agency; and (d) related insurance policies, cash, marketable
securities and any other assets designed to assure the servicing or timely distribution of proceeds of such mortgage loans and
any proceeds or further rights associated with any of the foregoing (collectively, the “Mortgage Assets”);

 

(B)         to
establish one or more trusts (each, a “Trust”) to engage in any one or more of the activities described in this
Subsection, each of which Trusts will deliver to the Depositor (or its designee) (“Trust Certificates”) representing
the ownership interest in the assets of such Trust, and to acquire, own, hold, sell, transfer, assign, pledge, finance, and otherwise
deal with any or all of the Trust Certificates in any Trust that it establishes;

 

(C)         to
issue, acquire, own, and hold one or more series of debt obligations (“Bonds”), each issued pursuant to an indenture
(“Indenture”) and collateralized by Mortgage Assets (provided that, unless such Bonds are non-recourse
obligations payable solely from the Mortgage Assets pledged to secure such Bonds, the Bonds of any series other than the initial
series issued by the Depositor or any Trust established by the Depositor have been rated in the same or a higher rating category
by the nationally recognized statistical rating agency or agencies that rated the initial series of Bonds issued by the Depositor
or such Trust)

 

(D)         to
issue, acquire, assume, own, hold, sell, transfer, assign, pledge and finance indebtedness that (i) is subordinated to the Bonds;
(ii) is nonrecourse to the Depositor other than to cash flow on the Mortgage Assets securing a series of Bonds issued by the Depositor
in excess of amounts necessary to pay bondholders of such series; and (iii) does not constitute a claim against the Depositor to
the extent that funds are insufficient to pay such indebtedness; and

 

(E)         to
engage in any other lawful act or activity and to exercise any other powers permitted to limited partnerships organized under the
laws of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish
the foregoing.

 

Capitalized terms defined
in this clause (v) shall apply only to such clause;

 

(vi)          There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)         No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

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(viii)        The
Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in
each of the Mortgage Loans and any proceeds thereof.

 

(b)           The
Depositor hereby represents and warrants with respect to each Mortgage Loan:

 

(i)            Immediately
prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an
assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to transfer
and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;
provided, that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the
Non-Serviced Trustee under the Non-Serviced PSA for the benefit of the holders of securities issued in connection with the related
securitization created under such Non-Serviced PSA;

 

(ii)           The
Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any
nature encumbering such Mortgage Loan;

 

(iii)          The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the Trustee,
and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment from
the Depositor to the Trustee; and

 

(iv)          No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)           It
is understood and agreed that the representations and warranties set forth in this Section 2.04(c) shall survive delivery
of the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the
Certificateholders, any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master
Servicer and the Special Servicer. Upon discovery by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer or a Responsible Officer of the Trustee or Certificate Administrator obtaining actual knowledge
(or upon written notice thereof from any Certificateholder) of a breach of any of the representations and warranties set forth
in this Section which materially and adversely affects the interests of the Certificateholders, the Certificate Administrator,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Serviced Companion Loan
Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other
parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

(d)           If
the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of a Mortgage Loan

 

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because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication
of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
(iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased
or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request
(a “Repurchase Request Rejection”), then such Person shall deliver written notice of such Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1 Notice”)
to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case within ten Business
Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase
or Repurchase Request Rejection, as applicable; provided, however, if the Master Servicer or the Special Servicer,
as applicable, receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer or
the Master Servicer, as applicable, the Master Servicer or the Special Servicer, as applicable, shall have no obligation to deliver
such notice to any other party.

 

Each Rule 15Ga-1 Notice
shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Communication of the Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of
a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.04(d) (a “Rule 15Ga-1 Notice Provider”) shall
be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product
doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section
2.04(d) is so provided only to assist the related Mortgage Loan Seller, the Depositor and its Affiliates to comply with Rule
15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A)
no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.04(d)
by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule
15Ga-1 Notice Provider may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase
Request that is the subject of a Rule 15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly
forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Special Servicer and,
if relating to a Performing Loan, to the Master Servicer, and include the following statement in the related correspondence: “This
is

 

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a “Repurchase Request [Withdrawal]” under Section 2.04(d) of the Pooling and Servicing Agreement relating
to the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 requiring action by you as the
recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer or the Special Servicer, as applicable, such
party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of such Repurchase Request or Repurchase
Request Withdrawal, and such party shall comply with the procedures set forth in this Section 2.04(d) with respect to such
Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian, by virtue of this provision, be required
to provide any notice other than as set forth in Section 2.03 of this Agreement in connection with its review of the Mortgage
File.

 

(e)           A
“Defect” shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage
File has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been
properly executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material
respect with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a
breach of any representation or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement
with respect to any Mortgage Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect
is a Material Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall give
prompt written notice thereof to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event has occurred and
is continuing, the Directing Holder. If any such Defect or Breach materially and adversely affects the value of any Mortgage Loan,
the value of the related Mortgaged Property or the interests of any Certificateholders in any Mortgage Loan or Mortgaged Property,
or causes the related Mortgage Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material
Defect” or such Breach shall constitute a “Material Breach,” as the case may be; provided,
that if any of the documents specified in clauses (i), (ii), (viii), (xv) and (xvi) of the definition
of “Mortgage File” are not delivered as required in the related Mortgage Loan Purchase Agreement and is certified as
missing pursuant to Section 2.03 of this Agreement, it shall be deemed a Material Defect. The Custodian, the Certificate
Administrator and the Trustee shall not be required to make any such determination. Promptly upon receiving written notice of any
such Material Defect or Material Breach with respect to a Mortgage Loan, accompanied by a written demand to take the actions contemplated
by this sentence from the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan
Seller shall, not later than 90 days from the applicable Mortgage Loan Seller’s receipt of such notice of, and demand to
take action with respect to, such Material Defect or Material Breach, as the case may be (or, in the case of a Material Defect
or Material Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days after the Mortgage Loan Seller
or any party hereto discovering such Material Defect or Material Breach, provided that the related Mortgage Loan Seller
has received notice in accordance with the terms

 

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of the related Mortgage Loan Purchase Agreement) (any such 90-day period, the
“Initial Resolution Period”), (i) cure the same in all material respects, (ii) repurchase the affected Mortgage
Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan Purchase Agreement or (iii) substitute a
Qualified Substitute Mortgage Loan (other than with respect to a Mortgage Loan that is part of a Whole Loan, for which no substitution
will be permitted) for such affected Mortgage Loan (provided that, in no event shall such substitution occur later than
the second anniversary of the Closing Date) and pay to the Master Servicer for deposit into the Collection Account any Substitution
Shortfall Amount in connection therewith; provided, that if (i) such Material Defect or Material Breach is capable of being
cured but not within the Initial Resolution Period, (ii) such Material Defect or Material Breach is not related to any Mortgage
Loan’s not being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced and is diligently proceeding with the
cure of such Material Defect or Material Breach within the Initial Resolution Period and (iv) the Mortgage Loan Seller has delivered
to the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Certificate Administrator (who will promptly
deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Trustee, the Operating Advisor, and,
prior to the occurrence of a Consultation Termination Event, the Controlling Class Representative, an officer’s certificate
that describes the reason the cure was not effected within the initial 90-day period, then the Mortgage Loan Seller shall have
an additional period equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase
the Mortgage Loan or substitute a Qualified Substitute Mortgage Loan. Notwithstanding the foregoing, if a Mortgage Loan is not
secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility,
nursing home, assisted living facility, self-storage facility, theatre or fitness center (operated by a Borrower), then the failure
to deliver to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material Defect.
With respect to any Non-Serviced Mortgage Loan sold by it to the Depositor, each Mortgage Loan Seller has agreed in the applicable
Mortgage Loan Purchase Agreement that if a Material Defect under, and as such term or any analogous term is defined in, the related
Non-Serviced PSA exists with respect to the related Non-Serviced Companion Loan included in the securitization trust created under
such Non-Serviced PSA and such Mortgage Loan Seller repurchases such related Non-Serviced Companion Loan from the such securitization
trust, then such Mortgage Loan Seller shall repurchase such Non-Serviced Mortgage Loan; provided, however, that the
foregoing shall not apply to any Material Defect related to the promissory note for such related Non-Serviced Companion Loan.

 

In the case of a Material
Defect or Material Breach with respect to the DC Mixed Use Portfolio VI Mortgage Loan, CCRE shall be responsible for any remedies
under this Agreement and the CCRE Purchase Agreement solely in respect of the portion of the DC Mixed Use Portfolio VI Mortgage
Loan evidenced by the CCRE DC Mixed Use Portfolio VI Note as if such promissory note were a separate Mortgage Loan, and SMC shall
be responsible for any remedies under this Agreement and the SMC Purchase Agreement solely in respect of the portion of the DC
Mixed Use Portfolio VI Mortgage Loan evidenced by the SMC DC Mixed Use Portfolio VI Note as if such promissory note were a separate
Mortgage Loan.

 

(f)            Pursuant
to each Mortgage Loan Purchase Agreement, if there is a Material Defect or Material Breach with respect to one or more (but not
all of the) Mortgaged Properties securing a Mortgage Loan, the related Mortgage Loan Seller shall not be obligated to

 

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repurchase
the Mortgage Loan (or in the case of the DC Mixed Use Portfolio VI Mortgage Loan, with respect to CCRE, the applicable portion
of the DC Mixed Use Portfolio VI Mortgage Loan evidenced by the CCRE DC Mixed Use Portfolio VI Note, and with respect to SMC, the
applicable portion of the DC Mixed Use Portfolio VI Mortgage Loan evidenced by the SMC DC Mixed Use Portfolio VI Note) (i) the
(or, if applicable, each) affected Mortgaged Property may be released pursuant to the terms of any partial release provisions in
the related Loan Documents (and such (or, if applicable, each such) Mortgaged Property is, in fact, released), (ii) the remaining
Mortgaged Property satisfies (or the remaining Mortgaged Properties satisfy) the requirements, if any, set forth in the related
Loan Documents, (iii) the related Mortgage Loan Seller provides an Opinion of Counsel to the effect that such release would not
cause an Adverse REMIC Event to occur and (iv) each Rating Agency then rating the Certificates shall have provided a Rating Agency
Confirmation with respect to such release.

 

If a Mortgage Loan Seller,
in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining
to a Mortgage Loan makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and
the Special Servicer on behalf of the Trust (and with the consent of the Controlling Class Representative if no Control Termination
Event has occurred and is continuing and the affected Mortgage Loan is not an Excluded Loan) (each such payment, a “Loss
of Value Payment”) with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into
the Loss of Value Reserve Fund to be applied in accordance with Section 3.06(e) of this Agreement. In connection with any
such determination with respect to any Performing Loan, the Master Servicer shall promptly provide the Special Servicer, but in
any event within the time frame and in the manner set forth in Section 3.23, with the Servicing File and such other information,
documents and records relating to such Performing Loan and, if applicable, the related Serviced Companion Loan(s), either in the
Master Servicer’s possession or otherwise reasonably available to the Master Servicer, and reasonably requested by the Special
Servicer pursuant to Section 3.23(a) in order to permit the Special Servicer to calculate the Loss of Value Payment. If
such Loss of Value Payment is made, the related Mortgage Loan Seller shall be deemed to have cured such Material Breach or Material
Defect in all respects, and the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders and the
Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation of the Mortgage Loan Seller
to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan based on such
Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement
between the applicable Mortgage Loan Seller and the Trust, provided, that (i) prior to any such agreement or settlement
nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising any of its rights related to a
Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this
Section 2.04 (excluding this paragraph) (including any right to cure, repurchase or substitute for such Mortgage Loan);
(ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a Material
Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified Mortgage may not be cured by a Loss of
Value Payment.

 

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If any Breach pertains
to a representation or warranty that the related Loan Documents or any particular Loan Document requires the related Borrower to
bear the costs and expenses associated with any particular action or matter under such Loan Document(s), then the related Mortgage
Loan Seller may cure such Breach within the applicable cure period (as the same may be extended) by reimbursing the Trust Fund
(by wire transfer of immediately available funds) for (i) the reasonable amount of any such costs and expenses incurred by the
Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred as a result
of such Breach and have not been reimbursed by the related Borrower and (ii) the amount of any unpaid fees and reimbursable expenses
of the Asset Representations Reviewer attributable to the Asset Review of the affected Mortgage Loan; provided, however,
that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either
repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses
and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects.
To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained
from the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses
obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller.

 

(g)           In
connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.04, (A) the Custodian,
the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan)
shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the
Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such
Mortgage Loan possessed by it (other than attorney client communications that are privileged communications), upon delivery (i)
to the Master Servicer or the Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by the Master Servicer
or the Special Servicer, as applicable, of a Request for Release and an acknowledgement by the Master Servicer or Special Servicer,
as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount from the applicable Mortgage Loan Seller,
(B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or
assigned without recourse in the form of endorsement or assignment provided to the Custodian by the applicable Mortgage Loan Seller,
as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest in the applicable Mortgage Loan Seller
the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was transferred to the Trustee (provided,
that the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary
information to the extent in its possession to the Mortgage Loan Seller in connection with such Mortgage Loan Seller’s preparation
of such endorsement or assignment), (C) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer
shall release, or cause the release of, any escrow payments and reserve funds held by the Trustee, the Certificate Administrator,
the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s, the Certificate Administrator’s,
the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of such Mortgage Loan to the applicable
Mortgage Loan Seller and (D) the

 

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Master Servicer shall notify the related Borrower that the Mortgage Loan Seller has reacquired
the affected Mortgage Loan.

 

(h)           The
Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations
of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including,
without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee,
the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable
costs of such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage
Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are
a specific component thereof; and second, if at the conclusion of such enforcement action it is determined that the amounts
described in clause first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections
on the Mortgage Loans on deposit in the Collection Account in each case with interest thereon at the Reimbursement Rate from the
time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan
Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary
and reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees. For
the avoidance of doubt, neither the Trustee nor the Certificate Administrator shall be obligated to enforce the obligations of
the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement.

 

So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative (as identified to the Custodian by the Certificate Administrator) and the applicable Mortgage
Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining
to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute
Mortgage Loan, the Enforcing Servicer shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified
Substitute Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed
as required by clause (i) of the definition of “Mortgage File” herein. Periodic Payments due with respect to
Qualified Substitute Mortgage Loans in or prior to the month of substitution shall not be part of the Trust Fund and, if received
by the Master Servicer, shall be remitted by the Master Servicer to the related Mortgage Loan Seller on the next succeeding Distribution
Date. For the month of repurchase or substitution, distributions to Certificateholders will include the Periodic Payment(s) due
on the related Removed Mortgage Loan, if and to the extent received by the Master Servicer or the Special Servicer on behalf of
the Trust on or prior to the related date of repurchase or substitution, as applicable, and such Mortgage Loan Seller shall be
entitled to retain all amounts received thereafter in respect of such Removed Mortgage Loan.

 

In any month in which
a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the
Master Servicer will

 

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determine the applicable Substitution Shortfall Amount and promptly notify such Mortgage Loan Seller and the
Certificate Administrator thereof. In connection with the delivery of such notice, the Master Servicer shall direct such Mortgage
Loan Seller to deposit, or deliver to the Master Servicer for deposit, into the Collection Account cash equal to such amount concurrently
with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Master
Servicer shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Certificate Administrator
of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed
Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified
Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and
agreed that Section 6 of the applicable Mortgage Loan Purchase Agreement provides the sole remedy available to the Certificateholders
and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

(i)            In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the
right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master
Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the
Special Servicer or the Directing Holder, as applicable.

 

(j)            If
for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with
respect to any Mortgage Loan, the Enforcing Servicer shall use reasonable efforts in enforcing any obligation of such Mortgage
Loan Seller to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase Agreement.

 

(k)           (i)
In the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that
a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Breach or a Material
Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase
Request”), such party shall promptly forward that Certificateholder Repurchase Request to the Special Servicer, and the
Special Servicer shall promptly forward that Repurchase Request to the related Mortgage Loan Seller and each other party to this
Agreement and take the actions required under Section 2.04(h). The applicable Special Servicer shall be the Enforcing Party
with respect to the Certificateholder Repurchase Request.

 

(ii)           In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor (solely in its capacity as operating advisor) or the Directing Holder has actual knowledge of a Material Breach or a Material
Defect with respect to a Mortgage Loan (without implying any duty of such

 

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person to make, or to attempt to make, such a discovery),
that party shall deliver prompt written notice of such Material Breach or Material Defect to each other party to this Agreement,
identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase Request”
and, each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, a “Repurchase Request”),
and the Enforcing Servicer shall promptly send the PSA Party Repurchase Request to the related Mortgage Loan Seller and the Depositor.
The Enforcing Servicer shall act as the Enforcing Party and enforce the rights of the Trust against the related Mortgage Loan Seller
with respect to a PSA Party Repurchase Request.

 

(iii)          In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(a “Resolution Failure”), then the provisions described below shall apply if the Repurchase Request related
to a Mortgage Loan. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request
is sent to the related Mortgage Loan Seller. A Resolved Repurchase Request shall not preclude the Enforcing Servicer from exercising
any of its rights related to a Material Breach or a Material Defect in the manner and timing otherwise set forth in this Agreement,
in the related Mortgage Loan Purchase Agreement or as provided by law.

 

(l)            (i)
After a Resolution Failure occurs with respect to a Repurchase Request relating to a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer will be required
to send a notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any,
to the address specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator,
who shall make such notice available to all other Certificateholders and Certificate Owners of Certificates (by posting such notice
on the Certificate Administrator’s Website) indicating the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request (the “Proposed Course of Action”). Such notice shall include (a) a request to Certificateholders
to indicate to the Enforcing Servicer their agreement with or dissent from such Proposed Course of Action by clearly marking “agree”
or “disagree” to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer
that responses received after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder
disagrees with the Proposed Course of Action, the Enforcing Servicer shall (either as the Enforcing Party or as the Enforcing Servicer
in circumstances where a Certificateholder is acting as the Enforcing Party) be compelled to follow the course of action agreed
to and/or proposed by the majority of the responding Certificateholders that involves referring the matter to mediation or arbitration,
as the case may be, (c) a statement that responding Certificateholders will be required to certify their holdings in connection
with such response, (d) a statement that only responses clearly marked “agree” or “disagree” with such
Proposed Course of Action will be taken into consideration and (e) instructions for responding Certificateholders to send their
responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate Administrator shall within three
(3) Business Days after the expiration of the 30-day response period, tabulate the responses received from the Certificateholders
and share the results with the Enforcing Servicer. The Certificate Administrator shall only count responses timely received and
clearly indicating agreement or dissent with the related Proposed Course of Action and additional verbiage or

 

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qualifying language
shall not be taken into consideration for purposes of determining whether the related Certificateholder agrees or disagrees with
the Proposed Course of Action. The Certificate Administrator shall be under no obligation to answer any questions from Certificateholders
regarding such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s obligations in connection
with this Section 2.04(l) shall be limited solely to tabulating Certificateholder responses of “agree” or “disagree”
to the Proposed Course of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate
Administrator. The Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation
of the majority of the responding Certificateholders. If (a) the Enforcing Servicer’s intended course of action with respect
to the Repurchase Request does not involve pursuing further action to exercise rights against the related Mortgage Loan Seller
with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other Certificateholder or
Certificate Owner of any Certificate wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration)
or arbitration, or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights
against the applicable Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Certificateholder,
if any, or any other Certificateholder or Certificate Owner of a Certificate does not agree with the dispute resolution method
selected by the Enforcing Servicer, then the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate
Owner of a Certificate may deliver to the Enforcing Servicer a written notice (a “Preliminary Dispute Resolution Election
Notice”) within 30 days from the date the Proposed Course of Action Notice is posted on the Certificate Administrator’s
Website (the “Dispute Resolution Cut-off Date”) indicating its intent to exercise its right to refer the matter
to either mediation or arbitration. In the event any Certificateholder or Certificate Owner of a Certificate delivers a Preliminary
Dispute Resolution Election Notice, and the Enforcing Servicer has also received responses from other Certificateholders or Certificate
Owners of Certificates supporting the Enforcing Servicer’s initial Proposed Course of Action, such responses shall be considered
Preliminary Dispute Resolution Election Notices supporting the Proposed Course of Action for purposes of determining the course
of action proposed by a majority of Certificateholders.

 

(ii)           If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner of a Certificate
delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or
Certificate Owner shall have the right to refer the Repurchase Request to mediation or arbitration, and the Enforcing Servicer
shall be the sole party entitled to determine a course of action, including but not limited to, enforcing the Trust’s rights
against the related Mortgage Loan Seller, subject only to the consent or consultation rights of the Directing Holder pursuant to
Section 6.07.

 

(iii)          Promptly
and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial
Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner of a Certificate (other than a Holder
of the VRR Interest) (each of clauses (a) and (b), a “Requesting Certificateholder”), the Enforcing
Servicer will be required to consult with each Requesting Certificateholder regarding such Requesting Certificateholder’s
intention to elect either mediation (including nonbinding arbitration) or arbitration as the

 

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dispute resolution method with respect
to the Repurchase Request (the “Dispute Resolution Consultation”) so that such Requesting Certificateholder
may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution
methods, such discussions to occur and be completed no later than 10 Business Days following the Dispute Resolution Cut-off Date.
The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems in good faith to be appropriate relating
to the timing and extent of such consultations. No later than 5 Business Days after completion of the Dispute Resolution Consultation,
a Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right
to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)          If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)           If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders shall be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course
of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then
the related Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage Loan Purchase
Agreement; provided, however, that such Material Defect shall not be deemed waived with respect to a Requesting Certificateholder,
any other Certificateholder or Certificate Owner of a Certificate or the Enforcing Servicer to the extent there is a material change
in the facts and circumstances known to such party at the time when the Proposed Course of Action Notice is delivered to the Enforcing
Servicer, and (iii) if the Proposed Course of Action Notice had indicated a course of action other than the course of action under
clause (ii), then the Special Servicer shall again become the Enforcing Party and, as such, shall be the sole party entitled
to enforce the Trust’s rights against the related Mortgage Loan Seller.

 

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(vi)          Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.04(l) shall not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interests of the Certificateholders to commence
litigation with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)         In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller as further described herein.

 

(viii)       For
the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates (other than any such Affiliate
that is a Controlling Class Certificateholder) shall not be entitled to be an Initial Requesting Certificateholder or a Requesting
Certificateholder.

 

(ix)          The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting
Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(x)            If
(A) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Defect, (B) a Resolution
Failure is deemed to occur with respect to such Repurchase Request, and (C) if either (1) a mediation or arbitration is undertaken
with respect to such Repurchase Request or (2) the Certificateholders and Certificate Owners of Certificates cease to have a right
to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions of this Agreement,
then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such Mortgage Loan based
on the same alleged Material Defect unless there is a material change in the facts and circumstances known to such party and that
could not have been known to such party with the exercise of reasonable diligence at the time when the Proposed Course of Action
Notice is posted on the Certificate Administrator’s Website.

 

(m)          If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)            The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
within 30 days of written notice of the Enforcing Party’s selection of mediation or nonbinding arbitration (such provider,
the “Mediation Services Provider”) in accordance with published mediation procedures (the “Mediation
Rules”) promulgated by the Mediation Services Provider.

 

(ii)          The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and, if possible, commercial real estate finance or commercial mortgage-backed securitization matters
or other complex commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services
Provider. Upon being supplied a list of

 

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at least ten potential qualified mediators by the Mediation Services Provider each party
will have the right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order
of preference. The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the
preference choices of the parties to the extent possible.

 

(iii)          Prior
to accepting an appointment, the mediator must promptly disclose any circumstances likely to create a reasonable inference of bias
or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)          The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(v)          The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(vi)         Out
of pocket costs and expenses of the Enforcing Servicer for mediation or arbitration, to the extent not agreed to be paid by the
Enforcing Party or another party (in the case of mediation) or allocated to the Enforcing Party or another party (in the case of
arbitration) shall be reimbursable as a Servicing Advance.

 

(n)          If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)           The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller within 30 days of written notice of the Enforcing Party’s selection of arbitration (such provider, the “Arbitration
Services Provider”) in accordance with published arbitration procedures (the “Arbitration Rules”)
promulgated by the Arbitration Services Provider.

 

(ii)          The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and if possible, commercial real estate finance or commercial mortgage-backed securitization matters
and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon being supplied a list of
at least ten potential arbitrators by the Arbitration Services Provider each party will have the right to exercise two peremptory
challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The Arbitration Services Provider
will select the arbitrator from the remaining attorneys on the list respecting the preference choices of the parties to the extent
possible.

 

(iii)          Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

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(iv)          After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil
Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post hearing
motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)          Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided, that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)         The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator
shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final determination
of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted under
federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)        By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)        No
person may bring a putative or certificated class action to arbitration.

 

(o)          The
following provisions will apply to both mediation and third-party arbitration:

 

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(i)           Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties;

 

(ii)          If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District of New York if such court shall have subject
matter jurisdiction, or if the Southern District of New York has no jurisdiction, then it the Supreme Court of the State of New
York for the County of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)          The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.04, including all offers, promises, conduct and statements, whether oral or written, made in the course of
the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible for
any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.04). Such information will be kept strictly confidential and shall not be disclosed or shared with
any third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably
required in connection with any resolution procedure under this Section 2.04), except as otherwise required by law, regulatory
requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for such confidential information, the recipient shall promptly notify
the other party to the resolution procedure and shall provide the other party with a reasonable opportunity to object to the production
of its confidential information.

 

(iv)          In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party. All amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited
in the Collection Account. The agreement with the arbitrator or mediator, as the case may be, shall provide that in the event a
Requesting Certificateholder is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision
or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for
any such costs and expenses allocated to the Requesting Certificateholder.

 

(v)          In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any
expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear
in the mediation proceedings.

 

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(vi)          The
Trust (or the Trustee or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation or
arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such proceedings; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.05.

 

(vii)         For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of the Controlling Class Representative
(including without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted
pay off or deed in lieu of foreclosure, or bankruptcy or other litigation).

 

(viii)        In
the event that the method of dispute resolution selected is unsuccessful, the Requesting Certificateholder may not elect to then
utilize the alternative method.

 

(ix)          For
the avoidance of doubt, any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation
or arbitration shall be reimbursable as Additional Trust Fund Expenses.

 

Section 2.05     Representations,
Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor and the Asset Representations Reviewer. (a) The Master Servicer, as Master Servicer, hereby represents and warrants
to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator,
the Special Servicer, the Asset Representations Reviewer and the Operating Advisor and the Serviced Companion Loan Noteholders,
as of the Closing Date, that:

 

(i)           The
Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America)
in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents or (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master

 

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Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;

 

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

 

(iv)          This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal and
binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable (A) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of
creditors’ rights generally and (B) general principles of equity, regardless of whether such enforcement is considered in
a proceeding in equity or at law;

 

(v)          The
Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable judgment is likely
to materially and adversely affect the financial condition or operations of the Master Servicer or its properties taken as a whole
or its ability to perform its duties and obligations hereunder;

 

(vi)          No
litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would
prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable judgment
is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement
or the financial condition of the Master Servicer;

 

(vii)         No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the transactions
of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been
obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer to perform
its obligations hereunder;

 

(viii)        Each
officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans
or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

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(b)          Each
Special Servicer, as a Special Servicer, hereby represents and warrants to and covenants, with respect to itself only, with the
Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the
Master Servicer, the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the
Closing Date, that:

 

(i)           The
Special Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the
United States. The Special Servicer is in compliance with the laws of each state (within the United States of America) in which
any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

(iv)          This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          The
Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)         No
litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which
would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and

 

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reasonable
judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under
this Agreement;

 

(vii)         No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of the transactions
of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been
obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer to perform
its obligations hereunder; and

 

(viii)        Each
officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(c)          [Reserved].

 

(d)          The
Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date,
that:

 

(i)           The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

(ii)           This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).

 

(iii)          Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such
applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment,
decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms of any material
agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in

 

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the Trustee’s good faith
and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement.

 

(iv)          The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the
Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would materially
and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties.

 

(v)          No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder.

 

(vi)         To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated as of the Pricing Date, among the Trustee, the Depositor and the Underwriters.

 

(e)          The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date,
that:

 

(i)           The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its properties and conduct its business as
presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)          This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)         Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions

 

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herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of
any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its properties
or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument or indenture
to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s good
faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform
its obligations under this Agreement.

 

(iv)         The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in
any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement.

 

(v)          No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained,
would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder.

 

(vi)         To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated as of the Pricing Date, between the Certificate Administrator, the Depositor and the Underwriters.

 

(f)           The
Operating Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)           The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement.

 

(ii)          The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating

 

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

 

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

 

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

 

(v)          The
Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment, is
likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

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

 

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

 

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

 

(ix)          The
Operating Advisor is an Eligible Operating Advisor.

 

(g)          The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of
the Closing Date, that:

 

(i)           The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

(iii)          The
Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance of this Agreement,
and has duly executed and delivered this Agreement;

 

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

 

(v)          The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely

 

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affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

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

 

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

 

(viii)       The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

Section 2.06     Execution
and Delivery of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee acknowledges the assignment to it
of the Mortgage Loans and the delivery of the Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage
Files are actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.03 of this
Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Mortgage Loans for the
benefit of (y) the Holders of the Class R Certificates (in respect of the Lower-Tier Residual Interest) and (z) the Holder of
the Lower-Tier Regular Interests; (ii) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular
Interests and the Lower-Tier Residual Interest represented by the Class R Certificates; (iii) acknowledges the contribution by
the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular
Interests on behalf of (x) the Upper-Tier REMIC, (y) the Holders of the Class R Certificates (in respect of the Upper-Tier Residual
Interest) and (z) the Holders of the Regular Certificates; and (iv) in exchange for the Lower-Tier Regular Interests, has caused
to be executed and caused to be authenticated and delivered to or upon the order of the Depositor, or as directed by the terms
of this Agreement, the Regular Certificates and the Class R Certificates, in authorized denominations; and the Depositor hereby
acknowledges the receipt by it or its designees of the Regular Certificates and the Class R Certificates, which Certificates evidence
ownership of the entire Trust Fund.

 

Section 2.07     Miscellaneous
REMIC Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the “regular
interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Lower-Tier Residual

 

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Interest,
represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier
REMIC within the meaning of Section 860G(a)(2) of the Code. The Regular Certificates are hereby designated as the “regular
interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Upper-Tier Residual Interest,
represented by the Class R Certificates is hereby designated as the sole Class of “residual interests” in the Upper-Tier
REMIC within the meaning of Section 860G(a)(2) of the Code. The Closing Date is hereby designated as the “Startup Day”
of each Trust REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the
Lower-Tier Regular Interests and the Regular Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution
Date for the rated Certificates.

 

(b)          None
of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.

 

Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section 3.01     The
Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage Loans and
the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Mortgage Loans (other than a Non-Serviced
Mortgage Loan) and Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer (generally with respect
to Specially Serviced Loans and Serviced REO Properties), each as an independent contractor servicer, shall service and administer
the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and the Serviced Companion Loans on behalf of the Trust Fund and
the Trustee (as Trustee for the Certificateholders) and, in the case of any Serviced Whole Loan, the related Serviced Companion
Loan Noteholders, (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable,
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing
Standard.

 

The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To
the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes; provided,
that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer
of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master
Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph
(b) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02 of this

 

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Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may deem
consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including,
without limitation, with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan, and in the case of the Serviced
Whole Loans, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholders, as a collective whole
as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the
subordinate nature of such Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders
and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements
and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any modifications,
waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File; and (iii) any and all
instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments,
with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing, neither the Master Servicer nor
the Special Servicer shall modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan except under
the circumstances described in Section 3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25,
Section 3.26 and Section 3.27 hereof. The Master Servicer (with respect to Mortgage Loans (other than a Non-Serviced
Mortgage Loan) and Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer (with respect to Specially
Serviced Loans and Serviced REO Loans) shall provide to the Borrowers related to such Mortgage Loans and Serviced Whole Loans any
reports required to be provided to them pursuant to the related Loan Documents. The Trustee shall, upon the receipt of a written
request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers of attorney
(in the form attached hereto as Exhibit DD, or such other form as mutually agreed to by the Trustee and the Master Servicer
or the Special Servicer, as applicable) and other documents (including but not limited to other powers of attorney) prepared by
the Master Servicer and Special Servicer, as applicable, and necessary or appropriate (as certified in such written request) to
enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing and administrative duties hereunder.
The Trustee shall not be held liable for any misuse of any such power of attorney or such other documents by the Master Servicer
and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary, none of the Master Servicer or
the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under
the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative
capacity (unless prohibited by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought
and if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as
applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit
or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer,
as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not
be required to obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as

 

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applicable,
representative capacity); or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered
to do business in any state.

 

(b)          Unless
otherwise provided in the related Mortgage Note or related Co-Lender Agreement, the Master Servicer shall apply any partial Principal
Prepayment received on a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, as applicable, on
a date other than a Due Date to the unpaid principal balance of such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or
Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such partial Principal
Prepayment. Unless otherwise provided in the related Mortgage Note or related Co-Lender Agreement, the Master Servicer shall apply
any amounts received on U.S. Treasury obligations in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Companion Loan, as applicable, being defeased pursuant to its terms to the unpaid principal balance of and interest on such Mortgage
Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt of such amounts.

 

(c)          The
Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its
respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material
respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this
Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Co-Lender Agreement,
(ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides that (x) the
failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable to such
Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification is required
under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by
Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates
offered by the Depositor or backed by a Serviced Companion Loan shall constitute an event of default by such Sub-Servicer upon
the occurrence of which the Master Servicer shall (and the Depositor may) immediately terminate the related Sub-Servicer under
the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained by the Master
Servicer or the Special Servicer, as applicable, shall be permitted to make Major Decisions or otherwise grant any modification,
waiver, extension, forbearance or amendment to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage
without the approval of the Master Servicer or the Special Servicer, as applicable, which approval shall be given or withheld in
accordance with the procedures set forth in Section 3.09, Section 3.10, Section 3.24, Section 3.25,
Section 3.26, Section 3.27, (as applicable), (iv) such agreement shall be consistent with the Servicing Standard,
(v) such Sub-Servicer must be terminable by the Master Servicer or Special Servicer, whichever retained it, if the Master Servicer
or Special Servicer, as applicable, considers removal to be in the best interests of the Certificateholders (except that a Mortgage
Loan Seller Sub-Servicer may only be terminated for cause), and (vi) with respect to any Sub-Servicing Agreement entered into after
the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the
time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit
the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related

 

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agreements or arrangements with such
agents or Subcontractors are consistent with the provisions of this Section 3.01(c) (including, for the avoidance of doubt,
that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant,
at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing
agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.
Each of the Master Servicer and Special Servicer shall monitor the performance of any Sub-Servicer retained by it.

 

Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that if for any reason the Master Servicer
or Special Servicer, as applicable, is no longer acting in that capacity (including without limitation, by reason of a Servicer
Termination Event), the Trustee or any successor Master Servicer or Special Servicer, as applicable, may assume or terminate such
party’s rights and obligations (in its sole discretion, provided that a Sub-Servicing Agreement with any Mortgage
Loan Seller Sub-Servicer may be terminated only with cause), without cost or obligation to the assuming party or the Trust Fund,
upon the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of the Master
Servicer or the Special Servicer, as applicable, pursuant to Section 7.02 (it being understood that any such obligations
shall be the obligations of the terminated Master Servicer or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer,
shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Certificateholders
and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except
as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii)
and Section 3.01(d).

 

Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding the provisions
of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate Administrator,
the Depositor or any Serviced Companion Loan Noteholder bear any termination fee required to be paid to any Sub-Servicer as a result
of the termination of any Sub-Servicing Agreement.

 

Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement that provides for the performance
by third parties of any or all of its obligations herein without, with respect to any Serviced Mortgage Loan other than an Excluded
Loan and prior to the occurrence and continuance of a Control Termination Event, the consent of the Directing Holder, except to
the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

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(d)          If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor
Special Servicer assumes the obligations of the Special Servicer, in each case in accordance with Section 7.02, the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee,
the successor Master Servicer or such successor Special Servicer, as applicable, to carry out the provisions of Section 7.02,
shall, without act or deed on the part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable,
succeed to all of the rights and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing
Agreement entered into by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such
event, such successor shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest,
as applicable, therein (but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special
Servicer, as applicable, prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as
applicable, as a party to such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned
to such successor, except that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any
liability or obligations under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b), at the expense
of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer or the Special
Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor all documents
and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as applicable,
then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall otherwise
use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such successor.
Neither the Master Servicer nor the Special Servicer shall be required to assume the obligations of the other and nothing in this
paragraph shall imply otherwise.

 

(e)          The
parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Co-Lender Agreement and,
with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of the
Non-Serviced PSA. The parties hereto further recognize the respective rights and obligations of each Companion Loan Noteholder
under the related Co-Lender Agreement, including, without limitation with respect to (i) the allocation of collections (and all
other amounts received in connection with the related Whole Loan) on or in respect of the related Mortgage Loan and (ii) the allocation
of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Co-Lender Agreement and, with respect to any
Non-Serviced Mortgage Loan, the rights of the Non-

 

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Serviced Master Servicer and the Non-Serviced Special Servicer under the Non-Serviced
PSA. The Master Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as holder
of a Non-Serviced Mortgage Loan) under the related Co-Lender Agreement and the Non-Serviced PSA. The parties hereto acknowledge
that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered under the related Non-Serviced
PSA and the Non-Serviced Master Servicer will make any Servicing Advances required thereunder in respect of such Non-Serviced Whole
Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust. None of the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority to supervise the related Non-Serviced
Master Servicer, the related Non-Serviced Special Servicer or the related Other Trustee or to make Servicing Advances with respect
to any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Non-Serviced PSA,
the Directing Holder may have certain information and consultation rights relating to the servicing of the Non-Serviced Whole Loan
pursuant to the terms of the related Co-Lender Agreement and the related Non-Serviced PSA. Any obligation of the Master Servicer
or Special Servicer, as applicable, to provide information and collections to the Trustee, the Certificate Administrator and the
Certificateholders with respect to any Non-Serviced Whole Loan shall be dependent on its receipt of the corresponding information
and collections from the related Other Servicer or the related Other Special Servicer. Nothing herein shall be deemed to override
the provisions of a Co-Lender Agreement with respect to the rights of the related noteholders thereunder and with respect to the
servicing and administrative duties and obligations with respect to such Non-Serviced Whole Loans. In the event of any inconsistency
or discrepancy between the provisions, terms or conditions of a Co-Lender Agreement related to a Non-Serviced Whole Loan and the
provisions, terms or conditions of this Agreement, the related Co-Lender Agreement shall govern. .

 

If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Co-Lender Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue

 

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to service such Serviced Whole Loan
or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing
herein shall be deemed to override the provisions of a Co-Lender Agreement with respect to the rights of the related noteholders
thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans.
In the event of any inconsistency or discrepancy between the provisions, terms or conditions of a Co-Lender Agreement related to
a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Co-Lender Agreement shall govern,
and as to any matter on which such Co-Lender Agreement is silent or makes reference to this Agreement, this Agreement shall govern.

 

Section 3.02     Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the
provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable,
and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting
as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily
liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and, with respect to
the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage Loans and
Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability
by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any other Person
acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions as if the
Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and Serviced
Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any sub-servicer
providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer, and nothing
contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section 3.03     Collection
of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) and the other Serviced Companion Loans (other than Specially Serviced Loans) that the Master
Servicer is servicing) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect
all payments called for under the terms and provisions of the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and
the Serviced Companion Loans each is obligated to service hereunder, and shall follow the Servicing Standard with respect to such
collection procedures; provided, that nothing herein contained shall be construed as an express or implied guarantee by
the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans; provided,
further, that with respect to such Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans, as
applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance with each provision of the
related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder,
if applicable) shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of
Excess Interest, other than requests

 

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for collection, until the final Maturity Date of such Mortgage Loan or Serviced Whole Loan,
as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been paid
in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the Special Servicer each may in
its discretion waive the Excess Interest (even at the final Maturity Date) in connection with any Mortgage Loan that it is obligated
to service hereunder if taking such action is in the best interests of the Certificateholders as a collective whole. With respect
to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents and
the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special Servicer) to the
Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan). Consistent with the foregoing,
the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans)
may in their discretion waive any late payment charge or Default Interest in connection with any delinquent Periodic Payment or
Balloon Payment with respect to any Mortgage Loan or Serviced Companion Loan that it is servicing. In addition, the Special Servicer
shall be entitled to take such actions with respect to the collection of payments on the Mortgage Loans and the Serviced Companion
Loans as are permitted or required under this Agreement.

 

Section 3.04     Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Mortgage Loans (other
than a Non-Serviced Mortgage Loan) that it is servicing, shall maintain accurate records with respect to each related Mortgaged
Property reflecting the status of taxes, assessments and other similar items that are or may become a lien on the related Mortgaged
Property and the status of insurance premiums payable with respect thereto. With respect to each Specially Serviced Loan, the
Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent
rolls from Borrowers as required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master
Servicer shall, in the case of all Mortgage Loans (other than a Non-Serviced Mortgage Loan) that it is servicing, use reasonable
efforts consistent with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including
renewal premiums), and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect,
payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each
case employing for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage
Loan or Serviced Companion Loan. If a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) fails to make any
such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty
or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance unless the Master Servicer
determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that
with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions
of the second to last paragraph in Section 3.21(e) of this Agreement). The Master Servicer and the Trustee, as applicable,
shall be entitled to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant
to this Section 3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced
Whole Loan respecting which such Advance

 

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was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted
by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments
on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan
Noteholders, be added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the
terms of such Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Non-Serviced PSA may make) Servicing Advances with respect to such Non-Serviced Mortgage Loans pursuant to the
related Non-Serviced PSA. The Non-Serviced Master Servicer (or other service provider) shall be entitled to reimbursement for nonrecoverable
Servicing Advances (as such term or similar term may be defined in the related Non-Serviced PSA) with, in each case, any accrued
and unpaid interest thereon provided for under the related Non-Serviced PSA in the manner set forth in such Non-Serviced PSA, the
related Co-Lender Agreement and Section 3.06(a)(v) of this Agreement.

 

(b)          The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Mortgage Loan (other than any Non-Serviced
Mortgage Loans) or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of
its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow
Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified
funds and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and
in accordance with the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing
losses on Permitted Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds
or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the
related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan
Documents require it to be held in an account that is not an Eligible Account); provided, if the ratings of the financial
institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the
related Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30
days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating
to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow
Accounts shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on
behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of CCRE Commercial Mortgage Securities,
L.P., CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 and Various Borrowers and, if applicable,
Serviced Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)           to
effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

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(ii)          to
transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Custodial Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)          for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or
Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)         to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or Serviced
Whole Loan, as applicable;

 

(v)          to
pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such Mortgage
Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)         to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.

 

(c)          The
Master Servicer shall, as to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and each Serviced Companion Loan that
it is servicing, (i) maintain accurate records with respect to the related Mortgaged Property reflecting the status of real estate
taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground
rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm)
the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the
related Borrower to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For
purposes of effecting any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed
under the terms of the related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or
Serviced Companion Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance
premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the
Servicing Standard to cause the related Borrower to comply with the requirement of the related Loan Documents that the Borrower
make payments in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure
or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items).

 

Section 3.05     Collection
Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Custodial Accounts.
(a) The Master Servicer shall establish and maintain a Collection Account, for the benefit of the

 

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Certificateholders and the Trustee
as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing. The Collection Account
shall be established and maintained as an Eligible Account. Amounts attributable to the Companion Loans will not be assets of
the Trust Fund.

 

The Master Servicer shall
deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds
of the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans subsequent
to the Cut-off Date:

 

(i)           all
payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including
the principal component of all Unscheduled Payments;

 

(ii)          all
payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of the
related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest and the interest
component of all Unscheduled Payments;

 

(iii)         any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized on
Permitted Investments with respect to funds held in the Collection Account;

 

(iv)         all
Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section
3.15(b) of this Agreement;

 

(v)          any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans
(other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer
as provided herein;

 

(vi)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage
Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced Whole Loan),
other than Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans and any REO Properties
in the Trust Fund and that are to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 of
this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery of Unliquidated
Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan); provided,
that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant to the related Co-Lender Agreement,
of a Mortgage Loan included in a Serviced Whole Loan, and any Purchase Price or Substitution Shortfall Amount received pursuant
to the related Mortgage Loan Purchase Agreement with respect to a Mortgage Loan in a Serviced Whole Loan, shall be deposited directly
into the Collection Account and, notwithstanding anything in this

 

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Agreement to the contrary, applied solely to pay expenses relating
to that Mortgage Loan as if it was not part of a Serviced Whole Loan and to Available Funds;

 

(vii)         Penalty
Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset
interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(c) of this Agreement;

 

(viii)       any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)          any
other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the
Serviced Whole Loan Custodial Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any
mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the related Co-Lender Agreement or mezzanine intercreditor agreement, as applicable, other than in respect
of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)           any
Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xi)          in
the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole
Loan Custodial Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests and (ii) for the benefit of the Certificateholders
and the Trustee as the Holder of the Lower-Tier Regular Interests. Any Gain-on-Sale Proceeds shall be identified separately from
any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion
Loan also identified separately).

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Co-Lender Agreement),
Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension fees,
demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master Servicer
or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer,
as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with
respect to the Mortgage Loans that it is servicing as additional compensation.

 

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If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) above of this Section 3.05 with respect
to any Specially Serviced Loan which is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one (1) Business
Day to the Master Servicer for deposit into the Collection Account, in accordance with the second paragraph of this Section
3.05 of this Agreement, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item
should not be deposited because of a restrictive endorsement or other appropriate reason; provided, that to the extent
any of the foregoing amounts are received after 2:00 p.m. (Eastern time) on any given Business Day, the Special Servicer shall
use commercially reasonable efforts to remit such amounts within one (1) Business Day of receipt of such amount but, in any event,
the Special Servicer shall remit such amounts to the Master Servicer within two (2) Business Days of receipt of such amounts.

 

Any such amounts received
by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO Property related to the Serviced Whole
Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the
Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any related Serviced Whole Loan, the Special
Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any such amounts paid by check to the order
of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of the Master
Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)          The
Certificate Administrator shall establish and maintain the Lower-Tier REMIC Distribution Account in its own name for the benefit
of the Trustee, for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The
Lower-Tier REMIC Distribution Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible
Account.

 

(c)          With
respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer
Remittance Date the funds relating to the Mortgage Pool then on deposit in the Collection Account after giving effect to withdrawals
of funds pursuant to Section 3.06 of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection
Account, the Certificate Administrator shall deposit in (i) the Lower-Tier REMIC Distribution Account, all such amounts relating
to the Mortgage Pool that were withdrawn from the Collection Account (exclusive of any portion thereof that represents Gain-on
Sale Proceeds) and (ii) the Gain-on-Sale Reserve Account, the amount of Gain-on-Sale Proceeds allocable to any Mortgage Loan. The
Certificate Administrator shall transfer Withheld Amounts from the Lower-Tier REMIC Distribution Account to the Interest Reserve
Account as and when required by Section 3.05(e) of this Agreement.

 

(d)          If
any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to
or as contemplated by Section 2.04(f) of this Agreement, the Special Servicer shall establish and maintain one or more accounts

 

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(collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes
of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account
or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all
Loss of Value Payments received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside
reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of either Trust REMIC. Furthermore,
for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund
through the Collection Account or the related Serviced Whole Loan Custodial Account, as applicable, to the Certificateholders as
paid to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection
Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial owner of the Loss
of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all
federal income tax purposes, and shall be taxable on all income earned thereon.

 

(e)          The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Interest Reserve
Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year,
unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On the Distribution Date relating to each such Master Servicer Remittance Date (prior to
any distributions being made with respect to the Certificates on such Distribution Date), the Certificate Administrator shall,
with respect to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months, withdraw
from the Lower-Tier REMIC Distribution Account and deposit in the Interest Reserve Account an amount equal to the aggregate of
the Withheld Amounts calculated in accordance with the previous sentence with respect to such Mortgage Loans. If the Certificate
Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time
withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the
Master Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such
month), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld
Amounts on deposit in the Interest Reserve Account relating to the Mortgage Loans.

 

(f)          The
Certificate Administrator shall establish and maintain the Upper-Tier REMIC Distribution Account in its own name for the benefit
of the Trustee and for the benefit of the Certificateholders. The Upper-Tier REMIC Distribution Account shall be established and
maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate
Administrator shall withdraw or be deemed to withdraw from the Lower-Tier REMIC Distribution Account and deposit or be deemed to
deposit in the Upper-Tier REMIC Distribution Account on or before such date the Lower-Tier Distribution Amount

 

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and the amount of
any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date to be distributed in respect of the Lower-Tier
Regular Interests pursuant to Section 4.01(a) of this Agreement on such date.

 

(g)          With
respect to each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained,
a Serviced Whole Loan Custodial Account in which the Master Servicer shall deposit or cause to be deposited within two Business
Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of
it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)           all
payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)          all
payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)          any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in such Serviced Whole Loan Custodial Account;

 

(iv)         all
Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)          any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced Whole
Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)         all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related
Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier REMIC Distribution
Account pursuant to Section 9.01 of this Agreement) together with any amounts representing recoveries of Nonrecoverable
Advances, including any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that (1) any
Liquidation Proceeds related to a sale pursuant to Section 3.16 hereof or pursuant to the related Co-Lender Agreement of
a Mortgage Loan included in a Serviced Whole Loan, and any Purchase Price or Substitution Shortfall Amount received pursuant to
the related Mortgage Loan Purchase Agreement with respect to a Mortgage Loan in a Serviced Whole Loan, shall be deposited directly
into the Collection Account, notwithstanding anything in this Agreement to the contrary, and applied solely to pay expenses relating
to that Mortgage Loan as if it was not part of a Serviced Whole Loan and to Available Funds, and (2) any Liquidation Proceeds related
to a sale of a related Serviced Companion Loan included in a Serviced Whole Loan shall be deposited into the related Serviced Whole
Loan Custodial Account and, notwithstanding anything in this

 

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Agreement to the contrary, applied solely to pay expenses relating
to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;

 

(vii)         Penalty
Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a Serviced
Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)        any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection
with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)           any
other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness
that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set
forth in the related Co-Lender Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable
Serviced Whole Loan Custodial Account by the Master Servicer or the Special Servicer;

 

(x)            any
cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Co-Lender Agreement; and

 

(xi)           any
Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing
requirements for deposits into the applicable Serviced Whole Loan Custodial Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section
3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees,
extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the applicable Serviced
Whole Loan Custodial Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable
law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled
to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master
Servicer deposits in the applicable Serviced Whole Loan Custodial Account any amount not required to be deposited therein, it may
at any time withdraw such amount from such Serviced Whole Loan Custodial Account, any provision herein to the contrary notwithstanding.

 

Each Serviced
Whole Loan Custodial Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage
backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced Whole
Loan Custodial Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger
basis but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan

 

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Custodial Account shall
be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon receipt
of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to
each Serviced Whole Loan for so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall
remit within one (1) Business Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Custodial
Account, in accordance with the first paragraph of this Section 3.05(g); provided, that to the extent any of the
foregoing amounts are received after 2:00 p.m. (Eastern time) on any given Business Day, the Special Servicer shall use commercially
reasonable efforts to remit such amounts within one (1) Business Day of receipt of such amount, but, in any event, the Special
Servicer shall remit such amounts to the Master Servicer within two (2) Business Days of receipt of such amounts, unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive
endorsement or other appropriate reason.

 

Any such amounts
received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall initially be
deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer for deposit
into the applicable Serviced Whole Loan Custodial Account pursuant to Section 3.15(b). With respect to any such amounts
paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced Loan shall
endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to
the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the applicable Whole
Loan REO Account.

 

(h)          Notwithstanding
anything to the contrary contained herein, with respect to each Due Date and any related Serviced Companion Loan, on each Serviced
Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole Loan Custodial
Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder by wire transfer
in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor appearing on the
Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or, if no such account
so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required
to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder or its agent appearing
on the Serviced Companion Loan Noteholder Register) the portion of the applicable Serviced Whole Loan Remittance Amount allocable
to such Serviced Companion Loan Noteholder.

 

(i)             The
Certificate Administrator shall establish (upon notice that any Gain-on-Sale Proceeds have been received) and thereafter maintain
the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders, and the Trustee as the Holder of the Lower-Tier Regular Interests. Each account that
constitutes a Gain-on-Sale Reserve Account

 

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shall be an Eligible Account or a sub-account of an Eligible Account. On each Master
Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account or, if the applicable Mortgage Loan is
part of a Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced Whole Loan Custodial Account, and
remit to the Certificate Administrator, for deposit in the Gain-on-Sale Reserve Account, the amount of any related Gain-on-Sale
Proceeds allocable to a Mortgage Loan then on deposit in the Collection Account or such Serviced Whole Loan Custodial Account,
as applicable. On each Master Servicer Remittance Date, the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve
Account and deposit in the Lower-Tier REMIC Distribution Account the Gain-on-Sale Remittance Amount for such Distribution Date;
provided that amounts on deposit in the Gain-on-Sale Reserve Account on each Distribution Date that exceed amounts reasonably
anticipated to offset possible future Realized Losses and other shortfalls in payments on the Regular Certificates, after taking
into account the withdrawal of the Gain-on-Sale Remittance Amount for such Distribution Date, shall be distributed to the Holders
of the Class R Certificates in respect of the Lower-Tier Residual Interest; and provided, further, that on the Business
Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account and
deposit in the Lower-Tier REMIC Distribution Account, for distribution on such Distribution Date, any and all amounts then on deposit
in the Gain-on-Sale Reserve Account attributable to the Mortgage Loans.

 

(j)             Funds
in the Collection Account, the Serviced Whole Loan Custodial Account, the Distribution Accounts, the Interest Reserve Account,
the Gain-on-Sale Reserve Account, any Loss of Value Reserve Fund and the REO Account may be invested in Permitted Investments in
accordance with the provisions of Section 3.07 of this Agreement; provided, however, that for so long as Wells
Fargo Bank, National Association is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest
Reserve Account and the Gain-on-Sale Reserve Account shall not be invested.

 

The Master Servicer shall
give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account
number of the Collection Account and, if applicable, the Serviced Whole Loan Custodial Accounts as of the Closing Date and shall
notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior
to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected
holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Custodial Account as
well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator
shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account
number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the
Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

Section 3.06     Permitted
Withdrawals from the Collection Accounts, the Serviced Whole Loan Custodial Accounts and the Distribution Accounts; Trust Ledger.
(a) The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans that it is servicing on which
it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such

 

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other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan unless otherwise specified
in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii), (xv),
(xvi) and (xvii) of this Section 3.06), the Master Servicer shall make withdrawals from amounts allocated
thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below not
constituting an order of priority for such withdrawals):

 

(i)           on
or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, (A) to remit to the Certificate Administrator
the amounts to be deposited into the Lower-Tier REMIC Distribution Account (including any amount transferred from the related Serviced
Whole Loan Custodial Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including without limitation
the aggregate of the Available Funds, Prepayment Premiums and Yield Maintenance Charges on deposit in the Collection Account) which
the Certificate Administrator shall then deposit into the Upper-Tier REMIC Distribution Account and the Interest Reserve Account,
respectively, pursuant to Section 3.05(f) and Section 3.05(e) of this Agreement, respectively and (B) to remit to
the Certificate Administrator an amount equal to any Gain-on-Sale Proceeds to be deposited into the Gain-on-Sale Reserve Account
pursuant to Section 3.05(i);

 

(ii)          to
pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating Advisor, unpaid
Operating Advisor Fees in respect of each Mortgage Loan; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees
and Workout Fees in respect of each Mortgage Loan, each Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage
Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s
or Special Servicer’s, as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees,
Liquidation Fees and Workout Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced
Loan or Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable,
being limited to amounts received on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether
in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of
interest thereon, (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of
each Specially Serviced Loan or Serviced REO Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans,
Specially Serviced Loans and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit
in the applicable Serviced Whole Loan Custodial Account are insufficient therefor (provided that the Master Servicer shall,
after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the holder of any related
Pari Passu Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the
related Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced

 

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Pari Passu Companion Loans from the related Companion Loan Noteholders) and with respect to a Serviced Pari Passu Whole Loan, pro
rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance
with their respective unpaid principal balances, (C) each month to the Non-Serviced Master Servicer or Non-Serviced Special Servicer,
as applicable, the Trust’s pro rata portion (based on the related Mortgage Loan’s unpaid principal balance)
of any unpaid special servicing fees, liquidation fees, workout fees and additional trust expenses in respect of a Non-Serviced
Mortgage Loan remaining unpaid (including amounts payable to such parties under Section 1.04 of this Agreement), out of
general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties, (D) the Operating Advisor, any unpaid Operating
Advisor Consulting Fees in respect of any Mortgage Loan (but only to the extent such Operating Advisor Consulting Fees were received
from the related Borrower) and (E) the Asset Representations Reviewer, any (i) unpaid Asset Representations Reviewer Fee or (ii)
any Asset Representations Reviewer Asset Review Fee payable in connection with any Asset Review that was performed as a result
of an Affirmative Asset Review Vote;

 

(iii)          to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which are
reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced
Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being
limited to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage Loan or
Serviced REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient to repay
such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances
may be reimbursed on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider for
unreimbursed principal and/or interest advances with respect to the applicable Serviced Companion Loan, from collections on the
related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during the applicable period; provided,
further, that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter
be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all
of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;

 

(iv)          to
reimburse the Trustee, the Special Servicer or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property)
(exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing
any Serviced Whole Loan), for unreimbursed Servicing Advances, the Master Servicer’s, the Special Servicer’s or the
Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced
REO Property being limited to, as applicable, payments received from the related Borrower which represent reimbursements of such
Servicing Advances,

 

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Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable
Mortgage Loan or Serviced REO Property; provided, that if such Servicing Advance becomes a Workout-Delayed Reimbursement
Amount, then such Servicing Advance shall thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended
by the modified loan documents to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of
general collections and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account
from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;

 

(v)          (A)
to reimburse the Trustee, the Special Servicer or itself, in that order (with respect to any Mortgage Loan (including an REO Mortgage
Loan)), (1) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation
Proceeds and REO Proceeds, if any, received on the related Mortgage Loan and related REO Properties, second, out of the
principal portion of general collections on the Mortgage Loans and REO Properties, and then, to the extent the principal
portion of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion
(or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this
Section 3.06(a) of this Agreement, out of other collections on the Mortgage Loans and REO Properties and (2) with respect
to the Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and
REO Properties, net of such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either
clause (1) or (2) above with respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the
applicable Serviced Whole Loan Custodial Account are insufficient therefor after taking into account any allocation set forth in
the related Co-Lender Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Co-Lender Agreement to obtain reimbursement for a pro
rata portion (or such other amount as may be set forth in the related Co-Lender Agreement) of such amount representing Servicing
Advances allocable to the related Serviced Pari Passu Companion Loans from the related Companion Loan Noteholders) and with respect
to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan
and Serviced Pari Passu Companion Loan, in accordance with their respective unpaid principal balances, (B) to pay itself or the
Special Servicer out of general collections on the Mortgage Loans and REO Properties, with respect to any Mortgage Loan (including
an REO Mortgage Loan), any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable,
that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to
such Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received in connection therewith,
but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Custodial
Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use

 

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commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Co-Lender Agreement to obtain reimbursement for a pro
rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)
and with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu
Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their respective unpaid principal balances and (C) to
reimburse the related Non-Serviced Master Servicer, the related Non-Serviced Special Servicer and the related Non-Serviced Trustee,
as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s pro rata portion
(based on the related Non-Serviced Mortgage Loan’s unpaid principal balance) of nonrecoverable servicing advances previously
made with respect to the related Non-Serviced Mortgage Loans;

 

(vi)          at
such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan (including an REO Mortgage Loan)
or Serviced REO Property), for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed
Reimbursement Amount) made with respect to a Mortgage Loan (including an REO Mortgage Loan) pursuant to clause (iii) above,
to pay itself or the Trustee, as applicable, any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing
Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan
or Serviced REO Property pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case
may be, any Advance Interest Amounts accrued and payable thereon or (3) any Nonrecoverable P&I Advances made with respect to
a Mortgage Loan (including an REO Mortgage Loan) and any Nonrecoverable Servicing Advances made with respect to a Mortgage Loan
or Serviced REO Property or any Workout-Delayed Reimbursement Amounts pursuant to clause (v) above, to pay itself, the Special
Servicer or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon, in each case, first, from
Penalty Charges as provided in Section 3.12(c) and then, from general collections, but in the case of a Serviced Whole Loan
only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that amounts on deposit in the applicable
Serviced Whole Loan Custodial Account are insufficient therefor after taking into account any allocation set forth in the related
Co-Lender Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection
Account, if any, (A) (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to
exercise on behalf of the Trust any rights under the related Co-Lender Agreement to obtain reimbursement for a pro rata
portion of such amount representing Advance Interest Amounts on Servicing Advances allocable to the related Serviced Companion
Loans from the related Companion Loan Noteholders) and with respect to a Serviced Pari Passu Whole Loan, pro rata and pari
passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their
respective unpaid principal balances and (B) at such time as it reimburses the related Non-Serviced Master Servicer, the related
Non-Serviced Special Servicer and the related Non-Serviced Trustee, as applicable, for any nonrecoverable servicing advances made
with respect to any related Non-Serviced Mortgage Loan or the related REO Property pursuant to clause (v) above, to pay
the related Non-Serviced

 

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Master Servicer, the related Non-Serviced Special Servicer and the related Non-Serviced Trustee, as applicable,
any interest accrued and payable thereon;

 

(vii)          to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under
Section 2.04 of this Agreement or out of the enforcement of the repurchase or substitution obligation or any other obligation
of the Mortgage Loan Seller, together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement
pursuant to this clause (vii) with respect to any Mortgage Loan exclusive of any Mortgage Loan included in the Serviced
Whole Loan) subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right
to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in accordance with clause
(f) of the definition of “Purchase Price”, or (b) if no Purchase Price is paid or if an amount less than the Purchase
Price is paid and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant
to the applicable Mortgage Loan Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to
reimbursement from the Trust following the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of
the Breach or Defect claim, or payment of such Loss of Value Payment, as the case may be;

 

(viii)        to
pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included
in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest and
investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12 of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any
period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the
Mortgage Loans that are not Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section
3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during
or prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay
the Special Servicer, as additional servicing compensation in accordance with Section 3.12, Net Default Interest and any
other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and

 

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payable
with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional
Trust Fund Expenses (other than Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)           to
pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) of
this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced
Whole Loan Custodial Account are insufficient therefor after taking into account any allocation set forth in the related Co-Lender
Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account,
if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf
of the Trust any rights under the related Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount
allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)) and with respect to a Serviced
Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari
Passu Companion Loan, in accordance with their respective unpaid principal balances; provided, that for the purposes of
allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage
Loan, to such Mortgage Loan, as applicable, and (b) if not related to any particular Mortgage Loan, pro rata, among all
Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)          to
pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), Section 3.10(e), Section 3.15(a),
Section 3.15(b) and Section 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent
that such amounts on deposit in the applicable Serviced Whole Loan Custodial Account are insufficient therefor after taking into
account any allocation set forth in the related Co-Lender Agreement (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Co-Lender Agreement to
obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders)); provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts
so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan, and (b) if not related
to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of
the Mortgage Loans;

 

(xii)          to
pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on the
Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be

 

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reimbursed, first,
out of the related Serviced Whole Loan Custodial Account from collections on the related Serviced Companion Loan(s) and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided, that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan, and (b)
if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal
Balances of the Mortgage Loans;

 

(xiii)         to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans and REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely to
a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan Custodial
Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans and with
respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage
Loan and Serviced Pari Passu Companion Loan(s), in accordance with their respective unpaid principal balances; provided,
that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating
to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among
all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiv)        to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to each Mortgage
Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant
to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xv)         to
pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Asset
Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person at the
expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section
3.06(a), of this Agreement (and, in the case of an amount specifically related to a Serviced Whole Loan, only to the extent
that such amounts on deposit in the applicable Serviced Whole Loan Custodial Account are insufficient therefor after taking into
account any allocation set forth in the related Co-Lender Agreement (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and
(ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Co-Lender Agreement to
obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related
Companion Loan Noteholders) and with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the
related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their respective unpaid principal
balances, it being acknowledged that this clause (xv) shall not be construed to modify any limitation or requirement otherwise
set forth in this

 

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Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the
funds from which any such payment or reimbursement is permitted to be made; provided, that (i) any amounts so paid shall
be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan, and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xvi)        to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including
any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)       to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income earned
on funds deposited in the Collection Account;

 

(xviii)      to
transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Certificate Administrator for deposit into the Gain-on-Sale Reserve
Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)         to
pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan, if
any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement,
or otherwise all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of
a substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or
prior to the month of substitution, in accordance with the third paragraph of Section 2.04(h) of this Agreement;

 

(xx)          to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this
Agreement; provided, that any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan,
to such Mortgage Loan, and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based
on the respective Stated Principal Balances of the Mortgage Loans;

 

(xxi)         pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty License Fee with
respect to the Mortgage Pool to CREFC® on a monthly basis; and

 

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

 

Notwithstanding anything
herein to the contrary, the Master Servicer and the Special Servicer shall be entitled to Net Default Interest with respect to
any Pari Passu Companion Loan as additional servicing compensation to the extent permitted under the related Co-Lender Agreement
(including if the related Co-Lender Agreement provides that the Master

 

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Servicer and the Special Servicer shall be entitled to Net
Default Interest if and to the extent provided in this Agreement).

 

The Master Servicer shall
pay to the Special Servicer, the Trustee or the Certificate Administrator from the Collection Account amounts permitted to be paid
to it therefrom monthly upon receipt of a written statement from an officer of such party describing the item and amount to which
such party is entitled. The Master Servicer may rely conclusively on any such statement and shall have no duty to recalculate the
amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and REO
Loan, on a loan-by-loan basis and, when appropriate, on a property-by-property basis, for the purpose of justifying any request
for withdrawal from the Collection Account. Notwithstanding the above, no written statement is required for a payment of Special
Servicing Fees and/or Workout Fees arising from collections other than the initial collection on a Corrected Loan.

 

The Master Servicer shall
keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each
Mortgage Loan and, when appropriate, on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal,
debit or credit from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the
Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate
Administrator to determine the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess
Interest; and (iii) the Companion Loans.

 

The Master Servicer shall
pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Special Servicer,
the Non-Serviced Trustee, the Non-Serviced Master Servicer or the Non-Serviced Special Servicer, from the Collection Account amounts
permitted to be paid to such person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee,
a responsible officer of the Non-Serviced Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an
officer of the Operating Advisor, a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing
Officer or a certificate of the Non-Serviced Master Servicer or Non-Serviced Special Servicer, as applicable, describing the item
and amount to which such Person is entitled (unless such payment to the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Special Servicer, the Non-Serviced Trustee, the Non-Serviced Master Servicer or Non-Serviced
Special Servicer, as the case may be, is specifically required pursuant to this Agreement and the timing and the amount of payment
is specified in, or calculable pursuant to, this Agreement, in which case a certificate is not required). The Master Servicer may
rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein.

 

The Trustee, the Certificate
Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating Advisor, the Asset
Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12)
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee
Fees, Special

 

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Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License
Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees are
actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee, Advances, Advance Interest Amounts
(for each of such Persons other than CREFC®), their respective indemnification payments (if any) pursuant to Section
6.03, Section 8.05 or Section 12.02 of this Agreement (for each of such Persons other than CREFC®),
their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in
the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees) for
which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and paid
from amounts on deposit in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate
Administrator, the Trustee, the Special Servicer, the Master Servicer, the Operating Advisor and the Asset Representations Reviewer
shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to
time for the reimbursement and payment of any federal, state or local taxes imposed on either Trust REMIC.

 

Upon the determination
that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full
amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced
Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer
or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining
amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement immediately,
may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the one-month period
ending on the then current Determination Date for successive one-month periods for a total period not to exceed 12 months (provided
that, with respect to any Serviced Mortgage Loan other than an applicable Excluded Loan, any such deferral exceeding 6 months will
require, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Holder). If the
Master Servicer or the Trustee makes such an election at its sole option and in its sole discretion to defer reimbursement with
respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable Advance (together
with interest thereon) or portion thereof shall continue to be fully reimbursable in the one-month period ending on the subject
Determination Date (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such a subsequent
period, such Nonrecoverable Advance shall again be payable first from principal collections as described above prior to
payment from other collections). In connection with a potential election by the Master Servicer, the Special Servicer or the Trustee
to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month period ending
on the related Determination Date for any Distribution Date, the Master Servicer, the Special Servicer or the Trustee shall further
be authorized (in its sole discretion) to wait for principal collections on the Mortgage Loans to be received before making its
determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof) until the
end of such one-month period; provided, the Master Servicer, the Special Servicer or the Trustee shall give notice of its
election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), at

 

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least 15 days prior to any reimbursement to it of Nonrecoverable Advances
from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee
determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable
Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer, the Special Servicer
or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer
reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer, the Special
Servicer or the Trustee has not timely received from the Certificate Administrator information requested by the Master Servicer,
the Special Servicer or the Trustee to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided
that, if clause (1), (2) or (3) apply, the Master Servicer, the Special Servicer or the Trustee shall give
notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest
on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Each
of the Master Servicer, the Special Servicer and the Trustee shall not have any liability for any loss, liability or expense resulting
from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not,
however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply
with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section
3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable
Advances without deferral as described above, then the Master Servicer, the Special Servicer or the Trustee, as applicable, shall
be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts
in the Collection Account for such Distribution Date. Any such election by any such party to refrain from reimbursing itself or
obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to the one-month period ending on any one
or more Determination Dates shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for
the period prior to the actual reimbursement of such Nonrecoverable Advance. The election of the Master Servicer, the Special Servicer
or the Trustee, as applicable, to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to
the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall not be construed as an obligation
on the part of the Master Servicer, the Special Servicer or the Trustee, as applicable, or a right of the Certificateholders or
the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced Companion
Loan Noteholders a right to prior payment of distributions over the Master Servicer’s, the Special Servicer’s or the
Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer
reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing
Standard and none of the Master Servicer, the Special Servicer, the Trustee nor the other parties to this Agreement shall have
any liability to one another or to any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such
election that such party makes as

 

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contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic
or other effects that may arise from such an election.

 

None of the Master Servicer,
the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such
other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

If the Master Servicer,
the Special Servicer, the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general
collections for any unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest
Amount), then (for purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall
be deemed to have been made: first, out of the Principal Distribution Amount, which, but for its application to reimburse
a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution
Date and, second, out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to
pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date.

 

If and to the extent
that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable Advance or to pay
the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced, to not less than
zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable Advance, (ii)
such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated above and
(iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other collections
in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds to the
Determination Date on which ends the one-month period in which such item was recovered shall be increased by an amount equal to
the lesser of (A) the amount of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution
Date as contemplated in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance
Interest Amount.

 

(b)          The
Master Servicer shall maintain a separate Trust Ledger with respect to the Serviced Whole Loans that it is servicing on which it
shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Custodial Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)            to
make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable
Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame specified in,
and otherwise in accordance with Section 3.05(h) and (B) to the

 

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Collection Account for the benefit of the Trust in respect
of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Co-Lender Agreement (after taking
into account the amounts permitted to be withdrawn from the Serviced Whole Loan Custodial Account pursuant to this Section 3.06(b)),
provided that (to the extent not otherwise subject to withdrawal pursuant to clauses (ii) – (xviii)
of this Section 3.06(b)) Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by the related seller
thereof or the sale thereof pursuant to Section 3.16 shall be remitted solely to the holder of such Serviced Companion Loan,
as the case may be, and Liquidation Proceeds relating to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by
the related Mortgage Loan Seller or the sale thereof pursuant to Section 3.16 shall be remitted solely to the Collection
Account; provided that such remittances shall take into account whether amounts that may be withdrawn from collections on
the subject Whole Loan are made prior to or in connection with the allocations to the related Mortgage Loan and Serviced Companion
Loan(s) in accordance with the related Co-Lender Agreement or thereafter from amounts so allocated to a particular note evidencing
such Serviced Whole Loan;

 

(ii)          to
pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees
to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer
unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO
Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect
to such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of
such Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds),
that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered by clause
(ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan
or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided
in Section 3.06(a)(ii) of this Agreement;

 

(iii)          to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan
and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with
respect to the applicable Serviced Pari Passu Companion Loan, the Master Servicer’s, the Trustee’s and the applicable
Serviced Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts
received in the applicable Serviced Whole Loan Custodial Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Pari Passu Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the
related Co-Lender Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to
repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I
Advances may be

 

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reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)          to
reimburse the Trustee, the Special Servicer or itself, in that order, as applicable (with respect to such Serviced Whole Loan or
Serviced REO Property), for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property,
the Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant
to this clause (iv) being limited to, as applicable, related payments by the applicable Borrower with respect to such Servicing
Advance, Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds and REO Proceeds with respect to such Serviced Whole
Loan; provided, that if such Servicing Advance becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount,
then such Servicing Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(v)           (A)
to reimburse the Trustee, the Special Servicer or itself, in that order, (with respect to such Serviced Whole Loan or related REO
Property), as applicable (x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second,
out of general collections in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed
Reimbursement Amounts, first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO
Properties, net of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second
out of general collections in the Collection Account as provided in Section 3.06(a); provided that in the case of
both clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections,
such reimbursements shall be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any,
and then from collections on, and proceeds of, either the related Mortgage Loan, or, in the case of a Serviced Pari Passu Whole
Loan with a Serviced Pari Passu Companion Loan, the Mortgage Loan and any related Serviced Pari Passu Companion Loans (pro rata
based on the Mortgage Loan’s unpaid principal balance and each related Serviced Pari Passu Companion Loan’s unpaid
principal balance), and then from general collections of the Trust (provided that, in the case of a Servicing Advance that
is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account,
if any, (i) promptly notify the related Companion Loan Noteholder(s) and (ii) use commercially reasonable efforts to exercise on
behalf of the Trust any rights under the related Co-Lender Agreement to obtain reimbursement for a pro rata portion of such
amount allocable to the related Serviced Pari Passu Companion Loan(s) from the related Companion Loan Noteholder(s)) or (B) to
pay itself or the Special Servicer out of general collections on such Serviced Whole Loan and related REO Properties, any related
earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance
with clause (ii) above following a Final Recovery

 

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Determination made with respect to such Serviced Whole Loan or related
REO Property and the deposit into the applicable Serviced Whole Loan Custodial Account of all amounts received in connection therewith;
provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (v)
with respect to any such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount that is a P&I Advance, being limited
(except to the extent set forth in Section 3.06(a)) to amounts on deposit in the applicable Serviced Whole Loan Custodial
Account that were received in respect of the particular Mortgage Loan (as allocable thereto pursuant to the related Loan Documents
and the related Co-Lender Agreement) that is part of the subject Serviced Whole Loan as to which such Nonrecoverable Advance or
such Workout-Delayed Reimbursement Amount were incurred (provided further, that to the extent such amounts are insufficient
to repay such Advances on any Mortgage Loan as to which there is a related Subordinate Companion Loan, such P&I Advances may
be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan;

 

(vi)          at
such time as it reimburses the Trustee, the Special Servicer or itself, in that order, as applicable, for (A) any unreimbursed
P&I Advance with respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement
Amount) or any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause
(iii) above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest
Amounts accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may
be, any Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above,
to pay itself, the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance
Interest Amounts accrued and payable thereon, with such amounts payable in the case of clauses (A), (B) and (C)
above, first, from Penalty Charges pursuant to Section 3.12(c), then, from collections on, and proceeds of, the applicable
Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, the Mortgage Loan and any related Serviced
Pari Passu Companion Loan(s) (pro rata based on the Mortgage Loan’s unpaid principal balance and each related Serviced
Pari Passu Companion Loan’s unpaid principal balance), provided that, notwithstanding the foregoing, such party’s
rights to reimbursement pursuant to this clause (vi) with respect to any such interest on P&I Advances (including any
such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount) being limited to amounts on deposit
in the applicable Serviced Whole Loan Custodial Account that were received in respect of the particular Mortgage Loan (as allocable
thereto pursuant to the related Loan Documents and the related Co-Lender Agreement) that is part of the subject Serviced Whole
Loan as to which such advance relates (provided further, that for any Mortgage Loan as to which there is a related Subordinate
Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable
to such Subordinate Companion Loan;

 

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(vii)         to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable,
for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the related
Mortgage Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage
Loan Purchase Agreement or, with respect to a Serviced Pari Passu Companion Loan, under the related mortgage loan purchase agreement,
including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s
right to reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion
of the Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the
definition of “Purchase Price” (or, with respect to a Serviced Pari Passu Companion Loan, a comparable expense);

 

(viii)        to
pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole
Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)          (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Custodial Account
as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole
Loan Custodial Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date)
and (2) any Penalty Charges on the related Mortgage Loan and each related Serviced Companion Loan (except to the extent prohibited
by the related Co-Lender Agreement and other than Specially Serviced Loans) but only to the extent collected from the related Borrower
and to the extent that all amounts then due and payable with respect to the subject Serviced Whole Loan have been paid and are
not needed to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service
Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Co-Lender Agreement; and
(B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of Section 3.12,
the portion of any Penalty Charges on the related Mortgage Loan and each related Serviced Companion Loan (except to the extent
prohibited by the related Co-Lender Agreement), during the period it is a Specially Serviced Loan (but only to the extent collected
from the related Borrower and to the extent that all amounts then due and payable with respect to the related Specially Serviced
Loan have been paid and are not needed to pay interest on Advances, interest on debt service advances made by the related Serviced
Companion Loan Service Provider and/or Additional Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation
Fees) in accordance with Section 3.12 and the related Co-Lender Agreement);

 

(x)           to
recoup any amounts deposited in such Serviced Whole Loan Custodial Account in error;

 

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(xi)          to
pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and
agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the
extent that such amounts relate to the subject Serviced Whole Loan; provided that to the extent that the payment amounts
only relate to particular notes evidencing the subject Serviced Whole Loan, payment shall only be made from collections allocable
to such particular notes;

 

(xii)          to
pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), Section 3.10(e), Section 3.15(a),
Section 3.15(b) and Section 12.08 to the extent that such opinions specifically relate to the subject Serviced Whole
Loan;

 

(xiii)         to
pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local
taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental
costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator
nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage
Loan or the related Serviced Pari Passu Companion Loan(s) (but only to the extent that any Serviced Companion Loan is included
in a REMIC);

 

(xiv)        to
reimburse the Trustee and the Certificate Administrator out of general collections on the subject Serviced Whole Loan and any related
REO Properties for expenses incurred by and reimbursable to it that specifically related to such Serviced Whole Loan; provided
that to the extent that such expenses only relate to particular notes evidencing the subject Serviced Whole Loan, reimbursement
shall be made only from amounts allocable to such particular notes;

 

(xv)         to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included in the
subject Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon
subsequent to the date of purchase relating to periods after the date of purchase;

 

(xvi)        to
deposit in the Gain-on-Sale Reserve Account any Gain-on-Sale Proceeds with respect to the Mortgage Loan included in such Serviced
Whole Loan required to be deposited in the Interest Reserve Account pursuant to Section 3.05(i);

 

(xvii)       to
pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may
be, to the extent that such amounts relate to the Mortgage Loan, any amount specifically required to be paid to such Person at
the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this
Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed to modify any limitation or
requirement otherwise set forth in this Agreement or in the related Co-Lender Agreement as to the time at which any Person is entitled
to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted to be made;

 

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(xviii)      to
pay the related Mortgage Loan Seller with respect to the Mortgage Loan previously purchased or substituted (i.e., replaced)
by such Person pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan subsequent to the date
of purchase or substitution, and, in the case of a substitution, with respect to the related Qualified Substitute Mortgage Loan(s),
all Periodic Payments due thereon during or prior to the month of substitution, in accordance with the third paragraph of Section
2.04(h); and

 

(xix)         to
clear and terminate such Serviced Whole Loan Custodial Account at the termination of this Agreement pursuant to Section 9.01.

 

Notwithstanding anything
herein to the contrary, the Master Servicer and the Special Servicer shall be entitled to Net Default Interest with respect to
any Pari Passu Companion Loan as additional servicing compensation to the extent permitted under the related Co-Lender Agreement
(including if the related Co-Lender Agreement provides that the Master Servicer and the Special Servicer shall be entitled to Net
Default Interest if and to the extent provided in this Agreement).

 

In the case of the amounts
payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if such amount is not specifically
payable, pursuant to the terms of this Agreement or the related Co-Lender Agreement, out of collections or proceeds allocable to
any particular note that is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds of
the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata basis
as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage Loan’s
principal balance or the related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent provided
for in this Agreement, from general collections.

 

The Master Servicer shall
keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate, for the purpose
of justifying any withdrawal from any Serviced Whole Loan Custodial Account. All withdrawals with respect to any Serviced Whole
Loan shall be made first, from the applicable Serviced Whole Loan Custodial Account and then, from the Master Servicer’s
Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master Servicer shall provide to the Certificate
Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator
to determine the amounts attributable to the Lower-Tier REMIC and the Companion Loans.

 

The Master Servicer shall
pay to the Special Servicer from the Serviced Whole Loan Custodial Accounts amounts permitted to be paid to it therefrom monthly
upon receipt of a written statement from an officer of such Special Servicer describing the item and amount to which such Special
Servicer is entitled. The Master Servicer may rely conclusively on any such statement and shall have no duty to recalculate the
amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and REO
Loan, on a loan-by- loan and, when appropriate, property-by-property basis, for the purpose of justifying any request for withdrawal
from any Serviced Whole Loan Custodial Account. Notwithstanding

 

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the above, no written statement is required for a payment of Special
Servicing Fees and/or Workout Fees arising from collections other than the initial collection on a Corrected Loan.

 

Any permitted withdrawals
under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to a Non-Serviced Trustee
shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent of the Non-Serviced
Trustee, if any.

 

Notwithstanding anything
to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from the related
Serviced Whole Loan Custodial Account and remit to the related Serviced Companion Loan Noteholders, within (x) with respect to
any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Co-Lender Agreement, within two Business
Days of receipt thereof and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day after the receipt
of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced Companion Loan
or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New York City time)
(provided, however, that to the extent any such amounts are received after 3:00 p.m. (New York City time) on any
given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such amounts within one Business Day
of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two Business Days
of receipt of properly identified funds) on the related Due Date therefor (exclusive of any portion of such amount payable or reimbursable
to any third party in accordance with the related Co-Lender Agreement or this Agreement), unless such amount would otherwise be
included in the monthly remittance to the holder of such Serviced Companion Loan for such month.

 

If the Master Servicer
fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date or any other date a remittance is required to
be made, to remit to the Certificate Administrator (in respect of the related Mortgage Loan or the Serviced Companion Loan Noteholders
(in respect of any related Serviced Companion Loan) any amounts required to be so remitted hereunder by such date (including any
P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds), the Master Servicer shall pay to the Certificate
Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the related Serviced
Companion Loans), for the account of the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion
Loan Noteholders (in respect of the related Serviced Companion Loans), interest, calculated at the Prime Rate, on such amount(s)
not timely remitted, from the time such payment was required to be made (without regard to any grace period) until (but not including)
the date such late payment is received by the Certificate Administrator or the Serviced Companion Loan Noteholders, as applicable.

 

(c)          On
each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or
the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master
Servicer or the Special Servicer, as applicable.

 

(d)          With
respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan exceed
amounts on deposit in the

 

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Serviced Whole Loan Custodial Account, the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable to such Serviced
Companion Loan. The Master Servicer shall seek (on behalf of the Trust Fund, subject to the related Co-Lender Agreement) payment
or reimbursement from the holder of the related Serviced Subordinate Companion Loan, if any, and then for the pro rata portion
of such expenses allocable to the related Serviced Pari Passu Companion Loan(s) from the related Serviced Companion Loan Noteholder(s)
or, if such Serviced Companion Loan(s) has/have been deposited into a securitization, out of general collections in the collection
account established pursuant to the related Other PSA.

 

(e)          If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced
REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the Special
Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to
clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five
Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion
thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes
upon written direction from the Master Servicer (or the Special Servicer may also transfer such funds if it is aware of any of
the circumstances described below):

 

(i)            to
reimburse the Master Servicer, the Special Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement,
for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together
with the Advance Interest Amount);

 

(ii)           to
pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value
Payments, would constitute an Additional Trust Fund Expense;

 

(iii)          to
offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as
calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any
related successor REO Loan;

 

(iv)          following
the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any related transfers
from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i) - (iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i) - (iii) in respect
of any other Mortgage Loan or Serviced REO Loan; and

 

(v)          On
the final Distribution Date after all distributions have been made as set forth in clause (i) through (iv) above,
to each Mortgage Loan Seller, its pro rata share of unused Loss of Value Payments with respect to the Mortgage Pool, based
on the amount that it contributed, net of any amount contributed by such Mortgage Loan Seller that was

 

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used pursuant to clauses
(i) - (iii) to offset any portion of Realized Losses that are attributable to, and any Additional Trust Fund Expenses
or any Nonrecoverable Advances incurred with respect to, the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments
transferred to the Collection Account pursuant to clauses (i) - (iii) of the prior paragraph shall be treated as
Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan (or applicable portion
thereof) with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to
the Collection Account pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received
by the Trust in respect of the Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection
Account to cover an item contemplated by clauses (i)-(iv) of the prior paragraph.

 

(f)            The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the
following purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously
paid from the Collection Account:

 

(i)            to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable
pursuant to Section 4.01(a) of this Agreement in the Upper-Tier REMIC Distribution Account, and to make distributions on
the Class R Certificates in respect of the Lower-Tier Residual Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)           to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Certificate Administrator/Trustee Fees;

 

(iii)          to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier REMIC Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

(iv)          to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and Section
8.05(d) of this Agreement;

 

(v)           to
transfer Withheld Amounts in respect of the Mortgage Pool to the Interest Reserve Account in accordance with Section 3.05(e)
of this Agreement;

 

(vi)          to
recoup any amounts deposited in the Lower-Tier REMIC Distribution Account in error; and

 

(vii)         to
clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

(g)          The
Certificate Administrator may make withdrawals from the Upper-Tier REMIC Distribution Account for any of the following purposes:

 

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(i)            to
make distributions to Certificateholders (in the case of the Holders of the Class R Certificates, in respect of the Upper-Tier
Residual Interest) on each Distribution Date pursuant to Section 4.01 or Section 9.01 of this Agreement, as applicable;

 

(ii)           to
recoup any amounts deposited in the Upper-Tier REMIC Distribution Account in error; and

 

(iii)          to
clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

Section 3.07     Investment
of Funds in the Collection Accounts, the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, the Interest Reserve
Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve
Accounts. (a) The Master Servicer (with respect to the Collection Account, and any Serviced Whole Loan Custodial Account and
any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special Servicer (with respect to
any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect to the Distribution Accounts,
the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any depository institution maintaining the Collection
Account, any Serviced Whole Loan Custodial Account, the Gain-on-Sale Reserve Account, any Borrower Accounts, any REO Account,
any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such account, for purposes of
this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one or
more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than
the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to
this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer, the Special Servicer or the
Certificate Administrator shall be documented in writing and shall provide evidence that such investment is a Permitted Investment
which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account,
Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act upon the
written request of the related Borrower or Manager to the extent that the Master Servicer is required to do so under the terms
of the respective Loan Documents, provided that in the absence of appropriate written instructions from the related Borrower
or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be
entitled to, direct the investment of funds in such accounts in Permitted Investments. All such Permitted Investments shall be
held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the
Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate Administrator shall have sole control
(except with respect to investment direction which shall be in the control of the Master Servicer or the Special Servicer, with
respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment and any certificate or
other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which
shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment
to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability
with respect to the investment directions of the Master

 

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Servicer, the Special Servicer, any Borrower or Manager or any losses
resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability
with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any Borrower or
Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no
responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the
Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event
amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer
(or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

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

 

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

 

(b)          All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related
Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account
and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account,
the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and,
if held in the Collection Account, any Serviced Whole Loan Custodial Account, REO Account or Distribution Account shall be subject
to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO
Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve Account, the Distribution
Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole
Loan Custodial Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the Interest Reserve Account
or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment immediately
upon realization of such loss; provided, that the Master Servicer, the Special Servicer or the Certificate Administrator,
as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment Account
otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately upon realization
of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested
at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage Loan, Serviced
Whole Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be required to

 

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deposit
any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the
federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository
institution or trust company has satisfied the qualifications set forth in the definition of “Eligible Account” both
(x) at the time the investment was made and (y) 30 days prior to such insolvency.

 

(c)          Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and
upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.
If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the Master Servicer,
(ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii) the Certificate Administrator,
if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or reimburse the Trustee for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.

 

Section 3.08     Maintenance
of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a) In the case of each Serviced Mortgage Loan or Serviced
Whole Loan, as applicable (but excluding any REO Loan), the Master Servicer shall use commercially reasonable efforts consistent
with the Servicing Standard to cause the related Borrower to maintain with respect to the related Mortgaged Property all insurance
coverage as is required (including, but not limited to, coverage for acts of terrorism), subject to applicable law, under the
related Loan Documents. If and to the extent that such Borrower does not maintain such insurance coverage, the Master Servicer
shall itself cause to be maintained with Qualified Insurers for the related Mortgaged Property: (x) a fire and casualty extended
coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the
lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Whole Loan, as applicable, and
(ii) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable, but, in any event, in an amount
sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but not limited
to, coverage for acts of terrorism) that is required, subject to applicable law, under the related Loan Documents.

 

Notwithstanding the
foregoing:

 

(i)            the
Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property unless
the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of the related
Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related Loan Documents and
is available at commercially reasonable rates, provided that the Master Servicer shall require the related Borrower to maintain
such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of clause (y),
required by such Mortgage Loan or Serviced

 

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Whole Loan, in each case, to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;

 

(ii)           if
and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer
shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage
from Qualified Insurers;

 

(iii)          the
Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any
Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)          except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)           to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)          any
explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in accordance
with the Servicing Standard, (unless the Special Servicer, with the consent of the Directing Holder if no Control Termination Event
has occurred and is continuing, has consented to a waiver (including a waiver to permit the Master Servicer to accept insurance
that does not comply with specific requirements contained in the Loan Documents) in writing of that provision in accordance with
the Servicing Standard); provided that the Special Servicer shall promptly notify the Master Servicer in writing of such
waiver.

 

The Master Servicer shall
notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the Master Servicer determines
in accordance with the Servicing Standard that a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) has failed
to maintain insurance required under the Loan Documents and such failure materially and adversely affects the interests of the
Certificateholders or if a Borrower under a Mortgage Loan (other than a Non-Serviced Mortgage Loan) has notified the Master Servicer
in writing that the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance
with the Servicing Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject to Section
3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable efforts and
only if the Trustee has an

 

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insurable interest, consistent with the Servicing Standard, to maintain (subject to the right of the
Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage that the Special
Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified Insurers to
the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a
fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that
is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the
Serviced Mortgage Loan, Serviced REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required
by the related Loan Documents (unless such amount is not available or, if no Control Termination Event has occurred and is continuing,
the Directing Holder has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of
any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to that which would be
required under prudent lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent
with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents for a period of at least
12 months; provided that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage
described in this paragraph beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing
Standard.

 

All such insurance policies
maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause,
with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured, with loss payable to the
Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced Whole Loan, the related
Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property). Any amounts collected
by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied to the restoration
or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to the related Borrower, in each
case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or, in the case of the Serviced Whole
Loans, in the applicable Serviced Whole Loan Custodial Account), subject to withdrawal pursuant to Section 3.06 of this
Agreement, in the case of amounts received in respect of a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15 of
this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master Servicer
or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions
to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related Mortgage
Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided,
that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce
any obligations of the related Borrower under such Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan.
Any costs incurred by the Master Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially
Serviced Loans (other than REO Properties) (i) if the Borrower

 

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defaults on its obligation to do so, shall be advanced by the Master
Servicer as a Servicing Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly
distributions to Certificateholders, be added to the Stated Principal Balance of the related Mortgage Loan, notwithstanding that
the terms of such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies
with respect to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such
expense shall be allocated in accordance with the allocation provisions of the related Co-Lender Agreement) payable out of the
related REO Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor,
advanced by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer or Special Servicer
determines such Advance would be a Nonrecoverable Advance, subject to Section 3.21(e) of this Agreement).

 

(b)          If
either:

 

(x)           the
Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Serviced Mortgage Loans, Serviced Whole Loans or Serviced REO
Properties, as applicable, then, to the extent such policy

 

(i)            is
obtained from a Qualified Insurer, and

 

(ii)           provides
protection equivalent to the individual policies otherwise required, or

 

(y)           the
Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt obligations
or deposit accounts that are rated not lower than “A-” by S&P and “A-” by Fitch or (B) one NRSRO (which
may include S&P and/or Fitch) and A.M. Best Company), and the Master Servicer or Special Servicer self-insures for its obligation
to maintain the individual policies otherwise required, then the Master Servicer or the Special Servicer shall conclusively be
deemed to have satisfied its obligation to cause hazard insurance to be maintained on the related Mortgaged Properties or Serviced
REO Properties, as applicable.

 

Such a blanket or master
force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the Master Servicer or
Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained on any Mortgaged
Property securing a Serviced Mortgage Loan or Serviced REO Property thereunder a hazard insurance policy complying with the requirements
of Section 3.08(a) of this Agreement, and there shall have been one or more losses that would have been covered by such
an individual policy, promptly deposit into the Collection Account (or, in the case of a Serviced Whole Loan, in the related Serviced
Whole Loan Custodial Account), from its own funds, the amount not otherwise payable under the blanket or master force-placed policy
in connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds the deductible
limitation that pertained to the related Mortgage Loan or the related Serviced Whole Loan, as applicable (or, in the absence of
any such deductible limitation, the deductible limitation for an individual policy which is consistent with the Servicing Standard).
The Master

 

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Servicer and Special Servicer shall prepare and present, on behalf of itself, the Trustee, Certificateholders and, if
applicable the Serviced Companion Loan Noteholders, claims under any such blanket or master force-placed policy maintained by it
in a timely fashion in accordance with the terms of such policy. If the Master Servicer or Special Servicer, as applicable, causes
any Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced REO Property to be covered
by such “force-placed” insurance policy, the incremental costs of such insurance applicable to such Mortgaged Property
or Serviced REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged
Property or Serviced REO Property is covered thereby) shall be paid as a Servicing Advance.

 

(c)          With
respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, that is subject
to an Environmental Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an
Environmental Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall
take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance
Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder. With respect
to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special
Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer
shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate
Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing
Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or
Special Servicer) shall be paid by, and reimbursable to, the Master Servicer or Special Servicer, as applicable, as a Servicing
Advance.

 

(d)          The
Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties as to which
it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond in such form
and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable, shall be deemed
to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such
fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the case may be. Such fidelity
bond shall provide that it may not be canceled without ten days’ prior written notice to the Trustee. So long as the long-term
unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such insurance is guaranteed
by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than “A-“ by S&P,
“A-” by Fitch and no lower than its equivalent by KBRA (if then rated by KBRA), the Master Servicer or the Special
Servicer, as applicable, may self-insure with respect to the fidelity bond coverage required as described above, in which case
it shall not be required to maintain an insurance policy with respect to such coverage.

 

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The Master Servicer and
Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of the Special Servicer,
at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties for which it
is the Special Servicer, exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance
covering loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations
hereunder, which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master
Servicer or the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate
thereof has such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master
Servicer or Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled
without ten days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts
of the Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its
corporate parent), as applicable, are rated not lower than “A-” by S&P, “A-” by Fitch and no lower
than its equivalent by KBRA (if then rated by KBRA), the Master Servicer or the Special Servicer, as applicable, may self-insure
with respect to the errors and omissions coverage required as described above, in which case it shall not be required to maintain
an insurance policy with respect to such coverage.

 

Section 3.09     Enforcement
of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-sale” clause (including, without
limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge or hypothecation of direct
or indirect interests in the Borrower or its owners), which by its terms:

 

(i)            provides
that such Mortgage Loan or Serviced Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale
or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge or
hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)           provides
that such Mortgage Loan or Serviced Whole Loan may not be assumed without the consent of the related mortgagee in connection with
any such sale or other transfer, or

 

(iii)          provides
that such Mortgage Loan or Serviced Whole Loan may be assumed or transferred without the consent of the mortgagee, provided
certain conditions set forth in the Loan Documents are satisfied,

 

then, for so long as such Mortgage
Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan (or related Mortgage Loan) is included in the Trust Fund,
subject to the rights of the Directing Holder and any consultation rights of the Risk Retention Consultation Party pursuant to
Section 6.07, the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce any such due-on-sale clauses
and in connection therewith shall not be required to (x) accelerate payments thereon or (y) withhold its consent to such an assumption
if (1) such provision is not

 

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exercisable under applicable law or if the Special Servicer determines, subject to the rights of the
Directing Holder, that the enforcement of such provision is reasonably likely to result in meritorious legal action by the Borrower
or (2) the Master Servicer (with the consent of the Special Servicer) or the Special Servicer, as applicable, determines, in accordance
with the Servicing Standard and subject to the rights of the Directing Holder and any consultation rights of the Risk Retention
Consultation Party pursuant to Section 6.07, that granting such consent would be likely to result in a greater recovery,
on a present value basis (discounting at the related Calculation Rate), than would enforcement of such clause. The Special Servicer
shall be responsible for determining whether (i) to enforce any such due-on-sale clauses or (ii) to provide its consent to such
an assumption, and for the handling of all related processing and documentation, or, if mutually agreed to by the Master Servicer
and the Special Servicer, the Master Servicer shall be required to process such request subject to the consent of the Special Servicer.
If the Special Servicer determines that (A) granting such consent would be likely to result in a greater recovery, (B) such provision
is not legally enforceable, or (C) that the conditions described in clause (a)(iii) above relating to the assumption or
transfer of a related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan have been satisfied, the Special
Servicer is authorized to take or enter into an assumption agreement from or with the Person to whom the related Mortgaged Property
has been or is about to be conveyed, and to release the original Borrower from liability upon such Mortgage Loan and substitute
the new Borrower as obligor thereon, provided that (a) the credit status of the prospective new Borrower is in compliance
with the Servicing Standard and the terms of the related Mortgage and (b) the Special Servicer has followed the Rating Agency Confirmation
process pursuant to Section 3.30 relating to the Certificates and Serviced Companion Loan Securities, if any, with respect
to S&P, Fitch or KBRA in the case of any such Serviced Mortgage Loan that (1) represents more than 5% of the aggregate Stated
Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (2) has a
Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten (10) largest Mortgage Loans or groups of
cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000
or (4) is a Serviced Mortgage Loan as to which the related Serviced Companion Loan represents one of the ten largest mortgage loans
in the related Other Securitization based on outstanding principal balance (provided, that the Master Servicer or Special Servicer,
as applicable, shall be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer,
trustee or certificate administrator of the applicable Other Securitization as to whether such Serviced Companion Loan is one of
the 10 largest mortgage loans in such Other Securitization). In addition, with respect to a Serviced Companion Loan, the Special
Servicer shall not waive any rights under a due on sale clause unless it first obtains a Rating Agency Confirmation with respect
to the related Serviced Companion Loan Securities. The Master Servicer and the Special Servicer shall be entitled to rely on the
master servicer and/or the special servicer of the Other Securitization to determine whether a No Downgrade Confirmation is required
with respect to the Serviced Companion Loans under the Other Securitization. The Special Servicer shall notify the Trustee, the
Master Servicer, the Certificate Administrator and the Directing Holder that any such assumption or substitution agreement has
been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and
the Directing Holder, as applicable) the original copy of such agreement, which copies shall be added to the related Mortgage File
and shall, for all purposes, be considered a part of such Mortgage File to

 

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the same extent as all other documents and instruments
constituting a part thereof. To the extent permitted by the Loan Documents, the Special Servicer shall not approve an assumption
or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval
of such assumption or substitution. However, if the related Borrower is required but fails to pay such fees, such fees shall be
an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Co-Lender Agreement); provided that in the case of a Serviced Whole Loan the Master
Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder
of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of
the Trust Fund under the related Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the related Serviced Pari Passu Companion Loan from the holders of such Serviced Companion Loan.

 

(b)          If
any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)            provides
that such Mortgage Loan or Serviced Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation
of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the Borrower
(including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer
of preferred equity in the Borrower or its owners),

 

(ii)           requires
the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including,
without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners), or

 

(iii)          provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then, subject to Section 3.25,
the Special Servicer, on behalf of the Trust Fund, shall not be required to enforce such due-on-encumbrance clauses and in connection
therewith, will not be required to (i) accelerate the payments on the related Serviced Mortgage Loan or Serviced Whole Loan or
(ii) withhold its consent to such lien or encumbrance on that Serviced Mortgage Loan and any related Serviced Companion Loan, if
the Special Servicer, subject to the rights of the Directing Holder and any consultation rights of the Risk Retention Consultation
Party pursuant to Section 6.07, (x) determines, in accordance with the Servicing Standard that such enforcement would not
be in the best interests of the Trust Fund or the holder(s) of the related Serviced Companion Loan(s), if applicable (giving due
regard to the junior nature of the related Subordinate Companion Loan, if any), or that in the case of a Serviced Mortgage Loan
or Serviced Whole Loan described in clause (b)(iii) above that the conditions to further

 

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encumbrance have been satisfied
and (y) as to any Serviced Mortgage Loan or Serviced Whole Loan, follows the Rating Agency Confirmation procedure pursuant to Section
3.30 with respect to S&P, Fitch or KBRA in the case of any such Serviced Mortgage Loan that (1) represents more than 2%
of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least
$10,000,000, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans
or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least
$10,000,000, (4) has an aggregate loan-to-value ratio (including any existing and proposed additional debt) that is equal to or
greater than 85%, (5) has an aggregate Debt Service Coverage Ratio (in each case, determined based upon the aggregate of the Stated
Principal Balance of the related Mortgage Loan, any existing additional debt and the principal amount of the proposed additional
lien) that is less than 1.20x or (6) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the ten
largest mortgage loans in the related Other Securitization based on outstanding principal balance (provided, that the Master Servicer
or Special Servicer, as applicable, shall be entitled to reasonably rely upon the written notification provided by the master servicer,
special servicer, trustee or certificate administrator, as applicable, of the applicable Other Securitization as to whether such
Serviced Companion Loan is one of the 10 largest mortgage loans in such Other Securitization); provided that with respect
to clauses (4), (5) and (6), such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000
for the requirement of a Rating Agency Confirmation to apply. In addition, with respect to each Serviced Companion Loan, the Special
Servicer shall not waive any rights under a due-on-encumbrance clause unless it first obtains a Rating Agency Confirmation with
respect to the related Serviced Companion Loan Securities. To the extent permitted by the Loan Documents, the Special Servicer
shall not approve an assumption or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies
associated with the approval of such lien or encumbrance. However, if the related Borrower is required but fails to pay such fees,
such fees shall be an expense of the Trust Fund; provided that in the case of a Serviced Whole Loan the Master Servicer
shall, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of
the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the
Trust Fund under the related Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable
to the related Serviced Pari Passu Companion Loans from the holders of such Serviced Pari Passu Companion Loans. The Special Servicer
shall be responsible for determining whether (i) to enforce any such due-on-encumbrance clauses or (ii) to provide its consent
to such a lien or due-on-encumbrance, and for the handling of all related processing and documentation or, if mutually agreed to
by the Master Servicer and the Special Servicer, the Master Servicer shall be required to process such request subject to the consent
of the Special Servicer.

 

(c)          Notwithstanding
any other provision of this Agreement, the Special Servicer may not waive its rights or grant its consent under any “due-on-sale”
or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event has occurred
and is continuing, the consent of the Directing Holder. The Directing Holder shall have 10 Business Days after receipt of notice
along with the Special Servicer’s recommendation and analysis with respect to such waiver and any additional information
the Directing Holder may reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale”
or “due-on-encumbrance” clause in which to grant or withhold its consent

 

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(provided that if the Special Servicer fails
to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be
deemed to have consented to such proposed waiver or consent).

 

(d)          The
Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other 17g-5
Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)           Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.

 

(f)           In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall
not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of any Mortgage Loan (other than a Non-Serviced Mortgage
Loan) or Serviced Whole Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)          With
respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan which permits release of Mortgaged
Properties through defeasance:

 

(i)            Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions and Section 3.26(n)
with respect to actions that are Special Servicer Decisions, the Master Servicer shall process all defeasances of Performing Loans
(other than any Non-Serviced Mortgage Loan) and related Serviced Companion Loans in accordance with the terms of the related Loan
Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt,
any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection
with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding anything herein to the contrary,
the Master Servicer shall process such defeasances without the consent of the Special Servicer (or Directing Holder, if applicable),
subject only to the Special Servicer’s consent rights (including any required Directing Holder approval of Major Decisions)
with respect to any modification, waiver or amendment that constitutes a Major Decision or a Special Servicer Decision.

 

(ii)           If
such Mortgage Loan or Serviced Whole Loan requires that the lender purchase the required government securities, then the Master
Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s
expense, in accordance with the terms of such Mortgage Loan; provided that

 

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the Master Servicer shall not accept the amounts
paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first
priority perfected security interest in the defeasance collateral (including the government securities) and the assignment of the
defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)          To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on
such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)           Prior
to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s
expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such Rating Agency
Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z) a Mortgage Loan that represents
5% or more of the Stated Principal Balance of all Mortgage Loans.

 

(vi)          Prior
to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause an Adverse REMIC Event; provided that to the extent not inconsistent with the
Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise
be a Servicing Advance).

 

(vii)         No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion
Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day
of any REMIC holding such Companion Loan.

 

(viii)        The
Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the
U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan
Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced Whole Loan Custodial Account) in respect of the defeased Mortgage Loan

 

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or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)           The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

(x)            To
the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor Borrower.

 

(xi)          The
Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulations
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the
Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC
Event.

 

(xii)         Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.

 

(h)          If
no Control Termination Event has occurred and is continuing, with respect to all Specially Serviced Loans and Performing Loans,
the Special Servicer shall, prior to waiving its rights or granting its consent to any proposed action of the Master Servicer under
this Section 3.09 (other than any action that constitutes a Special Servicer Decision), and prior to itself taking such
an action, obtain the written consent of the Directing Holder, which consent shall be deemed given 10 Business Days after receipt
(unless earlier objected to) by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable,
written analysis and recommendation with respect to such action together with such other information reasonably requested by the
Directing Holder. When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be
deemed given 15 Business Days (or such longer time period pursuant to the terms of the related Co-Lender Agreement but not less
than five (5) Business Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier
objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation
with respect to such proposed action together with such other information reasonably required by the Special Servicer.

 

(i)            Notwithstanding
the foregoing, without any other approval or consent, the Master Servicer (for Performing Loans) or the Special Servicer (for Specially
Serviced Loans) may grant and process a Borrower’s request for (i) consent to subject the related Mortgaged Property to an
immaterial easement, right of way or similar agreement for utilities, access, parking, public improvements or another purpose,
(ii) consent to subordination of the related Mortgage Loan to such easement, right of way or similar agreement, and (iii) consent
to any other matter that is not a Major Decision or Special Servicer Decision. In any such case, the

 

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Master Servicer or the Special
Servicer, as applicable, will be entitled to 100% of the related fees.

 

Section 3.10     Appraisals;
Realization upon Defaulted Loans. (a) With respect to any Serviced Mortgage Loan, contemporaneously with the earliest of (i)
the effective date of any (A) modification of the Maturity Date or extended Maturity Date, a Mortgage Rate, principal balance
or amortization terms of any Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan,
(B) extension of the Maturity Date or extended Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section
3.26 of this Agreement, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other
than pursuant to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction
Event, (iii) a default in the payment of a Balloon Payment for which an extension is not granted, or (iv) the date on which the
Special Servicer, consistent with the Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially
reasonable efforts to obtain an Updated Valuation (or a letter update for an existing appraisal which is less than two years old)
within 60 days of such request, the cost of which shall constitute a Servicing Advance; provided, that the Special Servicer
shall not be required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to
any Mortgaged Property for which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is less than
nine months old unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent
with the Servicing Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal
Estimate.

 

For so long as a Serviced
Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, the Special Servicer shall (i) within 30 days of the anniversary
of each Appraisal Reduction Event and (ii) upon its determination that the value of the related Mortgaged Property has materially
changed, notify the Master Servicer of the occurrence of such time period or determination and obtain letter updates to each Updated
Valuation, the cost of which will be paid by the Master Servicer as a Servicing Advance (or to the extent it would be a Nonrecoverable
Advance, an expense of the Trust paid out of the Collection Account), or to conduct an internal valuation, as applicable. Based
upon such appraisal or valuation and receipt of information reasonably requested by the Special Servicer from the Master Servicer
necessary to calculate the Appraisal Reduction Amount, the Special Servicer shall determine or redetermine, as applicable, and
report to the Master Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and, with respect to any Serviced
Mortgage Loan other than an Excluded Loan, prior to the occurrence of a Consultation Termination Event, the Directing Holder, the
calculated or recalculated amount of the Appraisal Reduction with respect to the Serviced Mortgage Loan or Serviced Whole Loan,
as applicable. Such report shall also be forwarded to the Holder of any related Companion Loan and the Master Servicer by the Special
Servicer. With respect to any Serviced Mortgage Loan other than an Excluded Loan, prior to the occurrence of a Consultation Termination
Event, the Special Servicer shall consult with the Directing Holder, with respect to any appraisal, valuation or downward adjustment
in connection with an Appraisal Reduction Amount. The Special Servicer shall calculate or recalculate the Appraisal Reduction Amount
prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension
with respect to the same Serviced Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing Holder,
nothing herein is

 

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intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the
Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance
with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction
Event exists with respect to the related Serviced Mortgage Loan or Serviced Whole Loan and the Special Servicer shall recalculate
the Appraisal Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal. The Special Servicer shall
send all such letter updates and Updated Valuations to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information
Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event
has occurred, the Directing Holder.

 

The Special Servicer
shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period
without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the
Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation,
negotiating and accepting a discounted payoff of a Serviced Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing
Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement
can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant
to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and Section 3.09(b) of
this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing
Holder if no Control Termination Event has occurred and is continuing and after consultation with the Risk Retention Consultation
Party pursuant to Section 6.07) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a
foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided that the Special
Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders
and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value basis (discounting
at the related Calculation Rate) than would a waiver of such default or an extension or modification in accordance with the provisions
of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists of multiple properties
held for sale to customers by the related Borrower (such as unsold condominium units in a single project), the Special Servicer
directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis of such properties
if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers. The Master Servicer
shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer,
as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided,
if such Servicing Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would
be in best interests of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as
if such Certificateholders and (with

 

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respect to a Serviced Whole Loan) Serviced Companion Loan Noteholders constituted a single
lender (with the Master Servicer permitted to conclusively rely upon any such determination by the Special Servicer), the Special
Servicer shall direct the Master Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced
Whole Loan Custodial Account), which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively
rely upon any determination of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable
Advance. If the Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee
shall make such Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance.
The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances (with interest at
the Reimbursement Rate) made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)          If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or
any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or
(ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will
not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment.

 

(c)          In
the event that title to any Mortgaged Property is acquired (directly or through a single member limited liability company established
for that purpose) in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee
(on behalf of the Trust Fund), or to its nominee or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the
Lower-Tier Regular Interests and the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding
any such acquisition of title and cancellation of the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage
Loan or Serviced Whole Loan, as applicable, shall (except for purposes of Section 9.01 of this Agreement) be considered
to be a Serviced REO Loan until such time as the related Serviced REO Property shall be sold by the Trust Fund and shall be reduced
only by collections net of expenses. Consistent with the foregoing, for purposes of all calculations hereunder, so long as such
Mortgage Loan or Serviced Whole Loan, as applicable, shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan,
as applicable:

 

(i)            it
shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)          subject
to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Co-Lender
Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed
to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced

 

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REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained unpaid
on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments of
principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable in
accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full and
then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed the
Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan
or Serviced Companion Loan, as applicable.

 

(d)          Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)          such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund; or

 

(ii)          the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund)
to the effect that the holding of such personal property by the Trust Fund will not cause an Adverse REMIC Event (and such Opinion
of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an “outside reserve
fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal property for federal
income tax purposes to be designated at such time).

 

(e)          Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any
direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement unless
the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund
(and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Co-Lender Agreement)) to the effect that the holding of such partnership interest or other equity interest by the Trust
Fund will not cause an Adverse REMIC Event for federal income tax purpose at any time that any Certificate is outstanding.

 

(f)          Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the Trust
Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct
or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of
a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to acquire
possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Trustee,
for the benefit of the Certificateholders, the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable,
would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property

 

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within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the
Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition
of title or other action that:

 

(i)          such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the best economic interest of the Certificateholders (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Companion Loan, taking into account
the pari passu or subordinate nature of such Serviced Companion Loan), to take such actions as are necessary to bring such
Mortgaged Property in compliance therewith, and

 

(ii)          there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Serviced Companion Loan, taking into account the pari passu or subordinate nature of such Serviced Companion Loan),
to take such actions with respect to the affected Mortgaged Property.

 

In the event that the
environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged
Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively
establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person
who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and,
if applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained
by the Special Servicer for purposes of this Section 3.10.

 

(g)          The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly conducts
environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special
Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by
the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the cost of preparation
of such environmental assessments as a Servicing Advance

 

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unless the Master Servicer determines, in its good faith judgment, that
such Servicing Advance would be a Nonrecoverable Advance (in which case it shall be an expense of the Trust and withdrawn from
the Collection Account or, in the case of a Serviced Whole Loan, an expense of the Trust and the related Companion Loan Noteholders
and shall be withdrawn in accordance with the related Co-Lender Agreement by the Master Servicer from the related Serviced Whole
Loan Custodial Account (such withdrawal to be made from amounts on deposit therein that are otherwise payable on or allocable to
such Serviced Whole Loan)). The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of Servicing
Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted by Section
3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in electronic format to
the Directing Holder (if no Consultation Termination Event has occurred and is continuing), the Master Servicer, the related Serviced
Companion Loan Noteholder (if any), the Risk Retention Consultation Party (other than with respect to any Excluded Risk Retention
Consultation Party Loan) and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), monthly regarding any actions taken by the Special Servicer with
respect to any Mortgaged Property securing a Defaulted Loan or defaulted Serviced Companion Loan as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses
(i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction
of both such conditions, (ii) repurchase of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien
of the related Mortgage on such Mortgaged Property.

 

(h)          If
(i) (A) the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not
in compliance with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect
to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender, to take such actions as are necessary to bring
such Mortgaged Property in compliance therewith, or (B) the Special Servicer determines pursuant to Section 3.10(f)(ii)
of this Agreement that the circumstances referred to therein relating to Hazardous Materials are present but that it is in the
best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders),
as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender, to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged
Property as is required by law or regulation, and (ii) the environmental assessment obtained pursuant to this Section 3.10
establishes that there has been no breach of any of the representations and warranties set forth in the applicable Mortgage Loan
Purchase Agreement for which the applicable Mortgage Loan Seller could be required to repurchase the related Defaulted Loan, then
the Special Servicer shall (with the consent of the Directing Holder if no Control Termination Event has occurred and is continuing)
take such action as it deems to be in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans,
the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender, other than proceeding to acquire title to the Mortgaged Property.

 

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If the conditions in
the preceding paragraph are satisfied, the Special Servicer is hereby authorized ((A) prior to the occurrence and continuance of
a Control Termination Event (or with respect to any Serviced AB Whole Loan, after the occurrence and during the continuation of
an AB Control Appraisal Period, but prior to the occurrence and continuance of a Control Termination Event) and (B) other than
with respect to any Excluded Loan), with the consent of the Directing Holder, at such time as it deems appropriate to release such
Mortgaged Property from the lien of the related Mortgage; provided that, if such Mortgage Loan has a then-outstanding principal
balance of greater than $1,000,000, then prior to the release of the related Mortgaged Property from the lien of the related Mortgage,
(i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator, the Master Servicer
and ((A) prior to the occurrence of a Consultation Termination Event and (B) other than with respect to any Excluded Loan) the
Directing Holder, in writing of its intention to so release such Mortgaged Property and the basis for such intention, (ii) the
Certificate Administrator shall have posted such notice of the Special Servicer’s intention to so release such Mortgaged
Property to the Certificate Administrator’s Website pursuant to Section 4.02 and (iii) in addition to the prior written
consent of the Directing Holder as required above, the Holders of Certificates entitled to a majority of the Voting Rights shall
have consented or have been deemed to have consented to such release within thirty (30) days of the Certificate Administrator’s
posting such notice to the Certificate Administrator’s Website (failure to respond by the end of such 30 day period being
deemed consent of the Holders of the Certificates).

 

Notwithstanding the foregoing,
if the Special Servicer reasonably determines that it is likely that within such 30-day period irreparable environmental harm to
such Mortgaged Property would result from the presence of such Hazardous Materials and provides a prior written statement to the
Trustee and the Certificate Administrator setting forth the basis for such determination, then the Special Servicer may take or
cause to be taken such action to remedy such condition as may be consistent with the Servicing Standard. None of the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to take any action or not take any action
pursuant to this Section 3.10(h) at the direction of the Certificateholders or with respect to any Serviced Whole Loan,
at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders unless the Certificateholders and,
with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to indemnify the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer with respect to such action or inaction. The Master Servicer shall
advance the cost of any such compliance, containment, clean-up or remediation as a Servicing Advance unless the Master Servicer
determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable Advance (in which case it shall be
an expense of the Trust and withdrawn from the Collection Account or, in the case of a Serviced Whole Loan, an expense of the Trust
and the related Companion Loan Noteholders and shall be withdrawn in accordance with the related Co-Lender Agreement by the Master
Servicer from the related Serviced Whole Loan Custodial Account (such withdrawal to be made from amounts on deposit therein that
are otherwise payable on or allocable to such Serviced Whole Loan)).

 

(i)       The
Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with all
information regarding forgiveness of indebtedness and required to be reported with

 

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respect to any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the
related Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C
or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by the Special
Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)       The
costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing
Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from
the applicable Serviced Whole Loan Custodial Account and second, to the extent amounts in the Serviced Whole Loan Custodial
Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related
Serviced Companion Loans from the related Companion Loan Noteholders.

 

With respect to each
Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Co-Lender
Agreement and the related Non-Serviced PSA, and as appropriate for enforcing the terms of such Servicing Shift Whole Loan, as applicable,
the related Other Servicer requests in writing delivery to it of the original Note, then the Custodian shall release or cause the
release of such original Note to the related Other Servicer or its designee

 

Section 3.11 Custodian
to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole Loan, or the
receipt by the Master Servicer of a notification that payment in full has been escrowed in a manner customary for such purposes,
the Master Servicer shall immediately notify the Custodian by a certification (which certification shall include a statement to
the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the
Collection Account or the applicable Serviced Whole Loan Custodial Account, as applicable, pursuant to Section 3.05 of
this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the related Mortgage
File. Any expense incurred in connection with any instrument of satisfaction or deed of conveyance that is not paid by the related
Borrower shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing
Standard to enforce any provision in the relevant Loan Documents that require the Borrower to pay such amounts. No expenses incurred
in connection with any instrument of satisfaction or deed of conveyance shall be an expense of the Custodian.

 

From time to time upon
request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall
promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the
Special Servicer, as applicable, or its designee. Upon return of the foregoing to the Custodian, or in the event of a liquidation
or conversion of the Mortgage Loan or the

 

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Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of
a Mortgage Loan pursuant to Section 2.04 of this Agreement, or receipt by the Custodian of a certificate of a Servicing
Officer stating that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with
such liquidation which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Custodial
Account, as applicable, have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property,
or that the Master Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount,
the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If
from time to time, pursuant to the terms of the applicable Co-Lender Agreement or Non-Serviced PSA, and as appropriate for enforcing
the terms of the related Non-Serviced Mortgage Loan, the Non-Serviced Master Servicer or the Non-Serviced Special Servicer requests
delivery to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian
shall release or cause the release of such original Mortgage Note to the Non-Serviced Master Servicer or the Non-Serviced Special
Servicer or its designee.

 

Within five (5) Business
Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written
certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing
Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s
sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s
sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage
Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or
Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents
be executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action
is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise
affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale.

 

Section 3.12 Servicing
Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation. (a) As compensation for its activities
hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan and Serviced Companion
Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part except in connection
with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement or as provided in
the second succeeding paragraph with respect to the Excess Servicing Fee.

 

In addition, the Master
Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent permitted by applicable law and the
related Loan Documents and any related Co-Lender Agreement, (i) all investment income earned on amounts on deposit in the Collection
Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Custodial Account) and certain Reserve Accounts
(to the extent consistent with the related Loan Documents), (ii) any Net Default Interest and any other Penalty Charges

 

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collected
by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing Loan (and the related Serviced
Companion Loan, if applicable), in each case, remaining after application thereof during such Collection Period to pay the Advance
Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund Expenses
(other than Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred during or prior
to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated to the related Mortgage Loan in
the related Co-Lender Agreement and as further described in Section 3.12(c), (iii) to the extent permitted by applicable
law and the related Loan Documents, (A) with respect to any Mortgage Loan (and the related Serviced Companion Loans) that is a
Performing Loan, (1) 100% of any Excess Modification Fees which do not involve a Major Decision or Special Servicer Decision and
(2) 50% of any Excess Modification Fees which involve a Major Decision or Special Servicer Decision (whether or not processed by
the Special Servicer) and (B) with respect to any Specially Serviced Loans, 0% of any Modification Fees, (iv) 100% of any defeasance
fees provided that for the avoidance of doubt, any such defeasance fee will not include any Modification Fees or waiver
fees in connection with a defeasance that the Special Servicer is entitled to hereunder, (v) (A) with respect to any Mortgage Loan
(and the related Serviced Companion Loans) that is a Performing Loan, (1) 100% of Assumption Fees and consent fees which do not
involve a Major Decision or Special Servicer Decision and (2) 50% of Assumption Fees and consent fees which involve a Major Decision
or Special Servicer Decision (whether or not processed by the Special Servicer) and (B) with respect to Specially Serviced Loans,
0% of Assumption Fees and consent fees, (vi) 100% of beneficiary statement charges, demand fees or similar items (but not including
Prepayment Premiums or Yield Maintenance Charges) on all Mortgage Loans (and the related Serviced Companion Loans) that are Performing
Loans, (vii) 100% of assumption application fees with respect to Mortgage Loans (and the related Serviced Companion Loans) for
which the Master Servicer is processing the underlying assumption related transaction (whether or not the consent of the Special
Servicer is required), (viii) any amounts collected for checks returned for insufficient funds (with respect to any Serviced Mortgage
Loan or Specially Serviced Loan) and (ix) 50% of any fee paid in connection with any Major Decision or Special Servicer Decision
for a Performing Loan (regardless of whether the Master Servicer or Special Servicer processes the related request) and 0% of any
fee paid in connection with any Major Decision or Special Servicer Decision for a Specially Serviced Loan. The Master Servicer
shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii) or Section 3.07(b) of this
Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not
payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest Excess, if any, that accrue
on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein. In addition, the Master
Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty charges collected by the
Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining after application
thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain expenses of the Trust, if applicable,
as provided in this Agreement. Except as specified in the preceding sentence and except with respect to clause (i) in this
paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses (iii) and (iv) in this
paragraph with respect to a Non-Serviced Mortgage Loan. Notwithstanding anything to the contrary, the Master Servicer and the Special

 

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Servicer will each be entitled to charge reasonable review fees in connection with any Borrower request to the extent such fees
are not prohibited under the related Loan Documents and are actually paid by or on behalf of the related Borrower. Notwithstanding
anything herein to the contrary, the Master Servicer and the Special Servicer shall be entitled to Net Default Interest with respect
to any Pari Passu Companion Loan as additional servicing compensation to the extent permitted under the related Co-Lender Agreement
(including if the related Co-Lender Agreement provides that the Master Servicer and the Special Servicer shall be entitled to Net
Default Interest if and to the extent provided in this Agreement).

 

With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its
respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to
reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or
the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that
reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other
party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless
be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The Master Servicer and
any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect
to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such
Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited
Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i)
that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and
any applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the
prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit AA-1
hereto, and (iii) the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially
in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Certificate Registrar is obligated to register or qualify an Excess Servicing
Fee Right under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit
the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master Servicer
and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess
Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right by its
acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing
Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Certificate
Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer
and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification
under the Act or other applicable

 

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federal and state securities laws or is not made in accordance with such federal and state laws
or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder
thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a violation of
any provision of the Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right
or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing
Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to which the
Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect to
such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee
Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance with
payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special
Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or
transfer of the Excess Servicing Fee Right.

 

As compensation for its
activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan
to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier REMIC
Distribution Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee
Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole
or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.

 

Except as otherwise provided
herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise
provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its
activities hereunder.

 

As compensation for its
activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan and Serviced REO Loan
to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account or the Serviced
Whole Loan Custodial Account, as applicable, as set forth in Section 3.06 of this Agreement. The Special Servicer’s
rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of
the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special Servicer shall be
entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related Loan Documents,
(i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection
Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period (and in the case
of the Serviced Whole Loans, as set forth in and subject to the terms of the related Co-Lender Agreement and Section 3.12(c)
herein) to pay the Advance Interest Amount

 

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relating to such Specially Serviced Loan and any unreimbursed Additional Trust Fund
Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period
on such related Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to the Master Servicer) as further
described below in this subsection (a), (ii) (a) 100% of any Excess Modification Fees related to the Specially Serviced Loans,
(b) 50% of any Excess Modification Fees on Mortgage Loans (and the related Serviced Companion Loans) that are Performing Loans
which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and (c) 0% of any
Modification Fees on Mortgage Loans (and the related Serviced Companion Loans) that are Performing Loans which do not involve a
Major Decision or Special Servicer Decision, (iii)(a) 100% of any Assumption Fees and consent fees on Specially Serviced Loans,
(b) 50% of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced Companion Loans) that are Performing
Loans which involve a Major Decision or Special Servicer Decision (whether or not processed by the Special Servicer) and (c) 0%
of any Assumption Fees and consent fees on Mortgage Loans (and the related Serviced Companion Loans) that are non- Specially Serviced
Loans which do not involve a Major Decision or Special Servicer Decision, (iv) 100% of assumption application fees received with
respect to the Mortgage Loans (and the related Serviced Companion Loans) for which the Special Servicer is processing the underlying
assumption related transaction, (v) 100% of beneficiary statement charges, demand fees or similar items (but not including Prepayment
Premiums or Yield Maintenance Charges) on Specially Serviced Loans, and (vi) any interest or other income earned on deposits in
the REO Accounts or any Loss of Value Reserve Fund. Notwithstanding anything to the contrary, the Master Servicer and the Special
Servicer will each be entitled to charge reasonable review fees in connection with any Borrower request. Notwithstanding anything
herein to the contrary, the Master Servicer and the Special Servicer shall be entitled to Net Default Interest with respect to
any Pari Passu Companion Loan as additional servicing compensation to the extent permitted under the related Co-Lender Agreement
(including if the related Co-Lender Agreement provides that the Master Servicer and the Special Servicer shall be entitled to Net
Default Interest if and to the extent provided in this Agreement).

 

With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its
respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to
reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or
the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that
reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other
party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless
be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer
had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any sub-servicers retained by it.

 

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In addition, the Special
Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special
Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after
application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan
and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred
during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not NSF check fees and similar fees,
which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence, the Special
Servicer will not be entitled to the compensation set forth in this Section 3.12 with respect to a Non-Serviced Mortgage
Loan.

 

(b)       In
addition, a Workout Fee will be payable to the Special Servicer with respect to each Mortgage Loan (other than any Non-Serviced
Mortgage Loan) or Serviced Whole Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each
such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including
scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan
for so long as it remains a Corrected Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan will
cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced
REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans again
ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect to
any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Mortgage
Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially Serviced
Loan (or for any Specially Serviced Loan that had not yet become a Corrected Loan because as of the time that the Special Servicer
is terminated the Borrower has not made three consecutive monthly debt service payments and subsequently the Specially Serviced
Loan becomes a Corrected Loan) at the time of such termination or resignation (and the successor Special Servicer shall not be
entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases to be payable in accordance
with the preceding sentence.

 

A Liquidation Fee will
be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage
Loan Seller, (ii) each Specially Serviced Loan or REO Loan, or (iii) each Defaulted Loan that is a Non-Serviced Mortgage Loan sold
by the Special Servicer in accordance with Section 3.16(b) of this Agreement, in each case, as to which the Special Servicer
obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage Loan Seller, as applicable,
and, except as otherwise described below, with respect to any Specially Serviced Loan or REO Property as to which the Special Servicer
recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause (iii), should
the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special
Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Resolution Period (and giving effect
to any Resolution Extension Period) in accordance with Section 2.04(e) of this Agreement or Specially Serviced Loan and
Serviced REO Property,

 

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the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding anything to the
contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent set forth
in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent not prohibited
by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related mezzanine intercreditor
agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that is more than 90 days following
the date that the related option first becomes exercisable, such mezzanine lender shall be required to pay a Liquidation Fee equal
to the amount that the Special Servicer would otherwise be entitled to under this Agreement with respect to a liquidation of such
Mortgage Loan (provided, that such Liquidation Fee shall in all circumstances be payable by the related mezzanine lender
and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer fails to require the related mezzanine
intercreditor agreement to require the mezzanine lender to pay such amounts in breach of its obligation to do so under this paragraph).
If Liquidation Proceeds are received with respect to any Specially Serviced Loan as to which the Special Servicer is properly entitled
to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation Proceeds that constitute
principal and/or interest. Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive
a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation Proceeds received on any Mortgage Loan or any Specially
Serviced Loan. If (i) the Special Servicer resigns or has been terminated, and (ii) either prior or subsequent to such resignation
or termination, either (A) a Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial
Special Servicer and approved (or deemed approved) by the Directing Holder or the Special Servicer has determined to grant a forbearance,
or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently became a Corrected Loan, then in either such
event the Special Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its
sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by
it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable
pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of
the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Custodial Account or the applicable
REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly
provided in this Agreement.

 

The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage
Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with
the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property,
or the performance of any other special

 

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servicing duties under this Agreement, other than as expressly provided in this Agreement;
provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(c)       In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Co-Lender
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”) to reimburse
(i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage Loan that
accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion Loan Service
Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that accrued in the
period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to such Mortgage
Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion Loan Service Provider
pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement, and (iii) the Trust Fund for any Additional
Trust Fund Expenses (other than Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or
Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected and not previously paid out of Penalty
Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer and the Special
Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have been entitled
to receive during such period with respect to such Mortgage Loan without any such application. Except as set forth in this Agreement,
the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with respect to any
Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges allocated to
a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Co-Lender Agreement and, if applicable,
the Non-Serviced PSA) shall be allocated in accordance with clauses (i), (ii) and (iii) above (except that,
Advances in clauses (i) and (ii) shall mean P&I Advances).

 

If a Servicing Shift
Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization Date, the Special Servicer
shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially
Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the applicable
Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and
obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Securitization
Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift
Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole
Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such
Servicing Shift Whole Loan.

 

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If a Servicing Shift
Whole Loan is being specially serviced on the applicable Servicing Shift Securitization Date, the Special Servicer shall be entitled
to compensation for the period during which it acted as Special Servicer with respect to such Whole Loan, including its share of
any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in
respect of such special servicing role under this Agreement.

 

(d)       The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Co-Lender
Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second,
to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in
the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan Custodial
Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro rata basis
by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the Collection Account)
for the costs and expenses incurred by them in the performance of their duties under this Agreement which are “unanticipated
expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall
include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and appraisals in connection
with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable
in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs and expenses of the Lower-Tier
REMIC and the related Serviced Whole Loan, as applicable.

 

(e)       No
provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise
incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their
rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would
not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or
in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee receives
a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder,
then the Master Servicer, the Special Servicer,

 

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the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless
such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s expenses associated with such counsel (including, without limitation, posting an advance payment for such
expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the
Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been made,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

Section 3.13 Reports
to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to the Certificate
Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance Date prior
to each Distribution Date (beginning in January 2020), (i) the CREFC® Loan Periodic Update File with respect to
all of the Mortgage Loans that it is servicing for the related Distribution Date (which shall include, without limitation, the
amount of Available Funds allocable to the Mortgage Loans) including information therein that states the anticipated P&I Advances
for the related Distribution Date and (ii) the CREFC® Appraisal Reduction Template. The Master Servicer’s
responsibilities under this Section 3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of
the Special Servicer’s obligations under Section 3.23 of this Agreement. The Master Servicer shall make available
to each Serviced Companion Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized,
the respective Other Servicer, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any templates) pursuant to
the terms of this Agreement on a monthly basis by (i) prior to the securitization of the related Companion Loan, the Distribution
Date or (ii) following the securitization of the related Companion Loan, no later than the time(s) that it or any portion thereof
is made available to the Certificate Administrator.

 

Not later than 5:00
p.m. (New York City time) on the Master Servicer Remittance Date, the Master Servicer shall deliver to the Certificate Administrator
the CREFC® Schedule AL File in EDGAR Compatible Format; provided, however, that the Master Servicer shall have
no obligation to prepare or deliver the CREFC® Schedule AL File unless the Master Servicer receives the Initial Schedule AL
File, the Initial Schedule AL Additional File and the Annex A to the Prospectus from the Depositor pursuant to Section 2.01(g).
If the CREFC® Schedule AL File is not provided by 5:00 p.m. (New York City time) on the Master Servicer Remittance Date, the
Certificate Administrator shall notify the Depositor and request such CREFC® Schedule AL File from the Master Servicer, in
each case, via email at notices@ccre.com and noticeadmin@midlandls.com, respectively. In preparing the CREFC®
Schedule AL File and any Schedule AL Additional File for any given Distribution Date, and without any due diligence, investigation
or verification, the Master Servicer shall be entitled to conclusively rely, absent manifest error, on the content, completeness,
accuracy and compliance with any applicable requirements of Items 1111(h) and 1125 of Regulation AB and Item 601(b) of Regulation
SK under the Securities Act as in effect on the Closing Date of the Initial Schedule AL File, the Initial Schedule AL Additional
File and the Annex A to the Prospectus. The Master

 

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Servicer may concurrently with the delivery of the related CREFC®
Schedule AL File, deliver any related Schedule AL Additional File in EDGAR-Compatible Format to the Certificate Administrator.
The CREFC® Schedule AL File and the Schedule AL Additional File shall each be a single file. Neither the Certificate
Administrator nor the Master Servicer shall be required to combine multiple CREFC® Schedule AL Files or Schedule
AL Additional Files, unless, solely with respect to the Master Servicer, multiple Sub-Servicers prepare and submit such CREFC®
Schedule AL Files or Schedule AL Additional Files to the Master Servicer. The Certificate Administrator shall not be required
to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained in any CREFC®
Schedule AL File or any Schedule AL Additional File.

 

Any information (other
than information which the Master Servicer has the primary responsibility to generate) reflected in any CREFC® Schedule
AL File or Schedule AL Additional File shall be based solely upon reports delivered to the Master Servicer by any such other responsible
third party.

 

In the absence of manifest
error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports
delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s
reports and the Special Servicer’s reports and any information provided by the Trustee, without any duty or obligation to
recompute, verify or recalculate any of the amounts and other information stated therein.

 

(b)       For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced
Whole Loan Custodial Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate
Administrator a statement prepared by the Master Servicer setting forth the status of each of the Collection Account and each Serviced
Whole Loan Custodial Account as of the close of business on the last Business Day of the prior Collection Period and showing the
aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan Custodial Account of
each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category of withdrawal (or debit)
specified in Section 3.06 of this Agreement for the related Collection Period, in each case for the Mortgage Loans (including
the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and attorneys may at any time during
normal business hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating
to the Mortgage Loans and the performance of its duties hereunder.

 

(c)       Beginning
in January 2020, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s
Website pursuant to Section 4.02(b)(iii)(B) of this Agreement) and the Operating Advisor the following reports (in electronic
form) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties), providing the required
information as of the immediately preceding Determination Date: (i) to the extent the Master Servicer has received the most recent
CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC®
Delinquent Loan Status Report, CREFC®

 

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Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC®
Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report received from such Special
Servicer, (ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC®
Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the
data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer
Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.

 

The information that
pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered
by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall
be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the
absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the
information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively
rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate
Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information
stated therein.

 

(d)       The
Master Servicer (with respect to the Performing Loans) shall deliver or cause to be delivered to (or the Special Servicer (with
respect to Specially Serviced Loans and REO Properties) shall deliver or cause to be delivered to the Master Servicer, who shall
forward to) the Trustee, the Certificate Administrator, the Serviced Companion Loan Noteholders, the Underwriters, the Initial
Purchasers and the Operating Advisor, the following materials, in each case to the extent that such materials or the information
on which they are based have been received by the Master Servicer or the Special Servicer, as applicable, with respect to the Mortgage
Loans or REO Properties, as applicable, that the Master Servicer or the Special Servicer, as applicable, is servicing:

 

(i)       Within
45 days after receipt of any quarterly operating statement, if any, commencing within 45 days of receipt of such quarterly operating
statement for the quarter ending June 30, 2020, with respect to each Performing Loan (other than any Non-Serviced Mortgage Loan),
Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format
or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement
Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together
with copies of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the
related Loan Documents to deliver, or otherwise agrees to provide such information and, with respect to operating statements and
rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided however,
that any such analysis or report with respect to the first calendar quarter of each year shall not be required to the extent provided
in the then current applicable CREFC® guidelines (it being understood that as of the Closing Date, the applicable
CREFC® guidelines provide that such analysis or report with respect to the

 

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first calendar quarter (in each year)
is not required for a Mortgaged Property unless such Mortgaged Property is analyzed on a trailing 12-month basis, or if the related
Serviced Mortgage Loan is on the CREFC® Servicer Watch List). The Master Servicer (with respect to Performing Loans)
or the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Properties), as applicable, shall use commercially
reasonable efforts to obtain said quarterly and other periodic operating statements and related rent rolls, which efforts shall
include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone
calls), requesting such quarterly and other periodic operating statements and related rent rolls until they are received to the
extent such action is consistent with applicable law and the terms of the related Loan Documents. The Master Servicer (with respect
to Performing Loans) will deliver to the Certificate Administrator, the Operating Advisor and each holder of a Serviced Companion
Loan by electronic means the operating statement analysis upon request or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties) shall deliver to the Master Servicer who will forward to the Certificate Administrator, the Operating
Advisor and each Holder of a Serviced Companion Loan by electronic means the operating statement analysis upon request.

 

(ii)       At
least annually, on or before June 30 of each year, beginning with June 30, 2021, with respect to each Mortgage Loan (other than
a Non-Serviced Mortgage Loan), Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special
Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC®
Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding
calendar year (initially, year-end 2020), together with copies of the related operating statements and related rent rolls (but
only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information
and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent
received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however,
that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year-end analysis or
update, such analysis or update shall not be required to the extent such analysis or update is not required to be provided under
the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially
Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic
operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect
to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements)
and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report
(commencing with the quarter ending March 31, 2020).

 

(iii)       Within
45 days after receipt by the Special Servicer (with respect to Specially Serviced Loan or Serviced REO Property) or the Master
Servicer (with respect

 

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to Performing Loans) of any annual year-end operating statements or rent rolls with respect to any Mortgaged
Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by and received
from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing within 45 days of receipt
of such statements for the calendar year ending December 31, 2020, a CREFC® NOI Adjustment Worksheet for such Mortgaged
Property (with the annual year-end operating statements attached thereto as an exhibit), but only to the extent the related Borrower
is required by the related Loan Documents to deliver, or otherwise agrees to provide, such information, presenting the computation
to “normalize” the full year net operating income and debt service coverage numbers used by the Master Servicer in
preparing the CREFC® NOI Adjustment Worksheet. The Master Servicer will use the “Normalized” column
from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to any Mortgaged Property (other than any
Mortgaged Property which is a Serviced REO Property or constitutes security for a Specially Serviced Loan or a Non-Serviced Mortgage
Loan) to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property; provided, however,
that any analysis or update with respect to the year-end or first quarter of each year shall not be required to the extent such
analysis or update is not required to be provided under the then current applicable CREFC® guidelines. The Master
Servicer (with respect to Performing Loans) shall deliver to the Certificate Administrator, the Operating Advisor and each holder
of a Serviced Companion Loan by electronic means the CREFC® NOI Adjustment Worksheet upon request or the Special
Servicer (with respect to Specially Serviced Loans and REO Properties) shall deliver to the Master Servicer who shall deliver to
the Certificate Administrator, the Operating Advisor and each Holder of a Serviced Companion Loan by electronic means the CREFC®
NOI Adjustment Worksheet upon request.

 

The Master Servicer (with
respect to Performing Loans) shall forward (and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO
Properties) shall deliver to the Master Servicer who shall forward), upon request of any NRSRO, copies of the related operating
statements or rent rolls (promptly following the initial preparation and each material revision thereof) to the 17g-5 Information
Provider, and the 17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website, and upon
request, to the Certificate Administrator, the Directing Holder, and with respect to any Serviced Companion Loan, the related Companion
Holder and (with respect to Performing Loans) the Special Servicer. Upon the request of any NRSRO to receive copies of all or any
portion of such items, the Master Servicer (with respect to Performing Loans) shall deliver (and the Special Servicer (with respect
to Specially Serviced Loans and Serviced REO Properties) shall deliver to the Master Servicer who shall deliver) copies of the
requested items so collected thereby to the 17g-5 Information Provider.

 

The Master Servicer shall
maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to
maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent
prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting
security for a Specially Serviced Loan) relating

 

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to a Mortgage Loan that it is servicing. The CREFC® Operating Statement
Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage Loan or
that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month
information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending
March 31, 2020) is available by the Master Servicer and such updated report shall be delivered to the Trustee, the Certificate
Administrator, the Operating Advisor, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month
following receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for
such Mortgaged Property.

 

The Special Servicer
shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant
to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)       In
connection with their servicing of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and Serviced REO Properties,
the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate
Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property
that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have
a material adverse effect on such Mortgage Loan or Serviced REO Property, which notice shall include an explanation as to the reason
for such material adverse effect.

 

(f)       The
Master Servicer or the Special Servicer, as applicable, shall make available to the Directing Holder copies of all rent rolls,
operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly statements
or rent rolls, within 15 Business Days of receipt.

 

(g)       On
or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the
Master Servicer, and the Master Servicer shall deliver, upon the request of any of the Trustee, the Certificate Administrator,
the Operating Advisor, the Depositor, the Directing Holder or any Rating Agency, to such requesting party, the CREFC®
Special Servicer Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties),
providing the required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files
in a form reasonably acceptable to the Master Servicer and the Special Servicer), which CREFC® Special Servicer
Loan File shall include data, to enable the Master Servicer to produce the CREFC® Supplemental Servicer Reports.
Such reports or data shall be presented in writing and in an electronic format acceptable to the Master Servicer.

 

(h)       The
Special Servicer shall deliver or cause to be delivered to the Master Servicer, and the Master Servicer shall deliver, upon the
request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor, the Controlling Class or any
Rating Agency, to such requesting party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties,
as applicable, in each case to the extent that such materials or the information on which they are based have been received by
the Special Servicer:

 

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(i)       At
least annually, on or before June 1 of each year, commencing in 2021, with respect to each Specially Serviced Loan and Serviced
REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property
as of the end of the preceding calendar year (initially year-end December 31, 2020) together with copies of the operating statements
and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year
(but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such information
and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties, only
to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The Special
Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls
with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)       Within
30 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property relating to
a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged Property
or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided, that, with the
consent of the Master Servicer, the Special Servicer may instead provide data files in a form reasonably acceptable to the Master
Servicer and the Special Servicer. The Special Servicer will use the “Normalized” column from the CREFC®
NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and
will use any operating statements received with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced
REO Property to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property.

 

The Special Servicer
shall forward copies of the related operating statements or rent rolls (promptly following the initial preparation and each material
revision thereof) to the Master Servicer, and the Master Servicer shall deliver them to the 17g-5 Information Provider, and the
17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website, and upon request, to the
Certificate Administrator, the Directing Holder, and with respect to any Serviced Companion Loan, the related Companion Holder
and the applicable Master Servicer. Upon the request of any NRSRO to receive copies of all or any portion of such items, the Special
Servicer shall deliver copies of the requested items so collected thereby to the 17g-5 Information Provider.

 

The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced
Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property
securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report
delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each
such Mortgaged Property; provided, that, the Special Servicer may instead provide data files in an electronic form acceptable
to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC®
format.

 

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(i)       If
the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any
provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may
satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making
such statement, report or information available on the Master Servicer’s Website, unless this Agreement expressly specifies
a particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article
X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance
with clause (x).

 

(j)       The
Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13
available each month on the Master Servicer’s Website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master
Servicer. In connection with providing access to the Master Servicer’s Website, the Master Servicer may require registration
and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which
may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement
governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer
for any liability or damage that may arise therefrom.

 

(k)       With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two
Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate
Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor
Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format
or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on
its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer
or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer
Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section 3.14 Access
to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any Certificateholders
and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the Operating Advisor (but only
if a Control Termination Event has occurred and is continuing), the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency and
the supervisory agents and examiners of such boards and such corporations, and any other federal or

 

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state banking or insurance
regulatory authority that may exercise authority over any Certificateholder or Serviced Companion Loan Noteholder is subject,
access to the documentation regarding the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable
regulations of the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking
or regulatory authority, such access being afforded without charge but only upon reasonable written request and during normal
business hours at the offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer
or the Special Servicer, such access may be afforded to such Person identified above by the delivery of copies of information
as requested by such Person and the Master Servicer or the Special Servicer shall be permitted to require payment (other than
from the Directing Holder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the Certificateholders,
as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making such copies. Such access
shall (except as described in the preceding sentence) be afforded without charge but only upon reasonable prior written request
and during normal business hours at the offices of the Certificate Administrator or the Custodian. In addition, upon reasonable
prior written notice to the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator,
the Operating Advisor (but only if a Control Termination Event has occurred and is continuing), the Depositor or their accountants
or other representatives shall have reasonable access to review the documents, correspondence and records in the possession of
the Master Servicer or the Special Servicer, as the case may be, as they relate to a Mortgaged Property and any Serviced REO Property
during normal business hours at the offices of the Master Servicer or the Special Servicer, as the case may be. Nothing in this
Section 3.14 shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law
prohibiting disclosure of information with respect to the Borrowers, and the failure of the Master Servicer and Special Servicer
to provide access as provided in this Section 3.14 as a result of such obligation shall not constitute a breach of this
Section 3.14.

 

(b)       In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced
Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion
Loan Noteholder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced
Companion Loan Noteholder (to the extent permitted in the related Co-Lender Agreement) of a sum sufficient to cover the reasonable
costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for
space; provided that no charge may be made if such information or access was required to be given or made available under
applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information
described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording
such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates
or a beneficial holder of Book-Entry Certificates or is a Serviced Companion Loan Noteholder or a regulator or governmental body
and will keep such information confidential.

 

(c)       Upon
the reasonable request of (1) any Certificateholder identified to the Master Servicer or the Special Servicer, as applicable, to
the Master Servicer’s or the Special

 

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Servicer’s, as applicable, reasonable satisfaction (or, with respect to any Serviced
Companion Loan, the request of any Serviced Companion Loan Noteholder), the Master Servicer or the Special Servicer, as applicable,
may provide (or forward electronically) (at the expense of such Certificateholder or Serviced Companion Loan Noteholder) copies
of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer or the Special Servicer,
as applicable, or (2) any Controlling Class Certificateholder identified to the Master Servicer or the Special Servicer, as applicable,
to the Master Servicer’s or the Special Servicer’s, as applicable, reasonable satisfaction, the Master Servicer or
the Special Servicer, as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder)
any Excluded Information in the Master Servicer’s or the Special Servicer’s, as applicable, possession (available on
the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate
Administrator’s Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Loan
in which such Controlling Class Certificateholder is not a Borrower Party; provided that, in connection therewith, the Master
Servicer or the Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially
in such form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person
is a Holder of Certificates or a Serviced Companion Loan or a beneficial holder of Book-Entry Certificates or a regulator or a
governmental body and will keep such information confidential and will use such information only for the purpose of analyzing asset
performance and evaluating any continuing rights the Certificateholder may have under this Agreement. For the avoidance of doubt,
neither the Master Servicer nor the Special Servicer, as applicable, shall make any Asset Status Reports available to any Certificateholders
on its website.

 

(d)       The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to
the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “CF 2019-CF3 Mortgage Trust, Series 2019-CF3” and an identification of the type of information
being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties
hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial
(provided, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then
the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly
deliver the subject information in such format):

 

(i)       any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)       any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(e) or Section 4.07(c) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

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(iii)       any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)      any
environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)       any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section
10.12 of this Agreement;

 

(vi)      any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)     any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)    any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating
Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant
to Section 3.30 of this Agreement;

 

(ix)       copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)       any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;

 

(xi)      any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

(xii)     any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

(xiii)    any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)    any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)     any
notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer pursuant to Section 6.02 of this Agreement;

 

(xvi)    any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;

 

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(xvii)   any
notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii)    any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

(xix)       the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)       such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the
parties hereto in writing). Information shall be posted on the same Business Day of receipt provided that such information is received
by 2:00 p.m. (Eastern Time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5
Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered
is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider
have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the
17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and
to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may be submitted
electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information
Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request
is made prior to 2:00 p.m., on such Business Day, or, if received after 2:00 p.m., on the following Business Day by 12:00 p.m.
New York City time. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com
(specifically referencing “CF 2019-CF3” in the subject line) (or to such other e-mail address as the 17g-5 Information
Provider may designate in writing to the other parties hereto).

 

Upon request of the Depositor
or the Rating Agencies (through the Rating Agency Q&A Forum and Document Request Tool) or if otherwise required under this
Agreement, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information
requested by the Depositor (including any pre-closing material from the Depositor’s Rule 17g-5 website) or the Rating Agencies
or if otherwise required under this

 

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Agreement to the extent such information is delivered to the 17g-5 Information Provider electronically
in accordance with this Section 3.14 of this Agreement. In no event shall any party to this Agreement disclose on the 17g-5
Information Provider’s Website which Rating Agency requested such additional information.

 

The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification
each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such
document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by
and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email
address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO
Certification in the form of Exhibit Z hereto.

 

The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating
Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s
Website, where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution
Date Statement, submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made
available pursuant to this Section 4.02(d), the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or the Mortgaged
Properties or submit inquiries to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master
Servicer or the Special Servicer as to which the Operating Advisor has consultation rights pursuant to Section 3.31, whether
or not referenced in such Operating Advisor Annual Report, (ii) view Inquiries that have been previously submitted and answered,
together with the answers thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry
for the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, the 17g-5 Information Provider
shall forward the Inquiry to the Certificate Administrator, Operating Advisor, the Master Servicer or the Special Servicer, as
applicable, and in the case of an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related
Non-Serviced PSA, in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry
or request relating to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry
as provided below, shall reply to the Inquiry, which reply of the Certificate Administrator, the Operating Advisor, Master Servicer
or Special Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially
reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or
reports, as applicable) to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider
in response to a request may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the
Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer determines, in its respective sole
discretion, that (i) the question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests
of the Trust and/or the

 

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Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or
the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client
privilege or the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in
good faith, in the case of the Certificate Administrator or the Operating Advisor) that the performance of such duties or the payment
of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Operating Advisor, Master
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the
case of the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer, shall promptly notify
the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and
Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A
Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of
the Depositor, the Underwriters, the Initial Purchasers, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility
or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5
Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole
discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect
questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the
17g-5 Information Provider’s Website.

 

In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “CF 2019-CF3 Mortgage
Trust, Series 2019-CF3” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.

 

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The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party.

 

The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each
Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives
in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been serviced under this Agreement. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.

 

(e)       Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section
3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers,
for review by the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification
in accordance with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and
the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information
is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this
Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality
agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer
or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent
access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer
and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality
agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder
(or a licensed

 

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or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor
acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser
of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.

 

In connection with the
delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall provide
electronic confirmation to the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice
or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as
applicable, may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency
or Rating Agencies following the earlier of (a) receipt of confirmation from the 17g-5 Information Provider that such information,
report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) on the same Business
Day if provided prior to 2:00 p.m., New York time, or if provided after such time by 12:00 p.m., New York time, on the first Business
Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice
or other document to the 17g-5 Information Provider.

 

(f)       The
Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any Mortgage
Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property;
provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the

 

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17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures
set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary
of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider
shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section
3.14(d) of this Agreement.

 

(g)       None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided,
that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5
Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information
to such Rating Agency in accordance with Section 3.14(f); or (z) the Rating Agency confirms in writing that it does not
intend to use such information in undertaking credit rating surveillance with respect to the Certificates provided, however,
that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly
available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such
Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s
Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section
3.14(g).

 

(h)       The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

Section 3.15 Title
and Management of REO Properties and REO Accounts. (a) If title to any Mortgaged Property (other than with respect to
a Non-Serviced Mortgage Loan) is acquired for the benefit of Certificateholders (and, in the case of the Serviced Whole Loans,
the related Serviced Companion Loan Noteholders) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation
from bankruptcy, the deed or certificate of sale shall be taken in the name of the Trust where permitted by applicable law or
regulation and consistent with customary servicing procedures, and otherwise in the name of the Trustee, or its nominee (which
shall not include the Master Servicer), or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of
the Serviced Whole Loans, the related Serviced Companion

 

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Loan Noteholders). The Special Servicer, on behalf of the Trust Fund
(and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced
REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such
Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier
REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case
the Special Servicer shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer has
applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the additional
time specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion
shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be allocated in accordance
with the allocation provisions set forth in the related Co-Lender Agreement), addressed to the Special Servicer, the Certificate
Administrator and the Trustee, to the effect that the holding by the Trust Fund of such Serviced REO Property for an additional
specified period will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a)
of the Code) at any time that any Certificate is outstanding, in which event such period shall be extended by such additional
specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf of the Trust
Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced
REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions) by which such Serviced
REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided
under Section 3.16 hereof. In the case of the Trust Fund’s beneficial interest in any REO Property acquired by the
related Non-Serviced Trustee pursuant to a Non-Serviced PSA, the Special Servicer shall coordinate with the related Non-Serviced
Special Servicer with respect to any REO extension on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect
and operate each Serviced REO Property for the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced
Companion Loan Noteholders) solely for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced
REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined
without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation
or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in
Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)       The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the
manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its
Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders
and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders (taking into account the subordinate
nature of any Serviced Subordinate Companion Loan, if applicable) and, in connection therewith, the Special Servicer shall agree
to the payment of management fees that are consistent with general market standards. Consistent with the foregoing, the Special
Servicer

 

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shall cause or permit to be earned with respect to such Serviced REO Property any “net income from foreclosure property,”
within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if it has determined,
and has so advised the Trustee and the Certificate Administrator in writing, that the earning of such income on a net after-tax
basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders (and, in the case of the Serviced
Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation or rental of such Serviced
REO Property that would not be subject to such a tax.

 

With respect to any Mortgage
Loan, the Special Servicer shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate
and apart from its own funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated
custodial account (each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled
“[Name of Special Servicer], as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the
benefit of the Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 and the related
Serviced Companion Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced
Companion Loan Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income
earned on funds deposited in an REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer
shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within
two Business Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary
for the proper operation, management and maintenance of such Serviced REO Property and for other Property Protection Expenses with
respect to such Serviced REO Property, including:

 

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

 

(ii)      all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)     all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

(iv)     any
taxes imposed on the Lower-Tier REMIC in respect of net income from foreclosure property in accordance with Section 4.05,
and with respect to a Serviced Whole Loan, such expenses shall be allocated in accordance with the applicable priority set forth
in the related Co-Lender Agreement for any Mortgage Loan and any related Serviced Companion Loans.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer
shall make such Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard,
that such Servicing Advance would constitute a Nonrecoverable Advance (provided that with respect to 

 

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advancing insurance premiums or
delinquent tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section
3.21(e) of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the
Trustee has actual knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless
in each case, the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be
a Nonrecoverable Advance. The Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer
or the Master Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making
an independent determination whether or not a proposed Advance would be a Nonrecoverable Advance, shall use its good faith
business judgment. The Master Servicer, the Special Servicer or the Trustee, as applicable, shall be entitled to
reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence, to the
extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from each REO Account or
Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection Account or
the applicable Serviced Whole Loan Custodial Account, as applicable, on a monthly basis on the later of the date that (x) is
on or prior to the related Determination Date or (y) is two (2) Business Days after such amounts are received and properly
identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except
that in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account
reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding the foregoing,
the Special Servicer shall not:

 

(i)       permit
any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any income that does not
constitute Rents from Real Property;

 

(ii)      permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)     authorize
or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building
or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement
was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

(iv)     Directly
Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan,
such expense shall be allocated in accordance with the allocation provisions of the related Co-Lender Agreement) to the effect
that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of

 

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Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a)
of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.

 

The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of
the related Co-Lender Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property,
within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the
Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than
through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of
a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Co-Lender Agreement),
provided that:

 

(i)       the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(ii)      any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related
revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following
the receipt thereof by such Independent Contractor;

 

(iii)     none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect
to the operation and management of any such Serviced REO Property; and

 

(iv)     the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(c)       Promptly
following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer
shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation
thereof, but only if any Updated Valuation with respect thereto is more than 9 months

 

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old and the Special Servicer has no actual
knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question
the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify
the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any,
and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute
standards and the cost thereof shall be covered by a Servicing Advance. The Special Servicer shall obtain a new Updated Valuation
or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)       When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation
and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Section
3.15(a) and Section 3.15(b) of this Agreement.

 

(e)       Upon
the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate
and notify the Master Servicer of the Gain-on-Sale Proceeds allocable to a Mortgage Loan realized in connection with such sale.

 

Section 3.16 Sale
of Specially Serviced Loans and REO Properties. (a) The parties hereto may sell or purchase, or permit the sale or purchase
of, a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Pari Passu Whole Loan only on the terms and subject
to the conditions set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.04(e)
and Section 9.01 of this Agreement or in an applicable Co-Lender Agreement.

 

(b)       If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best economic interests of the
Certificateholders or, in the case of a Serviced Whole Loan, the Certificateholders and holder(s) of the related Serviced Companion
Loan(s) (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan holder(s) constituted
a single lender (taking into account the pari passu or subordinate nature of any Companion Loans, as applicable))) to attempt
to sell a Specially Serviced Loan that is a Defaulted Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Pari
Passu Companion Loan as provided below, the Special Servicer shall use reasonable efforts to solicit offers for such Defaulted
Loan on behalf of the Certificateholders and, if applicable, the related Serviced Pari Passu Companion Loan Noteholders in such
manner as will be reasonably likely to maximize the value of the Defaulted Loan on a net present value basis. In the case of a
Non-Serviced Mortgage Loan, to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced
Companion Loan by the Other Special Servicer for the related Non-Serviced Whole Loan and, if permitted under the related Co-Lender
Agreement, the Special Servicer will be entitled to sell (with the consent of the Directing Holder prior to the occurrence and
continuance of a Control Termination Event and after consulting with the Risk Retention Consultation Party pursuant to Section
6.07), with a Liquidation Fee, such Non-Serviced Mortgage Loan if it determines in accordance with the

 

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Servicing Standard that
such action would be in the best interests of the Certificateholders. The Special Servicer shall accept the first cash offer received
from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k), if the Special Servicer
receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period designated by the Special
Servicer for receipt of offers, the Special Servicer shall accept the highest price.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Directing Holder (other
than with respect to any Excluded Loan) and the Risk Retention Consultation Party (other than with respect to any Excluded Risk
Retention Consultation Party Loan) not less than ten Business Days’ prior written notice of its intention to sell any such
Defaulted Loan, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of
its Affiliates may make an offer for or purchase any such Defaulted Loan pursuant to this Agreement.

 

(c)       Whether
any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person (other than the Trustee), subject to any additional conditions in any applicable Co-Lender Agreement, unless (i) the offer
is equal to or greater than the applicable Purchase Price, (ii) it is the highest offer received and (iii) at least two other offers
are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair
price for any such Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal
conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative
appraisal prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate
of the Special Servicer is not making an offer with respect to such Defaulted Loan, (ii) by the Master Servicer if the Special
Servicer is making such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor
if the Master Servicer and Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated
Appraisal or narrative appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee
shall be permitted to retain, at the expense of the related Interested Person, an independent third party expert in real estate
or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject
Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine
such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination, provided
that the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the
Trustee. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith
shall be reimbursable by such Interested Person.

 

In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have
obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person
constitutes a fair price for any such Defaulted Loan, any

 

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appraiser shall be instructed to take into account, as applicable, among
other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and
physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is
located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time
and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer
may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports
of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience
in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

The Purchase Price (which,
in connection with the administration of a Defaulted Loan related to a Serviced Pari Passu Whole Loan, shall be construed and calculated
as if the loans in such Serviced Pari Passu Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted
Loan shall in all cases be deemed a fair price.

 

(d)       Subject
to subsection (b) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and,
in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any
other action necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of
all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account
or, in the case of any Serviced Pari Passu Whole Loan, the applicable Serviced Whole Loan Custodial Account. Any sale of such Defaulted
Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those
representations and warranties typically given in such transactions, any proration’s applied thereto and any customary closing
matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master
Servicer, the Depositor, the Certificate Administrator, the Operating

 

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Advisor, the Asset Representations Reviewer or the Trustee
shall have any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted
by the Special Servicer or the Trustee.

 

(e)       Any
sale of such Defaulted Loan shall be for cash only.

 

(f)       The
parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to
the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Co-Lender Agreement.

 

(g)       The
Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders
and, in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be
reasonably likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The
Special Servicer (with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes
a fair price for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one
cash offer that constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for
receipt of offers, the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and
reasonable judgment, that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed
by Section 3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder) shall dispose
of such Serviced REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize
the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless
of from whom received.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO
Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its
Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)       Whether
any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person (provided that the Trustee may not be an offeror), subject to any additional conditions in any applicable Co-Lender Agreement;
provided, that no offer from an Interested Person shall constitute a fair price unless (A) it is the highest offer received
and (B) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent third
parties. In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO
Property, the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance
with this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared
by an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer
is not making an offer with respect to a

 

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Serviced REO Property (or by the Master Servicer if the Special Servicer is making such
an offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be
covered by, and shall be reimbursable as, a Servicing Advance by the Master Servicer. In determining whether any offer from a Person
other than an Interested Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into
account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant
to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair
price for any such Serviced REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors,
the period and amount of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state
of the local economy and the obligation to dispose of any Serviced REO Property within the time period specified in Section
3.15(a) of this Agreement. The Purchase Price (which, in connection with the administration of a Serviced REO Property related
to a Serviced Pari Passu Whole Loan, shall be construed and calculated as if the loans in such Serviced Pari Passu Whole Loan together
constitute a single Mortgage Loan thereunder) for any Serviced REO Property shall in all cases be deemed a fair price. In addition,
the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party to determine
such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination, provided
that the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the
Trustee. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith
shall be reimbursable by such Interested Person.

 

(i)       Subject
to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and, in the case of a Serviced Pari Passu Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking
any other action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection
of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the
case of any Serviced Pari Passu Whole Loan, the applicable Serviced Whole Loan Custodial Account. Any sale of a Serviced REO Property
shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to
the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)       Any
sale of a Serviced REO Property shall be for cash only.

 

(k)       Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest
cash offer if the Special Servicer determines (in consultation with the Directing Holder (unless a Consultation Termination Event
exists) and, in the case of a Serviced Pari Passu Whole Loan or an REO Property related to a

 

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Serviced Pari Passu Whole Loan, the
related Companion Loan Holder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best
interests of the Certificateholders and any related Companion Loan Noteholder(s) (as a collective whole as if such Certificateholders
and any such Serviced Pari Passu Companion Loan Noteholder(s) constituted a single lender and, with respect to a Whole Loan that
includes a Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), and the
Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its reasonable
and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders (for example, if
the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective
buyer making the lower offer are more favorable) and any related Companion Loan Noteholder(s) (as a collective whole as if such
Certificateholders and any such Serviced Pari Passu Companion Loan Noteholder(s) constituted a single lender and, with respect
to a Whole Loan that includes a Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan).

 

(l)       With
respect to each defaulted Serviced Pari Passu Companion Loan, the Special Servicer shall generally have the right to sell such
defaulted Serviced Pari Passu Companion Loan together with the related Mortgage Loan pursuant to the terms of the related Co-Lender
Agreement as if such Mortgage Loan and Serviced Pari Passu Companion Loans were one whole loan on behalf of the Certificateholders
and the related Serviced Companion Loan Noteholders. The Special Servicer shall provide notice and other information required under
the related Co-Lender Agreement to the applicable Other Special Servicer as soon as practicable following its decision to attempt
to sell, and prior to commencement or marketing of, any Serviced Pari Passu Companion Loan. With respect to Serviced Pari Passu
Whole Loans, the Special Servicer shall be required to obtain the consent of any holder of a related Serviced Pari Passu Companion
Loan prior to a sale of such Serviced Pari Passu Whole Loan, unless (i) such holder is the related Borrower or an Affiliate or
agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related Serviced Pari Passu Companion
Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell the related Serviced
Pari Passu Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any
material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (C) at least
ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Pari Passu Whole Loan, and
any documents in the servicing file reasonably requested by the holders of the applicable Serviced Pari Passu Companion Loans that
are material to the sale price of such Serviced Pari Passu Whole Loan; and (D) until the sale is completed, and a reasonable period
of time (but not less time than is afforded to other offerors and the Directing Holder) prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer
in connection with the proposed sale. The holders of the Serviced Pari Passu Companion Loans (or, in any case, their respective
representatives) shall be permitted to submit an offer at any sale of such related Serviced Pari Passu Whole Loan; however, the
related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.

 

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Section 3.17 Additional
Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at its own expense)
(or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect or cause to be
inspected each Mortgaged Property securing a Serviced Mortgage Loan (but not a Mortgaged Property securing a Non-Serviced Mortgage
Loan) at such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged
Property with a Stated Principal Balance (or in the case of a Serviced Mortgage Loan secured by more than one Mortgaged Property,
having an Allocated Loan Amount) of (A) $2,000,000 or more at least once every 12 months and (B) less than $2,000,000 at least
once every 24 months, in each case commencing in the calendar year 2021 (or, in each case, at such decreased frequency as each
Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities,
if any); provided, that if a physical inspection has been performed by the Special Servicer in the previous twelve (12)
months and the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection,
the Master Servicer will not be required to perform or cause to be performed, such physical inspection; provided, further,
that the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such
Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as such Mortgage Loan remains a Specially
Serviced Loan. The reasonable cost of each such inspection performed in accordance with the Servicing Standard by the Special
Servicer, to the extent not paid by the related Borrower, will be reimbursed first from Penalty Charges actually received from
the related Borrower and if not so reimbursed shall be paid by the Master Servicer as a Servicing Advance; provided, that
if such Advance would be a Nonrecoverable Advance, then the cost of such inspections shall be an expense of the Trust payable
out of general collections. With respect to a Serviced Whole Loan, the costs described in the preceding sentence above that relate
to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan Custodial Account related
to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the related Co-Lender Agreement).
If funds in the applicable Serviced Whole Loan Custodial Account relating to a Serviced Whole Loan are insufficient, then any
deficiency shall be paid from amounts on deposit in the Collection Account; provided that the Master Servicer shall, after
receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Co-Lender Agreement
to obtain reimbursement for the portion of such amount allocable to the related Serviced Companion Loans from the related Companion
Loan Noteholders. The Master Servicer or the Special Servicer, as applicable, shall prepare a written report of the inspection
describing, among other things, the condition of and any damage to the Mortgaged Property securing a Mortgage Loan that it is
servicing and specifying the existence of any material vacancies in such Mortgaged Property, any sale, transfer or abandonment
of such Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the Mortgaged Property,
or any visible material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer, as applicable,
shall send such reports, upon the request of any NRSRO, to the 17g-5 Information Provider (who shall promptly post such reports
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5
Information Provider (if any) and, upon request, to the

 

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Underwriters and the Initial Purchasers within 35 days of completion of
the inspection report, each inspection report.

 

(b)       With
respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, the Master Servicer
(or the Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with
the Servicing Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)       If,
with respect to any Serviced Mortgage Loan or Serviced Pari Passu Companion Loan, the Master Servicer accepts a voluntary Principal
Prepayment resulting in a Prepayment Interest Shortfall for any Distribution Date, then the Master Servicer shall deliver to the
Certificate Administrator on the related Master Servicer Remittance Date for deposit in the Lower-Tier REMIC Distribution Account
(or, in the case of a Prepayment Interest Shortfall with respect to a Serviced Pari Passu Companion Loan, remit to the holder of
the Serviced Pari Passu Companion Loan a pro rata portion of the following amount allocated to that Serviced Whole Loan)),
without any right of reimbursement therefor, a cash payment (the “Compensating Interest Payment”), in an amount
equal to the lesser of:

 

(A)       the
aggregate amount of Prepayment Interest Shortfalls for the related Distribution Date incurred in connection with voluntary Principal
Prepayments received in respect of the Serviced Mortgage Loans and any related Serviced Pari Passu Companion Loans (in each case
other than a Specially Serviced Loan or any such Mortgage Loan or related Serviced Pari Passu Companion Loan as to which the Special
Servicer allowed a prepayment on a date other than the applicable Due Date) during the applicable one-month period for the related
Distribution Date; and

 

(B)       the
aggregate of (1) that portion of the Master Servicer’s Servicing Fee for the related Distribution Date that is, in the case
of each Mortgage Loan and Serviced Companion Loan (including any related REO Mortgage Loans and REO Companion Loans) for which
such Master Servicing Fees are being paid, calculated at a rate of 0.00125% per annum, (2) all Prepayment Interest Excesses
for the related Distribution Date received by the Master Servicer with respect to the Mortgage Loans (and, so long as a Whole Loan
is serviced under this Agreement, subject to the related Co-Lender Agreement, any related Serviced Companion Loan) subject to prepayment
during the applicable one-month period for the related Distribution Date and (3) to the extent earned on Principal Prepayments
received during the applicable one-month period ending on the Determination Date for such Distribution Date, net investment earnings
payable to the Master Servicer;

 

provided that if any Prepayment
Interest Shortfall occurs with respect to any Mortgage Loan or Serviced Whole Loan as a result of the Master Servicer allowing
the related Borrower to deviate from the terms of the related Loan Documents regarding Principal Prepayments (other than (t) in
accordance within the terms of the Loan Documents, (u) with respect to the Non-Serviced Mortgage Loans,(v) subsequent to a default
under the related Loan Documents(provided that the

 

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Master Servicer reasonably believes that acceptance of such prepayment is consistent
with the Servicing Standard) or if the Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (w) if the Mortgage Loan
or Serviced Whole Loan was previously a Specially Serviced Loan with respect to which the Special Servicer has waived or amended
the prepayment restrictions such that the related Borrower is not required to prepay on a Due Date or pay interest that would have
accrued on the amount prepaid through and including the last day of the Mortgage Loan interest accrual period during which such
prepayment occurred, (x) at the request or with the consent of the Special Servicer or, so long as a Control Termination Event
has not occurred or is not continuing, and with respect to the Mortgage Loans other than an Excluded Loan, the Directing Holder,
(y) pursuant to applicable law or a court order or (z) in connection with the payment of any insurance proceeds or condemnation
awards unless the Master Servicer did not apply the proceeds thereof in accordance with the terms of the related Loan Documents
and such failure causes the shortfall) (a “Prohibited Prepayment”), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (B) above, the
aggregate amount of Prepayment Interest Shortfall with respect to such Mortgage Loan or Serviced Whole Loan otherwise described
in clause (A) above in connection with such Prohibited Prepayments. The Master Servicer’s obligation to pay the Compensating
Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls against those
amounts, shall not be cumulative.

 

Compensating Interest
Payments with respect to the Serviced Whole Loans shall be allocated among the related Mortgage Loan and the related Serviced Pari
Passu Companion Loan(s), pro rata, in accordance with their respective principal amounts, and the Master Servicer shall
pay the portion of such Compensating Interest Payments allocable to each related Serviced Pari Passu Companion Loan to the applicable
Other Servicer under the related Other PSA.

 

The Non-Vertically Retained
Percentage of any Excess Prepayment Interest Shortfall with respect to the Mortgage Loans for any Distribution Date shall be allocated
on that Distribution Date among each Class of Non-Vertically Retained Regular Certificates, pro rata in accordance with
their respective Interest Accrual Amounts for that Distribution Date, and the VRR Percentage of such Excess Prepayment Interest
Shortfall shall be deemed allocated to the VRR Interest.

 

(d)       The
Master Servicer shall, as to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is secured
by the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or
an air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify
the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement
and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the
Master Servicer.

 

(e)       The
Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply
any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout

 

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reserve, cash
trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default
or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default
or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the
Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

(f)       Within
a reasonable time period after the execution of any amendment or modification of any of the Co-Lender Agreements related to any
of the Whole Loans, the Master Servicer or the Special Servicer, as applicable, shall provide to the Certificate Administrator
a copy of any such modification or amendment of any such Co-Lender Agreement, and such amendment or modification shall be a Reportable
Event as set forth in Section 10.09.

 

Section 3.18 Authenticating
Agent. The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates.
The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the
laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable
to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized under such laws to do a trust business
and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial
Authenticating Agent.

 

Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

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Section 3.19 Appointment
of Custodians. The Certificate Administrator shall be the initial Custodian hereunder. The Certificate Administrator
may appoint one or more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise
perform the duties set forth in Article II, by entering into a Custodial Agreement with any Custodian who is not the Depositor.
The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions
thereof against the Custodian for the benefit of the Certificateholders. The Certificate Administrator shall not be liable for
any act or omission of the Custodian under the Custodial Agreement. Each Custodian shall (a) be a depository institution subject
to supervision by federal or state authority, (b) have a combined capital and surplus of at least $10,000,000 and (c) have a long-term
debt rating of at least “BBB” from S&P, “BBB” from Fitch and an equivalent rating from KBRA if rated
by KBRA. Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation
paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other
than the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for
securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with
this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage
afforded thereunder extends to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement
a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection
with its obligations hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced
by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.19 shall
be issued by a Qualified Insurer.

 

Section 3.20 Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer each
Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan
Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Mortgage Loans (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loans it is servicing.

 

Section 3.21 Servicing
Advances. (a) The Master Servicer (or, to the extent provided in Section 3.21(d) of this Agreement, the Trustee)
to the extent specifically provided for in this Agreement, shall make any Servicing Advances as and to the extent otherwise required
pursuant to the terms hereof with respect to the Mortgage Loans (other than Non-Serviced Mortgage Loans) and Serviced Whole Loans
that it is servicing. For purposes of distributions to Certificateholders and compensation to the Master Servicer, the Special
Servicer or the Trustee, Servicing Advances shall not be considered to increase the Stated Principal Balance of any such Mortgage
Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loans so provide.

 

(b)       Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided,
that the Special Servicer shall be

 

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required to provide the Master Servicer with only two Business Days’ written notice in
respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing
Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect
to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other
Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following
the making of such Servicing Advance.

 

(c)       The
Special Servicer shall have no obligation to make any Servicing Advances; provided that in an urgent or emergency situation
requiring the making of a Servicing Advance, the Special Servicer may make a Servicing Advance in its sole discretion. The Special
Servicer shall deliver to the Master Servicer a request for reimbursement for such Servicing Advance, along with all information
and documentation in the Special Servicer’s possession regarding the subject Servicing Advance as the Master Servicer may
reasonably request, and the Master Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the
Special Servicer for any unreimbursed Servicing Advances (other than Nonrecoverable Servicing Advances) made by the Special Servicer
pursuant to the terms hereof, together with interest thereon at the Reimbursement Rate from the date made to, but not including,
the date of reimbursement. Such reimbursement and any accompanying payment of interest shall be made within five (5) Business Days
of the written request therefor pursuant to the preceding sentence by wire transfer of immediately available funds to an account
designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement to the Special Servicer of any Servicing
Advance and payment to the Special Servicer of interest thereon, all in accordance with this Section 3.21, the Master Servicer
shall for all purposes of this Agreement be deemed to have made such Servicing Advance at the same time as the Special Servicer
actually made such Servicing Advance, and accordingly, the Master Servicer shall be entitled to be reimbursed for such Servicing
Advance, together with interest thereon at the Reimbursement Rate, at the same time, in the same manner and to the same extent
as the Master Servicer would otherwise have been entitled if it had actually made such Servicing Advance at the time the Special
Servicer did. Notwithstanding the foregoing provisions of this Section 3.21, the Master Servicer shall not be required to
reimburse the Special Servicer out of its own funds for, or to make at the direction of the Special Servicer, any Servicing Advance
if the Master Servicer determines in its reasonable judgment that such Servicing Advance, although not characterized by the Special
Servicer as a Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance. The Master Servicer shall notify
the Special Servicer in writing of such determination and such Nonrecoverable Servicing Advance shall instead be reimbursed to
the Special Servicer pursuant to Section 3.06 of this Agreement.

 

(d)       The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions
for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance,
or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the
Trustee, subject to the

 

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provisions of Section 3.21(e) of this Agreement, shall pay the amount of such Servicing Advance
in accordance with such information and instructions.

 

(e)       The
Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession
regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request
for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer
shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in
the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything
herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing
Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither
the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the
Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related
Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed and (ii) consider (among other things) (a) the obligations of the Borrower under the
terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (b) the related
Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s
assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility
and effects of future adverse changes with respect to such Mortgaged Properties, (c) estimated (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer) (among other things) future expenses and (d) estimated timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal
of the related Mortgaged Property shall not have been obtained within the prior 12 month period (and the Master Servicer and the
Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be,

 

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may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Co-Lender Agreement).

 

Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing
Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case
of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the
Certificate Administrator, any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan holder(s),
the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations
of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and
other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination,
together with any existing Appraisal or any Updated Appraisal); provided, that the Special Servicer may make a determination
in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is nonrecoverable
and shall deliver to the Master Servicer, who shall forward to the Certificate Administrator, the Directing Holder (prior to the
occurrence of a Consultation Termination Event), the Operating Advisor, the Trustee, the related Serviced Companion Loan Noteholder
(if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such determination by the Special Servicer
may be relied upon and shall be conclusive and binding on the Master Servicer and the Trustee.

 

Notwithstanding the foregoing,
the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable
Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all
such decisions shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination
that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the
Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion of
any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent
with the Servicing Standard in the case of the Master Servicer or the Special

 

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Servicer) may obtain, at the expense of the Trust
(and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Co-Lender Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders
and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining
whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing
Advance shall use its reasonable judgment.

 

With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to any Serviced Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan) and the Special Servicer (with respect
to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer) whether
the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests
of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as
a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender
(and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature
of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment of such amount
(i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and,
in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the Special Servicer (in the case of
a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer
shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan
is involved, from amounts in the applicable Serviced Whole Loan Custodial Account.

 

Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with
respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such
expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with
the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator)
that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a

 

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collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain
reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(f)       The
Master Servicer, the Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances
made by any of them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any
related Advance Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee
each hereby covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers
to the extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge
that, pursuant to the applicable Non-Serviced PSA, the applicable Non-Serviced Master Servicer is obligated to make Servicing Advances
with respect to the related Non-Serviced Mortgage Loan. The Non-Serviced Master Servicer, the Non-Serviced Special Servicer (to
the extent it has made an advance), the Non-Serviced Trustee or fiscal agent or other Persons making advances under the applicable
Non-Serviced PSA shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the pro
rata portion (based on unpaid principal balance) of the related Mortgage Loan (after amounts allocated to the related Subordinate
Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro rata portion
of accrued and unpaid interest thereon provided for under the Non-Serviced PSA) in the manner set forth in the Non-Serviced PSA
and the related Co-Lender Agreement, as applicable.

 

With respect to any Serviced
Whole Loan, if the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other PSA with written notice of such
determination, together with supporting evidence for such determination within two (2) Business Days after such determination or
such longer time period permitted by the applicable Co-Lender Agreement.

 

Section 3.22 Appointment
and Replacement of Special Servicer. (a) Midland Loan Services, a Division of PNC Bank, National Association is hereby
appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property with respect to each
of the Mortgage Loans.

 

(b)       For
so long as no Control Termination Event has occurred and is continuing, the Directing Holder shall be entitled to terminate the
rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the
Special Servicer under this Agreement, with or without cause at any time. Any such termination and the appointment of a successor
Special Servicer pursuant to Section 7.02 of this Agreement shall be

 

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made upon ten (10) Business Days’ notice to the
Special Servicer, the Master Servicer, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee; provided that, with respect to any Serviced Whole Loan, the related Directing Holder’s right
to terminate the rights and obligations of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall
be subject to the limitations set forth in the related Co-Lender Agreement.

 

(c)       If
at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer is
not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard and (2) the
replacement of the Special Servicer would be in the best interests of the Certificateholders as a collective whole, then the Operating
Advisor may recommend the replacement of the Special Servicer. In such event, the Operating Advisor shall deliver to the Trustee
and to the Certificate Administrator, with a copy to the Special Servicer, a written report setting forth the reasons supporting
its recommendation (along with relevant information justifying its recommendation) and recommending a suggested replacement special
servicer which must be a Qualified Replacement Special Servicer; provided, that in no event shall the information or any
other content included in such written report contravene any provision of this Agreement. In such event, the Certificate Administrator
shall promptly post notice to all Certificateholders of such recommendation and the related report on the Certificate Administrator’s
Website, and by mail (or through the DTC system, as applicable), and shall conduct the solicitation of votes of all Certificates
in such regard. Subsequently, upon (i) the affirmative vote and written direction of Holders of Certificates evidencing at least
a majority of a quorum (which, for this purpose, are the Holders and/or Certificate Owners of Certificates that evidence at least
20% of the aggregate of the Certificate Balances of all Certificates on an aggregate basis, and which Holders and/or Certificate
Owners consist of at least three (3) Certificateholders or Certificate Owners that are not Risk Retention Affiliated with each
other), which vote and direction must occur not more than 180 days from the date the Certificate Administrator posts such recommendation
on the Certificate Administrator’s Website, and if such vote and written direction is not provided within 180 days of the
posting of the initial request for a vote to terminate and replace the Special Servicer, then such written direction shall have
no force and effect, (ii) the Certificate Administrator having obtained a Rating Agency Confirmation from each Rating Agency with
respect to the Certificates and, if such successor special servicer shall also specially service a Serviced Whole Loan, any class
of related Serviced Companion Loan Securities following satisfaction of the foregoing clause (i), and (iii) the successor
special servicer agreeing to be bound by the terms of this Agreement, the Trustee (upon receipt of written confirmation from the
Certificate Administrator, if the Certificate Administrator and the Trustee are different entities) shall (x) terminate all of
the rights and obligations of the Special Servicer under this Agreement and appoint a successor special servicer approved by the
Certificateholders; provided such termination is subject to the terminated Special Servicer’s rights to indemnification,
payment of outstanding fees and other compensation set forth in this Agreement that survive termination, and (y) promptly notify
such outgoing Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses (including
reasonable legal fees and expenses of outside counsel) associated with obtaining such Rating Agency Confirmations and administering
such vote shall be an Additional Trust Fund Expense payable out of the Collection Account. If the Certificate Administrator does
not receive the requisite votes, then the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement
special

 

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servicer, such replacement special servicer shall have agreed to succeed to the obligations of the Special Servicer under
this Agreement and to act as the Special Servicer’s successor hereunder. No penalty or fee shall be payable to the terminated
Special Servicer with respect to any termination pursuant to this Section 3.22(c).

 

(d)       After
the occurrence and during the continuance of a Control Termination Event, upon (a) the written direction of holders of Principal
Balance Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction
Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08 of this Agreement) of
the Principal Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated in
such written direction, (b) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including
any legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection
with administering such vote and (c) delivery by such holders to the Certificate Administrator and the Trustee of a Rating Agency
Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer shall also specially
service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, the Certificate Administrator shall promptly
provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s
Website, and by mail (or through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such
regard. Subsequently, if a Control Termination Event has occurred and is continuing, upon the written direction of holders of Principal
Balance Certificates evidencing at least 75% of the applicable Certificateholder Quorum, the Trustee shall (x) terminate all of
the rights and obligations of the Special Servicer under this Agreement and appoint the successor Special Servicer designated by
such Certificateholders, provided such termination is subject to the terminated Special Servicer’s rights to indemnification,
payment of outstanding fees and other compensation and reimbursement of any Servicing Advances and (y) promptly notify such outgoing
Special Servicer of the effective date of such termination; provided that if such written direction is not provided within 180
days of the notice from the Certificate Administrator of the request for a vote to terminate and replace the Special Servicer,
then such written direction shall have no force and effect. The Certificate Administrator shall include on each Distribution Date
Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate Administrator’s
Website and each Certificateholder and Certificate Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

Notwithstanding anything
to the contrary described in this section, prior to the related Servicing Shift Securitization Date, no one except for the holder
of the related Controlling Pari Passu Companion Loan may replace the Special Servicer with respect to such related Servicing Shift
Whole Loan.

 

(e)       The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to
terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator,
the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly

 

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post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the
Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until
(i) the Trustee receives from each Rating Agency a Rating Agency Confirmation or, if such successor Special Servicer shall also
specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer
has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the
Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and
(z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer
certifies that such replacement special servicer satisfies all related qualifications set forth in the Co-Lender Agreement relating
to such Serviced Companion Loan and (v) receipt by the Certificate Administrator (with a confirmation of such receipt delivered
to the Trustee) of notice and information required to be delivered by the successor Special Servicer under Section 10.03
of this Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section 2.05(b)
of this Agreement mutatis mutandis. In no event may a successor Special Servicer be a current or former Operating Advisor
or any Affiliate of such current or former Operating Advisor or a current or former Asset Representations Reviewer. Further, such
successor shall be a Person that (i) satisfies all of the eligibility requirements applicable to the Special Servicer contained
in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or an affiliate of the Operating Advisor
or the Asset Representations Reviewer, (iii) is not obligated or allowed to pay the Operating Advisor any fees or otherwise compensate
the Operating Advisor (x) in respect of its obligations under this Agreement or (y) for the appointment of the successor Special
Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv)
is not entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated
to the Operating Advisor’s recommendation that such party be appointed as the replacement special servicer, (v) is not entitled
to receive any fee from the Operating Advisor for its appointment as successor Special Servicer, in each case, unless expressly
approved by 100% of the Certificateholders, (vi) is not a special servicer that has been cited by S&P as having servicing concerns
as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior
to the time of determination, (vii) currently has a special servicer rating of at least “CSS3” from Fitch, and (viii)
is not a special servicer that has been cited by KBRA as having servicing concerns as the sole or a material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by the applicable servicer prior to the time of determination. In addition, any replacement
Special Servicer that will service any Serviced Whole Loan shall meet any requirements specified in the related Co-Lender Agreement
or, if applicable, the related Other PSA.

 

The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall
have received, all amounts accrued or owing to it under this Agreement on or prior to

 

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the effective date of such resignation and
it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified
in Section 3.12(b) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special
Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special
Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special
Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the
successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage
Loans and, if applicable, Whole Loans.

 

(f)       The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, that neither the Trustee nor the Master Servicer shall be liable for any
actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and
it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid
by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event
be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the
Directing Holder).

 

(g)       In
the event that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly requires otherwise:
(i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance of such duties
and obligations, the term “Special Servicer” shall mean the applicable Special Servicer with respect to the
related Mortgage Loan or Serviced Whole Loan, or any of its successors, insofar as such duties and obligations relate to the subject
Mortgage Loan or Serviced Whole Loan or any related Serviced REO Property; (ii) when used in the context of identifying the recipient
of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean
only the applicable Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the
subject Mortgage Loan or Serviced Whole Loan or any related Serviced REO Property; (iii) when used in the context of granting the
Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section
9.01(c) of this Agreement, the term “Special Servicer” shall mean Midland Loan Services, a Division of PNC
Bank, National Association, or its successor only; (iv) when used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each
of the Special Servicers appointed hereunder; and (v) when used in the context of requiring indemnification from, imposing liability
on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder
or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent
disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term
“Special Servicer” shall mean only the applicable Special Servicer.

 

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(h)       The
reasonable fees and out-of-pocket expenses of any termination of the Special Servicer without cause incurred by the Controlling
Class Representative (including the costs of obtaining a Rating Agency Confirmation) will be paid by the Holders of the Controlling
Class.

 

(i)       No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22.

 

Notwithstanding anything
to the contrary contained in this Section 3.22, upon the Special Servicer obtaining knowledge that it is a Borrower Party
with respect to an Excluded Special Servicer Mortgage Loan, the Special Servicer shall resign with respect to such Excluded Special
Servicer Loan. Prior to the occurrence and continuance of a Control Termination Event, if an Excluded Special Servicer Loan is
not also an Excluded Loan, the Directing Holder shall appoint (and replace with or without cause) the Excluded Special Servicer,
as successor to the resigning Special Servicer, for the related Excluded Special Servicer Loan in accordance with this Agreement.
If an Excluded Special Servicer Loan is also an Excluded Loan, or if a Control Termination Event has occurred and is continuing,
neither the Directing Holder nor any other Controlling Class Certificateholder will be entitled to remove or replace the Excluded
Special Servicer with respect to any Excluded Special Servicer Loan.

 

If an Excluded Special
Servicer Loan is also an Excluded Loan or if a Control Termination Event has occurred and is continuing, upon resignation of the
Special Servicer with respect to an Excluded Special Servicer Loan, such resigning Special Servicer shall use reasonable efforts
to appoint the related Excluded Special Servicer. The Special Servicer shall not have any liability with respect to the actions
or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special
Servicer that had acted as the Special Servicer for a Excluded Special Servicer Loan prior to it becoming a Excluded Special Servicer
Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming REO Property)
with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer shall resign, (2) the related Mortgage
Loan shall no longer be an Excluded Special Servicer Loan, (3) such Special Servicer shall become the Special Servicer again for
such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation with
respect to such Mortgage Loan earned during such time on and after such Mortgage Loan is no longer an Excluded Special Servicer
Loan.

 

The Excluded Special
Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and will be
entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such time as the
related Mortgage Loan is an Excluded Special Servicer Loan (provided that the Special Servicer shall remain entitled to
all other special servicing compensation with respect to all Mortgage Loans and Serviced Whole Loans that are not Excluded Special
Servicer Loans during such time).

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer,
as applicable, has actual

 

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knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an
Excluded Special Servicer Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or Special Servicer,
as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section 3.23 Transfer
of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report. (a) Upon the
occurrence of any event specified in the definition of “Specially Serviced Loan” with respect to any Serviced Mortgage
Loan or Serviced Whole Loan of which the Master Servicer may have notice, the Master Servicer shall promptly give notice thereof
to the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the related Mortgage Loan Seller, if no Consultation Termination Event has occurred and is continuing, the Directing Holder and,
if applicable, the related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard
to provide the Special Servicer with all information, documents (but excluding the original documents constituting the Mortgage
File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable,
and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting
through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding
sentence within five Business Days of the date it has notice of the occurrence of any event specified in the definition of “Specially
Serviced Loan” and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced
Whole Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur
upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With
respect to each Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct
the related Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer.
The Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special
Servicer, who shall send such notice to the related Borrower.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall immediately give notice thereof to the Master
Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced Loan in
accordance with the first proviso of the definition of “Specially Serviced Loan”, the Special Servicer’s obligation
to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and
administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced
Loan shall resume.

 

(b)       In
servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the
possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with
the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer.

 

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(c)       The
Special Servicer shall deliver such additional information relating to the Specially Serviced Loans as the Master Servicer, the
Certificate Administrator or the Trustee reasonably request from time to time to enable it to perform its respective duties under
this Agreement. Such additional information shall be furnished to the Master Servicer in writing and/or in such electronic media
as is reasonably mutually acceptable to the Master Servicer and the Special Servicer.

 

(d)       Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer
and the Operating Advisor with any information in its possession with respect to such records and reasonably required by the Special
Servicer or the Operating Advisor to perform its duties under this Agreement. The Special Servicer shall provide the Master Servicer
with any information reasonably required by the Master Servicer to perform its duties under this Agreement.

 

(e)       No
later than sixty (60) days after a Servicing Transfer Event for a Serviced Mortgage Loan and, if applicable, the related Companion
Loan (the “Initial Delivery Date”), the Special Servicer shall deliver in electronic format (i) a report (the
“Asset Status Report”) with respect to such Mortgage Loan and related Companion Loan, if applicable, and the
related Mortgaged Property and (ii) one or more additional Asset Status Reports with respect to a Specially Serviced Loan subsequent
to the issuance of a Final Asset Status Report to the extent that during the course of the resolution of such Specially Serviced
Loan changes in the strategy reflected in the initial Final Asset Status Report (or subsequent Final Asset Status Reports) are
necessary to reflect the then current recommendation as to how the Specially Serviced Loan might be returned to performing status
or otherwise liquidated in accordance with the Servicing Standard (each such report a “Subsequent Asset Status Report”).
The Special Servicer shall deliver each Asset Status Report in electronic form to: (i) the Master Servicer, (ii) the Directing
Holder (but only in respect of any Mortgage Loan other than any Excluded Loan and in any event prior to the occurrence of a Consultation
Termination Event), (iii) the Operating Advisor (but only after the occurrence and during the continuance of an Operating Advisor
Consultation Event), (iv) the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information Provider’s
Website in accordance with Section 3.14(d)), (v) with respect to any other related Serviced Companion Loan, to the extent
the related Serviced Companion Loan has been included in an Other Securitization, to the master servicer of such Other Securitization
into which the related Serviced Companion Loan has been sold or to the related Companion Holder, and (vii) the Risk Retention Consultation
Party (but only with respect to any Mortgage Loan other than an Excluded Risk Retention Consultation Party Loan). Such Asset Status
Report shall set forth the following information to the extent reasonably determinable based on the information that was delivered
to the Special Servicer in connection with the transfer of servicing pursuant to the Servicing Transfer Event:

 

(i)       a
summary of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

(ii)      a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable

 

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to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Specially Serviced Loan (and any related Serviced Companion Loan) and whether outside legal counsel
has been retained;

 

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

 

(iv)      (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or REO Property), (B)
a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;

 

(v)       the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Whole Loan;

 

(vi)      a
description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights lease,
if applicable) or franchise agreement;

 

(vii)     the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)    an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation and all related assumptions;

 

(ix)      the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)       such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

A summary of each Final
Asset Status Report shall be provided to the Certificate Administrator and the Trustee.

 

If within 10 Business
Days (or, if the Directing Holder and the Special Servicer are Affiliates, 5 Business Days) of receiving an Asset Status Report,
the Directing Holder does not disapprove such Asset Status Report in writing or if the Special Servicer makes a determination,
in accordance with the Servicing Standard that the disapproval by the Directing

 

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Holder (communicated to the Special Servicer within
10 Business Days (or, if the Directing Holder and the Special Servicer are affiliates, 5 Business Days)) is not in the best interests
of all the Certificateholders (taken as a collective whole), the Special Servicer shall implement the recommended action as outlined
in such Asset Status Report; provided, however, that the Special Servicer may not take any action that is contrary
to applicable law, the Servicing Standard or the terms of the applicable Loan Documents. If, with respect to any Serviced Mortgage
Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the Directing Holder
disapproves such Asset Status Report within 10 Business Days (or, if the Directing Holder and the Special Servicer are Affiliates,
5 Business Days) of receipt and the Special Servicer has not made the affirmative determination described above, the Special Servicer
shall revise such Asset Status Report and deliver a new Asset Status Report as soon as practicable, but in no event later than
thirty (30) days after such disapproval, to the Master Servicer, the Directing Holder (prior to the occurrence of a Consultation
Termination Event), the Operating Advisor (but, in the case of any Asset Status Report that is not a Final Asset Status Report,
only after the occurrence and during the continuance of an Operating Advisor Consultation Event) and the 17g-5 Information Provider
(which shall promptly post such report on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d).
With respect to any Serviced Mortgage Loan other than an Excluded Loan, prior to the occurrence and continuance of any Control
Termination Event, the Special Servicer shall revise such Asset Status Report as described above in this Section 3.23(e)
until the Directing Holder shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business Days (or,
if the Directing Holder and the Special Servicer are affiliates, five (5) Business Days) of receiving such revised Asset Status
Report or until the Special Servicer makes a determination, in accordance with the Servicing Standard, that the disapproval is
not in the best interests of the Certificateholders (taken as a collective whole); provided that, if the Directing Holder
has not approved the Asset Status Report for a period of sixty (60) Business Days following the first submission of an Asset Status
Report, the Special Servicer shall follow the Directing Holder’s direction, if such direction is consistent with the Servicing
Standard; provided, however, that if the Directing Holder’s direction would cause the Special Servicer to violate
the Servicing Standard, the Special Servicer may act upon the most recently submitted form of Asset Status Report; provided,
further, however, that such Asset Status Report does not, and is not intended to be, a substitute for the approvals
that are specifically required pursuant to this Agreement. Prior to an Operating Advisor Consultation Event, the Special Servicer
shall deliver each Final Asset Status Report to the Operating Advisor following the Directing Holder Approval Process.

 

The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and implement such report; provided that
such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.23(e). Notwithstanding
anything herein to the contrary, with respect to any Excluded Loan (regardless of whether a Control Termination Event has occurred
and is continuing), the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with a
Final Asset Status Report for an Excluded Loan which includes a Major Decision and consider alternative actions recommended by
the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 3.31 for consulting with
the Operating Advisor.

 

No direction or disapproval
of the Directing Holder hereunder or under a related Co-Lender Agreement or failure of the Directing Holder to consent to or approve
(including any

 

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deemed consents or approvals) any request of the Special Servicer, shall (a) require or cause the Special Servicer
to violate the terms of a Specially Serviced Loan, applicable law or any provision of this Agreement, including the Special Servicer’s
obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of each Trust REMIC, (b) result in
the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions,
(c) expose the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Mortgage Loan Sellers, the Trust,
the Trustee, the Certificate Administrator or their respective officers, directors, members, employees or agents to any claim,
suit or liability or (d) materially expand the scope of the Special Servicer’s, Trustee’s or the Master Servicer’s
responsibilities under this Agreement.

 

If a Control Termination
Event (in the case the Directing Holder) or an Operating Advisor Consultation Event (in the case of the Operating Advisor), as
applicable, has occurred and is continuing, the Special Servicer shall promptly deliver each Asset Status Report prepared in connection
with a Specially Serviced Loan to the Operating Advisor (and if no Consultation Termination Event has occurred and such Specially
Serviced Loan is not an Excluded Loan, the Directing Holder). The Operating Advisor shall provide comments to the Special Servicer
in respect of the Asset Status Report, if any, within ten (10) Business Days following the later of (i) receipt of such Asset Status
Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor related thereto, and propose
possible alternative courses of action to the extent it determines such alternatives to be in the of best interests the Certificateholders
(including any Certificateholders that are holders of the Control Eligible Certificates), as a collective whole. The Special Servicer
shall consider such alternative courses of action and any other feedback provided by the Operating Advisor (and if no Consultation
Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded Loan, the Directing Holder)
in connection with the Special Servicer’s preparation of any Asset Status Report. The Special Servicer shall revise the Asset
Status Report as it deems necessary to take into account any input and/or comments from the Operating Advisor (and if no Consultation
Termination Event has occurred and is continuing and such Specially Serviced Loan is not an Excluded Loan, the Directing Holder),
to the extent the Special Servicer determines that the Operating Advisor’s and/or Directing Holder’s input and/or recommendations
are consistent with the Servicing Standard and in the best interests of the Certificateholders as a collective whole (or, with
respect to a Serviced Whole Loan, the best interests of the Certificateholders and the holders of the related Companion Loan, as
a collective whole (taking into account the subordinate or pari passu nature of such Companion Loan)).

 

After the occurrence
and during the continuance of a Control Termination Event, the Directing Holder (and at any time with respect to any Excluded Loan)
shall have no right to consent to any Asset Status Report under this Section 3.23(e). After the occurrence and during the
continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, the Directing Holder
(except with respect to an Excluded Loan) and, after the occurrence and during the continuance of an Operating Advisor Consultation
Event, the Operating Advisor shall be entitled to consult (on a non-binding basis) with the Special Servicer (in person or remotely
via electronic, telephonic or other mutually agreeable communication) and propose alternative courses of action and provide other
feedback as the Operating Advisor determines on a non-binding basis in respect of any Asset Status Report. After the occurrence
of a Consultation Termination Event (and at any time with respect to any Excluded Loan), the

 

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Directing Holder (other than in its
capacity as a Certificateholder) shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer
with respect to Asset Status Reports and the Special Servicer shall only be obligated to consult with the Operating Advisor with
respect to any Asset Status Report as described above. The Special Servicer may choose to revise the Asset Status Report as it
deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the
Operating Advisor or the Directing Holder during the applicable periods described above, but is under no obligation to follow any
particular recommendation of the Operating Advisor or the Directing Holder.

 

(f) (i) Upon receiving
notice of the occurrence of any of the events described in clauses (iii), (v), (vi) or (vii) of the
definition of “Specially Serviced Loan” (without regard to the 60-day period set forth therein), the Master Servicer
shall with reasonable promptness give notice thereof, and shall use its reasonable efforts to provide the Special Servicer with
all information relating to the Mortgage Loan or Serviced Companion Loan and reasonably requested by the Special Servicer to enable
it to negotiate with the related Borrower. The Master Servicer shall use its reasonable efforts to comply with the preceding sentence
within five (5) Business Days of the occurrence of each such event.

 

(ii)       After
the occurrence and during the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event described
in clauses (iii), (v), (vi) or (vii) of the definition of “Specially Serviced Loan” (without
regard to the 60-day period set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor at the
same time such notice is provided to the Special Servicer pursuant to clause (i) above.

 

(g)       Prior
to the occurrence and continuance of a Control Termination Event, no later than two (2) Business Days following the establishment
of a Final Asset Status Report with respect to any Specially Serviced Loan (other than any Excluded Loan), the Special Servicer
shall deliver in electronic format to the Directing Holder a draft notice that will include a draft summary of the Final Asset
Status Report (which briefly summarizes such Final Asset Status Report, but shall not include any Privileged Information). With
respect to any Mortgage Loan other than an Excluded Loan, if, prior to the occurrence and continuance of a Control Termination
Event, within ten (10) Business Days (or, if the Directing Holder and the Special Servicer are affiliates, five (5) Business Days)
of receipt of such draft summary, the Directing Holder approves of, or does not disapprove of such draft summary, then the Special
Servicer shall deliver in electronic format such notice and summary of the Final Asset Status Report to the Certificate Administrator
for posting on the Certificate Administrator’s Website pursuant to Section 4.02. If the Directing Holder affirmatively
disapproves of such summary in writing, then within two (2) Business Days of receipt of such disapproval, the Special Servicer
shall revise the summary and deliver such new summary to the Directing Holder until the Directing Holder approves such draft summary;
provided, however, that if the Directing Holder has not approved of the draft summary of the Final Asset Status Report
within twenty (20) Business Days of receipt of the initial draft summary of the Final Asset Status Report, then the most recent
draft summary of the Final Asset Status Report delivered by the Special Servicer prior to such 20th Business Day shall be deemed
to be the final summary of the Final Asset Status Report; provided, further, however, that if at any time
the Special Servicer determines that any

 

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affirmative disapproval of such draft summary by the Directing Holder is not in the best
interests of all the Certificateholders pursuant to the Servicing Standard, the Special Servicer shall deliver in electronic format
such notice and summary of the Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s
Website pursuant to Section 4.02 notwithstanding such disapproval. The Special Servicer shall promptly deliver a copy of
each Final Asset Status Report to the Operating Advisor.

 

(h)       No
provision of this Section 3.23 shall require the Special Servicer to take or to refrain from taking any action because of
any proposal, objection or comment by the Operating Advisor or a recommendation of the Operating Advisor.

 

Section 3.24 Special
Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect to a Mortgage
Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master Servicer
or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the
Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions
of the related Co-Lender Agreement).

 

(b)       The
Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related
Manager and clearing bank relating to a Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any
related Lock-Box Agreement.

 

(c)       Without
limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under
the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions
of the Loan Documents relating to the Mortgage Loans (other than with respect to a Non-Serviced Mortgage Loan) that it is servicing
with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)       If
a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require
the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with
the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund and, in the case of a
Serviced Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan), allocated in accordance with
the allocation provisions of the related Co-Lender Agreement, the costs of which may be advanced as a Servicing Advance.

 

(e)       The
Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of
the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant
to the related Co-Lender Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02).
The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

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(f)       With
respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan with a Stated Principal Balance equal
to or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000,
or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent
not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise
affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced
hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates
and Serviced Companion Loan Securities, if any.

 

Section 3.25 Certain
Rights and Obligations of the Master Servicer and/or the Special Servicer. (a) In addition to its rights and obligations
with respect to Specially Serviced Loans, the Special Servicer has the right, whether or not the applicable Mortgage Loan (other
than a Non-Serviced Mortgage Loan) is a Specially Serviced Loan, to process or approve (i) certain modifications to the extent
described under Section 3.26 of this Agreement and (ii) certain waivers of due-on-sale or due-on-encumbrance clauses as
described above under Section 3.09 of this Agreement. With respect to Performing Loans (other than Non-Serviced Mortgage
Loans), the Master Servicer shall notify the Special Servicer of any request for approval (a “Request for Approval”)
received relating to the Special Servicer’s above-referenced processing or approval rights and, unless the Special Servicer
and the Master Servicer mutually agree that the Master Servicer shall process such request, the Master Servicer shall take no
further action, and shall have no obligation to take any further action other than to cooperate with the Special Servicer to the
extent required pursuant to the terms of this Agreement, with respect to such Borrower request. If the Special Servicer and the
Master Servicer mutually agree that the Master Servicer shall process such Borrower request, the Master Servicer shall prepare
and forward to the Special Servicer its written recommendation and analysis and any other information or documents reasonably
requested by the Special Servicer (to the extent such information or documents are in the Master Servicer’s possession).
Subject to Section 3.09(h) of this Agreement, the Special Servicer shall have 15 Business Days (from the date that the
Special Servicer receives the information it requested from the Master Servicer) to analyze and make a recommendation with respect
to a Request for Approval with respect to a Performing Loan and, prior to the end of such 15 Business Day period, for so long
as no Control Termination Event has occurred and is continuing, is required to notify the Directing Holder and each Serviced Companion
Loan Noteholder of such Request for Approval and its recommendation with respect thereto. Following such notice, the Directing
Holder shall have 10 Business Days from the date it receives the Special Servicer recommendation and any other information it
may reasonably request to approve any recommendation of the Special Servicer relating to any Request for Approval. In any event,
if the Directing Holder does not respond to a Request for Approval by 5 p.m. on the 10th Business Day after such request, the
Special Servicer or the Master Servicer, as applicable, may deem such Request for Approval or recommendation, as the case may
be, approved by the Directing Holder and if the Special Servicer does not respond to a Request for Approval within the required
15 Business Days (or such longer period as provided under a related Co-Lender Agreement but not less than five (5) Business Days
after the time period set forth therein for Directing Holder approval), the Master Servicer may deem its recommendation approved
by the Special Servicer. With respect to a Specially Serviced Loan, the Special

 

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Servicer must notify the Directing Holder of any
Request for Approval received relating to the Directing Holder’s above-referenced approval rights and its recommendation
with respect thereto. The Directing Holder shall have 10 Business Days (after receipt of all information reasonably requested)
to approve any recommendation of the Special Servicer relating to any such Request for Approval. In any event, if the Directing
Holder does not respond to any such Request for Approval by 5 p.m. on the 10th Business Day after such request, the Special Servicer
may deem its recommendation approved by the Directing Holder. Notwithstanding the foregoing, (i) with respect to any Whole Loan,
the procedure and timing for approval by the Directing Holder (to the extent it is the related Companion Loan Noteholder) of the
related Request for Approval shall be governed by the terms of the related Co-Lender Agreement and (ii) if the Special Servicer
determines that immediate action is necessary to protect the interests of the Certificateholders and, with respect to any Serviced
Whole Loan, the Certificateholders and the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan
with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) and
the Special Servicer has made a reasonable effort to contact the Directing Holder, it need not wait for a response from the Directing
Holder.

 

(b)       Notwithstanding
any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain
from taking any action pursuant to instructions from the Directing Holder or a Non-Directing Holder, or due to any failure to approve
an action by the Directing Holder or a Non-Directing Holder, or due to any objection by the Directing Holder or a Non-Directing
Holder that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Co-Lender Agreement,
including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special Servicer, the
Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer,
the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates, officers,
directors, employees or agents to any claim, suit or liability, (iii) materially expand the scope of the Master Servicer’s
or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to
act, in a manner that in the reasonable judgement of the Master Servicer or the Special Servicer, as applicable, is not in the
best interests of the Certificateholders (and with respect to a Serviced Whole Loan, subject to the rights of any related Companion
Loan Noteholders).

 

(c)       The
Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder, on a monthly basis, the performance
of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch
List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

Section 3.26 Modification,
Waiver, Amendment and Consents. (a) Subject to Section 3.25, Section 3.26(f) and Section 3.27, and, if
applicable, each Co-Lender Agreement, (i) the Master Servicer, with respect to any Mortgage Loan or Serviced Whole Loan that is
not a Specially Serviced Loan and actions that do not involve Major Decisions or Special Servicer Decisions (other than the items
listed in clause (i)(i) and clause (i)(ii) of the definition of

 

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“Special Servicer Decision,” which the
Master Servicer shall process, subject to the Special Servicer’s consent or deemed consent as set forth in Section 3.09
and Section 3.26(n)), or (ii) the Special Servicer (A) with respect to any Specially Serviced Loans or (B) as to Major
Decisions or Special Servicer Decisions (other than the items listed in clause (i)(i) and clause (i)(ii) of the
definition of “Special Servicer Decision,” which the Master Servicer shall process, subject to the Special Servicer’s
consent or deemed consent as set forth in Section 3.09 and Section 3.26(n)) irrespective of whether the subject
Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, in each case subject to the rights of the Directing Holder
and, in the case of the Special Servicer, to the extent provided in this Agreement, consultation with the Risk Retention Consultation
Party pursuant to Section 6.07 or Operating Advisor (if no Control Termination Event has occurred and is continuing and
to the extent the Operating Advisor has consultation rights pursuant to Section 3.23(e), Section 3.31 and Section
6.07 of this Agreement), may modify, waive, amend, consent or take such other action with respect to any term of any Serviced
Mortgage Loan or Serviced Whole Loan if such modification, waiver, amendment, consent or other action (A) is consistent with the
Servicing Standard and (B) would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole
Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event; provided,
however, that notwithstanding the foregoing, the Master Servicer and Special Servicer may mutually agree as set forth in
Section 3.25 that the Master Servicer will process any of the foregoing matters that are Major Decisions or Special Servicer
Decisions with respect to any Performing Loan. Each of the Master Servicer and the Special Servicer may conclusively rely on an
Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the case of a release of real
property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as applicable, shall observe the REMIC
requirements of the Code with respect to a required payment of principal if the loan-to-value ratio immediately after the release
exceeds 125% with respect to the related real property collateral. In connection with (i) the release of a Mortgaged Property
securing a Serviced Mortgage Loan or any portion of such Mortgaged Property from the lien of the related Mortgage or (ii) the
taking of a Mortgaged Property securing a Serviced Mortgage Loan or any portion of such Mortgaged Property by exercise of the
power of eminent domain or condemnation, if the Loan Documents require the lender to calculate (or to approve the calculation
of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market
value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification
of the related Mortgage Loan or Serviced Whole Loan, then such calculation shall, unless permitted by the REMIC Provisions, exclude
the value of any personal property and going concern value, if any as determined by an appropriate third party. If, following
any such release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer,
as applicable, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30
or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid the related
Mortgage Loan will not fail to be a Qualified Mortgage.

 

(b)       In
no event shall the Master Servicer or the Special Servicer extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or
Specially Serviced Loan to a date occurring later than the earlier of (1) five years prior to the Rated Final Distribution Date
for the rated Certificates and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely
or primarily by the related Borrower’s interest in a ground lease

 

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(or, with respect to a leasehold interest where the Borrower
is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years
prior to the expiration date of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and
that is a space lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of
such lease if the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such
ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights
lease, such space lease or air rights lease) and such extension is in the best interests of the Certificateholders and, with respect
to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and
(with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender and (i), if no Control Termination
Event has occurred and is continuing, with the consent of the Directing Holder and (ii) after non-binding consultation with the
Risk Retention Consultation Party (other than with respect to any Excluded Risk Retention Consultation Party Loan).

 

(c)       Neither
the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Serviced
Mortgage Loan or Serviced Whole Loan, which collateral constitutes real property, unless the Master Servicer or the Special Servicer,
as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities,
if any (unless not permitting such addition or substitution would violate the terms of the related Loan Documents).

 

(d)       Any
payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion
Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding
that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)       Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loans in accordance with this Section 3.26 or Section
3.27 of this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)       The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Directing
Holder (other than if a Consultation Termination Event has occurred and is continuing), the Operating Advisor (only if an Operating
Advisor Consultation Event has occurred and is continuing), the Depositor, the Risk Retention Consultation Party (other than with
respect to any Excluded Risk Retention Consultation Party Loan) and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), in writing, of
any modification, waiver, material consent or amendment of any term of any Serviced Mortgage Loan or Serviced Whole Loan and the
date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File, an original counterpart of the agreement
relating to such modification, waiver, material consent or amendment, promptly following the execution thereof.

 

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With respect to the processing
of any modification, waiver or consent related to any Borrower incurring Additional Debt or mezzanine debt, the Special Servicer
(if the Special Servicer processes such modification, waiver or consent pursuant to Section 3.26(a) or the Master Servicer
(if the Master Servicer processes such modification, waiver or consent pursuant to Section 3.26(a) shall, on or before the
later of (i) 3:00 p.m. on the related Master Servicer Remittance Date and (ii) five (5) Business Days immediately following the
Master Servicer or the Special Servicer, as the case may be, obtaining actual knowledge of the incurrence of such Additional Debt
or mezzanine debt, deliver notice of the Borrower’s incurrence of such debt, substantially in the form of Exhibit GG,
to trustadministrationgroup@wellsfargo.com. The notice contemplated in the preceding sentence shall set forth, to the extent the
Special Servicer or Master Servicer, as the case may be, has the requisite information or can reasonably obtain such information,
(1) the amount of Additional Debt that was incurred in the related Collection Period, (2) the total debt service coverage ratio
calculated on the basis of such Mortgage Loan and Additional Debt, and (3) the aggregate LTV Ratio calculated on the basis of such
Mortgage Loan and Additional Debt. In the event that either (i) the CREFC® Investor Reporting Package is amended
to include such information set forth above, in a manner reasonably acceptable to the Master Servicer, the Special Servicer and
Certificate Administrator, as applicable, and the Master Servicer confirms with the Certificate Administrator that such amended
CREFC® Investor Reporting Package enables the Certificate Administrator to include such information on Form 10-D
in a manner reasonably acceptable to the Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act,
the additional report in the form of Exhibit GG shall no longer be required hereunder. From time to time, the Master Servicer,
the Special Servicer and Certificate Administrator may agree on a different delivery time and format for the information set forth
in this paragraph.

 

(g)       The
Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower
for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant
to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the
terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable
and customary fee for the additional services performed in connection with such request (provided that the charging of such
fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the
meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall
the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from
the related Borrower.

 

(h)       Notwithstanding
the foregoing, with respect to certain Mortgage Loans (i) originated or acquired by SMC that are subject to defeasance, (ii) originated
or acquired by KBNA that are subject to defeasance, or (iii) originated or acquired by CCRE that are subject to defeasance, SMC,
KBNA or CCRE, as applicable, has transferred to a third party or has retained on behalf of itself or its Affiliate the right to
establish or designate the successor Borrower and/or to purchase or cause to be purchased the related defeasance collateral (“Retained
Defeasance Rights and Obligations”).

 

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In the event the Master
Servicer receives notice of a defeasance request with respect to any such Mortgage Loan for which SMC is the related Mortgage Loan
Seller and that provides for Retained Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer shall
provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to SMC. Until such
time as SMC provides the Master Servicer written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained
Defeasance Rights and Obligations as to which SMC is the related Mortgage Loan Seller shall be delivered to Starwood Mortgage Capital
LLC, 1601 Washington Ave., Suite 800, Miami Beach, Florida, 33139, Attention: Leslie K. Fairbanks, Executive Vice President, facsimile
no. (305) 695-5449, e-mail: lfairbanks@starwood.com, with a copy to Starwood Property Trust Inc., 1601 Washington Ave., Suite 800,
Miami Beach, Florida 33139, Attention: Vincent P. Kallaher, Senior Vice President, facsimile no. (305) 695-5449, email: vkallaher@starwood.com,
with a copy to Starwood Property Trust, Inc., 1601 Washington Ave., Suite 800, Miami Beach, Florida 33139, Attention: Heather Bennett,
email: hbennett@starwood.com, with a copy by email to lnr.cmbs.notices@lnrproperty.com.

 

In the event the Master
Servicer receives notice of a defeasance request with respect to any such Mortgage Loan for which KBNA is the related Mortgage
Loan Seller and that provides for Retained Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer
shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to KBNA. Until
such time as KBNA provides the Master Servicer written notice to the contrary, the notice of a defeasance of a Mortgage Loan with
Retained Defeasance Rights and Obligations as to which KBNA is the related Mortgage Loan Seller shall be delivered to KBNA.

 

In the event the Master
Servicer receives notice of a defeasance request with respect to a Mortgage Loan for which CCRE is the related Mortgage Loan Seller
and that provides for Retained Defeasance Rights and Obligations in the related Loan Documents, the Master Servicer shall provide,
within five (5) Business Days of receipt of such notice, written notice of such defeasance request to CCRE or to CCRE’s assignee
in the case of the Mortgage Loans for which CCRE is the related Mortgage Loan Seller. Until such time as CCRE provides written
notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which
CCRE is the related Mortgage Loan Seller shall be delivered to Cantor Commercial Real Estate Lending, L.P., 110 East 59th Street,
New York, New York 10022, Attention: Legal Department.

 

(i)       Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(g) of this Agreement.

 

(j)       Notwithstanding
anything herein or in the related Loan Documents to the contrary (but subject to the consent rights and process set forth in Section
6.07(a) with respect to Major Decisions or Special Servicer Decisions), the Master Servicer may permit the substitution of
direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of
1940, or any other securities that comply with Treasury Regulations

 

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Section 1.860G-2(a)(8)(ii) (including U.S. government agency
securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any
Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced
Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided
that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the
related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense
of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute
a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section
1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided, that the requirements set forth in Section
3.09(g) of this Agreement are satisfied.

 

(k)       If
required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish
and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”),
into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall
be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance
Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested
by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required
or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance
collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Custodial Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable,
in advance of its Due Date in accordance with clause (a) of the definition of “Aggregate Principal Distribution Amount”,
and not as a prepayment of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in
no event shall the Master Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan
is involved, the Serviced Whole Loan Custodial Account for a period in excess of 365 days.

 

(l)       Any
right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing
Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing
Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable.
Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the
Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed
to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had
itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing Holder or any
advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law,
the terms of the applicable Loan Documents, any related Co-Lender

 

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Agreements, the REMIC Provisions or the terms of this Agreement,
including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent
or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder
(if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the
basis therefor.

 

(m)       Any
modification, waiver or amendment of or consents or approvals relating to a Mortgage Loan or Serviced Whole Loan that is a Specially
Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent
provided in this Agreement and/or the applicable Co-Lender Agreement, shall be subject to the consent of the related Directing
Holder, (iii) to the extent provided in this Agreement and if it is a Major Decision, shall be subject to the consultation rights
of the Risk Retention Consultation Party pursuant to Section 6.07 and (iv) shall be structured so as to be consistent with
the allocation and payment priorities in the related Loan Documents and Co-Lender Agreement, if any, such that neither the Trust
as holder of the Mortgage Loan nor a holder of any related Serviced Companion Loan gains a priority over the other such holder
that is not reflected in the related Loan Documents and Co-Lender Agreement.

 

(n)       The
consent of the Special Servicer is required to any modification, waiver or amendment processed by the Master Servicer that is a
Major Decision or is a Special Servicer Decision with regard to any Serviced Mortgage Loan or Serviced Whole Loan that is not a
Specially Serviced Loan. With respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior
to taking action with respect to any Major Decision (or making a determination not to take action with respect to a Major Decision)
or any Special Servicer Decision, shall refer the request to the Special Servicer, which shall process the request directly or,
if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the
Special Servicer) process such request (other than the items listed in clause (i)(i) and clause (i)(ii) of the definition
of “Special Servicer Decision,” which the Master Servicer shall process, subject to the Special Servicer’s consent
or deemed consent as set forth in Section 3.09 and this Section 3.26(n)). If the Master Servicer processes such request,
the Master Servicer shall prepare and submit its written recommendation and analysis to the Special Servicer with all information
in the Master Servicer’s possession that the Special Servicer may reasonably request in order to withhold or grant its consent,
and in all cases the Special Servicer shall be entitled (subject to the consultation rights of the Operating Advisor, and, to the
extent provided in this Agreement, the consultation rights of the Risk Retention Consultation Party pursuant to Section 6.07
or the consent or consultation rights of the Directing Holder) to approve or disapprove any modification, waiver or amendment that
constitutes a Major Decision or Special Servicer Decision. When the Special Servicer’s processing and/or consent is required
hereunder, such consent shall be deemed given 15 Business Days, or such longer time period pursuant to the terms of the related
Co-Lender Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval,
(or in connection with an Acceptable Insurance Default, 90 days) after receipt (unless earlier objected to) by the Special Servicer
from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed action
together with such other information reasonably required by the Special Servicer. With respect to all Specially Serviced Loans
and

 

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Performing Loans (other than Non-Serviced Mortgage Loans), the Special Servicer shall, prior to consenting to such a proposed
action of the Master Servicer, and prior to itself taking such an action, obtain the written consent of the related Directing Holder,
which consent shall be deemed given 10 Business Days after receipt (or in connection with an Acceptable Insurance Default, 30 days)
(unless earlier objected to) by such Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable,
written analysis and recommendation with respect to such action together with such other information reasonably required by such
Directing Holder.

 

(o)       The
Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the Borrower under
a ground lease where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance
with the Servicing Standard whether to cure any Borrower defaults relating to ground leases.

 

Section 3.27 Certain
Intercreditor Matters Relating to the Serviced Whole Loans. (a) With respect to Serviced Whole Loans, except for those
duties to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the Special
Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the Trust Fund
as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following
securitization, under the related Co-Lender Agreement.

 

(b)       The
Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master
Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such
Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer
by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its
name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained
in the related Co-Lender Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address
of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master
Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until
it receives notice of transfer or of any change in information.

 

In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than
the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the
event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer,
the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have
no obligation to recover and redirect such payment.

 

The Master Servicer shall
promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan
Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

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(c)       The
Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Holder
will not have any liability to the Certificateholders (including the Controlling Class Representative, if applicable) or any other
noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the
giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)       With
respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase
rights, as applicable, to the extent set forth in the applicable Co-Lender Agreement, in accordance with the terms of the related
Co-Lender Agreement and this Agreement.

 

(e)       The
Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master
Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to
Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports
and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO
Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in
any case pursuant to and as required by each related Co-Lender Agreement and/or any related mezzanine intercreditor agreement existing
on the Closing Date and any related Co-Lender Agreement or mezzanine intercreditor agreement not existing on the Closing Date that
is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to the contrary,
the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)        none
of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion
Loan; and

 

(ii)       the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan
Noteholder(s) to the extent required by the related Co-Lender Agreement.

 

The Master Servicer or
Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices
required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Co-Lender Agreement, and the Special
Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special
Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion
Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within
the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any
action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status
of such grantor trust as a grantor trust.

 

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The parties hereto acknowledge
that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the
Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the related Co-Lender Agreement or the giving
of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts, and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the
interest of its affiliates.

 

The parties hereto recognize
and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Co-Lender Agreement. Each of
the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by a
designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator and
the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which
such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything
herein or in the Co-Lender Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may require
or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable
law, this Agreement, any Co-Lender Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the
Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope
of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage)
shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Co-Lender Agreement.

 

To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to any Co-Lender Agreement for a Serviced Whole
Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions
as if set forth herein in full.

 

For purposes of exercising
any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related
Co-Lender Agreement, the Controlling Class Representative shall be the designee of the Trust, as such noteholder, and the Trustee
shall, upon request, take such actions as may be necessary under the

 

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related Co-Lender Agreement to effect such designation. The
Certificate Administrator shall provide notice of the identity of the Controlling Class Representative (to the extent the Certificate
Administrator has received notice of a change in the identity of the Controlling Class Representative), upon request, to the other
parties to the related Co-Lender Agreement, to the extent the identity and contact information of such parties to such Co-Lender
Agreement are actually known to the Certificate Administrator.

 

(f)       With
respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information
in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and
Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d),
to the extent such Master Servicer has timely received such information from the Non-Serviced Master Servicer under the Non-Serviced
PSA.

 

Promptly following the
Closing Date, the Certificate Administrator shall send written notice substantially in the form of Exhibit EE hereto, accompanied
by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Servicer,
Other Special Servicer and Other Trustee stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced
Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination
Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no
later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under
the related Co-Lender Agreement and Non-Serviced PSA. Such notice shall also provide contact information for the Certificate Administrator,
the Trustee, the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced
Mortgage Loan, if the identity of the Master Servicer, the Special Servicer or the party hereunder then entitled to exercise any
rights of a “Non-Controlling Note Holder” (or similar term identified in the related Co-Lender Agreement) under the
related Co-Lender Agreement has changed, the Certificate Administrator shall send notice of such event to each applicable Non-Serviced
Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee.

 

With respect to a Non-Serviced
Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the
terms of the related Non-Serviced PSA, promptly upon notice thereof, the applicable party to this Agreement that receives such
notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special Servicer or Other
Trustee, as the case may be.

 

With respect to any Non-Serviced
Mortgage Loan, the Directing Holder, prior to the occurrence and continuance of a Control Termination Event, or the Special Servicer,
following the occurrence and during the continuance of a Control Termination Event, shall be entitled to exercise any consultation
rights held by the holder of such Mortgage Loan in its

 

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capacity as a “Non-Controlling Note Holder” (or similar term
identified in the related Co-Lender Agreement) under the related Co-Lender Agreement.

 

With respect to each
Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and,
if applicable, related Non- Directing Holder (or its designee or representative), within the same time frame and to the same extent
it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable, hereunder
with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the related Loan Documents,
(2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents, copies of any other
documents or information relating to the Serviced Whole Loan (including, without limitation, property inspection reports, loan
servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related Directing Holder
and copies of any other notice, information or report that it is required to provide to the Directing Holder pursuant to this Agreement
with respect to any Major Decision or with respect to any “major decisions” or “major actions” as set forth
in the related Co-Lender Agreement or the implementation of any recommended actions outlined in an Asset Status Report relating
to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the Special Servicer may be furnished by hard
copy or electronic means.

 

(g)       With
respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous
term defined in the related Other PSA) pursuant to the related Other PSA, the Master Servicer, the Special Servicer, the Trustee
and the Custodian, as applicable, shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to
the Other PSA in connection with such asset review by providing the Other Asset Representations Reviewer or such other requesting
party with any documents reasonably requested by the Other Asset Representations Reviewer or such other requesting party (not at
its own expense or the expense of the Trust but at the expense of the related mortgage loan seller, such Other Asset Representations
Reviewer or such other requesting party to the Other PSA), but only to the extent that (i) Other Asset Representations Reviewer
or such other requesting party has not been able to obtain such documents from the related mortgage loan seller or any party to
the related Other PSA, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee
or the Custodian, as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee
or the Custodian (i) shall have any further obligations with respect to any such asset review nor shall any such party be bound
by the results of any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its
reasonable determination, would be a violation of this Agreement or any related Co-Lender Agreement.

 

Section 3.28 Directing
Holder Contact with the Master Servicer and the Special Servicer. Each of the Master Servicer and the Special Servicer shall,
not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone available during
normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation Termination Event
has occurred) and the Operating Advisor regarding the performance and servicing of the Mortgage Loans and/or REO Properties for
which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

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Section 3.29 Controlling
Class Certificateholders, the Controlling Class Representative and the Risk Retention Consultation Party; Certain Rights and Powers
of the Directing Holder and the Risk Retention Consultation Party. (a) Each Certificateholder and Certificate Owner of a Control
Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest
in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate Registrar of the
transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection
of a Controlling Class Representative or the resignation or removal thereof. Any such Certificateholder (or Certificate Owner)
or its designee at any time appointed Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase
of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate
Registrar when such Certificateholder (or Certificate Owner) or designee is appointed Controlling Class Representative and when
it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the Special Servicer, the Master
Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Trustee,
each Serviced Companion Loan Noteholder of the identity of the Controlling Class Representative, any resignation or removal thereof
and/or any new Holder or Certificate Owner of a Control Eligible Certificate.

 

On the Closing Date,
the initial Controlling Class Representative shall execute and deliver, which delivery may be in the form of a pdf attached to
an email, a certification substantially in the form of Exhibit L-1G to the parties to this Agreement. Upon the resignation
or removal of the existing Controlling Class Representative, any successor Controlling Class Representative shall also execute
and deliver a certification substantially in the form of Exhibit L-1G to the parties to this Agreement prior to being recognized
as the new Controlling Class Representative.

 

On the Closing Date,
the initial Risk Retention Consultation Party shall execute and deliver, which delivery may be in the form of a pdf attached to
an email, a certification substantially in the form of Exhibit L-1H to the parties to this Agreement. Upon the resignation
or removal of the existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall execute and
deliver to the parties to this Agreement a certification substantially in the form of Exhibit L-1H to this Agreement prior
to being recognized as the new Risk Retention Consultation Party.

 

In addition, upon the
request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for
so long as no Consultation Termination Event has occurred, the Directing Holder, the Certificate Registrar shall promptly (but
no later than five (5) Business Days after such request) provide to the requesting party the identity of the then current Controlling
Class Representative and Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any
Controlling Class Certificateholder is listed as being the Depository, then the Certificate Administrator shall promptly (but in
no event more than five (5) Business Days following such request) request from the Depository, the list of Certificate Owners of
the Controlling Class and the Certificate Administrator shall provide such list to the requesting party promptly upon receipt;
provided that, if any Controlling Class Certificateholder is listed as the Depository and the Certificate Administrator
has actual knowledge of the identity of the related Certificate Owner, then the

 

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Certificate Administrator shall include such Certificate
Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor and the Directing Holder shall be entitled to conclusively rely on any such information
so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party,
except that if (i) such expenses arise in connection with an event as to which the Directing Holder (or Controlling Class Representative)
has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant
to this Agreement or the related Non-Serviced PSA and (ii) the requesting party has not been notified of the identity of the Directing
Holder (or Controlling Class Representative) or reasonably believes that the identity of the Directing Holder (or Controlling Class
Representative) has changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master
Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then
the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)       Once
a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Paying
Agent and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless
a majority of the Controlling Class Certificateholders, by Certificate Balance, or such Controlling Class Representative shall
have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the
Asset Representations Reviewer, the Paying Agent and each other Controlling Class Certificateholder in writing, of the resignation
of such Controlling Class Representative or the selection of a new Controlling Class Representative. Upon the resignation of a
Controlling Class Representative, the Certificate Administrator shall request the Controlling Class Certificateholders to select
a new Controlling Class Representative. Additionally, once a Risk Retention Consultation Party has been selected, each of the Master
Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless
the Holder of the VRR Interest entitled to appoint the Risk Retention Consultation Party, by Certificate Balance, or such Risk
Retention Consultation Party shall have notified the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Holder of the VRR Interest, in writing, of the
selection of a new Risk Retention Consultation Party.

 

(c)       Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee, shall be entitled to rely on the most recent notification
with respect to the identity of the Controlling Class Certificateholders, the Controlling Class Representative and the Risk Retention
Consultation Party.

 

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(d)       The
Master Servicer, Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that
the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days
after such request) provide (i) for so long as no Consultation Termination Event has occurred, the identity of the Controlling
Class Representative, including names and addresses and, to the extent reasonably available, a list of Controlling Class Certificateholders
and (ii) confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months
preceding any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business
Days of receiving notice of the selection of a new Controlling Class Representative or the existence of a new Controlling Class
Certificateholder, , or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control
Termination Event, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the Master Servicer and the Special Servicer. Any expenses incurred in connection with obtaining such information shall be at the
expense of the requesting party, except that if such expenses arise in connection with an event as to which the Directing Holder
(or Controlling Class Representative) has review, consent or consultation rights with respect to an action taken by, or report
prepared by, the requesting party pursuant to this Agreement or the related Non-Serviced PSA, then such expenses shall be at the
expense of the Trust.

 

At any time more than
50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold
an election for a Controlling Class Representative, the Certificate Administrator shall hold such election as soon as practicable
at the expense of such requesting Certificateholders.

 

(e)       If
to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(f)       Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that the Controlling Class Representative: (i)
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) may
act solely in the interests of the Holders of the Controlling Class; (iii) does not have any liability or duties to the Holders
of any Class of Certificates other than the Controlling Class; (iv) may take actions that favor the interests of the Holders of
the Controlling Class over the interests of the Holders of one or more Classes of Certificates; and (v) shall have no liability
whatsoever (other than to a Controlling Class Certificateholder) for having so acted as set forth in clauses (i) through
(iv) of this paragraph, and no Certificateholder may take any action whatsoever against the Controlling Class Representative
or any affiliate, director, officer, employee, shareholder, member, partner, agent or principal of the Controlling Class Representative
for having so acted.

 

(g)       Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Party
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the
Risk Retention Consultation Party may act solely in the interests of the Holders of the VRR Interest; (iii) the Risk Retention
Consultation Party does not have any liability or duties to the Holders of

 

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any Class of Certificates other than the VRR Interest;
(iv) the Risk Retention Consultation Party may take actions that favor the interests of the Holders of one or more Classes including
the VRR Interest over the interests of the Holders of one or more other Classes of Certificates; and (v) the Risk Retention Consultation
Party shall have no liability whatsoever (other than to the Holders of the VRR Interest) for having so acted as set forth in clauses
(i) through (iv) above, and no Certificateholder may take any action whatsoever against the Risk Retention Consultation
Party or any affiliate, director, officer, employee, shareholder, member, partner, agent or principal of the Risk Retention Consultation
Party for having so acted.

 

(h)       The
Certificate Registrar shall determine which Class of Certificates is the then current Controlling Class within two (2) Business
Days of a request from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator or
any Certificateholder and provide such information to the requesting party.

 

Section 3.30 Rating
Agency Confirmation. (a) Notwithstanding the terms of any related Loan Documents or other provisions of this Agreement,
if any action under any Loan Documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such
action, if the party (the “Requesting Party”) attempting and/or required to obtain such Rating Agency Confirmation
from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days
of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has
not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request
nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through direct
communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating
Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation
again (which may also be through direct communication). The circumstances described in the preceding sentence are referred to
in this Agreement as a “RAC No-Response Scenario.” Once the Requesting Party has sent a request for a Rating
Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but shall not be obligated to send such request
directly to the Rating Agencies in accordance with the procedures set forth in Section 3.11.

 

If there is no response
to either such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or
if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving
the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Loan Document requiring such Rating
Agency Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other
than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply
(as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the
case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination
(made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would
still be consistent with the Servicing Standard, and (y) with respect to a replacement of the Master Servicer or Special Servicer,
such condition shall be deemed not to apply (as if such requirement did not exist) if (i) the applicable

 

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replacement master servicer
or special servicer, as applicable, is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer or
U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency, if S&P is the non-responding
Rating Agency, (ii) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the
case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating
Agency or (iii) the applicable replacement master servicer or special servicer, as applicable, confirms in writing that KBRA has
not cited servicing concerns of the applicable replacement as the sole or material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities
in any other commercial mortgage-backed securitization transaction serviced by the applicable replacement master servicer or special
servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of
the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)       Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special
Servicer would have been required to make the determination described in Section 3.30(a), or to waive obtaining such a determination,
shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related
Borrower, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans
and Serviced REO Loans), as applicable); provided, that the Requesting Party (or the Master Servicer or the Special Servicer,
as applicable) shall in any event review the other conditions required under the related Loan Documents with respect to such defeasance,
release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than
the requirement for a Rating Agency Confirmation) have been satisfied.

 

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(c)       For
all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver a Rating Agency Confirmation from each Rating Agency.

 

(d)       Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Co-Lender Agreement, with respect
to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the servicing
and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires delivery
of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below
in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation as a condition
precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating Agency Confirmation
shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding
Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Serviced Companion Loan Rating
Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by
the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms and conditions applicable to
obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master Servicer or Special Servicer,
as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation, shall forward to one
or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other 17g-5 Information
Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as applicable, and the
applicable parties for the related Other Securitization, at the expense of the Other Securitization to the extent not borne by
the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Serviced Companion
Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under this Agreement in connection
with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials
are forwarded to the 17g-5 Information Provider, and (iii) any other materials that the applicable Serviced Companion Loan Rating
Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation promptly following receipt
of such request from the Other Trustee.

 

The Certificate Administrator
shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to
the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer,
the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31 Appointment
and Duties of the Operating Advisor.

 

(a)       Park
Bridge Lender Services LLC is hereby appointed to serve as the initial Operating Advisor.

 

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(b)       The
Operating Advisor, as an independent contractor, shall review the Special Servicer’s operational practices in respect of
Specially Serviced Loans and, after the occurrence and during the continuance of an Operating Advisor Consultation Event, the actions
of the Special Servicer with respect to Major Decisions relating to each Serviced Mortgage Loan and Serviced Companion Loan (whether
or not it is a Specially Serviced Loan), consult, in certain circumstances with the Special Servicer and perform each other obligation
of the Operating Advisor as set forth in this Agreement solely on behalf of the Trust Fund and in the best interests of, and for
the benefit of, the Certificateholders and, with respect to any Serviced Whole Loan (other than any Servicing Shift Whole Loan)
for the benefit of the related Companion Loan Noteholders (as a collective whole as if such Certificateholders and Companion Loan
Noteholders constituted a single lender, taking into account the pari passu nature of any related Pari Passu Companion Loan
(and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature
of such Subordinate Companion Loan)), and not any particular Class of Certificateholders (as determined by the Operating Advisor
in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship
that the Operating Advisor or any of its Affiliates may have with any of the Borrowers, any Borrower sponsor, any Manager of a
Mortgaged Property, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations
Reviewer, the Directing Holder, the Risk Retention Consultation Party or any of their Affiliates (the “Operating Advisor
Standard”). The Operating Advisor shall not owe any fiduciary duty to the Master Servicer, the Special Servicer or any
other Person in connection with this Agreement. By purchasing a Certificate, Certificateholders are deemed to acknowledge and agree
that there could be a variety of activities or decisions made with respect to, or multiple strategies to resolve a Mortgage Loan
and that the goal of the Operating Advisor’s participation is to provide additional input relating to the Special Servicer’s
compliance with the Servicing Standard in making its determinations as to which strategy to execute. The Operating Advisor shall
perform its duties under this Agreement in accordance with the Operating Advisor Standard.

 

(c)       With
respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than any Servicing
Shift Whole Loan), the Operating Advisor shall:

 

(i)        promptly
review all information delivered to the Operating Advisor or available to Privileged Persons on the Certificate Administrator’s
Website relevant to the Operating Advisor’s obligations under this Agreement, including all reports with respect to each
Serviced Mortgage Loan or Serviced Whole Loan provided by the Special Servicer and made available to Privileged Persons that are
posted on the Certificate Administrator’s Website;

 

(ii)        promptly
review each Asset Status Report (after the occurrence of and during the continuance of an Operating Advisor Consultation Event)
and Final Asset Status Report with respect to a Serviced Mortgage Loan or Serviced Whole Loan;

 

(iii)       promptly
recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary
portion of the applicable formulas required to be utilized in connection with: (1) any Appraisal

 

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Reduction Amount with respect
to a Serviced Mortgage Loan or Serviced Whole Loan, (2) any Collateral Deficiency Amount with respect to a Serviced Mortgage Loan
or Serviced Whole Loan or (3) net present value calculations used in the Special Servicer’s determination of what course
of action to take in connection with the workout or liquidation of a Serviced Mortgage Loan or Serviced Whole Loan when it is a
Specially Serviced Loan prior to utilization by the Special Servicer pursuant to Section 3.31(e) of this Agreement;

 

(iv)       review
the actions of the Special Servicer with respect to each Serviced Mortgage Loan and Serviced Whole Loan when it is a Specially
Serviced Loan, including any actions described in Section 6.07 of this Agreement and, after the occurrence and during the
continuance of an Operating Advisor Consultation Event, the actions of the Special Servicer with respect to Major Decisions relating
to each Serviced Mortgage Loan and Serviced Whole Loan (whether or not it is a Specially Serviced Loan);

 

(v)        in
connection with the preparation of the Operating Advisor Annual Report (defined below), review, in accordance with the Operating
Advisor Standard, the Special Servicer’s operational practices on an Asset-Level Basis in respect of Specially Serviced Loans
that the Special Servicer is responsible for servicing under this Agreement in order to formulate an opinion as to whether or not
those operational practices generally satisfy the Servicing Standard with respect to the resolution and/or liquidation of the Specially
Serviced Loans; and

 

(vi)       if
any Mortgage Loans (other than any Servicing Shift Mortgage Loan) were Specially Serviced Loans during the prior calendar year
or if an Operating Advisor Consultation Event existed during the prior calendar year, prepare and deliver an annual report (the
“Operating Advisor Annual Report”) substantially in the form of Exhibit BB of this Agreement (which form may
be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with
the terms and provisions of this Agreement) to the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator
(who shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website), the related Serviced
Companion Loan Noteholder(s) (if any) and the 17g 5 Information Provider (who shall promptly post such Operating Advisor Annual
Report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) within 120 days
of the end of the prior calendar year. Each Operating Advisor Annual Report shall set forth the Operating Advisor’s assessment
of the Special Servicer’s performance of its duties under this Agreement during the prior calendar year on an Asset-Level
Basis with respect to the resolution and liquidation of Specially Serviced Loans that the Special Servicer is responsible for servicing
under this Agreement; provided, however, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report
shall only relate to the entity that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing
in such capacity through the date of such annual report; provided, further, that the Operating Advisor shall prepare a separate
Operating Advisor Annual Report relating to each Excluded Special Servicer and any Excluded Special Servicer Mortgage Loan(s) serviced
by such Excluded Special Servicer. Each Operating Advisor Annual Report shall be based on the Operating Advisor’s review
of any annual compliance statement and

 

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any assessment of compliance delivered to the Operating Advisor pursuant to Section 10.11
of this Agreement, as applicable, any attestation report delivered to the Operating Advisor pursuant to Section 10.13 of
this Agreement, any Major Decision Reporting Package, any Final Asset Status Report (or, after the occurrence and during the continuance
of an Operating Advisor Consultation Event, any Asset Status Report) delivered to the Operating Advisor or posted on the Certificate
Administrator’s Website during the prior calendar year, any other reports provided by the Special Servicer and made available
to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year, and any
other information (other than any communications between the Directing Holder and the Special Servicer that would be Privileged
Information) delivered to the Operating Advisor by the Special Servicer and oral communications with the Special Servicer; provided
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.31(b) of this Agreement,
each such Operating Advisor Annual Report shall (A) identify any material deviations (i) from the Servicing Standard and (ii) from
the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of Specially Serviced
Loans or REO Properties that the Special Servicer is responsible for servicing under this Agreement (other than with respect to
any REO Property related to any Non-Serviced Mortgage Loan or any Servicing Shift Mortgage Loan) and (B) comply with all of the
confidentiality requirements applicable to the Operating Advisor described in this Agreement. Promptly upon receipt of each Operating
Advisor Annual Report, the Certificate Administrator shall post such Operating Advisor Annual Report on the Certificate Administrator’s
Website. The Special Servicer shall be given an opportunity to review any Operating Advisor Annual Report at least five Business
Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider; provided, that the Operating Advisor
shall have no obligation to consider any comments to such Operating Advisor Annual Report that are provided by the Special Servicer.

 

Notwithstanding
anything in this Agreement to the contrary (i) the Operating Advisor’s assessment of the Special Servicer’s performance
shall be based on the provisions of this Agreement, (ii) so long as Midland Loan Services, a Division of PNC Bank, National Association
is acting as Special Servicer, it shall not be required to provide its written policies and procedures to the Operating Advisor,
except that, in the event the Operating Advisor’s assessment determines that the Special Servicer has not materially performed
its obligations under this Agreement with respect to a particular Mortgage Loan, and Midland Loan Services, a Division of PNC Bank,
National Association rebuts or defends such assessment based upon its compliance with its written policies and procedures, Midland
Loan Services, a Division of PNC Bank, National Association shall produce to the Operating Advisor the relevant portions of Midland
Loan Services, a Division of PNC Bank, National Association’s written policies and procedures, and (iii) the Operating Advisor’s
assessment may not take into account the fact that the Operating Advisor did not have access to the Midland Loan Services, a Division
of PNC Bank, National Association written policies and procedures. The Operating Advisor shall be permitted to review such portions
of the policies and procedures but shall not be permitted to retain hard copies and will not be provided with any electronic copies
or soft copies. The

 

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Operating Advisor shall keep all information contained in the policies and procedures strictly confidential,
except (A) the Operating Advisor may disclose such information if (i) such information becomes generally available and known to
the public other than as a result of a disclosure directly or indirectly by the Operating Advisor, or (ii) such disclosure is required
by applicable law, rule, order or regulation (as demonstrated by evidence reasonably satisfactory to the Special Servicer) and
(B) the Operating Advisor may disclose a particular portion of the policies and procedures solely when necessary to support specific
conclusions (i) in the Operating Advisor Annual Report, or (ii) in connection with a recommendation by the Operating Advisor to
replace Midland Loan Services, a Division of PNC Bank, National Association as the Special Servicer pursuant to the provisions
of this Agreement. Notwithstanding the foregoing, the Operating Advisor will be permitted to share such information with its Affiliates
and any subcontractors of the Operating Advisor to the extent reasonably necessary to perform the Operating Advisor’s obligations
under this Agreement and provided such Operating Advisor affiliate and subcontractors agree in writing prior to receiving such
information to be bound by the same confidentiality provisions applicable to the Operating Advisor. Nothing set forth herein shall
limit or affect the scope of the Operating Advisor’s asset level review in connection with its preparation of the Operating
Advisor Annual Report, provided that the Operating Advisor’s access to or reliance upon Midland Loan Services, a Division
of PNC Bank, National Association’s written policies and procedures shall be subject to the terms of the immediately preceding
sentence.

 

(d)       With
respect to each Serviced Mortgage Loan or Serviced Whole Loan, while an Operating Advisor Consultation Event has occurred and is
continuing, the Operating Advisor shall, in addition to the duties described in Section 3.31(c):

 

(i)        consult
(on a non-binding basis) with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable
communication) in respect of any Asset Status Reports in accordance with the Operating Advisor Standard pursuant to Section
3.23 of this Agreement; and

 

(ii)       consult
(on a non-binding basis) with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable
communication) in accordance with the Operating Advisor Standard with respect to any Major Decisions pursuant to Section 6.07
of this Agreement.

 

To facilitate the consultation described in this Section
3.31(d) during the continuance of an Operating Advisor Consultation Event, the Special Servicer shall send to the Operating
Advisor an Asset Status Report or Major Decision Reporting Package, as applicable, with respect to the applicable Serviced Mortgage
Loan or Serviced Whole Loan before any related action is implemented, subject to any right of the Special Servicer to act prior
to such consultation as provided in Section 3.23 or Section 6.07 of this Agreement, as applicable.

 

(e)       With
respect to each Serviced Mortgage Loan and Serviced Whole Loan, after the calculation but prior to the utilization by the Special
Servicer of any of the calculations related to (A) any Appraisal Reduction Amounts, (B) any Collateral Deficiency Amounts or (C)
net present value, the Special Servicer shall forward such calculations, together with any

 

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supporting material or additional information
necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the
mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating Advisor promptly, but
in any event no later than 2 Business Days after finalizing the preparation of such calculations, and the Operating Advisor shall
promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials,
recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary
portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(f)       In
connection with Section 3.31(e), if the Operating Advisor does not agree with the mathematical calculations or the application
of the applicable non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor
and Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the application
of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement within
5 Business Days of delivery of such calculations to the Operating Advisor. If the Operating Advisor and Special Servicer are not
able to resolve such inaccuracies or disagreement prior to the end of such 5 Business Day period, the Operating Advisor shall promptly
notify the Certificate Administrator of such disagreement and the Certificate Administrator shall examine the calculations and
supporting materials provided by the Special Servicer and the Operating Advisor and shall determine which calculation is to apply.

 

(g)       Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.

 

(h)       The
Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information,”
and any information that appears on its face to be Privileged Information confidential and shall not disclose such Privileged Information
to any Person (including Certificateholders other than the Controlling Class Representative), other than (1) to the extent expressly
required by this Agreement, to the other parties to this Agreement with a notice indicating that such information is Privileged
Information, (2) pursuant to a Privileged Information Exception or (3) when necessary to support, but solely to the extent directly
related to, specific findings or conclusions (i) in the Operating Advisor Annual Report or (ii) in connection with a recommendation
by the Operating Advisor for the replacement of the Special Servicer. Each party to this Agreement that received Privileged Information
from the Operating Advisor with a notice stating that such information is Privileged Information shall not disclose such Privileged
Information to any Person without the prior written consent of the Special Servicer and, unless a Consultation Termination Event
has occurred, the Directing Holder (with respect to any Serviced Mortgage Loan) other than pursuant to a Privileged Information
Exception. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees
that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of
complying with its duties and obligations hereunder.

 

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(i)       On
each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on
deposit in the Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds
on deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating Advisor
Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower. When the
Operating Advisor has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special
Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable
Operating Advisor Consulting Fee from the related Borrower in connection with such Major Decision, but only to the extent not prohibited
by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating
Advisor Consulting Fee payable by the related Borrower if it determines that such full or partial waiver is in accordance with
the Servicing Standard, but in no event shall the Master Servicer, Special Servicer or Operating Advisor take any enforcement action
with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that
the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or
reduction.

 

(j)       With
respect to any particular Major Decision and/or related Major Decision Reporting Package or any Asset Status Report required to
be delivered by the Special Servicer to the Operating Advisor, the Special Servicer shall make available to the Operating Advisor
a servicing officer with the relevant knowledge regarding the applicable Mortgage Loan and such Major Decision and/or Asset Status
Report in order to address reasonable questions that the Operating Advisor may have relating to, among other things, such Major
Decision and/or Asset Status Report.

 

(k)       Neither
the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates; provided, however,
that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the Operating
Advisor or (ii) investments by an Affiliate of the Operating Advisor if the Operating Advisor and such Affiliate maintain policies
and procedures that (A) segregate personnel involved in the activities of the Operating Advisor under this Agreement from personnel
involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access to
information regarding the Trust and the Operating Advisor and its personnel from gaining access to such Affiliate’s information
regarding its investment activities.

 

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Section 3.32 Delivery
of Excluded Information to the Certificate Administrator.

 

Any Excluded Information
that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate Administrator
for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or
such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information”
followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt,
any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately
posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and
delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website
under the “Excluded Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling
Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Loans
on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)). None of the
Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations to separately label and deliver any Excluded
Information in accordance with this Section 3.32 until such party has received notice with respect to the related Excluded
Controlling Class Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit
the Controlling Class Representative or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded
Information relating to any Excluded Controlling Class Loan with respect to which the Controlling Class Representative or such
Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate
Administrator’s Website to it due to it being an Excluded Controlling Class Certificateholder and on account of it constituting
Excluded Information, such Controlling Class Representative or Controlling Class Certificateholder that is not a Borrower Party
with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information in accordance with Section
3.14(c).

 

Section 3.33 Litigation
Control.

 

(a)       The
Special Servicer (with respect to each Mortgage Loan or any related REO Loan or related REO Property and Serviced Whole Loan but
other than any Excluded Special Servicer Loan) shall in accordance with the Servicing Standard, direct, manage, prosecute and/or
defend any action brought by a Mortgagor, guarantor, or other obligor on the related Note or any affiliates thereof (each a “Borrower-Related
Party”) against the Trust (including, without limitation, any action in which both the Trust and the Master Servicer
are named), and/or the Special Servicer or any predecessor master servicer or special servicer, and represent the interests of
the Trust in any litigation relating to the rights and obligations (or the enforcement of obligations) of the Trust, or of the
Borrower or other Borrower-Related Party, under the related Mortgage Loan or Whole Loan, as applicable, or with respect to the
related Mortgaged Property or other collateral securing such Mortgage Loan or Whole Loan, or with respect to the enforcement of
the obligations of a Borrower-Related Party under the related Loan Documents (“Loan-Related Litigation”). In
the event that the Master Servicer is named in any Loan-Related Litigation but the Special Servicer is not named in such Loan-Related
Litigation

 

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(and regardless of whether the Trust is named in such Loan-Related Litigation), the Master Servicer shall notify the
Special Servicer of such litigation as soon as practicable but in any event no later than within ten (10) Business Days of the
Master Servicer receiving service of such Loan-Related Litigation.

 

(b)       To
the extent the Master Servicer is named in Loan-Related Litigation, and neither the Trust nor the Special Servicer is named, in
order to effectuate the role of the Special Servicer as contemplated by the immediately preceding subsection, the Master Servicer
shall (i) provide monthly status reports to the Special Servicer, regarding such Loan-Related Litigation; (ii) use reasonable efforts
to have the Trust replace the Master Servicer as the appropriate party to the lawsuit; and (iii) so long as the Master Servicer
remains a party to such lawsuit, consult with and act at the direction of the Special Servicer with respect to material decisions
and resolutions related to the interests of the Trust in such Loan-Related Litigation, including but not limited to the selection
of counsel. If and/or when the Trust and/or the Special Servicer are named, the Special Servicer shall assume control of the Loan
Related Litigation as provided in Section 3.33(a) above; provided that the Master Servicer shall have the right to
engage separate counsel relating to claims against the Master Servicer to the extent set forth in Section 3.33(e); and provided,
further, that if there are claims against the Master Servicer and the Master Servicer has not determined that separate counsel
is required for such claims, such counsel selected by the Special Servicer shall be reasonably acceptable to the Master Servicer.

 

(c)       The
Special Servicer shall not (i) undertake (or direct the Master Servicer to undertake) any material settlement of any Loan-Related
Litigation or (ii) initiate any material Loan-Related Litigation unless and until it has notified in writing the Directing Holder
(only if the related Mortgage Loan is not an Excluded Loan and for so long as no Consultation Termination Event has occurred and
is continuing and to the extent the identity of the Directing Holder is actually known to the Special Servicer; provided
that the Special Servicer shall make due inquiry of the Certificate Administrator as to the identity of the Directing Holder),
and the related holder of any Companion Loan (if such matter affects such related Serviced Companion Loan and to the extent the
identity of the holder of such Serviced Companion Loan is actually known to the Special Servicer), and the Directing Holder (only
if the related Mortgage Loan is not an Excluded Loan and for so long as no Control Termination Event has occurred and is continuing)
has not objected in writing within five (5) Business Days of having been notified thereof and having been provided with all information
that the Directing Holder has reasonably requested with respect thereto promptly following its receipt of the subject notice (it
being understood and agreed that if such written objection has not been received by the Special Servicer within such 5 Business
Day period, then the Directing Holder shall be deemed to have approved the taking of such action); provided that, if the
Special Servicer determines (consistent with the Servicing Standard) that immediate action is necessary to protect the interests
of the Certificateholders and, with respect to a Serviced Whole Loan, the related Companion Loan Holders, the Special Servicer
may take such action without waiting for the Directing Holder’s response.

 

(d)       Notwithstanding
anything to the contrary in this Section 3.33, neither the Special Servicer nor the Master Servicer shall follow any advice,
direction or consultation provided by the Directing Holder (or any other party to this Agreement) that would require or cause the
Special Servicer or the Master Servicer, as applicable, to violate any applicable law, be

 

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inconsistent with the Servicing Standard,
require or cause the Special Servicer or the Master Servicer, as applicable, to violate provisions of this Agreement, require or
cause the Special Servicer or the Master Servicer, as applicable, to violate the terms of any Mortgage Loan or Whole Loan, expose
any Certificateholder or any party to this Agreement or their Affiliates, officers, directors or agents to any claim, suit or liability,
cause either Trust REMIC created hereunder to fail to qualify as a REMIC for federal income tax purposes or result in the imposition
of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions, or materially
expand the scope of the Special Servicer’s, the Master Servicer’s, the Certificate Administrator’s or the Trustee’s,
as applicable, responsibilities under this Agreement.

 

(e)       Notwithstanding
the right of the Special Servicer provided in this Section 3.33 to represent the interests of the Trust in Loan-Related
Litigation, and subject to the rights of the Special Servicer to direct the Master Servicer’s actions in this Section
3.33, the Master Servicer shall retain the right to make determinations relating to claims against the Master Servicer, including
but not limited to the right to engage separate counsel and to appear in any proceeding on its own behalf in the Master Servicer’s
reasonable discretion, the cost of which shall be subject to indemnification as and to the extent provided in this Agreement.

 

(f)       Further,
nothing in this Section shall require the Master Servicer, the Special Servicer or any other party to this Agreement to take or
fail to take any action which, in such party’s good faith and reasonable judgment, may (i) cause either Trust REMIC to fail
to qualify as a REMIC for federal income tax purposes, result in the imposition of “prohibited transaction” or “prohibited
contribution” tax under the Code, or otherwise result in a violation of the REMIC Provisions, (ii) cause the Master Servicer
or the Special Servicer to violate the Servicing Standard, (iii) result in a violation of applicable law or the Mortgage Loan documents
or (iv) subject the Master Servicer, the Special Servicer or other such party to liability, or materially expand the scope of the
Master Servicer’s, the Special Servicer or such party’s obligations under this Agreement.

 

(g)       Notwithstanding
the Master Servicer’s right to make determinations relating to claims against the Master Servicer, the Special Servicer shall
have the right at any time in accordance with the Servicing Standard to (i) direct the Master Servicer to settle any claims asserted
against the Master Servicer (whether or not the Trust or the Special Servicer is named in any such claims or Loan-Related Litigation)
and (ii) otherwise reasonably direct the actions of the Master Servicer relating to claims against the Master Servicer (whether
or not the Trust or the Special Servicer is named in any such claims or Loan-Related Litigation), provided in either case that
(A) such settlement or other direction does not contain or require any admission of liability, wrongdoing or consent to injunctive
relief on the part of the Master Servicer, (B) the cost of such settlement or any resulting judgment is and shall be paid by the
Trust pursuant to the terms of this Agreement, and payment of such cost or judgment is provided for in this Agreement, (C) the
Master Servicer is and shall be indemnified as and to the extent provided in this Agreement for all costs and expenses of the Master
Servicer incurred in defending and settling the Loan-Related Litigation and for any related judgment, (D) any such action taken
by the Master Servicer at the direction of the Special Servicer shall be deemed (as to the Master Servicer) to be in compliance
with the Servicing Standard, and (E) the Special Servicer provides the Master Servicer with assurance reasonably satisfactory to
the Master Servicer as to the items in clauses (A), (B) and (C).

 

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(h)       In
the event both the Master Servicer and the Special Servicer or Trust are named in Loan-Related Litigation, the Master Servicer
and the Special Servicer shall (i) to the extent that the Master Servicer and the Special Servicer deem it appropriate, use reasonable
efforts to enter into a joint defense agreement and (ii) cooperate with each other to afford the Master Servicer and the Special
Servicer the rights afforded to such party in this Section 3.33.

 

(i)       This
Section shall not apply in the event, and to the extent, that the Special Servicer authorizes the Master Servicer, and the Master
Servicer agrees (both authority and agreement to be in writing), to make certain decisions or control certain Loan-Related Litigation
on behalf of the Trust in accordance with the Servicing Standard.

 

(j)       Notwithstanding
the foregoing, (x) in the event that any action, suit, litigation or proceeding names the Trustee, Certificate Administrator, Custodian
or Operating Advisor, in its respective individual capacity, or in the event that any judgment is rendered against the Trustee,
Certificate Administrator, Custodian or Operating Advisor, as applicable, in its individual capacity, the Trustee, Certificate
Administrator, Custodian or Operating Advisor, as applicable, upon prior written notice to the Master Servicer or the Special Servicer,
as applicable, may retain separate counsel and appear in any such proceeding on its own behalf in order to protect and represent
its interests (but not to otherwise direct, manage or prosecute such litigation or claim); (y) in the event of any action, suit,
litigation or proceeding, other than an action, suit, litigation or proceeding relating to the enforcement of the obligations of
a Borrower, guarantor or other obligor under the related Loan Documents, or otherwise relating to one or more Mortgage Loans or
Mortgaged Properties, neither the Master Servicer nor the Special Servicer shall, without the prior written consent of the Trustee,
Certificate Administrator, Custodian or Operating Advisor, as applicable, (i) initiate an action, suit, litigation or proceeding
in the name of the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable, whether in such capacity
or individually, (ii) engage counsel to represent the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable,
(iii) settle any claim giving rise to liability to the Trustee, Certificate Administrator, Custodian or Operating Advisor, as applicable,
in its individual capacity, or (iv) prepare, execute or deliver any government filings, forms, permits, registrations or other
documents or take any other similar actions with the intent to cause, and that actually causes, the Trustee, Certificate Administrator,
Custodian or Operating Advisor, as applicable, to be registered to do business in any state (provided that neither the Master
Servicer nor the Special Servicer shall be responsible for any delay due to the unwillingness of the Trustee, Certificate Administrator,
Custodian or Operating Advisor to grant such consent); and (z) in the event that any court finds that the Trustee, Certificate
Administrator, Custodian or Operating Advisor, as applicable, is a necessary party in respect of any action, suit, litigation or
proceeding relating to or arising from this Agreement or any Mortgage Loan, the Trustee, the Certificate Administrator, the Custodian
or the Operating Advisor, as applicable, shall have the right to retain separate counsel and appear in any such proceeding on its
own behalf in order to protect and represent its interests, whether as Trustee, Certificate Administrator, Custodian or Operating
Advisor, as applicable, or individually (but not to otherwise direct, manage or prosecute such litigation or claim); provided,
however, nothing in this subsection shall be interpreted to preclude the Special Servicer (with respect to any material
Loan-Related Litigation with respect to any Mortgage Loan other than an Excluded Loan, with the consent or consultation of the
Directing Holder prior to the occurrence and continuance of a Control Termination Event or Consultation Termination Event, respectively)
from initiating any

 

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action, suit, litigation or proceeding in its own name as representative of the Trust. References to Mortgage
Loans (including references to Borrowers, guarantors, obligors and Mortgaged Properties) in this Section 3.33 shall mean
all Mortgage Loans other than Non-Serviced Mortgage Loans.

 

(k)       Notwithstanding
the foregoing or anything to the contrary in this Section, this Section shall not apply to any Loan-Related Litigation and shall
have no force and effect with respect thereto, in the event that either (i) at the time such Loan-Related Litigation is commenced
or at any time during the continuance of such Loan-Related Litigation, Midland Loan Services, a Division of PNC Bank, National
Association is no longer the Special Servicer with respect to the related Mortgage Loan or related Whole Loan or has received notice
of its replacement as Special Servicer with respect to the related Mortgage Loan or related Whole Loan (whether or not such replacement
is effective) or such related Mortgage Loan or Whole Loan is an Excluded Special Servicer Loan in respect of Midland Loan Services,
a Division of PNC Bank, National Association as Special Servicer, or (ii) the Depositor, any Sponsor, any Mortgage Loan Seller,
any Initial Purchaser, any Underwriter, or any of their respective affiliates is an adverse party (with respect to the Trust or
the Special Servicer) in such Loan-Related Litigation or holds any interest which is adverse to the Trust or the Special Servicer
in the related Mortgage Loan or related Whole Loan (or any portion thereof) or the related Mortgaged Property to which Loan-Related
Litigation relates, unless otherwise agreed to in writing by each of the Depositor, Sponsor, Mortgage Loan Seller, Initial Purchaser,
Underwriter, or affiliate that is such a party or holds such interest. In each case under clause (ii) above, the applicable
party listed above shall use reasonable efforts to provide notice of such occurrence to the Master Servicer pursuant to this Agreement.
For the avoidance of doubt, the rights and obligations of the Master Servicer and the Special Servicer relating to any Loan-Related
Litigation shall be limited solely to the representation of the Trust and itself, separate and apart from the interests of any
other party thereto. For the further avoidance of doubt, in such circumstance described in this paragraph, the rights and obligations
of the Master Servicer and the Special Servicer relating to litigation shall be as otherwise set forth with respect to servicing
in this Agreement.

 

Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section 4.01 Distributions.
(a) REMIC-Related Deemed Deposits and Distributions. On each Distribution Date, amounts held in the Lower-Tier REMIC Distribution
Account shall be withdrawn (to the extent of the Available Funds, including or reduced by, to the extent required by Section
3.05(e) of this Agreement, the Withheld Amounts in respect of the Mortgage Pool, and including any amount withdrawn from the
Gain-on-Sale Reserve Account with respect to the Mortgage Loans pursuant to Section 3.05(i) of this Agreement and the applicable
portion of any P&I Advances and Compensating Interest Payments made with respect to the Mortgage Pool with respect to such
Distribution Date) and shall be deemed to be applied to make the following deemed distributions in respect of the Lower-Tier Regular
Interests (such amount so deemed distributed, the “Lower-Tier Distribution Amount”). On each Distribution Date,
distributions in respect of principal shall be deemed to have been made on each Lower-Tier Regular Interest in an amount equal
to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section 4.01(b)
or Section 4.01(c), as

 

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applicable, of this
Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier Principal
Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Principal Balance
Certificates pursuant to Section 4.01(b) or Section 4.01(c), as applicable, of this Agreement shall be deemed
to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier
Regular Interest. On each Distribution Date, distributions of interest made in respect of any Class of Class X Certificates
pursuant to Section 4.01(b) of this Agreement and allocable to any particular Class X Component of such Class of Class
X Certificates as provided below in this Section 4.01(a) shall be deemed to have first been distributed from the
Lower-Tier REMIC to the Upper-Tier REMIC in respect of such Class X Component’s Corresponding Lower-Tier
Regular Interest. On each Distribution Date, distributions of reimbursements of Realized Losses made in respect of any Class
of Principal Balance Certificates pursuant to Section 4.01(b) or Section 4.01(c), as applicable, of this
Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its
Corresponding Lower-Tier Regular Interest.

 

All distributions of
interest made in respect of any Class of Class X Certificates on any Distribution Date pursuant to Section 4.01(b) and any
other allocations contemplated by this Article IV, with respect to the Class X Components, shall be deemed to have been
made: (i) if there is only one Class X Component with respect to such Class of Class X Certificates, entirely in respect of such
sole Class X Component; and (ii) if there are multiple Class X Components with respect to such Class of Class X Certificates, in
respect of all such Class X Components, on a pro rata basis and pari passu basis, and treating each such Class X
Component as if it was a separate Class of Class X Certificates with a Pass-Through Rate equal to its Class X Strip Rate from time
to time and a Notional Amount equal to its Class X Component Notional Amount from time to time.

 

On each Distribution
Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on
deposit in the Lower-Tier REMIC Distribution Account and received in respect of any Mortgage Loan in connection with a principal
prepayment, voluntary or involuntary, that are part of the Available Funds for such Distribution Date, to the Lower-Tier Regular
Interests in proportion to the amount of principal deemed distributed to each Lower-Tier Regular Interest on such Distribution
Date pursuant to this Section 4.01(a). The Certificate Administrator shall deposit the Lower-Tier Distribution Amount and
the amount of any Prepayment Premiums and any Yield Maintenance Charges with respect to the Mortgage Loans deemed distributed to
the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier REMIC Distribution Account. Any amount in respect
of the Mortgage Pool that remains in the Lower-Tier REMIC Distribution Account on each Distribution Date after the deposit described
in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of the Lower-Tier Residual
Interest), but prior to the final Distribution Date only to the extent that the Available Funds exceed the Lower-Tier Distribution
Amount.

 

(b)       Distributions
of Non-Vertically Retained Available Funds on the Non-Vertically Retained Regular Certificates and Class R Certificates. On
each Distribution Date, for so long as the Certificate Balances or Notional Amounts of the Non-Vertically Retained Regular Certificates
have not been reduced to zero, the Certificate Administrator shall withdraw from the

 

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Upper-Tier REMIC Distribution Account the
Non-Vertically Retained Available Funds then on deposit therein in respect of such Distribution Date, and distribute such amounts
to the Holders of the Non-Vertically Retained Regular Certificates and the Class R Certificates in the amounts and in the order
of priority set forth below:

 

(i)       First,
to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B and Class X-D Certificates, in respect of interest,
up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts for such Classes;

 

(ii)       Second,
to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, to the extent of the Principal Distribution Amount,
in reduction of the Certificate Balances thereof, in the following priority:

 

(A)       first,
to the Class A-SB Certificates, in an amount up to the Principal Distribution Amount, but only until the Certificate Balance of
such Class is reduced to the Class A-SB Planned Principal Balance;

 

(B)       then,
to the Class A-1 Certificates, in an amount up to the Principal Distribution Amount less amounts of such Principal Distribution
Amount distributed pursuant to all prior subclauses of this clause (ii), until the Certificate Balance of such Class is
reduced to zero;

 

(C)       then,
to the Class A-2 Certificates, in an amount up to the Principal Distribution Amount less amounts of such Principal Distribution
Amount distributed pursuant to all prior subclauses of this clause (ii), until the Certificate Balance of such Class is
reduced to zero;

 

(D)       then,
to the Class A-3 Certificates, in an amount up to the Principal Distribution Amount less amounts of such Principal Distribution
Amount distributed pursuant to all prior subclauses of this clause (ii), until the Certificate Balance of such Class is
reduced to zero; and

 

(E)       then,
to the Class A-4 Certificates, in an amount up to the Principal Distribution Amount less amounts of such Principal Distribution
Amount distributed pursuant to all prior subclauses of this clause (ii), until the Certificate Balance of such Class is
reduced to zero; and

 

(F)       then,
to the Class A-SB Certificates, in an amount up to the Principal Distribution Amount less amounts of such Principal Distribution
Amount distributed pursuant to all prior subclauses of this clause (ii), until the Certificate Balance of such Class is
reduced to zero;

 

(iii)       Third,
to the Class A-1, Class A-2 Class A-SB, Class A-3 and Class A-4 Certificates, up to an amount equal to, and pro rata based
upon, the aggregate unreimbursed Realized Losses previously allocated to each such Class;

 

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(iv)       Fourth,
to the Class A-S Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(v)        Fifth,
to the Class A-S Certificates, in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b), until
the Certificate Balance of such Class is reduced to zero;

 

(vi)       Sixth,
to the Class A-S Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(vii)      Seventh,
to the Class B Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(viii)     Eighth,
to the Class B Certificates, in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b), until
the Certificate Balance of such Class is reduced to zero;

 

(ix)       Ninth,
to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(x)        Tenth,
to the Class C Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xi)       Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b), until
the Certificate Balance of such Class is reduced to zero;

 

(xii)      Twelfth,
to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xiii)     Thirteenth,
to the Class D Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xiv)     Fourteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b), until
the Certificate Balance of such Class is reduced to zero;

 

(xv)      Fifteenth,
to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xvi)     Sixteenth,
to the Class E Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

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(xvii)    Seventeenth,
to the Class E Certificates in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b), until
the Certificate Balance of such Class is reduced to zero;

 

(xviii)   Eighteenth,
to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xix)      Nineteenth,
to the Class F-RR Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xx)       Twentieth,
to the Class F-RR Certificates in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less amounts of the such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b),
until the Certificate Balance of such Class is reduced to zero;

 

(xxi)      Twenty-first,
to the Class F-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to
such Class;

 

(xxii)     Twenty-second,
to the Class G-RR Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxiii)    Twenty-third,
to the Class G-RR Certificates in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less the amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b),
until the Certificate Balance of such Class is reduced to zero;

 

(xxiv)    Twenty-fourth,
to the Class G-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to
such Class;

 

(xxv)     Twenty-fifth,
to the Class H-RR Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxvi)    Twenty-sixth,
to the Class H-RR Certificates in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less the amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b),
until the Certificate Balance of such Class is reduced to zero;

 

(xxvii)   Twenty-seventh,
to the Class H-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to
such Class;

 

(xxviii)  Twenty-eighth,
to the Class J-RR Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxix)     Twenty-ninth,
to the Class J-RR Certificates in reduction of the Certificate Balance thereof, in an amount up to the Principal Distribution Amount
less the amounts of such Principal Distribution Amount distributed pursuant to all prior clauses of this subsection (b),
until the Certificate Balance of such Class is reduced to zero;

 

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(xxx)      Thirtieth,
to the Class J-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to
such Class; and

 

(xxxi)     Thirty-first,
to the Class R Certificates in respect of the Upper-Tier Residual Interest, any remaining Non-Vertically Retained Available Funds.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Crossover Date, regardless of the allocation of principal payments described
in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed to the Class
A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate Balances
and without regard to the Class A-SB Planned Principal Balance, in reduction of their respective Certificate Balances, until the
Certificate Balance of each such Class of Certificates is reduced to zero.

 

(c)       Distributions
of VRR Available Funds on the VRR Interest. On each Distribution Date for so long as the aggregate Certificate Balance of the
VRR Interest has not been reduced to zero, the Certificate Administrator shall withdraw from the Upper-Tier REMIC Distribution
Account the VRR Available Funds then on deposit therein in respect of such Distribution Date, and distribute such amounts to the
Holders of the VRR Interest in the amounts and in the order of priority set forth below:

 

(i)        First,
to the VRR Interest, in respect of interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution
Date;

 

(ii)       Second,
to the VRR Interest, in reduction of the Certificate Balance thereof, up to an amount equal to the VRR Principal Distribution Amount
for such Distribution Date, until the Certificate Balance of the VRR Interest has been reduced to zero; and

 

(iii)      Third,
to reimburse prior write-offs of the Certificate Balance of the VRR Interest, upon to an amount equal to any unreimbursed Realized
Losses previously allocated to the VRR Interest.

 

To the extent any VRR
Available Funds remain in the Distribution Account after applying amounts as set forth in clauses First through Third
above, any such amounts will be disbursed to the Class R Certificates.

 

(d)       Distributions
of Prepayment Premiums and Yield Maintenance Charges with respect to the Mortgage Loans to Holders of Regular Certificates.
On each Distribution Date, following the distribution from the Lower-Tier REMIC Distribution Account in respect of the Lower-Tier
Regular Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions
of any Prepayment Premiums and Yield Maintenance Charges received in respect of any Mortgage Loan in connection with a principal
prepayment, voluntary or involuntary, that are part of the Available Funds for such Distribution Date, from amounts deposited in
the Upper-Tier REMIC Distribution Account pursuant to Section 4.01(a) of this Agreement, as follows:

 

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(i)        On
any Distribution Date, the Certificate Administrator shall distribute the Non-Vertically Retained Percentage of each Prepayment
Premium and Yield Maintenance Charge collected in respect of any Mortgage Loan in connection with a principal prepayment, voluntary
or involuntary, that is part of the Available Funds for such Distribution Date, to the Holders of the respective Classes of the
Non-Vertically Retained Principal Balance Certificates in an amount equal to, in the case of each such Class, the product of: (a)
a fraction, not greater than one, the numerator of which is the amount distributed as principal to such Class on such Distribution
Date, and the denominator of which is the aggregate amount distributed as principal to the Holders of all the Classes of Non-Vertically
Retained Principal Balance Certificates on such Distribution Date; (b) the Base Interest Fraction for the related principal prepayment
and such Class of Certificates; and (c) the Non-Vertically Retained Percentage of the amount of the subject Prepayment Premium
or Yield Maintenance Charge, as applicable.

 

(ii)       The
Non-Vertically Retained Percentage of any Yield Maintenance Charges or Prepayment Premiums collected in respect of the Mortgage
Loans in connection with principal prepayments, voluntary or involuntary, that are part of the Available Funds for any Distribution
Date, to the extent remaining after the distributions to Holders of the Non-Vertically Retained Principal Balance Certificates
described in clause (i) above (the “IO Group YM Distribution Amount”) shall be allocated and distributed
on such Distribution Date in the following manner:

 

(A)       first,
to the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates on such Distribution Date
and the denominator of which is the Principal Distribution Amount in respect of such Distribution Date, multiplied by (b) the IO
Group YM Distribution Amount;

 

(B)       second,
to the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-S, Class B and Class C Certificates on such Distribution Date and the denominator of which
is the Principal Distribution Amount in respect of such Distribution Date, multiplied by (b), the IO Group YM Distribution Amount;
and

 

(C)       last,
to the Class X-D Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class
X-A and Class X-B Certificates described in clauses (A) and (B) above.

 

(iii)       The
VRR Percentage of any Prepayment Premiums and Yield Maintenance Charges received in respect of the Mortgage Loan in connection
with principal prepayments, voluntary or involuntary, that are part of the Available Funds for any Distribution Date, shall be
distributed to the Holders of VRR Interest.

 

(e)       [Reserved]

 

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(f)       Allocation
of Realized Losses. On each Distribution Date, immediately following the distributions to be made on such date pursuant to
Section 4.01(b) and Section 4.01(c), the Certificate Administrator shall calculate the amount of any Realized Losses. Any
allocation of Realized Losses to any Class of Principal Balance Certificates shall be made by reducing the Certificate Balance
thereof by the amount so allocated. Any Realized Losses so allocated to any Class of Principal Balance Certificates shall be allocated
among the respective Certificates of such Class in proportion to the Percentage Interests evidenced thereby. The allocation of
Realized Losses shall constitute an allocation of losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously
allocated applicable Realized Losses shall not constitute distributions of principal for any purpose and will not result in an
additional reduction in the Certificate Balance of the Class of Principal Balance Certificates in respect of which a reimbursement
is made.

 

If and to the extent that any Nonrecoverable
Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans (including REO Mortgage
Loans) and previously resulted in a reduction of the Aggregate Principal Distribution Amount are subsequently recovered on the
related Mortgage Loan or REO Property, then (on the Distribution Date as to which the Available Funds include such recovery): (i)
the Non-Vertically Retained Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class
or Classes of Non-Vertically Retained Principal Balance Certificates that previously were allocated Realized Losses, first,
to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata, second, to the Class A-S
Certificates, and then to the remainder of the Classes of Non-Vertically Retained Principal Balance Certificates in the
same sequential order as distributions pursuant to Section 4.01(b) above, in each case up to the amount of the unreimbursed
Realized Losses previously allocated to the subject Class of Non-Vertically Retained Principal Balance Certificates; and (ii) the
Interest Shortfall with respect to each affected Class of Non-Vertically Retained Regular Certificates for the next Distribution
Date shall be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored
write-down for the reimbursed Class of Non-Vertically Retained Principal Balance Certificates had never been written down. If and
to the extent that any Nonrecoverable Advances (plus interest on such Nonrecoverable Advances) that were reimbursed from principal
collections on the Mortgage Loans (including REO Mortgage Loans) and previously resulted in a reduction of the Aggregate Principal
Distribution Amount are subsequently recovered on the related Mortgage Loan or REO Property, then (on the Distribution Date as
to which the Available Funds include such recovery) the VRR Percentage of the amount of such recovery shall be added to the Certificate
Balance of the VRR Interest, up to the lesser of (i) the VRR Percentage of the amount of such recovery and (ii) the amount of unreimbursed
applicable Realized Losses previously allocated to the VRR Interest. If the Certificate Balance of any Class of Principal Balance
Certificates is so increased as provided in this paragraph, the amount of unreimbursed Realized Losses in respect of such Class
of Certificates shall be decreased by such amount.

 

The Certificate Balance
of each Class of Non-Vertically Retained Principal Balance Certificates will be reduced without distribution on any Distribution
Date as a write-off to the extent of any applicable Realized Losses allocated to such Class of Certificates with respect to such
date. Any Realized Loss with respect to the Non-Vertically Retained Certificates for any Distribution Date will be allocated to
the respective Classes of Non-Vertically Retained

 

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Principal Balance Certificates in the following order, in each case until the
Certificate Balance of such Class is reduced to zero, and in the aggregate until the subject applicable Realized Loss is allocated
in full: first, to the Class J-RR Certificates; second, to the Class H-RR Certificates; third, to the Class
G-RR Certificates; fourth, to the Class F-RR Certificates; fifth, to the Class E Certificates; sixth, to the
Class D Certificates; seventh, to the Class C Certificates; eighth, to the Class B Certificates; ninth, to
the Class A-S Certificates; and finally, to the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates,
pro rata, based on their respective Certificate Balances. Any amounts recovered in respect of amounts previously written
off as Realized Losses shall be distributed on the Classes of Non-Vertically Retained Principal Balance Certificates as a recovery
of applicable Realized Losses previously allocated to such Classes of Non-Vertically Retained Principal Balance Certificates in
reverse order of allocation of Realized Losses thereto in accordance with Section 4.01(b) of this Agreement. The Certificate
Balance of the VRR Interest will be reduced without distribution on any Distribution Date as a write-off to the extent of any applicable
Realized Loss with respect to the VRR Interest for such Distribution Date. Any amounts recovered in respect of amounts previously
written off as Realized Losses shall be distributed on the VRR Interest as a recovery of applicable Realized Losses previously
allocated to the VRR Interest in accordance with Section 4.01(c) of this Agreement.

 

With respect to any Distribution
Date, any applicable Realized Loss allocated pursuant to this Section 4.01(f) to any Class of Principal Balance Certificates
shall reduce the Lower-Tier Principal Balance of the Corresponding Lower-Tier Regular Interest as a write-off to the same extent
as the reduction in the Certificate Balance of such Class of Principal Balance Certificates, and any increase in the Certificate
Balance or Interest Shortfall of any Class of Regular Certificates pursuant to this Section 4.01(f) (and, in the case of
a Class of Class X Certificates, allocable to any Class X Component thereof in accordance with the third paragraph of Section
4.01(a) of this Agreement) shall result in an equal and corresponding increase in the Lower-Tier Principal Balance of or the
interest distributable on the Corresponding Lower-Tier Regular Interest(s).

 

(g)       All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record at the close of business
on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other
entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent
with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be
in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

(h)       Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
as soon as reasonably

 

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practicable within the month preceding the month in which the final distribution with respect to any Class
of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)       the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)       if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided, that the Class R Certificates
shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder
or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with
respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such
Holders shall be paid out of such funds. Subject to state laws regarding escheatment, if within two years after the second notice
any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator
all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the
benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such
amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to
the Holders of the Class R Certificates. No interest shall accrue or be payable to any Holder on any amount held hereunder or by
the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with this Section 4.01(h). Any such amounts transferred to the Certificate Administrator may be invested in
Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(i)       Shortfalls
in Available Funds resulting from Excess Prepayment Interest Shortfalls with respect to the Mortgage Loans shall, to the extent
of the Non-Vertically Retained Percentage thereof, be allocated to the respective Classes of Non-Vertically Retained Regular Certificates
up to, and pro rata based upon, the respective Interest Accrual Amounts with respect to such Classes for the related Distribution
Date. The VRR Percentage of any such shortfalls shall be deemed allocated to the VRR Interest. Any such shortfalls allocated to
a Class of Class

 

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X Certificates shall, in turn, be allocated to the related Class X Component(s) in accordance with the third paragraph
of Section 4.01(a) of this Agreement. Shortfalls in Available Funds resulting from Excess Prepayment Interest Shortfalls
with respect to the Mortgage Loans shall be allocated to the respective Lower-Tier Regular Interests in the same manner and to
the same extent as such shortfalls are allocated to the Corresponding Certificates and any Corresponding Components.

 

(j)       On
the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate
Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that
it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding
Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

Section 4.02 Statements
to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others.
(a) On each Distribution Date, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s
Website to each Certificateholder a statement (substantially in the form set forth as Exhibit K to this Agreement and based
on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared
by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the
Master Servicer and Special Servicer relating to such Distribution Date, including the CREFC® Special Servicer
Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with CREFC®
guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate Administrator) as to
distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting forth the following
information:

 

(i)        the
Record Date, Interest Accrual Period and Determination Date for such Distribution Date;

 

(ii)       the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Principal Balance Certificates
in reduction of the related Certificate Balance;

 

(iii)      the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Non-Vertically Retained
Regular Certificates allocable to (A) the Interest Accrual Amount, and/or (B) Interest Shortfalls, and to Holders of the VRR Interest
allocable to the VRR Interest Distribution Amount;

 

(iv)      the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)       the
aggregate amount of compensation paid to the Trustee, the Certificate Administrator, CREFC®, the Operating Advisor and the
Asset Representations Reviewer and servicing compensation paid to the Master Servicer and the Special Servicer for the

 

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relevant
one-month period relating to such Distribution Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)       (A)
the Available Funds, the Non-Vertically Retained Available Funds and the VRR Available Funds for the Distribution Date, (B) the
total amount of all principal and/or interest distributions, as well as any other distributions (other than Prepayment Premiums
and Yield Maintenance Charges), properly made on or in respect of any Class of Regular Certificates with respect to such Distribution
Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and expenses (including the components
of the Available Funds, or such other cash flows);

 

(vii)      the
amount of the distribution on the Distribution Date to the Holders of any Class of Regular Certificates allocable to Prepayment
Premiums and Yield Maintenance Charges;

 

(viii)     the
accrued Interest Accrual Amount in respect of each Class of Non-Vertically Retained Regular Certificates for such Distribution
Date;

 

(ix)        the
Pass-Through Rate for each Class of Non-Vertically Retained Regular Certificates for the Distribution Date and the next succeeding
Distribution Date;

 

(x)         the
Aggregate Principal Distribution Amount, Principal Distribution Amount and VRR Principal Distribution Amount for the Distribution
Date;

 

(xi)        the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class
R Certificates), immediately before and immediately after such Distribution Date, separately identifying any reduction in the aggregate
Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any
applicable Realized Loss on such Distribution Date;

 

(xii)       the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance
or Notional Amount, as applicable, and the denominator of which is the related initial aggregate Certificate Balance or Notional
Amount, as applicable, for each Class of Regular Certificates immediately following the Distribution Date;

 

(xiii)      the
amount of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated as of such Distribution Date on a loan-by-loan
basis and Cumulative Appraisal Reduction Amounts allocated as of such Distribution Date on an aggregate basis; and the total Appraisal
Reduction Amounts and Collateral Deficiency Amounts as of such Distribution Date allocated to each Class of Principal Balance Certificates;

 

(xiv)      the
number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the
Determination Date for the previous Distribution Date through and including the related Determination Date (including a description
of any material modifications, extensions or waivers to Mortgage

 

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Loan terms, fees, penalties or payments during such one-month
period or that have cumulatively become material over time);

 

(xv)       the
amount of any remaining unpaid Interest Shortfalls for each Class of Non-Vertically Retained Regular Certificates as of the Distribution
Date;

 

(xvi)      a
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and
Insurance Proceeds) since the Determination Date for the previous Distribution Date through and including the related Determination
Date and the amount of such Principal Prepayment occurring, together with the aggregate amount of Principal Prepayments made during
such one-month period;

 

(xvii)     a
loan-by-loan listing of each Mortgage Loan that was defeased since the Determination Date for the previous Distribution Date through
and including the related Determination Date;

 

(xviii)    the
amount of the distribution to the Holders of each Class of Principal Balance Certificates on the Distribution Date attributable
to reimbursement of Realized Losses;

 

(xix)       as
to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of since the Determination Date
for the previous Distribution Date through and including the related Determination Date, (A) the Loan Number of the related Mortgage
Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation Proceeds and/or other amounts, if any, received
thereon during such one-month period and the portion thereof included in the Available Funds for such Distribution Date;

 

(xx)        the
amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to
the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)       the
then current credit support levels for each Class of Principal Balance Certificates;

 

(xxii)      [RESERVED]

 

(xxiii)     with
respect to any REO Mortgage Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar
month, the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)     with
respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan
Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

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(xxv)      with
respect to any Serviced REO Property sold or otherwise disposed of since the Determination Date for the previous Distribution Date
through and including the related Determination Date and for which a Final Recovery Determination has been made, (A) the Loan Number
of the related Mortgage Loan, (B) the amount of any loss attributable to the related Mortgage Loan, (C) the amount of sale proceeds
and other amounts, if any, received in respect of such Serviced REO Property since the Determination Date for the previous Distribution
Date through and including the related Determination Date and the portion thereof included in the Available Funds for such Distribution
Date, (D) the date of the Final Recovery Determination and (E) any related Gain-on-Sale Proceeds deposited to the Gain-on-Sale
Reserve Account;

 

(xxvi)     the
amount of the distribution on the Distribution Date to the Holders of the Class R Certificates;

 

(xxvii)    material
breaches of Mortgage Loan representations and warranties or any covenants under this Agreement or any Mortgage Loan Purchase Agreement
of which the Certificate Administrator has received or delivered written notice;

 

(xxviii)   the
identity of the Operating Advisor;

 

(xxix)      the
amount of losses, Additional Trust Fund Expenses and interest shortfalls, if any, incurred with respect to the Mortgage Loans since
the Determination Date for the previous Distribution Date through and including the related Determination Date and in the aggregate
as of the related Distribution Date (except to the extent reimbursed or paid);

 

(xxx)       an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates since the Determination
Date for the previous Distribution Date through and including the related Determination Date;

 

(xxxi)      the
identity of the Controlling Class;

 

(xxxii)     the
identity of the Controlling Class Representative; and

 

(xxxiii)    such
other information as contemplated by Exhibit K to this Agreement.

 

In the case of information
furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xvi)
above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per
$1,000 of original Certificate Balance or Notional Amount, as the case may be.

 

The Certificate Administrator
may omit any information from the Distribution Date Statement that the Certificate Administrator regards as confidential, so long
as such information is not required to be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special
Servicer, the Trustee or the Certificate Administrator shall be responsible for the accuracy or completeness of any information
supplied to it by a Borrower, the Depositor, any Sponsor, any party to this Agreement or a master servicer, a special servicer
or other similar party under a Non-Serviced PSA or other third party that is included in any reports,

 

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statements, materials or
information prepared or provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as
applicable. The Certificate Administrator shall be entitled to rely on such information provided to it by the Master Servicer or
the Special Servicer without independent verification.

 

If and for so long as
the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any SEC
filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available
to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed
with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed
to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the
Code as from time to time in force.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided
to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar
year or applicable portion thereof during which such person was a Certificateholder, together with such other information that
the Certificate Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests,
to enable such Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original
issue discount accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements
and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information
is provided pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
to psastatements@ccre.com (or to such other address as the Depositor shall specify by written notice to the Certificate
Administrator).

 

Upon receipt of any Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01(b), the
Certificate Administrator shall include such summary in Item 1B on the Form 10-D in accordance with Section 10.04 for such
period in which the Asset Review Report Summary was delivered.

 

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(b)       The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided
that the Prospectus, the Distribution Date Statements, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings
will be made available to the general public, and provided, further that any Privileged Person that is a Borrower
Party shall only be entitled to access documents made available to the general public) the following items, in each case to the
extent received by the Certificate Administrator:

 

(i)       the
following “deal documents”:

 

(A)       the
Prospectus;

 

(B)       this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)       the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)       the
following “SEC EDGAR filings”:

 

(A)       any
reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system;

 

(iii)       the
following “periodic reports”:

 

(A)       the
Distribution Date Statements; and

 

(B)       the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File), to the extent it
has received or prepared such report or file;

 

(iv)       the
following “additional documents”:

 

(A)       the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(B)       any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)       the
CREFC® Appraisal Reduction Template; and

 

(D)       all
Operating Advisor Annual Reports.

 

(v)       the
following “special notices”:

 

(A)       any
notice with respect to a release pursuant to Section 3.10(h);

 

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(B)       all
Special Notices;

 

(C)       notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)       notice
of final payment on the Certificates;

 

(E)       all
notices of the occurrence of any Servicer Termination Events received by the Certificate Administrator;

 

(F)       notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

(G)       any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(H)       any
notice of any request by Certificateholders entitled to the requisite percentage of Voting Rights or Voting Rights, as applicable,
for a vote to terminate the Special Servicer, the Operating Advisor or the Asset Representations Reviewer;

 

(I)        notice
of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice required
to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)        any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(K)       any
notice of the termination of the Trust;

 

(L)       any
notice of the occurrence and continuance, or termination, of a Control Termination Event;

 

(M)       any
notice of the occurrence and continuance, or termination, of a Consultation Termination Event;

 

(N)       any
notice of the occurrence and continuance, or termination, of an Operating Advisor Termination Event;

 

(O)       any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

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(P)       any
Proposed Course of Action Notice;

 

(Q)       all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(R)       all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 10.13 of this Agreement; and

 

(S)       any
notice or documents provided to the Certificate Administrator by the Depositor or the Master Servicer directing the Certificate
Administrator to post to the “special notices” tab;

 

(vi)       the
Investor Q&A Forum;

 

(vii)      solely
to Certificateholders and Certificate Owners, the Investor Registry; and

 

(viii)     the
“U.S. Risk Retention Special Notices” tab.

 

The Certificate Administrator
shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab, provide email
notification to any Privileged Person (other than market data providers) that has registered to receive access to the Certificate
Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

Notwithstanding the foregoing,
all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged
Persons other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Loans).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate
Administrator’s Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder,
if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form (which may be in the form of a pdf attached to
an email) of an investor certification substantially in the forms of Exhibit L-1D and Exhibit L-1E and upon delivery
to the Certificate Administrator in physical form (which may be in the form of a pdf attached to an email) of an investor certification
substantially in the form of Exhibit L-1F, which shall include each of the user ID’s for the Certificate Administrator’s
website associated with such Excluded Controlling Class Holder, all information

 

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(other than Excluded Information) available on
the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded
Controlling Class Loans).

 

In the case of the Controlling
Class Representative or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of
an investor certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative or Controlling
Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an investor
certification in the form of Exhibit L-1B hereto from the Controlling Class Representative or a Controlling Class Certificateholder
to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit
L-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder to the effect that such Person
is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Controlling
Class Representative or any Controlling Class Certificateholder, becomes an Excluded Controlling Class Holder, such party shall
promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the
Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder and
identify the Excluded Controlling Class Loan(s) and thereafter shall not be entitled to any Excluded Information related to such
Excluded Controlling Class Loan(s) and made available on the Certificate Administrator’s Website. With respect to any Excluded
Information, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as
“Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall
segregate on the Certificate Administrator’s Website such Excluded Information (and may be segregated on loan-by-loan basis)
from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively assume that the
Controlling Class Representative and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling
Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator,
as applicable, has received such notice from the Controlling Class Representative or a Controlling Class Certificateholder that
it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or
the Certificate Administrator shall be liable for any communication to the Controlling Class Representative or Controlling Class
Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer, the Operating Advisor or
the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded
Controlling Class Loan (including, in the case of a summary of an Asset Status Report or Final Asset Status Report delivered to
the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such
information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any
written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer an

 

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Excluded
Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives access pursuant to this Agreement
to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information,
such Controlling Class Representative or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not
directly or indirectly provide any information related to the Excluded Controlling Class Loan to the related Borrower or to any
Excluded Controlling Class Holder or (A) any employees or personnel of such Controlling Class Representative or Controlling Class
Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged
Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower,
and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the
obligations described in clause (i) above.

 

To the extent the Risk
Retention Consultation Party or the Holder of the VRR Interest receives access pursuant to this Agreement to any information solely
related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset Status Reports,
Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted by the Special
Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator
regarding the Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations delivered
pursuant to Section 3.31 and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special
Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case
other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool
level, on the Certificate Administrator’s Website or otherwise receives access to such information, such Risk Retention Consultation
Party or Holder of the VRR Interest shall be deemed to have agreed that it (i) will not directly or indirectly provide any such
information to (A) the related Borrower Party, (B) any employees or personnel of such Risk Retention Consultation Party or Holder
of the VRR Interest or any of its Affiliates involved in the management of any investment in the related Borrower Party or the
related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest
in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place
in order to comply with the obligations described in clause (i) above. For the avoidance of doubt, any file or report contained
in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to
any such Excluded Mortgage Loan) shall be considered information that is aggregated with information of other Mortgage Loans at
a pool level.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed by the Certificate Administrator
for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness
of any information supplied to it by the Master Servicer or Special Servicer that is included in any

 

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reports, statements, materials
or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection
with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration
and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance
herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information
to the extent such information was included in any summary of an Asset Status Report or Final Asset Status Report delivered to
the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded
Information.

 

The Certificate Administrator
shall have no any liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website
of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans
at a website maintained by the Master Servicer.

 

(c)       The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders
and Certificate Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution
Date Statement, (B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being
made available pursuant to this Section 4.02(c), the Serviced Mortgage Loans or the related Mortgaged Properties and (C)
submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports or actions by the Master Servicer or
the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any Operating Advisor
Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”), and (ii) Privileged
Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of
an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward
the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case of an inquiry
relating to a Non-Serviced Mortgage Loan, to the applicable party under the Non-Serviced PSA) in each case within a commercially
reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer,
the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties) or the Operating
Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply
of the Master Servicer, Special Servicer or the Operating Advisor shall be sent by email to the Certificate Administrator. The
Certificate Administrator shall post (within a commercially reasonable period following preparation or receipt of such answer,
as the case may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate

 

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Administrator, the Master
Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion, that (i) any Inquiry is
beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v) answering such inquiry would require the
disclosure of Privileged Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is
reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or (vii) answering
any Inquiry is otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the
Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator, and the Certificate
Administrator shall not post such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise disclose
any direct communications with the Directing Holder or the Risk Retention Consultation Party as part of its response to any Inquiry.
The Certificate Administrator shall notify the Person who submitted such Inquiry if the Inquiry will not be answered. The Certificate
Administrator shall not be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator
determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions,
answers and other communications between the Certificate Administrator or any other Person which are not submitted via the Investor
Q&A Forum. In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable
efforts to obtain an answer from the related non-serviced master servicer or the related non-serviced special servicer, as applicable;
provided that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure
to obtain such answer.

 

(d)       The
Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields such as
the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and
Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that it wishes
to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator
shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating
any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information
thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

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(e)       The
Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant
to this Agreement available on the Master Servicer’s Website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with
providing access to the Master Servicer’s Website, the Master Servicer may require registration and the acceptance of a disclaimer
and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master
Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower
with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the
terms of this Agreement, the terms of the related Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this
Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the
Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

(f)        Subject
to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master
Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and REO Properties
as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental information to be provided by
the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator nor the Depositor shall have any obligation
to recompute, verify or recalculate the information provided thereto by the Master Servicer. Unless the Certificate Administrator
has actual knowledge that any report or file received from the Master Servicer contains erroneous information, the Certificate
Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders and allocating Realized
Losses, to the Certificates in accordance with Section 4.01 of this Agreement and preparing the statements to Certificateholders
required by Section 4.02(a) of this Agreement.

 

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(g)       As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information
so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or
accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)       The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days
prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely
with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan),
originals or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession,
including, without limitation, the following items (except to the extent prohibited by applicable law or under any of the related
Loan Documents):

 

(i)        any
and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which the environmental
testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions set forth in clauses
(i) and (ii) thereof was satisfied;

 

(ii)       the
most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been made
available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the Master Servicer
or the Special Servicer in respect to each Mortgaged Property;

 

(iii)      the
Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan
entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)      any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

The Certificate Administrator
may require a Privileged Person to execute a confidentiality agreement prior to granting access to such information, which may
be in the form of a “click through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available
any document is subject to the Certificate Administrator’s receipt of such document.

 

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The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)        The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2
to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made
available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03     Compliance
With Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with all
federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original issue discount
or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders or
payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount from interest, original
issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant to federal withholding
requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any amount so withheld shall
be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section 4.04     REMIC
Compliance. (a) The parties intend that each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that the
affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real estate
mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates are
outstanding, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention,
the Certificate Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as
agent, of each such Trust REMIC and shall on behalf of each such Trust REMIC:

 

(i)        make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)       prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such Trust
REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

(iii)      prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)      if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the

 

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REMIC Provisions in order to maintain the status of the Lower-Tier REMIC
and the Upper-Tier REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be prepared
and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the
Code or comparable provisions of state and local law;

 

(v)       within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and furnish or cause to be furnished to the IRS, on Form 8811 or as otherwise may be required by the Code, the
name, title and address of the person that the Certificateholders may contact for tax information relating thereto (and the Certificate
Administrator shall act as the representative of each Trust REMIC for this purpose), together with such additional information
as may be required by such Form, and shall update such information at the time or times and in the manner required by the Code
(and the Depositor agrees within 10 Business Days of the Closing Date to provide any information reasonably requested by the Master
Servicer, the Special Servicer or the Certificate Administrator and necessary to complete such Forms); and

 

(vi)      maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The Certificate Administrator
shall be the “partnership representative” of each Trust REMIC (within the meaning of Code Section 6223, to the extent
such provision is applicable to the Trust REMICs). The Certificate Administrator shall make any elections allowed under the Code
(i) to avoid the application of Section 6221 of the Code (or successor provision) to either Trust REMIC and (ii) to avoid payment
by either Trust REMIC under Section 6225 of the Code of any tax, penalty, interest or other amount imposed under the Code that
would otherwise be imposed on any holder of any residual interest of either Trust REMIC, past or present. Each Holder of a Percentage
Interest in the Class R Certificates, by acceptance thereof, is deemed to agree to any such elections and to the Certificate Administrator’s
acting as “partnership representative” of each Trust REMIC that can be designated under the Code.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of either Trust REMIC or the imposition of tax on either Trust REMIC (other than a tax on income expressly
permitted to be received by the terms of this Agreement). Notwithstanding any provision of this paragraph to the contrary, the
Certificate Administrator shall not be required to take any action that the Certificate Administrator in good faith believes to
be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator be deemed in violation of this
paragraph if it takes any action expressly required or authorized by any other provision of this Agreement, and the Certificate
Administrator shall have no responsibility or liability with respect to any act or omission of the Depositor, the Trustee, the
Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply with any of clauses (i)
through (vi) of the first

 

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paragraph of this Section 4.04(a) or which results in any action contemplated by clauses
(i) or (ii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) exercise reasonable
care not to allow the occurrence of any “prohibited transactions” within the meaning of Section 860F(a) of the Code,
unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s
expense) that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the Lower-Tier REMIC or the Upper-Tier
REMIC to tax (other than a tax at the highest marginal corporate tax rate on net income from foreclosure property), or (C) cause
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC; and (ii) exercise reasonable care not to allow the
Trust Fund to receive any contributions, or any income from the performance of services or from assets not permitted under the
REMIC Provisions to be held by a REMIC (provided, that the receipt of any income expressly permitted or contemplated by
the terms of this Agreement shall not be deemed to violate this clause). None of the Master Servicer, the Special Servicer, the
Trustee or the Depositor shall be (i) permitted to take any action that the Certificate Administrator would not be permitted to
take pursuant to the preceding two sentences or (ii) responsible or liable (except in connection with taking any act or omission
referred to in the two preceding sentences or the following sentence) for any failure by the Certificate Administrator to comply
with the provisions of this Section 4.04. The Depositor, the Trustee, the Master Servicer and the Special Servicer shall
cooperate in a timely manner with the Certificate Administrator in supplying any information within the Depositor’s, the
Trustee’s, the Master Servicer’s or the Special Servicer’s control (other than any confidential information)
that is reasonably necessary to enable the Certificate Administrator to perform its duties under this Section 4.04.

 

The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

(b)       The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Regular Certificates: (i) each Mortgage Loan will
pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided
that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the
Master Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling
Class will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund;
and (iii) no Mortgage Loan is repurchased or substituted for by a Mortgage Loan Seller pursuant to the terms of the related Mortgage
Loan Purchase Agreement.

 

Section 4.05     Imposition
of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts or additions
to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise distributable
to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant
to Section 860G(d) of the Code or any similar tax

 

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imposed by a state or local jurisdiction shall instead be treated as an expense
of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property (and until such
taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in the case of any
Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer to the
Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, which
the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator shall
send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the excess
determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to pay such
taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds
the amount in any such reserve shall be retained from Available Funds, as provided in Section 3.06(a)(xii) or, in the case
of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as provided in the preceding sentence,
the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Available Funds sufficient
funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable Trust REMIC (but
such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or in the case of a Serviced
Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage Loan and any
related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate
Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest bearing account,
(i) the net income allocable to the Mortgage Loans from any “prohibited transaction” under Section 860F(a) of the
Code or (ii) the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day that is subject
to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and return the
balance thereof, if any, to the Collection Account, the Lower-Tier REMIC Distribution Account or the Upper-Tier REMIC Distribution
Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from
future amounts otherwise distributable to the Holders of the Class R Certificates in respect of the related residual interest
and shall distribute such retained amounts to the Holders of Regular Certificates, or the Trustee as Holder of the Lower-Tier
Regular Interests, until they are fully reimbursed and then to the Holders of the Class R Certificates in respect of the related
residual interest. Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be
responsible for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent such tax is attributable
to a breach of a representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee in contravention of this Agreement, provided, further, that such breach, act or omission
could result in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section 4.04
of this Agreement, in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate Administrator
in accordance with the standard of liability set forth in those sections. Notwithstanding anything in this Agreement to the contrary,
in each such case, the Master Servicer or the Special Servicer shall not be responsible for the

 

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Trustee’s or the Certificate
Administrator’s breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts or omissions of
the Certificate Administrator, the Master Servicer or the Special Servicer and the Certificate Administrator shall not be responsible
for the breaches, acts or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06     Remittances. On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the Mortgage
Loans that it is servicing shall:

 

(a)       remit
to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account an amount equal to Prepayment Premiums
and Yield Maintenance Charges received in respect of the Mortgage Loans and corresponding to principal prepayments, voluntary or
involuntary, included in the Available Funds for such Distribution Date;

 

(b)       remit
to the Certificate Administrator for deposit in the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this
Agreement, Gain-on-Sale Proceeds allocable to any Mortgage Loan then on deposit in the Collection Account or any Serviced Whole
Loan Custodial Account;

 

(c)       remit
to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account an amount equal to the aggregate of the
Available Funds for such Distribution Date; and

 

(d)       remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee.

 

Section 4.07     P&I
Advances. (a) On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
in the case of all Mortgage Loans and any REO Mortgage Loans either (i) remit to the Certificate Administrator for deposit into
the Lower-Tier REMIC Distribution Account from its own funds an amount equal to the aggregate amount of P&I Advances, if any,
to be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection Account or the applicable Serviced
Whole Loan Custodial Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation
to make P&I Advances; provided, that such amounts in the applicable Serviced Whole Loan Custodial Account shall only
be applied up to the related Mortgage Loan’s pro rata share of the amounts held therein on such date, or (iii) make
P&I Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by
the Master Servicer, except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty License
Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®.
Any amounts held in the Collection Account or any Serviced Whole Loan Custodial Account, as applicable, for future distribution
and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the
Master Servicer by deposit in the Collection Account or the applicable Serviced Whole Loan Custodial Account, as applicable, on
or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through either (x) the
deposit of Late Collections of the delinquent principal and/or interest in respect of which such P&I Advances were made or
(y) the deposit of Periodic Payments collected prior to the expiration of any applicable grace period that ends after the P&I
Advance Determination

 

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Date in respect of which such P&I Advances were made). The Master Servicer shall notify the Trustee
and the Certificate Administrator of (i) the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount
of any Nonrecoverable P&I Advances for such Distribution Date, on or before the P&I Advance Determination Date. If the
Master Servicer fails to make a required P&I Advance by 3:00 p.m. (New York City time) on any Master Servicer Remittance Date,
then the Trustee shall make such P&I Advance pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City
time) on the related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and shall have
provided written notice of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee
determines that such P&I Advance, if made, would be a Nonrecoverable Advance. Neither the Master Servicer nor the Trustee
shall be required to make principal or interest advances with respect to any delinquent payment amounts due on any Companion Loan.
If the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Whole Loan with
a related Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the related Other Servicer,
Other Special Servicer and Other Trustee or the related Non-Serviced Master Servicer, Non-Serviced Special Servicer or Non-Serviced
Trustee, as applicable, of the amount of such P&I Advance with respect to such Mortgage Loan within two (2) Business Days
of making such P&I Advance.

 

(b)       Subject
to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer
with respect to any Distribution Date shall equal the aggregate of:

 

(i)        all
the Periodic Payments (other than any Balloon Payments) (net of related Servicing Fees and, in the case of any Non-Serviced Mortgage
Loan, a fee accruing at the related Non-Serviced Primary Servicing Fee Rate) that were due on the Mortgage Loans (including the
Non-Serviced Mortgage Loans) and any REO Mortgage Loan during the related Collection Period and not received as of the P&I
Advance Determination Date (or not advanced by any Sub-Servicer on behalf of the Master Servicer); and

 

(ii)       in
the case of each Mortgage Loan delinquent in respect of its Balloon Payment as of the related Determination Date (including any
REO Mortgage Loan as to which the Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment for
the related Collection Period.

 

Subject to subsection (c) below,
the obligation of the Master Servicer to make such P&I Advances with respect to any Mortgage Loan (including the Non-Serviced
Mortgage Loans) or REO Mortgage Loan is mandatory, and shall continue until (but not including) the Distribution Date on which
Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic Payment or Assumed Scheduled Payment shall be
reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or otherwise
and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers.

 

(c)       Notwithstanding
anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or
the Trustee, as applicable,

 

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determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In
addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written
notice that the Special Servicer has determined that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance.
In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be
entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer
or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only
for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) (A) the obligations of the
Borrower under the terms of the related Mortgage Loan (or the Serviced Whole Loan) as it may have been modified, (B) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (C) estimated (consistent
with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future expenses and
(D) estimated timing of recoveries and (iii) with respect to a Non-Serviced Whole Loan, any non-recoverability determination of
the Non-Serviced Master Servicer or Non-Serviced Trustee under the related Non-Serviced PSA relating to a principal and interest
advance for a Non-Serviced Companion Loan.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 12 month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Co-Lender Agreement).

 

Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Master
Servicer, the Special Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative
(but only if

 

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no Consultation Termination Event has occurred and is continuing) and the Depositor and, in the case of the Trustee,
by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative (but
only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator,
the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations
of the Master Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and
other information used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together
with any existing Appraisal or any Updated Appraisal); provided, that the Special Servicer may, at its option, make a determination
in accordance with the Servicing Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and
shall deliver to the Master Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), notice of such determination, together with a certificate of a Servicing Officer and the supporting information
described above. Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.
The Master Servicer shall forward any such determination with respect to a Mortgage Loan to any Other Master Servicer or Other
Special Servicer under any Other PSA governing any securitization trust into which the related Serviced Pari Passu Companion Loan
is deposited and, with respect to any Non-Serviced Mortgage Loan, the Master Servicer shall deliver such determination to the related
Non-Serviced Master Servicer under the related Non-Serviced PSA.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute, a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Co-Lender
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders, and may
be conclusively relied upon by, but, except as otherwise provided in the last paragraph of this Section 4.07(c), is not
binding upon, the Master Servicer and the Trustee.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the Special
Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer
shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance, if
made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse
any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith business judgment. The Special Servicer shall promptly furnish the Master Servicer and the

 

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Trustee with any information in
its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes
of making recoverability determinations.

 

(d)       In
connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement
or any Serviced Whole Loan Custodial Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be
entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property)
out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Custodial Account (subject to
the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the related
Co-Lender Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance
from the date made to but not including the date of reimbursement with respect to the related Mortgage Loan; provided, however,
that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related Due Date has
passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination
Date but on or prior to the Business Day immediately prior to the related Distribution Date. The Master Servicer shall reimburse
itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon as practicably possible after funds available
for such purpose are deposited in the Collection Account or the applicable Serviced Whole Loan Custodial Account with respect to
the related Mortgage Loan.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Mortgage Loan as to which there has been an Appraisal Reduction Amount shall be an amount equal to the product of (x) the
amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator of which
is the Stated Principal Balance of such Mortgage Loan immediately prior to the related Distribution Date less any Appraisal Reduction
Amount applicable to such Mortgage Loan (or, in the case of any Whole Loan, the portion of such Appraisal Reduction Amount allocated
to the related Mortgage Loan), if any, and the denominator of which is the Stated Principal Balance of such Mortgage Loan immediately
prior to the related Distribution Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated
on the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or the Trustee,
as applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount from the related
Non-Serviced Master Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately
reduce the interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With
respect to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Non-Serviced Master Servicer and each Non-Serviced Trustee of a Non-Serviced Mortgage
Loan that (a) such Non-Serviced Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction
Event and/or (ii) the related calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such
Non-Serviced Master Servicer shall provide the Master Servicer (who shall promptly

 

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provide to the Special Servicer (who shall promptly
forward, prior to a Consultation Termination Event, to the Directing Holder) and the Trustee with prompt notice of the existence
of any such Appraisal Reduction Event and/or any such Appraisal Reduction Amount once calculated. With respect to any Serviced
Companion Loan, the Master Servicer shall notify the related Other Servicer and Other Trustee of the existence of an Appraisal
Reduction Event and any related Appraisal Reduction Amount. The Master Servicer shall be deemed to have delivered notice of any
such Appraisal Reduction Event and any related Appraisal Reduction Amount if the Master Servicer includes such event and/or amount
in its monthly servicer statements provided to the other servicer.

 

The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Mortgage Loan allocable to principal shall equal
the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee or CREFC® pursuant to this Agreement
and (ii) a portion thereof equal to the interest component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate
from the date as to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period
in which such proceeds are received; provided, if the interest portion(s) of one or more P&I Advances with respect of
such Mortgage Loan or REO Mortgage Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of
the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion
of such Net Liquidation Proceeds to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation
Proceeds to be applied to principal has been applied to pay the principal of such Mortgage Loan or REO Mortgage Loan in full, any
remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan
or REO Mortgage Loan.

 

(e)       With
respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted to
make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the related Non-Serviced
Master Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion
Loan related to such Non-Serviced Mortgage Loan, if any) under the Non-Serviced PSA (or any pooling and servicing agreement with
respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to
any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage Loan previously
made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the Trustee, as applicable,
shall provide the related Non-Serviced Master Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the related Non-Serviced Special
Servicer and related Non-Serviced Trustee with written notice of such determination, promptly and in any event within two (2) Business
Days after such determination or such longer time period permitted by the applicable Co-Lender Agreement. If

 

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the Master Servicer
receives written notice from a Non-Serviced Master Servicer (or any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect
to the related Non-Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to the related
Non-Serviced Companion Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal
and/or interest, such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided
that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively
rely on any such nonrecoverability determination.

 

(f)        With
respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer and the Special Servicer will be permitted
to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage Loan that
is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance
with respect to such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made in respect
of the related Serviced Companion Loan, by the master servicer under the related Other PSA. If the Master Servicer, the Special
Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to such Serviced Whole Loan, if
made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable,
a Nonrecoverable Advance or if the Master Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing
Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, the Master
Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related
Other PSA with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Co-Lender Agreement. If the Master Servicer receives written notice from
any master servicer under any such Other PSA that such master servicer has determined, with respect to the related Serviced Companion
Loan, that any proposed advance of principal and/or interest with respect to such Serviced Companion Loan would be, or any outstanding
advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding
on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan,
each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

(g)       If
the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial
mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or
master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related
to any Serviced Whole Loan, if any, and each Non-Serviced Trustee, any Non-Serviced Master Servicer and any other trustee or master
servicer with respect to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced
Mortgage Loan, if any.

 

(h)       The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent
permitted pursuant to Section 3.06 of this

 

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Agreement together with any related Advance Interest Amount in respect of such
P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special
Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers
to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

 

Section 4.08     Appraisal
Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Controlling Class and whether a Control
Termination Event or an Operating Advisor Consultation Event has occurred and is continuing and (y) determining the Voting Rights
of the related Classes for purposes of removal of the Special Servicer and the Operating Advisor, the Non-Vertically Retained
Percentage of any Appraisal Reduction Amounts with respect to a Mortgage Loan will be allocated to each Class of Non-Vertically
Retained Principal Balance Certificates in reverse sequential order to notionally reduce the related Certificate Balances until
the Certificate Balance of each such Class of Certificates is reduced to zero (i.e., first, to the Class J-RR Certificates,
second, to the Class H-RR Certificates, third, to the Class G-RR Certificates, fourth, to the Class F-RR
Certificates, fifth, to the Class E Certificates, sixth, to the Class D Certificates, seventh, to the Class
C Certificates, eighth, to the Class B Certificates; ninth, to the Class A-S Certificates, and tenth, to
the Class A-1, Class A-2, Class A-SB, Class A-3 and Class A-4 Certificates, pro rata, based on their respective Certificate
Balances). The VRR Percentage of all Appraisal Reduction Amounts shall be allocated to the VRR Interest.

 

As of the first Determination
Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Special Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special
Servicer with respect to such Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.
Upon obtaining knowledge or receipt of notice by the Special Servicer that a Non-Serviced Mortgage Loan has become an AB Modified
Loan, the Special Servicer shall (i) promptly request from the related Other Servicer, Other Special Servicer and Other Trustee
the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the
Special Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as
of the first Determination Date following receipt by the Special Servicer of the appraisal and any other information set forth
in the immediately preceding clause (i) that the Special Servicer reasonably expects to receive, calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other
Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency
Amount determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Special Servicer thereof. The Master Servicer, upon reasonable
prior written request, shall provide the Special Servicer with information in its possession that is reasonably required to calculate
or recalculate any Collateral Deficiency Amount. Upon reasonable prior written request, the Master Servicer shall use reasonable
efforts to assist the Special Servicer in obtaining information reasonably required to calculate or recalculate any Collateral
Deficiency Amount with respect to a Non-Serviced Mortgage Loan in the event that the Special Servicer is unsuccessful in obtaining
such information from the related Other

 

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Servicer, Other Special Servicer or Other Trustee. None of the Master Servicer, the Trustee
or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.

 

For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, the Non-Vertically Retained Percentage
of any Collateral Deficiency Amounts allocated to an AB Modified Loan will be allocated to each Class of Control Eligible Certificates
in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class
of Certificates is reduced to zero. For the avoidance of doubt, for purposes of determining the Controlling Class or the occurrence
of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated the Non-Vertically Retained Percentage
of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of which shall constitute
the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section 4.08(a).

 

The Special Servicer
shall notify the Master Servicer of any Appraisal Reduction Amount, and the Master Servicer shall notify the Certificate Administrator
of the amount of any Appraisal Reduction Amount (which notification shall be made by delivery of the CREFC® Loan
Periodic Update File in accordance with Section 3.13(a), any Collateral Deficiency Amount and any resulting Cumulative Appraisal
Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan, if any (which notification shall be satisfied
through delivery of such information included in the CREFC® Loan Periodic Update File and the CREFC®
Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package, or such report mutually agreed
upon between Master Servicer and Certificate Administrator, which shall be delivered simultaneously with the CREFC®
Loan Periodic Update File in accordance with Section 3.13(a)). Based on information in its possession, the Certificate Administrator
shall determine from time to time which Class of Certificates is the Controlling Class. Promptly upon its determination of a change
in the Controlling Class, the Certificate Administrator shall notify the Master Servicer, the Trustee, the Special Servicer and
the Operating Advisor of such event, including the identity and contact information of the new Controlling Class Certificateholder
(the cost of obtaining such information from the Depository being an expense of the Trust).

 

(b)       The
Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance,
as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is less than 25% of the
initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”) as a result of an
allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have the right, at their
sole expense, to require the Special Servicer to order a second Appraisal of any Mortgage Loan (or Serviced Whole Loan) for which
an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting
Holders”). The Special Servicer shall use its reasonable efforts to obtain an Appraisal prepared on an “as-is”
basis by an MAI appraiser reasonably acceptable to the Special Servicer within 30 days from receipt of the Requesting Holders’
written request. Any Appraised-Out Class for which the Requesting Holders are challenging the Appraisal Reduction Amount or Collateral
Deficiency Amount determination shall not exercise any rights of the Controlling Class until such time, if any, as such Class is
reinstated as the Controlling Class, and the rights of the Controlling Class will be exercised by the next most senior Control
Eligible Certificates, if any, during such period.

 

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Upon receipt of any such
second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second Appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted and,
if so warranted shall recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such
second Appraisal and receipt of information reasonably requested by the Special Servicer from the Master Servicer to the extent
such information is in the possession of the Master Servicer and is reasonably necessary to make such recalculation. If required
by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class, and each other Appraised-Out Class,
if any, shall have its related Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal
Reduction Amount or Collateral Deficiency Amount, if applicable.

 

Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)       An
appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in
full, liquidated, repurchased or otherwise disposed of) will be updated (i) every 12 months and (ii) upon the Special Servicer’s
determination that the value of the related Mortgaged Property has materially changed, in each case, for so long as an Appraisal
Reduction Event or Collateral Deficiency Amount exists. The cost of such Updated Appraisal shall be paid by the Master Servicer
as a Servicing Advance (or to the extent it would be a Nonrecoverable Advance, as an expense of the Trust paid out of the Collection
Account).

 

(d)       Notwithstanding
the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction Event occurring by reason
of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with respect to Serviced
Mortgage Loans or applicable Serviced Whole Loans having a Stated Principal Balance of $2,000,000 or higher, the Special Servicer
shall order and use commercially reasonable efforts to obtain an Updated Appraisal or (ii) with respect to Serviced Mortgage Loans
or applicable Serviced Whole Loans having a Stated Principal Balance of less than $2,000,000, the Special Servicer, at its option,
shall (A) provide a Small Loan Appraisal Estimate within the same time period as an Appraisal would otherwise be required and such
Small Loan Appraisal Estimate shall be used in lieu of an Updated Appraisal to calculate the Appraisal Reduction Amount for such
Mortgage Loans or applicable Serviced Whole Loans; or (B) order and use commercially reasonable efforts to obtain an Updated Appraisal.

 

(e)       Upon
reasonable request, the Master Servicer shall deliver by electronic mail to the Special Servicer any information in its possession
that is reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount, using reasonable
efforts to deliver such information, within four (4) Business Days following such request (which request shall be made promptly,
but in no event later than ten (10) Business Days, after the Special Servicer’s receipt of the applicable Appraisal or preparation
of the applicable internal valuation); provided, however, that the Special Servicer’s failure to timely make
such

 

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request shall not relieve the Master Servicer of its obligation to use reasonable efforts to provide such information to the
Special Servicer. The Master Servicer shall not calculate Appraisal Reduction Amounts.

 

On the first Distribution
Date occurring at least 10 Business Days after the receipt of an Updated Appraisal or completion of a Small Loan Appraisal Estimate,
as applicable, the Special Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated Appraisal or
Small Loan Appraisal Estimate, as applicable. Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent
Small Loan Appraisal Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent
Small Loan Appraisal Estimate, Updated Appraisal or letter update, as applicable. Such report shall also be forwarded by the Master
Servicer (or the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan), to the extent the related Serviced
Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which the
related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer (or
the Special Servicer if the related Mortgage Loan is a Specially Serviced Loan).

 

Section 4.09     Secure
Data Room. (a) The Certificate Administrator shall create the Secure Data Room and the Depositor shall, upon receipt of each
Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within 120 days following
the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been uploaded by the Mortgage Loan
Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly upload the contents of each
Diligence File to the Secure Data Room. Access to the Secure Data Room shall be granted by the Certificate Administrator to (i)
the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor, in each case, upon the occurrence
of an Affirmative Asset Review Vote and receipt by the Certificate Administrator of a certification substantially in the form
of Exhibit KK hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s Website). In no case whatsoever shall Certificateholders
be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation
to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered
to it by the Depositor.

 

(b)       The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type,
number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event
that any document or information is posted in error, the Certificate Administrator may remove such document or information from
the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any
document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible
or held liable for any other

 

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Person’s use or dissemination of the documents or information contained on the Secure Data Room;
provided that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The
Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person
with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties and responsibilities
under this Agreement.

 

(c)       Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall
transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor,
and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses
associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant
to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed
from the Trust, the Master Servicer or the Special Servicer, as applicable, may direct the Certificate Administrator in writing
to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided that absent such direction,
the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data Room. Following the termination
of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted to delete all files from the Secure
Data Room. Upon deletion, in no event shall the Certificate Administrator be obligated to reproduce or retrieve such deleted files.

 

Article
V

THE CERTIFICATES

 

Section 5.01     The
Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-SB Certificates,
the Class A-3 Certificates, the Class A-4 Certificates, the Class A-S Certificates, the Class X-A Certificates, the Class X-B
Certificates, the Class X-D Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the Class
E Certificates, the Class F-RR Certificates, the Class G-RR Certificates, the Class H-RR Certificates, the Class J-RR Certificates
and the Class R Certificates and the VRR Interest.

 

The Certificates of each
Class will be substantially in the form for such Certificates as set forth next to such Class in the Table of Exhibits to
this Agreement. The Certificates of each Class (other than the Class R Certificates) will be issuable in registered form only,
in minimum denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table,
and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount, as applicable, is not
a multiple of $1). With respect to any Certificate or any beneficial interest in a Certificate, the “Denomination”
thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case of any Global Certificate, set forth on a
schedule attached thereto or, in the case of any beneficial interest in a Global Certificate, the amount set forth on the books
and records of the related Depository Participant or indirect participating brokerage firm, as applicable, (ii) expressed in terms
of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized denomination, as set forth below.

 

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        Class
	 	Minimum Denomination

	 	
        Aggregate
Denomination of

all Certificates of Class

	 	 	 	 	 	 	 
	A-1 	 	$	10,000	 	 	$15,390,000
	A-2 	 	$	10,000	 	 	$58,585,000
	A-SB 	 	$	10,000	 	 	$21,534,000
	A-3 	 	$	10,000	 	 	$175,000,000
	A-4 	 	$	10,000	 	 	$266,794,000
	X-A 	 	$	1,000,000	 	 	$537,303,000
	X-B 	 	$	1,000,000	 	 	$146,800,000
	A-S 	 	$	10,000	 	 	$84,434,000
	B 	 	$	10,000	 	 	$31,663,000
	C 	 	$	10,000	 	 	$30,703,000
	X-D 	 	$	1,000,000	 	 	$34,541,000
	D 	 	$	100,000	 	 	$19,189,000
	E 	 	$	100,000	 	 	$15,352,000
	F-RR 	 	$	100,000	 	 	$7,675,000
	G-FF 	 	$	100,000	 	 	$7,676,000
	H-RR 	 	$	100,000	 	 	$8,635,000
	J-RR 	 	$	100,000	 	 	$24,947,113
	VRR 	 	$	100,000	 	 	$21,551,091

 

Each Certificate will
share ratably in all rights of the related Class.

 

The Class R Certificates
will be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests and together aggregating
the entire 100% Percentage Interest in such Class. The Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificates and the VRR
Interest shall be in the form of Individual Certificates.

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.

 

(b)       Except
insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee
may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of transmitting communications
pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate Administrator
with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate
Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners with respect
to Global

 

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Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository
and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of Global Certificates shall
not be entitled to physical certificates for the Global Certificates as to which they are the Certificate Owners. Requests and
directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are
made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private Global Certificate may request that
the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate
Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.
Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator
shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record
date in connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such
record date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository
except to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.

 

(c)       Any
of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted
or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required
to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage.

 

(d)       The
Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Certificate Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.”

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

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(e)       If
(i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or able properly to
discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to locate a qualified
successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding
to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding
it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class, the Certificate
Administrator shall notify the affected Certificate Owner or Owners through the Depository of the occurrence of such event and
the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender to the Certificate Administrator
of Global Certificates by the Depository, accompanied by registration instructions from the Depository for registration of transfer,
the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the
Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the
Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual
Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall recognize the
Holders of Individual Certificates as Certificateholders hereunder.

 

(f)        If
the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or
have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates,
and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall
no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent
will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.

 

(g)       If
the Trust Fund ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator shall make available
to each Holder and Certificate Owner of a Class of Certificates, upon request of such a Holder, information, to the extent such
information is in its possession, substantially equivalent in scope to the information currently filed by the Certificate Administrator
with the Commission pursuant to the Exchange Act, plus additional information required to be provided for securities qualifying
for resales under Rule 144A under the Act.

 

For so long as the Class
R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action which
would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

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(h)       Each
Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and
authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-19 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

(i)        If,
in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution
to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master
Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which is paid on
the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at such time,
the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution
on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities), the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible
for any resulting delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders.
Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of a Borrower failing to make such payments
shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.

 

(j)        During
the RR Interest Transfer Restriction Period, any Class F-RR, Class G-RR, Class H-RR and Class J-RR Certificate and the VRR Interest
shall only be held only as an Individual Certificate in the Retained Interest Safekeeping Account by the Certificate Administrator
(and the applicable Retaining Party’s interest shall be tracked in the form of an entry in the Certificate Administrator’s
trust accounting system under the Retained Interest Safekeeping Account), for the benefit of the Holder of the related Certificate.
The Certificate Administrator shall hold each Certificate evidencing the Class F-RR Certificate, the Class G-RR Certificate, the
Class H-RR Certificate, the Class J-RR or the VRR Interest in safekeeping and shall release the same only (i) upon receipt of written
direction from the holder of the HRR Interest or the VRR Interest, as applicable, and the Retaining Sponsor and the consent of
the Depositor (which consent shall not be unreasonably withheld), or (ii) if such release is in connection with a Transfer being
made pursuant to Section 5.02(n), and in the case of both clause (i) and (ii) in accordance with any authentication
procedures as may be utilized by the Certificate Administrator and in accordance with this Agreement. There shall be, and hereby
is, established by the Certificate Administrator an account which will be designated the “Retained Interest Safekeeping
Account” and in which the Certificates evidencing the HRR Interest and the

 

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Certificate evidencing the VRR Interest shall
be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate
Administrator may establish any number of subaccounts to the Retained Interest Safekeeping Account for the applicable Retaining
Party. Each of the Class F-RR Certificate, the Class G-RR Certificate, Class H-RR Certificate and Class J-RR Certificate and the
VRR Interest to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein. Upon receipt
by the Certificate Administrator of any Class F-RR, Class G-RR, H-RR or Class J-RR Certificate or VRR Interest in connection with
the initial issuance thereof and, for so long as the HRR Interest and the VRR Interest are held in the Retained Interest Safekeeping
Account by the Certificate Administrator pursuant to this Agreement, upon any transfer or exchange pursuant to this Article
V of any Class F-RR, Class G-RR, Class H-RR or Class J-RR Certificate or the VRR Interest, as applicable, the Certificate Administrator
shall deliver to the applicable Holder of the Class F-RR, Class G-RR, Class H-RR or Class J-RR Certificate, as applicable, or the
VRR Interest a receipt in the form set forth in Exhibit MM. No amounts distributable to the HRR Interest or the VRR Interest
shall be remitted to the Retained Interest Safekeeping Account, but shall be remitted directly to the applicable Retaining Party
in accordance with written instructions provided separately by such Retaining Party to the Certificate Administrator. Certificates
that comprise the HRR Interest and the VRR Interest shall no longer be subject to the restrictions established by reason of the
Credit Risk Retention Rules applicable to the HRR Interest and the VRR Interest following expiration of the RR Interest Transfer
Restriction Period or such earlier time as may be permitted in accordance with the Credit Risk Retention Rules (provided that the
Trustee may reasonably request an Opinion of Counsel to such effect at the expense of the holder of the HRR Interest or VRR Interest,
as applicable, to the extent it believes such opinion is necessary). Under no circumstances by virtue of safekeeping the Class
F-RR, Class G-RR, Class H-RR or Class J-RR Certificates or the VRR Interest shall the Certificate Administrator be obligated to
bring legal action or institute proceedings against any person on behalf of any Retaining Party. The Certificate Administrator
shall hold each Individual Certificate representing the HRR Interest and the VRR Interest at the below location, or any other location;
provided the Certificate Administrator has given notice to the applicable Retaining Party of such new location:

 

Wells Fargo Bank, National Association

Attention: Security Control and Transfer (SCAT)

MAC: N9345 010

425 E. Hennepin Avenue

Minneapolis, Minnesota 55414

 

The Certificate Administrator
shall make available to each Retaining Party its account information as mutually agreed upon by the Certificate Administrator and
such Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer of a Class
F-RR, Class G-RR, Class H-RR or Class J-RR Certificate or the VRR Interest shall be subject to Section 5.02.

 

Section 5.02     Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices books
(the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate Administrator,
in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee,

 

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the Master Servicer and the
Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all reasonable times,
and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in the Certificate Register.
The names and addresses of all Certificateholders and the names and addresses of the transferees of any Certificates shall be
registered in the Certificate Register; provided, in no event shall the Certificate Registrar be required to maintain in
the Certificate Register the names of the individual Participants holding beneficial interests in the Trust Fund through the Depository.
The Person in whose name any Certificate is so registered shall be deemed and treated as the sole owner and Holder thereof for
all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer, Special Servicer, the Trustee, the
Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected by any notice or knowledge to the
contrary. An Individual Certificate is transferable or exchangeable only upon the surrender of such Certificate to the Certificate
Registrar at its offices together with an assignment and transfer (executed by the Holder or his duly authorized attorney), subject
to the requirements of Section 5.01(h) and Sections 5.02(c), (d), (e), (f), (g), (h)
and (i) of this Agreement. Upon request of the Certificate Administrator, the Certificate Registrar shall provide the
Certificate Administrator with the names, addresses and Percentage Interests of the Holders.

 

(b)          Upon
surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions
of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this
Agreement.

 

(c)          In
addition to the provisions of Sections 5.02(h) and 5.02(d), (e), (f), (g), (h) and (i)
of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private Certificates
that are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the following restrictions:

 

(i)           Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
representing an interest in a Class of Private Certificates to a transferee that takes delivery in the form of an Individual Certificate
(other than transfers by the Depositor and subject to any other applicable subsections of this Section 5.02):

 

(A)       Other
than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer
of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate Registrar
with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment

 

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Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance
with Rule 144A;

 

(B)       The
Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the expiration
of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate
substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and
(2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)       The
Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee furnishes
to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made to an Institutional
Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of
a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance
with the Act;

 

and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)          Transfers
Within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Private Global Certificate
remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only be made
in accordance with this Section 5.02(c)(ii).

 

(A)       Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in
such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all applicable rules and procedures
of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable

 

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Procedures
from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited
with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
H to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository
or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase
the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest
in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global
Certificate was reduced upon such transfer.

 

(B)       Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global
Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent
Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as
the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the

 

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Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination
equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)       Regulation
S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Certificate Owner may, in addition
to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C). Upon
receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent
Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the
beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the
aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the Denomination of the Regulation S Global Certificate was reduced
upon such transfer.

 

(iii)         Transfers
from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private Global Certificate to
a transferee wishing to take

 

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delivery in the form of an Individual Certificate will require the transferee to take delivery subject
to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate
substantially in the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee
agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and
the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with this Section
5.02(c)(iii).

 

(A)       Transfers
of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require delivery in the form
of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions
of Section 5.02(c)(i)(C) of this Agreement.

 

(B)       Transfers
of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing
to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)       Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule
affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange
or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Private Global Certificate shall bear the Securities Legend.

 

(iv)         Transfers
of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate wishes at any time
to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with
the Applicable Procedures and this Section 5.02(c)(iv). Upon receipt by the Certificate Registrar at the Corporate Trust
Office of (l) the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.02(a) of
this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the
Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such
Regulation S Global Certificate or such Rule 144A

 

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Global Certificate, as the case may be, in an amount equal to the Denomination
of the Individual Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear
or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation
Letter from the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate,
a Regulation S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect
that such transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the
Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual
Certificate for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the
Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate
Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate,
as the case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited
to the account of the Person specified in such instructions who, in the case of any increase in the Regulation S Global Certificate
during the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case
may be, a corresponding Denomination of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may
be.

 

It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers
to an initial investor.

 

(v)       All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures.

 

(d)       If
Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates
so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party requesting
the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar,
that neither the Securities

 

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Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of
any Certificate comply with the provisions of Rule 144A or Rule 144 under the Act or that such Certificate is not a “restricted
security” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar
shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)       Subject
to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of
any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination)
by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed
as provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized
attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for
transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the
Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other than the Certificate Registrar),
execute and deliver at the office of the Certificate Administrator or at the office of such transfer agent, as the case may be,
to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail (at the risk of the
transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or Holder, as applicable,
may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination and in such
Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall
not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution Date.

 

(f)        An
Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may only be transferred
to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has actual knowledge
that such an Individual Certificate or beneficial interest in a Private Global Certificate is being held by or for the benefit
of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction, then the
Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the investor
to sell such Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.

 

(g)       Subject
to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited
to transfers of such Global Certificates in whole, but not in part, to nominees of the Depository or to a successor of the Depository
or such successor’s nominee.

 

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(h)       No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors, as provided
herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions,
submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar
in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)        Subject
to Section 5.02(e) of this Agreement, transfers of the Class R Certificates may be made only in accordance with this Section
5.02(i). The Certificate Registrar shall register the transfer of a Class R Certificate only if (x) the transferor has advised
the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer and (y) prior
to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation Letter. In addition, the Certificate
Registrar may as a condition of the registration of any such transfer require the transferor to furnish such other certifications,
legal opinions or other information (at the transferor’s expense) as it may reasonably require to confirm that the proposed
transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Act and other applicable laws.

 

(j)        No
transfer, sale, pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless that
transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and any
applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor,
the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register or qualify
the Private Certificates under the Act or any other securities law or to take any action not otherwise required under this Agreement
to permit the transfer of such Private Certificates without registration or qualification. Any Certificateholder desiring to effect
such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate Administrator, the
Trustee and the Certificate Registrar, against any loss, liability or expense that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

 

(k)       No
transfer of any Class F-RR, Class G-RR, Class H-RR, Class J-RR or Class R Certificate or the VRR Interest (each, a “Restricted
Certificate”) shall be made to (i) an employee benefit plan or other plan or arrangement subject to the fiduciary responsibility
provisions of ERISA, or Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject
to any federal, state or local law (“Similar Law”) which is to a material extent similar to the foregoing provisions
of ERISA or the Code (each, a “Plan”) or (ii) a collective investment fund whose underlying assets include Plan
assets by reason of a Plan’s investment in the collective investment fund pursuant to U.S. Department of Labor Regulation
Section 2510.3-101, as modified by Section 3(42) of ERISA, other than (with respect to transfer of Restricted Certificates other
than the Class R Certificates and the VRR Interest) an insurance company using the assets of its general account under circumstances
whereby such

 

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purchase and the subsequent holding of such Certificate by such insurance company would be exempt from the “prohibited
transaction” provisions of Sections 406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or
a substantially similar exemption under Similar Law. Each prospective transferee of a Restricted Certificate shall either (A) deliver
to the Depositor, the Certificate Registrar and the Certificate Administrator, a transfer or representation letter, substantially
in the form of Exhibit D-2 to this Agreement, stating that the prospective transferee is not a Person referred to in (i)
or (ii) above or (B) if the transferee is such an entity specified in (i) or (ii) above (except in the case of a Class R Certificate
and the VRR Interest, which may not be transferred unless the transferee represents it is not such an entity), such entity, at
its own expense, shall provide any opinion of counsel, officers’ certificates or agreements as may be required by, and in
form and substance satisfactory to, the Depositor, the Certificate Administrator and the Certificate Registrar, to the effect that
the purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited
transaction within the meaning of Sections 406 and 407 of ERISA and Section 4975 of the Code or a non-exempt violation of any Similar
Law, and will not subject the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Depositor, the Certificate Administrator, the Trustee, the Initial Purchasers, the Underwriters or the Certificate Registrar
to any obligation or liability (including obligations or liabilities under ERISA, Code Section 4975 or Similar Law), which opinion
of counsel shall not be an expense of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trust or the Certificate Registrar. None of the Certificate
Administrator or the Certificate Registrar shall register a Class R Certificate or any portion of the VRR Interest in any Person’s
name unless such Person has provided the letter referred to in clause (A) of the preceding sentence. The transferee of a
beneficial interest in a Global Certificate that is a Restricted Certificate shall be deemed to represent that it is not a Plan
or a Person acting on behalf of any Plan or using the assets of any Plan to acquire such interest other than (with respect to transfers
of beneficial interests in Global Certificates which are Restricted Certificates other than the Class R Certificates and the VRR
Interest) an insurance company using the assets of its general account under circumstances whereby such transfer to such insurance
company would be exempt from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975
of the Code under Sections I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted
Certificate that would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or Similar
Law shall be deemed absolutely null and void ab initio.

 

(l)        Each
Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest are expressly
subject to the following provisions:

 

(i)        Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the

 

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first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as soon and as fully as possible.

 

(ii)       No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form and substance satisfactory
to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor an affidavit in substantially
the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (ii) the proposed transferee understands that, as the holder of an Ownership
Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (iii) the proposed transferee intends
to pay taxes associated with holding the Ownership Interest as they become due, (iv) the proposed transferee will not transfer
the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual
knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman)
for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause income from the Class R Certificate
to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the proposed transferee or any other U.S. Tax Person and (vi) the proposed transferee expressly agrees to be bound by and to abide
by the provisions of this Section 5.02(l) and (y) other than in connection with the initial issuance of the Class R Certificates,
require a statement from the proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor
Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee
and has no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(m)      Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the
Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed
transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, that
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee.

 

Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to any transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described

 

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in Article V applicable with respect to changes in registration
of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall
have no liability for transfers, including transfers made through the book-entry facilities of the Depository or between or among
Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such
Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and
the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the
Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.

 

(n)       At
all times during the RR Interest Transfer Restriction Period, if a transfer of any Class F-RR, Class G-RR, Class H-RR or Class
J-RR Certificate or VRR Interest is to be made (other than in connection with transfers on the Closing Date), then the Certificate
Registrar shall refuse to register such transfer unless it receives (and, upon receipt, the Certificate Registrar may conclusively
rely upon) each of the following: (i) a certification from such Certificateholder’s prospective Transferee substantially
in the form attached hereto as Exhibit D-3, which such certification must be countersigned by the Retaining Sponsor, (ii) a request
and certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit
D-4, which such certification must be countersigned by the Retaining Sponsor, (iii) a Form W-9 completed by the Transferee and
(iv) wire instructions and contact information for the Transferee.

 

(o)       Upon
receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.01(j) and the following provisions
of this Section 5.02(o), facilitate the transfer and reflect such Class F-RR, Class G-RR, Class H-RR or Class J-RR Certificate
or VRR Interest, as applicable, in the name of the prospective Transferee. In no event shall a Class F-RR, Class G-RR, Class H-RR
or Class J-RR Certificate or the VRR Interest be held as a Global Certificate during the RR Interest Transfer Restriction Period.

 

(p)       After
the termination of the RR Interest Transfer Restriction Period, if a transfer of any Class F-RR, Class G-RR, Class H-RR or Class
J-RR Certificate or VRR Interest is to be made then the Certificate Registrar shall refuse to register such Transfer unless it
receives (and upon receipt may conclusively rely upon) each of the following: (i) a certification from such Certificateholder’s
prospective Transferee substantially in the form attached hereto as Exhibit D-3, which such certification must be countersigned
by the Retaining Sponsor, and (ii) a certification from the Certificateholder desiring to effect such transfer substantially in
the form

 

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attached hereto as Exhibit D-4, which such certification must be countersigned by the Retaining Sponsor.

 

Section 5.03     Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the
Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there
is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate Administrator
harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such Certificate
has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute and authenticate
and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate,
a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any new Certificate under
this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Certificate Registrar)
connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall constitute complete and indefeasible
evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued, whether or not the lost, stolen
or destroyed Certificate shall be found at any time.

 

Section 5.04     Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”) for the purpose
of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator
shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to execute and
deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master Servicer and
the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit
of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of as otherwise
provided herein. The initial Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as
the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“BBB+” by S&P, “A” from Fitch and an equivalent rating from KBRA (if rated by KBRA), or shall be otherwise
acceptable to each Rating Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05     Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes of
this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such application
states that the Applicant desires to communicate with other Certificateholders with respect to its rights under this Agreement,
the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder
(at such Certificateholder’s sole cost and expense) access during normal business hours to a current list of the Certificateholders
related to the Class of Certificates held by such Certificateholder.

 

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Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a Class of Certificates, and (ii) one of the following forms of documentation evidencing its beneficial ownership in such Class
of Certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion stamp guaranteed letter from a broker or dealer
stating the Requesting Investor is the beneficial owner, or (D) a document acceptable to the Certificate Administrator that is
similar to any of the documents identified in clauses (A) through (C). The Certificate Administrator shall not be
permitted to require any information other than the foregoing in verifying a Certificateholder’s or Certificate Owner’s
identity in connection with a Communication Request. Requesting Investors will be responsible for their own expenses in making
any Communication Request, but will not be required to bear any expenses of the Certificate Administrator. Upon receipt of such
request, the Certificate Administrator shall furnish or cause to be furnished to such Applicant a list of the names and addresses
of the Certificateholders as of the most recent Record Date.

 

(b)       Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar
that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such
information was derived.

 

(c)       Upon
the written request of any Certifying Certificateholder that (i) states that such Certificateholder desires the Certificate Administrator
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (ii) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section 5.06     Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and the Trustee and, when required, to the Master Servicer. Proof of execution of

 

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any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator,
the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)       The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator or the Trustee deems sufficient.

 

(c)       Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

(d)       The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.

 

Section 5.07     Rule
144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder of
a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner or a prospective
purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information required to be
delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section
13 or Section 15(d) of the Exchange Act.

 

Section 5.08     Voting
Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator shall
administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders by mail
with respect to Individual Certificates. In each case, such vote shall be administered in accordance with the following procedures,
unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)       Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Individual Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

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(b)       In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of “Voting Rights” as of the record date for the vote. Only Classes
with an outstanding Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a
Holder has cast its vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall
be communicated by the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed,
votes may not be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient
portion of the Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without
taking into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject
to and shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)       The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be counted.
Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of the vote.
Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition and
the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the date
such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest error,
re-tabulate the votes or conduct a new vote for the same proposition.

 

(d)       Any
and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne
by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer
questions other than process-related questions regarding the administration of the vote.

 

(e)       If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and
the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

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Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE OPERATING
ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER

 

Section 6.01     Liability
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer.
The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each shall
be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section 6.02     Merger
or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating
Advisor. Subject to the following paragraph, each of the Master Servicer and the Special Servicer shall keep in full effect
its existence, rights and good standing as a national banking association under the laws of the United States, and a limited liability
company in good standing under the laws of the State of Delaware, respectively, and shall not jeopardize its ability to do business
in each jurisdiction in which the Mortgaged Properties securing the Mortgage Loans that it is servicing are located, to the extent
necessary to perform its obligations under this Agreement, or to protect the validity and enforceability of this Agreement, the
Certificates or any of such Mortgage Loans that it is servicing and to perform its respective duties under this Agreement. In
addition, subject to the following paragraph, the Operating Advisor and the Asset Representations Reviewer shall keep in full
effect its existence, rights and good standing as a limited liability company under the laws of the State of New York and shall
not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are located or to protect the
validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans and to perform its respective duties
under this Agreement.

 

Each of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated
with or into any Person, or transfer all or substantially all of its assets (which may be limited to all or substantially all of
its assets relating to commercial mortgage loan servicing) to any Person, in which case any Person into which the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be merged or consolidated,
or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer, the Depositor, the
Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding to the business of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer shall be the successor of the
Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable,
hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Depositor,
the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if each of the Rating Agencies has provided
a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any; provided that
none of the Master Servicer, the Special Servicer or the Operating Advisor shall be required to obtain a Rating Agency Confirmation
from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, as applicable, is merged

 

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into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
if the Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, is the surviving entity under applicable law, the Master Servicer, the Special
Servicer or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating Agency
Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer, the Operating
Advisor or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into any Person that
is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited
Party, except to the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as applicable, is the surviving entity of such merger, consolidation or transfer and has been and continues to be in compliance
with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation or transfer,
which consent shall not be unreasonably withheld. The Asset Representations Reviewer shall keep in full effect its existence and
rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions
to the extent necessary to perform its duties under this Agreement. Any Person into which the Asset Representations Reviewer may
be merged or consolidated, or any Person resulting from any merger or consolidation to which the Asset Representations Reviewer
shall be a party, or any Person succeeding to the business of the Asset Representations Reviewer, shall be the successor of the
Asset Representations Reviewer hereunder, and shall be deemed to have assumed all of the liabilities and obligations of such Asset
Representations Reviewer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding; provided, however, that the Trustee has received a Rating
Agency Confirmation with respect to such successor or surviving Person.

 

Section 6.03     Limitation
on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
and Others. (a) None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer nor any Affiliates, partners, shareholders, directors, officers, employees, members, managers, representatives or agents
(including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer shall be under any liability to the Trust Fund, the Certificateholders, any Serviced Companion Loan Noteholders, any
party hereto or any third party beneficiary for any action taken, or for refraining from the taking of any action, in good faith
pursuant to this Agreement (including actions taken or not taken at the direction of any Directing Holder), or for errors in judgment;
provided, that this provision shall not protect the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer, or any Affiliate, representative, member, manager, director, officer, employee
or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, against any breach of warranties or representations made herein, or against any liability which would
otherwise be imposed by reason of willful misconduct, bad faith or negligence (or in the case of (x) the Master Servicer or Special
Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing Standard, (y) the Operating Advisor,
by reason of any specific liability imposed hereunder for a breach of

 

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the Operating Advisor Standard or (z) the Asset Representations
Reviewer, by reason of any specific liability imposed hereunder for a breach of the Asset Review Standard) in the performance
of duties or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliate, representative, member, manager, director,
officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer or the Operating
Advisor may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any
appropriate Person respecting any matters arising hereunder. In addition, in no event shall the Depositor be obligated to cause
any party to perform or comply with the obligations to remit the CREFC® Intellectual Property Royalty License Fee
to CREFC®, to report any such CREFC® Intellectual Property Royalty License Fee so paid or to make
available any Distribution Date Statement to the general public (or in particular, CREFC®).

 

The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates,
incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith,
fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder,
on the part of such indemnifying party.

 

The Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates, directors, officers,
employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held harmless by the Trust Fund
for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine,
foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates, other than any loss, liability
or expense (including legal fees and expenses) (i) incurred by such party by reason of willful misconduct, bad faith, fraud or
negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties thereunder or (ii)
in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members, managers, employees and
agents, incurred in connection with any violation by any of them of any state or federal securities law; provided that such
indemnified parties shall be paid out of the Collection Account in accordance with Section 3.06(a) of this Agreement; provided,
further, that if such matter relates directly to any Serviced Whole Loan, such indemnified parties shall be paid first out
of the applicable Serviced Whole Loan Custodial Account (allocated in accordance with the expense allocation provision of the related
Co-Lender Agreement), and then, if funds therein are insufficient, out of the Collection Account; provided that the
Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the
related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under
the related Co-Lender Agreement to obtain reimbursement from the related Companion Loan Noteholders for the portion of such amount
allocable to the related Serviced Companion Loans pursuant to the related Co-Lender Agreement.

 

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The Depositor shall indemnify
the Operating Advisor (both in its capacity as Operating Advisor and individually) and each of its Affiliates and each of its directors,
officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified
party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by such indemnified party in any action or proceeding between the Depositor and such indemnified party or between such
indemnified party and any third party or otherwise) resulting from the Depositor’s willful misconduct, bad faith, fraud or
negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Operating Advisor
shall indemnify the Depositor (both in its capacity as Depositor and individually) and each of its Affiliates and each of its directors,
officers, employees, representatives and agents, and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that such indemnified
party may sustain in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel
incurred by such indemnified party in any action or proceeding between the Operating Advisor and such indemnified party or between
such indemnified party and any third party or otherwise) resulting from the Operating Advisor’s willful misconduct, bad faith,
fraud or negligence in the performance of each of its duties hereunder or by reason of negligent disregard of its respective obligations
and duties hereunder.

 

The Asset Representations
Reviewer agrees to indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Depositor,
the Operating Advisor and the Trust and any partner, director, officer, shareholder, member, manager, employee or agent thereof,
and hold them harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs (including, without limitation, reasonable fees and disbursements of counsel incurred in connection with the enforcement
of the Asset Representations Reviewer’s indemnification obligation) judgments, and any other costs, liabilities, fees and
expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or negligence of the Asset
Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard
by the Asset Representations Reviewer of its duties and obligations hereunder or by reason of breach of any representations or
warranties made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor, as the case may be, shall
immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect to this Agreement or the
Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer shall assume the
defense of such claim (with counsel reasonably satisfactory to the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Depositor) and pay all expenses in connection therewith, including counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any
failure to so notify the Asset Representations Reviewer shall not affect any rights any of the foregoing Persons may have to indemnification
under this Agreement or otherwise,

 

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unless the Asset Representations Reviewer’s defense of such claim is materially prejudiced
thereby.

 

(b)       None
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall
be under any obligation to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties
under this Agreement or (ii) in its opinion may expose it to any expense or liability not recoverable from the Trust Fund; provided,
that each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
may in its discretion undertake any such action that it may deem necessary or desirable in respect to this Agreement and the rights
and duties of the parties hereto and the interests of the Certificateholders and holders of Serviced Companion Loan Securities,
if applicable, hereunder. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall
be expenses, costs and liabilities of the Trust Fund and the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor and the Asset Representations Reviewer shall be entitled to be reimbursed therefor from the Collection Account in accordance
with Section 3.06(a) of this Agreement) no later than 60 days after submitting such expenses or costs for reimbursement,
provided that a failure to reimburse such parties within such 60 days will not affect or limit such parties’ rights
to receive reimbursement hereunder; provided, further, that in the case of any Serviced Whole Loan, such amounts
shall be allocated in accordance with the expense allocation provision of the related Co-Lender Agreement, and such parties shall
be entitled to be reimbursed first, from the applicable Serviced Whole Loan Custodial Account and then, from the Collection
Account, all in accordance with Section 3.06(a) of this Agreement and the related Co-Lender Agreement.

 

(c)       The
terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

Section 6.04     Limitation
on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer, the
Special Servicer and the Operating Advisor. (a) Each of the Master Servicer, the Special Servicer and the Operating Advisor
may assign their respective rights and delegate their respective duties and obligations under this Agreement in connection with
the sale or transfer of a substantial portion of their commercial mortgage servicing, asset management or (solely with respect
to the Operating Advisor) commercial mortgage surveillance, portfolio, provided that: (i) the purchaser or transferee accepting
such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing institution
(or, in the case of the Operating Advisor, an Eligible Operating Advisor), organized and doing business under the laws of the
United States of America, any state of the United States of America or the District of Columbia, authorized under such laws to
perform the duties of the Master Servicer, Special Servicer or Operating Advisor or a Person resulting from a merger, consolidation
or succession that is permitted under Section 6.02 of this Agreement, (B) shall be acceptable to each Rating Agency as
confirmed in a Rating Agency Confirmation delivered to the Trustee and the Certificate Administrator relating to the Certificates
and Serviced Companion Loan Securities, if any, (C) shall execute and deliver to the Trustee and the Certificate Administrator
an agreement that contains an assumption by such Person of the due and punctual performance and observance of each covenant and
condition to be performed or observed by the Master Servicer, Special

 

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Servicer or Operating Advisor, as applicable under this
Agreement from and after the date of such agreement and (D) shall not be a Prohibited Party; (ii) the Master Servicer, the Special
Servicer or the Operating Advisor shall not be released from its obligations under this Agreement that arose prior to the effective
date of such assignment and delegation under this Section 6.04; (iii) the rate at which the Servicing Compensation, Special
Servicing Compensation or Operating Advisor Fee, as applicable (or any component thereof) is calculated shall not exceed the rate
then in effect; (iv) the resigning Master Servicer, Special Servicer or Operating Advisor, as applicable, shall be responsible
for the reasonable costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer; and
(v) as to the Special Servicer only, for so long as any applicable Control Termination Event has not occurred and is not continuing,
the approval of such successor special servicer by the Directing Holder, which approval in each case shall not be unreasonably
withheld. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master Servicer,
Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)       Except
as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special Servicer and
the Operating Advisor shall not resign from its respective obligations and duties hereby imposed on it except (i) upon determination
that such duties hereunder are no longer permissible under applicable law, (ii) in connection with the assignment of rights and
delegation of duties as set forth in Section 6.04(a) or (iii) solely with respect to the Operating Advisor, pursuant to
Section 6.04(e). Any such determination described in clause (i) above permitting the resignation of the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee
and the Certificate Administrator. In the event that the Master Servicer or Special Servicer resigns as a result of the determination
that their respective obligations are no longer permissible under applicable law, the Trustee will then succeed to all of the responsibilities,
duties and liabilities of the resigning party as Master Servicer or Special Servicer, as the case may be, under this Agreement
and will be entitled to the same compensation as specified in this Agreement as being payable to the Master Servicer or the Special
Servicer, as applicable. If the Trustee is unwilling or unable to so act, it may appoint, or petition a court of competent jurisdiction
to appoint, a loan servicing institution or other entity, subject to the Trustee’s receipt of a Rating Agency Confirmation
from each of the Rating Agencies and, with respect to a successor Special Servicer, for so long as no Control Termination Event
has occurred and is continuing and other than with respect to an Excluded Loan, which has been approved by the Controlling Class
Representative, which approval may not be unreasonably withheld.

 

(c)       The
Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special
Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall be
effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation or Special
Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it is entitled)
and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such amounts accrue
prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor Master Servicer has deposited
into the Investment Accounts

 

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from which amounts were withdrawn to reimburse the terminated Master Servicer, an amount equal to
the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn except pursuant to this paragraph,
in which case the successor Master Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as
the terminated Master Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

(d)       No
resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding paragraphs
of this Section 6.04 shall become effective until (i) the Trustee or a successor Master Servicer, Special Servicer or Operating
Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s or Operating Advisor’s
responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have filed any required
Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03 or Section 10.09
has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation,
removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute a Reportable
Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator
and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other Person pursuing
such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s or the
Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated effective
date of such event. If no successor Master Servicer, Special Servicer or Operating Advisor can be obtained to perform such obligations
for the same compensation to which the terminated Master Servicer, Special Servicer or Operating Advisor would have been entitled,
additional amounts payable to such successor Master Servicer, Special Servicer or Operating Advisor shall be treated as Realized
Losses.

 

(e)       The
Operating Advisor may resign from its obligations and duties hereby imposed on it (i) upon thirty (30) days’ prior written
notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations
Reviewer, the Risk Retention Consultation Party and the Controlling Class Representative, if applicable, and (ii) upon the appointment
of, and the acceptance of such appointment by, a successor Operating Advisor that is an Eligible Operating Advisor and receipt
by the Trustee of Rating Agency Confirmation from each Rating Agency. No such resignation by the Operating Advisor shall become
effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and
obligations. The resigning Operating Advisor shall pay all costs and expenses (including costs and expenses incurred by the Trustee
and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 6.04(e).

 

Section 6.05     Rights
of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect to their
performance of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford the Depositor,
the Underwriters, the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable
notice, during normal business hours access to all records maintained by it in respect of its rights and obligations hereunder
and access to its officers responsible for such obligations. Upon written request, the Master Servicer and/or the Special

 

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Servicer,
as applicable, shall furnish to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee its most recent publicly available financial statements (or, with respect to the Master Servicer, those of its ultimate
parent) and such other non-proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine
in its sole and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it
is not prohibited by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce the obligations
of the Master Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to, perform, or cause
a designee to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person hereunder, provided
that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder by virtue of such
performance by the Depositor or its designee. If the Depositor or its designee undertakes any such action, it will be reimbursed
by the Trust Fund from the Collection Accounts (or with respect to a Serviced Whole Loan, to the extent such reimbursement is
allocable to such Serviced Whole Loan Custodial Account), as provided in Section 3.06 and Section 6.03(a) hereof
to the extent not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate
Administrator, the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer)
or the Special Servicer (solely with respect to any action or failure to act by the Master Servicer) shall have any responsibility
or liability for any action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to
monitor or supervise the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither
the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information
pursuant to this Section.

 

Section 6.06     The
Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master Servicer,
or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof, subject to the applicable restrictions set forth in the definition of “Certificateholder.”

 

Section 6.07     The
Directing Holder and the Risk Retention Consultation Party. (a) For so long as no Control Termination Event has occurred and
is continuing, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all Specially Serviced
Loans (other than Excluded Loans) or (2) the Special Servicer with respect to Performing Loans (other than Excluded Loans) as
to all matters constituting Major Decisions; and notwithstanding anything herein to the contrary, except as set forth in, and
in any event subject to the second and third paragraphs of this Section 6.07, both (a) the Master Servicer, solely to the
extent it is permitted to take any action constituting a Major Decision or Special Servicer Decision as set forth in Section
3.26 hereof, shall not take any action constituting a Major Decision or Special Servicer Decision unless it has obtained the
prior written consent of the Special Servicer, and (b) with respect to any Serviced Mortgage Loan (other than any Excluded Loan),
for so long as no Control Termination Event has occurred and is continuing, the Special Servicer shall not consent to the Master
Servicer’s taking any of any actions constituting a Major Decision and the Special Servicer shall not take any action constituting
a Major Decision as to which the Directing Holder has objected in writing (i) with respect to any Major Decision other than the
Major Decision described in clause (k) of the definition of “Major Decision,” within 10 Business Days

 

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(or,
if the Directing Holder and the Special Servicer are Affiliates, 5 Business Days) and (ii) within 30 days with respect to clause
(k) of the definition of “Major Decision” or such longer period provided for in any related Co-Lender Agreement
but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval), in each case
after receipt of the related Major Decision Reporting Package; provided that if such written objection has not been received
by the Special Servicer within such 5 Business Day, 10 Business Day or 30 day period, the Directing Holder will be deemed to have
approved such action; provided further that, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise
authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to the foregoing
matters, or any other matter requiring consent of the Directing Holder (if no Control Termination Event has occurred and is continuing)
(or consultation with the Risk Retention Consultation Party) in this Agreement, is necessary to protect the interests of the Certificateholders
and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan) and the Special Servicer has made a reasonable effort to contact the Directing Holder or Risk Retention Consultation
Party, the Master Servicer or the Special Servicer, as the case may be, may take any such action without waiting for the Directing
Holder’s response or without consulting the Risk Retention Consultation Party; provided, however, that the
failure of the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor to respond will not relieve the
Special Servicer from seeking consent of or consulting with, as applicable, the Directing Holder, the Risk Retention Consultation
Party or the Operating Advisor on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any
other Mortgage Loan. If there is any request for consent required to be delivered to the Directing Holder directly by the Master
Servicer, the Directing Holder shall be entitled to 10 Business Days or 30 days, as applicable, to respond before its consent
is deemed given notwithstanding any affiliation between the Directing Holder and the Special Servicer.

 

The Special Servicer
is not required to obtain the consent of the Directing Holder for any Major Decision if a Control Termination Event has occurred
and is continuing; provided that, if an Operating Advisor Consultation Event has occurred and is continuing, the Special
Servicer shall consult with the Operating Advisor in connection with any Major Decision and consider alternative actions recommended
by the Operating Advisor; provided, further, that, if a Control Termination Event has occurred and is continuing
but no Consultation Termination Event has occurred and is continuing, the Special Servicer shall consult with the Directing Holder
in connection with any Major Decision and any other matters set forth in this Agreement as to which the consent or approval of
the Directing Holder would have been required or as to which the Directing Holder would have had the right to advise or direct
the Special Servicer or the Master Servicer if no Control Termination Event had occurred and was continuing and consider alternative
actions recommended by the Directing Holder; provided, further, that such consultation with the Directing Holder
or the Operating Advisor is not binding on the Special Servicer.

 

With respect to each
Serviced Mortgage Loan and Serviced Whole Loan, prior to the occurrence and continuance of an Operating Advisor Consultation Event,
the Special

 

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Servicer shall provide each Major Decision Reporting Package with respect to such Mortgage Loan or Whole Loan to the
Operating Advisor promptly after the Special Servicer receives the Directing Holder’s approval or deemed approval of such
Major Decision Reporting Package; provided, however, that if such Mortgage Loan or Whole Loan is a non-Specially
Serviced Loan, no Major Decision Reporting Package will be required to be delivered to the Operating Advisor prior to the occurrence
and continuance of an Operating Advisor Consultation Event. After the occurrence and during the continuance of an Operating Advisor
Consultation Event (whether or not a Control Termination Event is continuing), the Special Servicer shall provide each Major Decision
Reporting Package with respect to each Serviced Mortgage Loan and Whole Loan to the Operating Advisor simultaneously with the Special
Servicer’s written request for the Operating Advisor’s input regarding the related Major Decision with respect to such
Mortgage Loan or Whole Loan (which written request and Major Decision Reporting Package may be delivered in one notice).

 

The Risk Retention Consultation
Party shall be entitled to consult on a strictly non-binding basis with respect to Major Decisions (i) for so long as no Consultation
Termination Event is continuing, with the Special Servicer with respect to any Specially Serviced Loan (other than any Excluded
Risk Retention Consultation Party Loan), REO Loans or REO Properties and (ii) during the continuance of a Consultation Termination
Event, with the Special Servicer with respect to any Mortgage Loan serviced under this Agreement (other than any Excluded Risk
Retention Consultation Party Loan). For the avoidance of doubt, any consultation with the Risk Retention Consultation Party under
this Agreement shall occur only upon request of the Risk Retention Consultation Party with respect to any individual triggering
event, and any such consultation shall be on a strictly non-binding basis.

 

If the Special Servicer
receives no response from the Directing Holder or the Risk Retention Consultation Party within 10 Business Days (or, if the Directing
Holder or the Risk Retention Consultation Party and the Special Servicer are Affiliates, 5 Business Days) following the Special
Servicer’s written request for input on any requested consultation (which initial request is required to include the related
Major Decision Reporting Package), the Special Servicer will not be obligated to consult with the Directing Holder or the Risk
Retention Consultation Party, as applicable, on the specific matter; provided, however, that the failure of the Directing
Holder or the Risk Retention Consultation Party to respond will not relieve the Special Servicer from consulting with such party
on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.

 

In addition, for so long
as no Control Termination Event has occurred and is continuing, the Directing Holder may direct the Special Servicer to take, or
to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to
which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction,
and no objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special
Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Co-Lender Agreement
or the REMIC Provisions, including without limitation the Special Servicer’s obligation to act in accordance with the Servicing
Standard, or expose the Master Servicer, the Special Servicer, the Paying Agent, the Trust Fund, the Certificate

 

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Administrator
or the Trustee to liability, or materially expand the scope of the Special Servicer’s responsibilities hereunder.

 

If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice from the Directing
Holder or the Risk Retention Consultation Party, would otherwise cause the Special Servicer or Master Servicer, as applicable,
to violate the terms of any Mortgage Loan, any Co-Lender Agreement, applicable law, the REMIC Provisions or this Agreement, including
without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal
to consent or advice and notify the Directing Holder or the Risk Retention Consultation Party (other than with respect to any Excluded
Risk Retention Consultation Party Loan), respectively, and the Trustee, the related Serviced Companion Loan Noteholder (if any)
and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor.
The taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction
of or approval of the Directing Holder that does not violate any law or the Servicing Standard or any other provisions of this
Agreement or any Co-Lender Agreement will not result in any liability on the part of the Master Servicer or the Special Servicer.

 

Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no Consultation
Termination Event has occurred, the Controlling Class Representative shall be entitled to the rights of the “Non-Directing
Holder” (or similar term) under the related Co-Lender Agreement and (ii) at no time shall the Operating Advisor be entitled
to the rights of the “Non-Directing Holder” (or similar term) under the related Co-Lender Agreement.

 

The Directing Holder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any action
taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing Holder shall
not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful
misfeasance or bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations or duties.

 

The Risk Retention Consultation
Party shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person for any
action taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Risk Retention
Consultation Party shall not be protected against liability to the Holder of the VRR Interest that would otherwise be imposed by
reason of willful misfeasance or bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations
or duties.

 

(b)       Notwithstanding
anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing, the Directing Holder
shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination Event
has occurred and is continuing but no Consultation Termination Event has occurred, the Directing Holder shall remain entitled to
receive any notices, reports or information

 

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to which it is entitled pursuant to this Agreement, and the Master Servicer, Special
Servicer and any other applicable party shall consult with the Directing Holder in connection with any action to be taken or refrained
from taking to the extent set forth herein; and (iii) if a Consultation Termination Event has occurred, the Directing Holder shall
have no consultation or consent rights hereunder and no right to receive any notices, reports or information (other than notices,
Voting Rights given to all Certificateholders and rights to receive reports or information required to be delivered to all Certificateholders)
or any other rights as Directing Holder.

 

For the avoidance of
doubt, with respect to any Specially Serviced Loan, the Risk Retention Consultation Party shall at all times remain entitled to
receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Special Servicer and any
other applicable party shall consult with the Risk Retention Consultation Party (other than with respect to any Excluded Loan as
to such Party and any Excluded Risk Retention Consultation Party Loan) to the extent set forth herein in connection with any action
to be taken or refrained from taking.

 

(c)       The
Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate
Administrator provide the name of the then current Directing Holder for any applicable Mortgage Loan or Serviced Whole Loan. Upon
such request, the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request)
provide the name of the then current Directing Holder to the Master Servicer, the Special Servicer, the Trustee or the Operating
Advisor, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then current Directing
Holder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then current
Directing Holder, then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) the Certificate
Administrator shall promptly (but in no event more than five (5) Business Days following such request) request from the Depository,
the list of Certificate Owners of the Controlling Class, and the Certificate Administrator shall provide such list to the Master
Servicer, the Special Servicer, the Trustee or the Operating Advisor. Any expenses incurred in connection with obtaining such information
shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which
the Directing Holder (or Controlling Class Representative) has review, consent or consultation rights with respect to an action
taken by, or report prepared by, the requesting party pursuant to this Agreement or in connection with a request made by the Operating
Advisor in connection with its obligation under this Agreement to deliver a copy of its Operating Advisor Annual Report to the
Controlling Class Representative and (ii) the requesting party has not been notified of the identity of the Directing Holder (or
Controlling Class Representative) or reasonably believes that the identity of the Directing Holder (or Controlling Class Representative)
has changed, then such expenses shall be at the expense of the Trust. The Master Servicer, the Special Servicer, the Trustee and
the Operating Advisor, shall be entitled to conclusively rely on any such information so provided.

 

To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Directing Holder or the list of Holders
(or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer or the Special Servicer, as applicable,
shall promptly notify the Trustee, the Certificate Administrator, the Operating

 

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Advisor, the Master Servicer and the Special Servicer
thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.

 

Section 6.08     Rights
of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable,
shall:

 

(a)          consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such
Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Co-Lender Agreement or the implementation of any recommended actions outlined
in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such Non-Directing
Holder (or its designee or representative); provided, that after the expiration of a period of ten (10) Business Days from
the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed action, together
with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable, shall no longer
be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the Master Servicer
or Special Servicer, as applicable, proposes a new course of action that is materially different from the action previously proposed,
in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery of all information
relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder, the Master Servicer
or the Special Servicer, as applicable, may take any “major decision” or “major action” set forth in the
related Co-Lender Agreement or any action set forth in the Asset Status Report before the expiration of the aforementioned ten
(10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate action with respect
thereto is necessary to protect the interests of the Certificateholder and the related Companion Loan Noteholder. Unless specified
otherwise in the related Co-Lender Agreement, neither the Master Servicer or the Special Servicer shall be obligated at any time
to follow or take any alternative actions recommended by the Non-Directing Holder; and

 

(b)          in
addition to the foregoing non-binding consultation rights, if provided for in the related Co-Lender Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

Article
VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

Section 7.01     Servicer
Termination Events. (a) “Master Servicer Termination Event,” wherever used herein, means any one of the
following events:

 

(i)           any
failure by the Master Servicer (A) to make any deposit required to the Collection Account or the Serviced Whole Loan Custodial
Account for any Serviced

 

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Whole Loan on the day and by the time such deposit was first required to be made under the terms of this
Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted (including, without limitation, any
required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable Advance), which failure
is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided, that to the extent the Master
Servicer does not timely make such remittance to the Certificate Administrator, the Master Servicer shall pay the Certificate Administrator
for the account of the Certificate Administrator interest on any amount not timely remitted at the Prime Rate from and including
the applicable required remittance date to, but not including, the date such remittance is actually made), or (C) to remit to any
holder of a Serviced Companion Loan, as and when required by this Agreement or any related Co-Lender Agreement, any amount required
to be so remitted (which failure continues for two Business Days);

 

(ii)          any
failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (15 days in the case of the Master Servicer’s
failure to make a Servicing Advance or 45 days in the case of failure to pay the premium for any insurance policy required to be
force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary
to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse
in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Master Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement,
(b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c)
an affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being cured and the Master Servicer
is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;

 

(iii)         any
breach on the part of the Master Servicer of any representation or warranty contained in Section 2.05(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator,

 

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receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

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

 

(vi)         the
Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)        the
Master Servicer is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage Master Servicer and is not restored
to such status on such list within sixty (60) days;

 

(viii)       KBRA
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or more
Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and in the case
of clause (A) or (B), such qualification, downgrade or withdrawal or “watch status” placement shall not
have been withdrawn by KBRA within sixty (60) days of such event), and, in the case of either of clause (A) or (B),
publicly citing servicing concerns with the Master Servicer as the sole or a material factor in such rating action;

 

(ix)         the
Master Servicer is no longer rated at least “CMS3” by Fitch and such Master Servicer is not reinstated to at least
that rating within 60 days of the delisting; or

 

(x)          subject
to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting items required to be delivered
by the Master Servicer to the Trustee or the Certificate Administrator under Article X (other than items to be delivered
by a Mortgage Loan Seller Sub-Servicer) by the time required under Article X after any applicable grace periods (including
the five Business Day period specified in clause (y) below) or (b) any Exchange Act reporting items that a primary servicer,
sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Master
Servicer (but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated
if it defaults in accordance with the provision of this clause (x);

 

then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x)
the Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (x)
above upon five (5) Business Days’ notice, shall, terminate all of the rights and

 

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obligations of the Master Servicer (other
than as set forth in Section 7.01(e)). In the case of clauses (vii) - (ix), the Certificate Administrator
shall be required to notify Certificateholders and Serviced Companion Loan Noteholders of such Master Servicer Termination Event
and request whether such Certificateholders and, if applicable, Serviced Companion Loan Noteholders favor such termination.

 

If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, then the Master Servicer
shall also be terminated as Special Servicer.

 

If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section
7.01(a)(vii), Section 7.01(a)(viii) or Section 7.01(a)(ix) and if the Master Servicer provides the Trustee with
the appropriate “request for proposal” materials within five (5) Business Days following such termination notice, then
the Master Servicer shall continue to serve as Master Servicer hereunder until a successor Master Servicer is selected in accordance
with this Section 7.01(a) Upon receipt of the “request for proposal” materials, the Trustee shall promptly thereafter
(using such “request for proposal” materials provided by the Master Servicer) solicit good faith bids for the rights
to service the Mortgage Loans and Serviced Companion Loans under this Agreement from at least three (3) Persons qualified to act
as Master Servicer hereunder in accordance with Section 6.02 and 7.02 of this Agreement (any such Person so qualified,
a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many persons as the
Trustee can determine are Qualified Bidders; provided that, at the Trustee’s request, the Master Servicer shall supply
the Trustee with the names of Persons from whom to solicit such bids; and provided, further, that the Trustee shall
not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to service the Mortgage Loans and Serviced
Companion Loans under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of
such bid, to enter into this Agreement as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days
after the notice of termination of the Master Servicer. The materials provided to the Trustee shall provide for soliciting bids:
(i) on the basis of such successor Master Servicer retaining all Sub-Servicers to continue the primary servicing of the Mortgage
Loans and Serviced Companion Loans pursuant to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing
Agreement with the terminated Master Servicer to service each of the Mortgage Loans and Serviced Companion Loans for which it was
the Master Servicer and not subject to a Sub-Servicing Agreement at a sub-servicing fee rate per annum equal to, for each
Mortgage Loan and Serviced Companion Loan serviced, the excess of the related Servicing Fee Rate minus the related Excess Servicing
Fee Rate (each, a “Servicing Retained Bid”); and (ii) on the basis of terminating each Sub-Servicing Agreement
and Sub-Servicer that it is permitted to terminate in accordance with Section 3.01(c) of this Agreement (each, a “Servicing
Released Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none,
the highest cash Servicing Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”)
to act as successor Master Servicer hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation
in accordance with the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder, then
the Trustee shall repeat the bid process described above (but subject to the above described 45 day time period) until such Rating
Agency Confirmation is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as

 

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successor Master
Servicer pursuant to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided,
that the initial Master Servicer may request and obtain, with the prior written consent of the Directing Holder, an additional
20 days for such sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer’s
Certificate stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion Loans cannot
be completed in the initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by the Successful
Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained Bid, to the Master Servicer
to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from the Successful Bidder (net
of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing) and (ii) if
the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer its respective Bid Allocation.

 

The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee
thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this
Agreement.

 

Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials
referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection
with a Master Servicer Termination Event under Section 7.01(a)(vii), 7.01(a)(viii) or 7.01(a)(ix) of this
Agreement, and the Master Servicer shall continue to perform as such and to collect the servicing fee until the conclusion of the
process described in this Section 7.01(a).

 

(b)          “Special
Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)           any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremedied for two Business Days, or any failure by the Special Servicer to remit to Master Servicer for deposit into,
the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Custodial Account) any amount
required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement; provided,
that the failure of the Special Servicer to remit such amount to the

 

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Master Servicer shall not be a Special Servicer Termination
Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer for
any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer
and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)          any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (45 days in the case of failure to pay
the premium for any insurance policy required to be force placed by the Special Servicer pursuant to this Agreement or in any event
such reasonable shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating
to unpaid real estate taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice
of such failure, requiring the same to be remedied, shall have been given to the Special Servicer, by (a) any other party hereto,
with a copy to each other party to this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests
aggregating not less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure
is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable,
will be extended an additional 30 days;

 

(iii)         any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.05(b) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less
than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable of
being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

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

 

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

 

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(vi)         the
Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)        the
Special Servicer is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer and is not
restored to such status on such list within sixty (60) days;

 

(viii)       KBRA
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or more
Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and in the case
of clause (A) or (B), such qualification, downgrade or withdrawal or “watch status” placement shall not
have been withdrawn by KBRA within sixty (60) days of such event), and, in the case of either of clause (A) or (B),
publicly citing servicing concerns with the Special Servicer as the sole or a material factor in such rating action;

 

(ix)         the
Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated to at least
that rating within 60 days of the delisting; or

 

(x)          subject
to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required under
Article X after any applicable grace periods (including the five Business Day period specified in clause (z) below)
or (b) any Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the
“Sub-Servicing Entity”) retained by the Special Servicer (but excluding any Mortgage Loan Seller Sub-Servicer)
is required to deliver (any Sub-Servicing Entity shall be terminated if it defaults in accordance with the provision of this clause
(x).

 

then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(v) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (y) for so long as no Control Termination Event
has occurred and is continuing, the Directing Holder or (z) the Depositor with respect to clause (x) above upon five (5)
Business Days’ notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights
to indemnification provided in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(b) of
this Agreement). In the case of clauses (vii) - (ix) above, the Trustee shall, upon actual knowledge by a Responsible
Officer of such Special Servicer Termination Event, be required to notify the Special Servicer and the Certificate Administrator,
and the Certificate Administrator, upon receipt of such notice or upon actual knowledge by a Responsible Officer of such Special
Servicer Termination Event, shall notify the Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer
Termination Event and request whether such Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor
such termination.

 

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(c)          Notwithstanding
Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced Companion Loan and the Master
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Master Servicer as
the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee, at
the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint a sub-servicer (or if a sub-servicer
is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such Serviced Whole Loan, but only if
such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing agreement, and the Master
Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect to all of the rights and
obligations of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer shall appoint
a replacement sub-servicer with respect to such Serviced Whole Loan; provided, that such sub-servicer meets the eligibility
requirements of a successor master servicer under Section 7.02 (including receipt of a Rating Agency Confirmation relating
to the Certificates and Serviced Companion Loan Securities, if any) and the eligibility requirements of each Other PSA.

 

(d)          Notwithstanding
Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced Companion Loan and the Special
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Special Servicer
as the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee,
at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with respect to the related Serviced Whole
Loan only, but no other Mortgage Loan.

 

(e)          If
the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder
and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued
or owing to it under this Agreement, plus interest at the Reimbursement Rate on such amounts until received to the extent such
amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right
to the benefits of Section 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special
Servicer, the right to receive any Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(b)
of this Agreement. No successor Special Servicer shall be entitled to such Workout Fee received by the terminated Special Servicer.
On or after the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement, whether
with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and to the
extent that it is a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested
in the Terminating Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby authorized
and empowered to execute and deliver, on behalf of and at the expense of the

 

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Terminated Party, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans
and related documents, or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated pursuant
to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide, at
its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating
Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer
to the successor Master Servicer or Special Servicer or the Terminating Party, as applicable, for administration by it of all cash
amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer to the Collection
Account, the applicable Serviced Whole Loan Custodial Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale
Reserve Account, Lock-Box Account or Cash Collateral Account or which shall thereafter be received with respect to the Mortgage
Loans, and shall promptly provide the Terminating Party or such successor Master Servicer or successor Special Servicer (which
may include the Trustee) all documents and records reasonably requested by it, such documents and records to be provided in such
form as the Terminating Party or such successor Master Servicer or Special Servicer shall reasonably request (including electronic
form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder. All reasonable costs
and expenses of the Terminating Party (including the cost of obtaining a Rating Agency Confirmation and any applicable indemnity)
or the successor Master Servicer or successor Special Servicer incurred in connection with transferring the Mortgage Files to the
successor Master Servicer or Special Servicer and amending this Agreement to reflect such succession as successor Master Servicer
or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer or the Special
Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer
or Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer
for such expenses within 90 days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust
Fund; provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the
extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation
to take all reasonable actions to collect such expenses on behalf of the Trust Fund.

 

In no event shall the
Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer Termination Event
or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the case
may be, has received written notice thereof or has actual knowledge thereof.

 

Section 7.02     Trustee
to Act; Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special Servicer
pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until a successor is appointed by the Directing Holder as provided in this Section 7.02 or Section
3.22(b), as applicable, in all respects in its capacity as the Master Servicer or the Special Servicer under this Agreement
and the transactions set forth or provided

 

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for herein and, except as provided herein, shall be subject to all the responsibilities,
duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special
Servicer by the terms and provisions hereof, provided, that (i) the Terminating Party shall have no responsibilities, duties,
liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure
to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide,
or delay in providing, records, tapes, disks, information or monies shall not be considered a termination event for such successor
hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided
to the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special
Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any
liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as the Master
Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations and warranties of the
Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Master
Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase any Mortgage Loan or any Serviced
Companion Loan hereunder. As compensation therefor, the Terminating Party as successor Master Servicer or successor Special Servicer
shall be entitled to the Servicing Compensation or Special Servicing Compensation, as applicable, and all funds relating to the
Mortgage Loans or the Serviced Companion Loans that accrue after the date of the Terminating Party’s succession to which
such predecessor Master Servicer or Special Servicer would have been entitled if such predecessor Master Servicer or Special Servicer,
as applicable, had continued to act hereunder. If any Advances made by the Master Servicer or the Trustee shall at any time be
outstanding, or any amounts of interest thereon shall be accrued and unpaid, all amounts available to repay Advances and interest
hereunder shall be applied entirely to the Advances made by the Trustee (and the accrued and unpaid interest thereon), until such
Advances and interest shall have been repaid in full. Notwithstanding the above, the Trustee may, if it shall be unwilling to
so act, or shall if it is unable to so act or if the Holders of Certificates entitled to (i) in the case of the Master Servicer,
at least 25% of the aggregate Voting Rights, or (ii) in the case of the Special Servicer, at least 25% of the aggregate Voting
Rights (or, for so long as no Control Termination Event has occurred and is continuing, the Directing Holder), so request in writing
to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion Loan Noteholder so requests in writing
to the Trustee, or if the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage pools similar
to the Trust Fund, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing
institution that, for so long as no Control Termination Event has occurred and is continuing, has been approved by the Directing
Holder (which approval shall not be unreasonably withheld) to act as the successor to the Master Servicer or Special Servicer,
as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer
or Special Servicer hereunder; provided that the Trustee shall obtain a Rating Agency Confirmation with respect to the
Certificates and any Serviced Companion Loan Securities. No appointment of a successor to the Master Servicer or Special Servicer
hereunder shall be effective until the assumption by such successor of all the Master Servicer’s or Special Servicer’s
responsibilities, duties and liabilities hereunder, which

 

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appointment has been approved, if no Control Termination Event has occurred
and is continuing, by the Directing Holder, such approval not to be unreasonably withheld. Pending appointment of a successor
to the Master Servicer (or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee
shall be prohibited by law from so acting, the Trustee shall act in such capacity as hereinabove provided. Pending the appointment
of a successor to the Special Servicer, the Trustee shall act in such capacity. In connection with such appointment and assumption
described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans,
Serviced Companion Loans or otherwise as it and such successor shall agree; provided, that no such compensation shall be
in excess of that permitted to the Terminated Party hereunder, unless no successor to the Terminated Party can be obtained to
perform the obligations of such Terminated Party hereunder, in which case additional amounts shall be paid to such successor and
such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses. Any successor Special Servicer
shall be subject to the rights of the Directing Holder under Section 3.22(b) of this Agreement. The Depositor, the Trustee,
the Master Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to
the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce
the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee)
for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section 7.02.

 

Section 7.03     Notification
to Certificateholders and Other Persons. (a) Upon its receipt of written notice of any termination pursuant to Section
7.01 above or appointment of a successor to the Master Servicer or the Special Servicer, the Certificate Administrator shall
give prompt written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register,
the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), the Operating Advisor, the Asset Representations Reviewer and to each Serviced Companion
Loan Noteholder at its address appearing in the Serviced Companion Loan Noteholder Register.

 

(b)         Within
30 days after the occurrence of any Servicer Termination Event, Operating Advisor Termination Event or Asset Representations Reviewer
Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail to the
Depositor, the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
and each Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor Termination Event or
Asset Representations Reviewer Termination Event, unless such Servicer Termination Event, Operating Advisor Termination Event or
Asset Representations Reviewer Termination Event shall have been cured or waived.

 

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Section 7.04     Other
Remedies of Trustee. During the continuance of any Servicer Termination Event, so long as the Servicer Termination Event shall
not have been remedied, the Trustee, in addition to the rights specified in Section 7.01 of this Agreement, shall have
the right, in its own name as Trustee of an express trust, to take all actions now or hereafter existing at law, in equity or
by statute to enforce its rights and remedies and to protect the interests, and enforce the rights and remedies, of the Certificateholders
and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan Noteholders (including the institution
and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt in connection
therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom shall be expenses,
costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance
with the expense allocation provision of the related Co-Lender Agreement). Except as otherwise expressly provided in this Agreement,
no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative
and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy
or shall be deemed to be a waiver of any Servicer Termination Event.

 

Section 7.05     Waiver
of Past Servicer Termination Events and Operating Advisor Termination Events; Termination. The Holders of Certificates evidencing
not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together with each affected Serviced Companion Loan
Noteholder (to the extent they are adversely affected by such Servicer Termination Event or Operating Advisor Termination Event,
as applicable), on behalf of all Holders of Certificates waive any termination event with respect to the Master Servicer, the
Special Servicer or the Operating Advisor in the performance of its obligations hereunder and its consequences, except a termination
event with respect to making any required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments
from the Collection Account, any Serviced Whole Loan Custodial Account or the Lower-Tier REMIC Distribution Account, or in remitting
payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such termination
event shall cease to exist, and any Servicer Termination Event or Operating Advisor Termination Event arising therefrom shall
be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other termination
event or impair any right consequent thereon. Notwithstanding the foregoing, a Master Servicer Termination Event under Section
7.01(a)(x) or a Special Servicer Termination Event under Section 7.01(b)(x) of this Agreement may be waived only with
the consent of the Depositor.

 

Section 7.06     Trustee
as Maker of Advances. If the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure
remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer Termination Event
resulting from such failure by the Master Servicer with respect to Servicing Advances to the extent a Responsible Officer of the
Trustee has actual knowledge of such failure with respect to such Servicing Advances and (y) by 12:00 noon (New York City time)
on the related Distribution Date with respect to P&I Advances pursuant to the Trustee’s receipt of notice of failure
pursuant to Section 4.07(a) of this Agreement unless the Trustee has received notice that such failure has been cured by
11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of
the Master Servicer’s

 

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rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s
rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance
is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused by the Master Servicer’s
failure to perform its obligations hereunder); provided, that if Advances made by the Trustee and the Master Servicer shall
at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances
and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall
have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances.
The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance or any determination
of nonrecoverability in connection therewith by the Master Servicer hereunder.

 

Section 7.07     Termination
of the Operating Advisor. (a) An “Operating Advisor Termination Event” means any one of the following events
whether any such event shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body:

 

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

 

(ii)          any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days;

 

(iii)         any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of 30
days;

 

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

 

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

 

(vi)         the
Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend
payment of its obligations.

 

Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s Website and by
mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor Termination Event
has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall not have been remedied,
either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not less than 25% of the Voting
Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations of the Operating Advisor
under this Agreement, other than rights and obligations accrued prior to such termination, including the right to receive all amounts
accrued and owing to it under this Agreement, and other than indemnification rights (arising out of events occurring prior to such
termination), by notice in writing to the Operating Advisor; provided that no such termination shall be effective until
a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement.
Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate
Administrator and the Trustee of any Operating Advisor Termination Event of which the Depositor has actual knowledge.

 

(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a vote
to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating Advisor
and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate
Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof
to the Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s Website
and (ii) mail at their addresses appearing in the Certificate Register. Upon the written direction of Holders of Certificates evidencing
more than 50% of the Voting Rights that exercise their right to vote (provided that Holders of at least 50% of the Voting
Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations of the Operating Advisor with
respect to the Mortgage Loans under this Agreement by notice in writing to the Operating Advisor, other than rights and obligations
accrued prior to such termination including the right to receive all amounts accrued and owing to it under this Agreement and other
than indemnification rights arising out of events occurring prior to such termination. The provisions set forth in the foregoing
sentences of this Section 7.07(b) shall be binding upon and inure to the benefit of solely the Certificateholders and the
Trustee as between each other. The Operating Advisor shall not have any cause of action based upon or arising from

 

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any breach or
alleged breach of such provisions other than may arise, as a result of the failure to comply with the above described voting procedures.
As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled
in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.

 

(c)          On
or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any
and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect
the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1) the Operating
Advisor resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator delivers such written
notice of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a successor
Operating Advisor that is an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and
shall be the proposed Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided,
that if the Trustee is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its
Affiliates shall be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor
Operating Advisor to the Master Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator
shall promptly provide such notice to the Controlling Class Representative, each Serviced Companion Loan Noteholder and each Certificateholder)
within one Business Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate
of any of them. If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the date
hereof, the Operating Advisor shall immediately resign or cause an assignment under Section 6.04 of this Agreement and the
Trustee shall upon the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class
of Certificates appoint a successor Operating Advisor subject to and in accordance with this Section 7.07(c), which successor
Operating Advisor may be an Affiliate of the Trustee.

 

(d)          Upon
any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as
possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor,
the Certificateholders, any Serviced Companion Loan Noteholder and, if no Consultation Termination Event has occurred and is continuing,
the Controlling Class Representative and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement). If the Operating Advisor is terminated, all of
its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the
date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than
indemnification rights (arising out of events occurring prior to such termination).

 

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(e)          If
the credit risk retention requirements under the Credit Risk Retention Rules have expired with respect to the HRR Interest and
there are no Classes of Certificates outstanding other than the Control Eligible Certificates, the VRR Interest and the Class R
Certificates, then all of the rights and obligations of the Operating Advisor under this Agreement shall terminate without payment
of any termination fee (other than any rights or obligations that accrued prior to the date of such termination (including accrued
and unpaid compensation) and other than indemnification rights arising out of events occurring prior to such termination). If the
Operating Advisor is terminated pursuant to this Section 7.07(e), then no replacement Operating Advisor shall be appointed.
The Trustee shall provide the Operating Advisor with prompt notice upon its termination pursuant to this Section 7.07(e).

 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section 8.01     Duties
of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator undertakes to perform
such duties and only such duties as are specifically set forth in this Agreement and no permissive right of the Trustee shall
be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible Officer of the Trustee has
actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of this Agreement shall exercise
such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)         The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished pursuant to any provision of this Agreement (other than the Mortgage Files, the review of which is specifically
governed by the terms of Article II, the Diligence Files, any CREFC® reports and any information delivered
for posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website), shall examine
them to determine whether they conform on their face to the requirements of this Agreement; provided, that, the Trustee
or the Certificate Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate,
statement, opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not to
conform on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator, as
applicable, shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected
to such Trustee’s or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate Administrator
will provide notice thereof to the Certificateholders.

 

(c)          None
of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control” persons
within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided that,
subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee, the
Certificate Administrator or any such person, from liability for its own negligent

 

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action, its own negligent failure to act or
its own willful misconduct or its own bad faith; and provided, further, that:

 

(i)           The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part of
the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;

 

(ii)          Reserved;

 

(iii)         Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% of the
Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the aggregate
Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee
or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)         Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

(v)          Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of any
Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Co-Lender
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from

 

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amounts on deposit in the Collection Account (and with respect to any Serviced Whole Loan,
the related Serviced Whole Loan Custodial Account) or the Distribution Account and identified on the Trust Ledger, unless such
legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any breach
of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

 

(vi)         Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special
Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered to the
Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None of the provisions
contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate Administrator, in its
capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the Trustee or the Certificate
Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate
Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the
Master Servicer, the Special Servicer, the Asset Representations Reviewer or the Operating Advisor under this Agreement, except,
in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the rights,
duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither
the Trustee nor the Certificate Administrator shall be required to post any surety or bond of any kind in connection with its performance
of its obligations under this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss
on any investment of funds pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer
or Special Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

Section 8.02     Certain
Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Section 8.01 of
this Agreement:

 

(i)           The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine
and to have been signed or presented by the proper party or parties and neither the Trustee nor the Certificate Administrator shall
have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

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(ii)          Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

 

(iii)         (A)
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case may be, against
the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained herein shall
relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which has not been cured or waived)
of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights and powers vested in it by this
Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the Certificate Administrator
to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee or the Certificate
Administrator, as the case may be, shall not be answerable for other than its own negligence or willful misconduct or bad faith
in the performance of any such act;

 

(iv)         None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken, suffered
or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may be, to
be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)          Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other percentage
as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment within a reasonable
time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as the case may be,
not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded to it by the
terms of this Agreement, the Trustee or the Certificate

 

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Administrator, as the case may be, may require indemnity reasonably satisfactory
to it from such requesting Holders against such cost, expense or liability as a condition to taking any such action. The reasonable
expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating Advisor, as applicable,
if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master
Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation;

 

(vi)         The
Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys but shall
not be relieved of the obligations hereunder; provided, that the Trustee or the Certificate Administrator, as the case may
be, may not perform any duties hereunder through any Person that is a Prohibited Party; and

 

(vii)        Other
than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or the Certificate
Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage and regardless of the form of action.

 

(viii)       In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own negligence,
bad faith or willful misconduct;

 

(ix)         Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank acting in any particular capacity hereunder will not be deemed
to be imputed with knowledge of (a) Wells Fargo Bank, acting in a capacity that is unrelated to the transactions contemplated by
this Agreement, or (b) Wells Fargo Bank, acting in any other capacity hereunder, except, in the case of either clause (a) or (b),
where some or all of the obligations performed in such capacities are performed by one or more employees within the same group
or division of Wells Fargo Bank, or where the groups or divisions responsible for performing the oblations in such capacities have
one or more of the same Responsible Officers; provided, however, the knowledge of employees performing solely special servicing
functions shall not be imputed to employees performing solely master servicing functions, and the knowledge of employees performing
sorely master servicing functions shall not be imputed to employees performing solely special servicing functions; and

 

(x)          Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

(b)          Following
the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this
Agreement, accept any

 

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contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall have received
an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to the effect
that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.

 

(c)          All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          Neither
the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence of
any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility
of any Mortgage Loan for purposes of this Agreement.

 

(e)          Neither
the Trustee nor the Certificate Administrator shall be under any obligation to monitor repurchase activity or to independently
determine which Repurchase Requests remain unresolved.

 

(f)           Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent).

 

(g)          In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the
Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and record certain information relating
to individuals and entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly,
each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from
time to time, such identifying information and documentation as may be available for such party in order to enable the Certificate
Administrator and the Trustee to comply with Applicable Law.

 

Section 8.03     Trustee
and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The recitals contained herein and in the Certificates
shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume no responsibility for their correctness.
The Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and
the Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates
or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage

 

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Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility or
liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the existence,
condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon (other than if
the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement)
or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related Mortgage File on any computer
or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant
to Section 7.02 of this Agreement); (iv) the validity of the assignment of any Mortgage Loan to the Trust Fund or of any
intervening assignment; (v) the completeness of any Mortgage File; the performance or enforcement of any Mortgage Loan (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of
this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the
Asset Representations Reviewer with any warranty or representation made under this Agreement or in any related document or the
accuracy of any such warranty or representation prior to the Trustee’s receipt of written notice or other discovery of any
non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the direction of the Master Servicer or
any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties
of the Certificate Administrator, the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement) or
any sub-servicer or any Borrower; any action of the Master Servicer or Special Servicer (other than if the Trustee shall assume
the duties of the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement) or any sub-servicer taken
in the name of the Trustee, except to the extent such action is taken at the express written direction of the Trustee; (viii)
the failure of the Master Servicer or the Special Servicer or any sub-servicer to act or perform any duties required of them on
behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission of the Trustee or the Certificate Administrator
taken at the instruction of the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties of
the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) unless the taking of such action
is not permitted by the express terms of this Agreement; provided, that the foregoing shall not relieve the Trustee or
the Certificate Administrator of their respective obligations to perform their duties as specifically set forth in this Agreement.
The Trustee or the Certificate Administrator shall not be accountable for the use or application by the Depositor, the Certificate
Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer
or the Special Servicer of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any
funds paid to the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the
Certificate Administrator only), the Master Servicer or the Special Servicer in respect of the assignment of the Mortgage Loans
or deposited in or withdrawn from the Collection Accounts, any Serviced Whole Loan Custodial Account, the Lower-Tier REMIC Distribution
Account, the Upper-Tier REMIC Distribution Account, the

 

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Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, the
Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained by or on behalf
of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the Trustee or the
Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any
financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer) or to record
this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution of interest
for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate Administrator,
as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee or the Certificate
Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at the expense of the Person asserting
the impermissibility) to the effect, that such payment is not permitted by applicable law. The Depositor is not obligated to monitor
or supervise the performance of the Trustee or the Certificate Administrator under this Agreement or otherwise.

 

Section 8.04     Trustee
and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent of the Trustee
or the Certificate Administrator in its individual capacity or any other capacity may become the owner or pledgee of Certificates,
and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial
Purchasers and the Underwriters in banking transactions, with the same rights it would have if it were not Trustee, Certificate
Administrator or such agent, as the case may be.

 

Section 8.05     Payment
of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a) On each Distribution Date,
prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall be entitled to withdraw and
pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as reasonable compensation from
amounts remitted to the Lower-Tier REMIC Distribution Account (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust), for all services rendered in the execution of the trusts hereby created and
in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator at the Certificate
Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee Fee.

 

(b)          If
the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or otherwise
arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled to the compensation
to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other than the rights of the
Special Servicer to receive any Workout Fee specified in Section 3.12(b) of this Agreement if the Special Servicer is terminated).

 

(c)          The
Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the

 

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reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be entitled
to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein and to
the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations
Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct
or bad faith; provided, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii) of this
Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective duties
hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee Fee, or
the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable. The term
“unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate Trustee
or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated as
of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and the losses, liabilities, damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC or the Upper-Tier REMIC, including, without limitation,
under Section 2.04, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and Section
7.01 of this Agreement.

 

The Master Servicer and
the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances
incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the
Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.

 

(d)          Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the Special
Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and not
jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate Administrator (in its capacity
as Certificate Administrator, Custodian, Paying Agent and individually) and each of their Affiliates and each of the partners,
shareholders, members, managers, directors, officers, employees, representatives and agents of the Trustee and the Certificate
Administrator and each of their Affiliates (each, for purposes of this Section 8.05(d), an “Indemnified Party”),
and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees
and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with
this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the Indemnified Party in
any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third
party or otherwise, including any action brought for the enforcement of this indemnity) resulting from each such Indemnifying Party’s
respective willful

 

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misconduct, bad faith, fraud or negligence in the performance of each of its respective duties hereunder or
by reason of negligent disregard of its respective obligations and duties hereunder (including in the case of the Master Servicer,
any agent of the Master Servicer or sub-servicer).

 

The Trust Fund shall
indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities, damages,
penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable fees and
disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified
Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement, the Mortgage Loans
or the Certificates other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party
or the Custodian, as applicable, in the performance of its obligations and duties under this Agreement, (ii) by reason of its negligent
disregard of those obligations or duties, or as may arise from a breach of any representation or warranty of the Indemnified Party
or the Custodian, as applicable, made in this Agreement and (iii) as to which such Indemnified Party or the Custodian, as applicable,
is entitled to indemnification pursuant to this Section 8.05(d). The right of reimbursement of the Indemnified Parties under
this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(e)          Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to such
resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)           This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses, disbursements,
advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental matter.

 

(g)          Each
of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only, for
purposes of this Section 8.05(g), an “Indemnifying Party A”) shall (severally and not jointly) indemnify
the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master
Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party A”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party A may sustain
in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified
Party A in any action or proceeding between the Indemnifying Party A and the Indemnified Party A or between the Indemnified Party
A and any third party or otherwise) resulting from the applicable Indemnifying Party A’s willful misconduct, bad faith, fraud
or negligence in the

 

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performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

(h)   
     The Certificate Administrator (for purposes of this Section 8.05(h), the
“Indemnifying Party B”) shall, solely in its capacity as the 17g-5 Information Provider, indemnify each
Mortgage Loan Seller and Cantor Fitzgerald & Co. (each, for purposes of this Section 8.05(h), an
“Indemnified Party B”), and hold each of them harmless against any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses
that the Indemnified Party B may sustain in connection with this Agreement (including, without limitation reasonable fees and
disbursements of counsel incurred by the Indemnified Party B in any action or proceeding between the Indemnifying Party B and
the Indemnified Party B or between the Indemnified Party B and any third party or otherwise) related to (i) the
applicable Indemnifying Party B’s willful misconduct, bad faith, fraud or negligence in the performance of its duties
hereunder or by reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating
Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange
Act Rule 17g-5(a)(3), to the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance
of its duties hereunder or by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party
B.

 

Section 8.06     Eligibility
Requirements for Trustee and Certificate Administrator. The Trustee and Certificate Administrator hereunder shall at all times:

 

(a)          be
a corporation, national bank, national banking association or a trust company organized and doing business under the laws of any
state or the United States of America,

 

(b)          be authorized under such laws to exercise corporate trust powers and to accept the trust
conferred under this Agreement,

 

(c)          have a combined capital and surplus of at least $100,000,000,

 

(d)          be subject to supervision or examination by federal or state authority and shall not be an
Affiliate of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the
Trustee has assumed the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section
7.02 of this Agreement), and

 

(e)          not
be a Prohibited Party,

 

(f)           be
an institution insured by the Federal Deposit Insurance Corporation, and

 

(g)          have
(A) a rating on its long-term unsecured debt of at least “BBB+” by S&P, (B) a rating on its long-term unsecured
debt of at least “A-” by Fitch or a rating on its short-term debt of at least “F1” by Fitch and (C) if
rated by KBRA, a rating on its long-term unsecured debt of at least “A-“ by KBRA; provided that the Trustee
will not become ineligible to serve based on a failure to satisfy such rating requirements as long as (A) it maintains a long-term
unsecured debt rating of no less than “BBB” by S&P and its short-term debt obligations

 

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have a short-term rating
of not less than “A-2” from S&P, (B) it maintains a long-term unsecured debt rating of no less than “BBB”
by Fitch or a short-term debt rating of at least “F2” by Fitch, and (C) the Master Servicer maintains (1) a rating
on its unsecured long-term debt of at least “A” by S&P and a rating on its short-term debt of at least “A-1”
from S&P and (2) a rating on its unsecured long-term debt of a least “A” by Fitch or a rating on its short-term
debt of at least “F1” by Fitch (or, in the case of any Rating Agency’s rating requirement set forth in this sentence,
such other rating with respect to which the applicable Rating Agency has provided a Rating Agency Confirmation.

 

Notwithstanding the foregoing,
if the Trustee or the Certificate Administrator meets the provisions of clauses (a) through (c), (e), (f)
and (g) above, but does not meet the provisions of clause (d) above, the Trustee or the Certificate Administrator,
as the case may be, shall be deemed to meet the provisions of such clause (d) if it appoints a fiscal agent as a back-up
liquidity provider, provided that such fiscal agent meets the provisions of clauses (a) through (g) above
and shall have assumed in writing all obligations of the Trustee or the Certificate Administrator, as the case may be, to make
Advances under this Agreement as and when required of the Trustee or the Certificate Administrator, as the case may be. If a corporation
or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for purposes of this Section the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If the place of business
from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the
net income of either Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall
elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07 of this Agreement, (ii)
pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose
such a tax. If at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions
of this Section, the Trustee or the Certificate Administrator, as the case may be, shall resign immediately in the manner and with
the effect specified in Section 8.07 of this Agreement.

 

Section 8.07     Resignation
and Removal of Trustee and Certificate Administrator. The Trustee and the Certificate Administrator may at any time resign
and be discharged from the trusts hereby created by giving written notice thereof to the Trustee, the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Mortgage Loan Sellers, the Master Servicer, the
Special Servicer, the Directing Holder and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement). Upon notice of resignation from the Trustee, the
Depositor shall promptly appoint a successor trustee, the appointment of which is subject to the requirements contained in Section
8.06 of this Agreement and shall be, if no applicable Control Termination Event has occurred and is continuing, acceptable
to the Directing Holder. Upon notice of resignation from the Certificate Administrator, the Trustee shall promptly appoint a successor
certificate administrator, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement.
If no successor trustee or certificate administrator shall have been so appointed and have accepted appointment within 30 days
after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as the case may be, may petition
any court of competent jurisdiction for the

 

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appointment of a successor and such petition shall
be an expense of the Trust. Subject to the foregoing sentence the resigning Trustee or the Certificate Administrator, as applicable,
shall bear all reasonable out of pocket costs and expenses of each other party hereto and each Rating Agency in connection with
its resignation.

 

If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement
and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee
or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of
the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer
shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs),
for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator (if different than
the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer to timely perform
its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5) days,
or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the
Depositor or the Master Servicer shall promptly appoint a successor by written instrument, which shall be delivered to the Trustee
or the Certificate Administrator, as the case may be, so removed and to the successor. If no successor trustee or certificate administrator
shall have been so appointed and have accepted appointment within 180 days after the giving of such notice of removal, the removed
Trustee or Certificate Administrator may petition any court of competent jurisdiction for the appointment of a successor trustee
or certificate administrator, as applicable and such petition shall be an expense of the Trust.

 

The Holders of Certificates
entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time with 30 days’ prior
written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written instrument or instruments,
in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Trustee, the Certificate Administrator and the successor trustee or certificate administrator, as applicable.

 

Any resignation or removal
of the Trustee or Certificate Administrator and appointment of a successor trustee or certificate administrator pursuant to any
of the provisions of this Section 8.07 shall not become effective until (i) acceptance of appointment by the successor trustee
or certificate administrator as provided in Section 8.08 and (ii) the Certificate Administrator shall have filed any required
Form 8-K pursuant to Section 10.09 hereof and any other Form 8-K filings have been completed with respect to any related
Companion Loan.

 

In addition, if the Trustee
or the Certificate Administrator is terminated without cause, the terminating party shall pay all of the expenses of the Trustee
or the Certificate

 

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Administrator, as the case may be, necessary to affect the transfer of its responsibilities to the successor.

 

If the Trustee is terminated
or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement and in and to the Mortgage
Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination or removal (including
the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to it under this Agreement, plus interest
at the Reimbursement Rate on all such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination or removal).

 

If the Certificate Administrator
is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations under this Agreement and in
and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such termination
or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued or owing to it under this
Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation, termination, or
removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian (but including,
without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent).

 

Upon the resignation,
assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee, (i) the outgoing
Trustee, at its own expense without right to reimbursement therefor, shall (a) endorse the original executed Mortgage Note for
each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing
Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 or in blank, and (b) in the
case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned to the outgoing Trustee), assign
and record such Loan Documents to such successor, and such successor shall review the documents delivered to it or to the Custodian
with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such
endorsement and assignment has been made; (ii) if any original executed Mortgage Note for a Mortgage Loan was not endorsed to the
outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor trustee and the Custodian shall cooperate with
any successor trustee to ensure that such Mortgage Note is endorsed (without recourse, representation or warranty, express or implied)
to the order of the successor trustee, as trustee for the registered holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2019-CF3 or in blank. If any assignable Loan Document (other than the Mortgage Note) was not
assigned to the outgoing Trustee or if the Trustee is removed pursuant to Section 8.07 without cause, with respect to the
Loan Documents identified in clause (b) of the preceding sentence, the Custodian shall deliver such Loan Documents to the
successor trustee and, if appropriate, such Loan Documents shall be recorded at the expense of the Trust (i) prior to the occurrence
and continuance of a Control Termination Event, with the consent of the Controlling Class Representative, (ii) after the occurrence
and continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, after consultation
with the Controlling Class Representative

 

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and (iii) after the occurrence and during the continuance of an Operating Advisor Consultation
Event, after consultation with the Operating Advisor and the reasonable cooperation (as determined by the Depositor) of the Depositor.

 

Section 8.08     Successor
Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute, acknowledge and
deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, the Certificate Administrator
(or in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the
case may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee
or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect
as if originally named as Trustee or Certificate Administrator, as applicable, herein; provided that such successor shall
satisfy the requirements contained in Section 8.06 of this Agreement. The predecessor Trustee or Certificate Administrator,
as applicable, shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and
the Depositor and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments
and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor all
such rights, powers, duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept
appointment as provided in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under
the provisions of Section 8.06 of this Agreement.

 

Upon acceptance of appointment
by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the succession of such Trustee
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail
such notice within 10 days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Depositor.

 

(b)         Any
successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.

 

(c)          Neither
the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

Section 8.09     Merger
or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate Administrator
may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion or consolidation
to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially all of
the corporate trust business of the Trustee or the Certificate Administrator, shall be the successor of the Trustee or the Certificate
Administrator, as the case may be, hereunder; provided that such Person shall be eligible under the provisions of Section
8.06 of this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding. The Trustee or the Certificate Administrator, as applicable, shall notify the
other parties hereto of any such event, and the Certificate Administrator shall post notice of such merger or consolidation to

 

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the Certificate Administrator’s Website in accordance with Section 3.14(d) of this Agreement and provide notice of
such event to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement).

 

Section 8.10     Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any
legal requirements of any jurisdiction in which any part of the Trust Fund or property securing the same may at the time be located
or for enforcement actions or where a conflict of interest arises, the Depositor and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act (at the expense
of (i) the Trustee, if the need to appoint such co-trustee(s) arises from any change in or matter relating to the identity, organization,
status, power, conflicts, internal policy or other development or matter with respect to the Trustee, and/or (ii) the Trust Fund,
if the need to appoint such co-trustee(s) arises from a change in applicable law or the identity, status or power of the Trust
Fund; provided, however, that in the event the need to appoint such co-trustee(s) arises from a combination of the
events described in clause (i) and clause (ii), the expense shall be split evenly between the Trustee and the Trust
Fund; and provided, further, that in the event the need to appoint such co-trustee(s) arises from none of the events
described in clause (i) and clause (ii), such appointment shall be at the expense of the Trust Fund) as co-Trustee
or co-Trustees, jointly with the Trustee, or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other
provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may
consider necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by
it of a request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall
have the power to make such appointment. Except as required by applicable law, the appointment of a co-Trustee or separate Trustee
shall not relieve the Trustee of its responsibilities, obligations and liabilities hereunder. No co-Trustee or separate Trustee
hereunder shall be required to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no
notice to Holders of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be required under Section
8.08 hereof.

 

In the case of any appointment
of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate Trustee
or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized to act separately without
the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts
are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate Trustee
or co-Trustee solely at the direction of the Trustee.

 

No Trustee under this
Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement. The Depositor
and the Trustee acting jointly

 

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may at any time accept the resignation of or remove any separate Trustee or co-Trustee, or if the
separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of or remove
any separate Trustee or co-Trustee.

 

Any notice, request or
other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees and co-Trustees, as
effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall refer to this Agreement
and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee. Each separate Trustee and
co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument
of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee be entitled to any provision relating
to the conduct of, affecting the liability of or affording protection to such separate Trustee or co-Trustee that imposes a standard
of conduct less stringent than that imposed by the Trustee hereunder, affording greater protection than that afforded to the Trustee
hereunder or providing a greater limit on liability than that provided to the Trustee hereunder.

 

Any separate Trustee
or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority, to the extent
not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
Trustee.

 

Article
IX

TERMINATION

 

Section 9.01     Termination.
(a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee created hereby with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator
and the Master Servicer, as the case may be, required hereunder to be so paid on the Distribution Date following the earlier to
occur of (i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c)
of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance
with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on
any Mortgage Loan included in the Trust Fund or (b) the final payment, liquidation and disposition pursuant to this Agreement
of the last asset held by the Trust Fund; provided, that in no event shall the trust created hereby continue beyond the
expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P.

 

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Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

For purposes of this
Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to Section
9.01(g), and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Special
Servicer and the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection (c).
For purposes of this Section 9.01, the Controlling Class Representative with the consent of the Holders of the Controlling
Class, shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the
Trust.

 

(b)         The
Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Lower-Tier REMIC shall be sold
or otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning
of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the
applicable Notice of Termination is given, and requiring that the assets of the Lower-Tier REMIC shall be sold for cash and that
the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall terminate on a Distribution Date occurring not more than 90
days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice
of Termination given pursuant to Section 9.01(c) of this Agreement shall constitute the adoption of the plan of complete
liquidation as of the date such notice is given, which date shall be specified by the Certificate Administrator in the final federal
income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC or
the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for
each Trust REMIC for the period ending with such termination, and shall retain books and records with respect to the Trust REMICs
for the same period of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall
sign all Tax Returns and other reports required by this Section.

 

(c)          The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans, then included in the Trust Fund, and the Trust’s
interest in all REO Property acquired in respect of any Mortgage Loan at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

(i)           The
aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) then included in the Trust Fund;

 

(ii)          the
fair market value of all REO Property included in the Trust Fund, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

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(iii)         the
reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related to such purchase, unless the Master Servicer
or the Special Servicer, as applicable, is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
of and indemnity amounts owed by the Trust Fund; and

 

(iv)         if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-Serviced
PSA, the pro rata portion of the fair market value of the related property, as determined by the Non-Serviced Master Servicer
in accordance with clause (ii) above.

 

If the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer purchases all
of the Mortgage Loans and all REO Property acquired in respect of any Mortgage Loan remaining in the Trust Fund in accordance with
this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the
Master Servicer or the Special Servicer, as applicable, shall deposit in Lower-Tier REMIC Distribution Account, not later than
the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final distribution on the Certificates
is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of any portion thereof
payable to any Person other than the Certificateholders pursuant Section 3.06(a) or Section 3.06(b) of this Agreement),
which portion shall be deposited in the Collection Account. In addition, the Master Servicer shall transfer to the Certificate
Administrator for deposit in the Lower-Tier REMIC Distribution Account, as applicable, all amounts required to be transferred thereto
on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection
Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that it has transferred
all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the Certificateholder
owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer, as applicable,
the Mortgage Files for the remaining Mortgage Loans, and shall execute all assignments, endorsements and other instruments furnished
to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all REO Property acquired
in respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article
IX.

 

As a condition to the
purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver to the Trustee and
the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating that such termination
will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses incurred by any and
all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and other assets of the
Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights hereunder. The Trustee
and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an Independent appraiser
pursuant to this subsection (c).

 

(d)          If
the Trust Fund has not been previously terminated pursuant to subsection (c) or subsection (g) of this Section
9.01, the Certificate Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator

 

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reasonably anticipates, based on information with respect to the Mortgage Loans previously provided to it, that the final distribution
will be made to the Holders of outstanding Regular Certificates, notwithstanding that such distribution may be insufficient to
distribute in full the Certificate Balance of each Class of Certificates, together with amounts required to be distributed on such
Distribution Date pursuant to Section 4.01(b) and Section 4.01(c) of this Agreement; provided, that, if no
such Classes of Certificates are then outstanding, the final distribution shall be made (i) to the Holders of the Class R Certificates
(in respect of the Lower-Tier Residual Interest) of any amount remaining in the Collection Account and the Lower-Tier REMIC Distribution
Account and (ii) to the Holders of the Class R Certificates (in respect of the Upper-Tier Residual Interest) of any amount remaining
in the Upper-Tier REMIC Distribution Account.

 

(e)          Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to Certificateholders
(with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers, the Operating Advisor, the Asset
Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall
promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement)),
at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days, prior to the Anticipated
Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

(i)           specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;

 

(ii)          specify
the amount of any such final distribution, if known; and

 

(iii)         state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If the Trust Fund is not terminated on
any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly mail notice thereof to each Certificateholder.

 

(f)          Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their
Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders,
whereupon the Trust Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given
pursuant to this Section 9.01 shall not have been surrendered for cancellation within six months after the time
specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at
their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive,
from such funds held, the final distribution with respect thereto. If within one year after the second notice any Certificate
shall not have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take
appropriate steps to contact the remaining Certificateholders concerning surrender of their Certificates. The costs and
expenses of maintaining such funds and of contacting Certificateholders shall be paid out of the assets which remain held. If
within two years after the second notice any Certificates shall not have been surrendered for cancellation,

 

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the Paying Agent
shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and the
Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure
to surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01.

 

(g)          Following
the date on which the Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class
E Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then outstanding Certificates
(excluding the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated
by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than 60 days prior
to the anticipated date of exchange; provided that such Sole Certificateholder pays to the Certificate Administrator as
additional compensation an amount equal to one day of interest calculated at the Prime Rate on the aggregate Certificate Balance
of the Principal Balance Certificates as of the first day of the current calendar month and such Sole Certificateholder pays to
the Master Servicer as additional compensation an amount equal to (i) the product of (a) the Prime Rate, (b) the aggregate Certificate
Balance of the then outstanding Principal Balance Certificates as of the date of the exchange and (c) three, divided by (ii) 360,
and such payments shall be treated as made by the Sole Certificateholder directly to the Certificate Administrator and the Master
Servicer and not through or by either of the Trust REMICs. If the Sole Certificateholder elects to exchange all of the then outstanding
Certificates (excluding the Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
in accordance with the preceding sentence, such Sole Certificateholder, not later than the Distribution Date on which the final
distribution on the Certificates is to occur, shall deposit in the Collection Account an amount in immediately available funds
equal to all amounts due and owing to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator,
the Operating Advisor and the Trustee hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from
the Collection Account, or an escrow account acceptable to the respective parties hereto, pursuant to Section 3.06 of this
Agreement or that may be withdrawn from the Distribution Accounts pursuant to Section 3.06(f) of this Agreement, but only
to the extent that such amounts are not already on deposit in the Collection Account.

 

In addition, the Master
Servicer shall transfer all amounts required to be transferred to the Certificate Administrator for deposit in the Lower-Tier REMIC
Distribution Account on such Master Servicer Remittance Date from the Collection Account pursuant to Section 3.05 of this
Agreement. Upon confirmation from the Certificate Administrator that such final deposits have been made and following the surrender
of all the then outstanding Certificates (other than the Class R Certificates) on the final Distribution Date to the Certificate
Administrator, the Custodian shall upon receipt of a Request for Release from the Master Servicer, release to the Sole Certificateholder
or any designee thereof, the Mortgage Files for the remaining Mortgage Loans, and shall execute all assignments, endorsements and
other

 

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instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Mortgage Loans
and REO Properties remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article IX.
The remaining Mortgage Loans and REO Properties are deemed distributed to the Sole Certificateholder in liquidation of the Trust
Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to
have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of its Certificates
(other than the Class R Certificates), plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall
credit such amounts against amounts distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)          The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the Operating
Advisor, upon termination of the Issuing Entity.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 10.01     Intent
of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11, Section 10.13, Section
10.14, Section 10.15, Section 10.16 and Section 10.17, the parties hereto acknowledge and agree that
the purpose of this Article X is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization
that includes a Serviced Companion Loan) with the provisions of Regulation AB and related rules and regulations of the Commission.
None of the Depositor, the Certificate Administrator or the Trustee shall exercise its rights to request delivery of information
or other performance under these provisions other than in reasonable good faith, or for purposes other than compliance with the
Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each case, the rules and regulations of the Commission thereunder.
The parties to this Agreement acknowledge that interpretations of the requirements of Regulation AB may change over time due to
interpretive guidance provided by the Commission or its staff, and agree to comply, subject to Section 10.02, with reasonable
requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion
Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of information under these provisions
on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are
not “grandfathered” and do not mandate compliance). In connection with the CF 2019-CF3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2019-CF3 and any Other Securitization subject to Regulation AB that includes a Serviced Companion
Loan, subject to the preceding sentence, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate
Administrator, the Trustee and any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion
Loan, as applicable, to deliver or make available to the Depositor, the Certificate Administrator, the Trustee and any such Other
Depositor or Other Trustee, as applicable (including any of their assignees or designees), any and all information in its possession
and necessary in the reasonable good faith determination of the Depositor, the Certificate Administrator, the Trustee or such
Other Depositor or Other Trustee, as applicable, to permit the Depositor or such Other Depositor, as applicable, to comply with
the provisions of Regulation AB, together with such disclosure relating to the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset

 

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Representations Reviewer, the Certificate Administrator and the Trustee, as applicable, and any Servicing Function
Participant, or the Servicing of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) (or, if applicable, the related
Serviced Companion Loan) reasonably believed by the Depositor, the Certificate Administrator, the Trustee or the related Other
Depositor or the related Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance. Each
party to this Agreement shall have a reasonable period of time to comply with any written request made under this Section 10.01,
but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor,
the Certificate Administrator or the Trustee, as applicable, to satisfy any related filing requirements.

 

For purposes of this
Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party
to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such
obligation.

 

Section 10.02     Notification
Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a) Any other provision of this
Article X to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this
Article X, in connection with the requirements contained in this Article X that provide for the delivery of information
and other items to, and the cooperation with, the Other Depositor and Other Trustee of any Other Securitization that includes
a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated to provide any such items to
or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee of such Other Securitization
has provided each party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other Depositor
or Other Trustee to comply with related filing obligations, provided that (i) such Other Depositor or Other Trustee, as
applicable, has provided written notice as soon as reasonably practicable and, concurrently with such written notice, obtained
verbal confirmation of receipt of such written notice, in each case, in accordance with Section 12.05 of this Agreement
and (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be required to be delivered
once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization is subject to Exchange
Act reporting, and (ii) specifying in reasonable detail the information and other items requested to be delivered (insofar as
such information or other items are not expressly identified herein); provided, that if Exchange Act reporting is being
requested, such Other Depositor or Other Trustee is only required to provide a single written notice to such effect. Any reasonable
cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations Reviewer, Trustee and
Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization (above and beyond
their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization. The parties hereto
shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other Securitization as
to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article X to such Other
Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other information required to
be delivered under this Article X in connection therewith and if any such party makes such a request, then (i) upon such
requesting party’s receipt of such written confirmation, such requesting party shall comply with the deadlines for delivery
set forth in this Article X with

 

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respect to such Other Securitization and (ii) until such requesting party’s receipt
of such written confirmation, such party shall not be required to deliver such items. The parties hereunder shall also have the
right to require that such Other Depositor provide them with the contact details of such Other Depositor, Other Trustee and any
other parties to the Other PSA relating to such Other Securitization.

 

(b)          Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 10.02(a) above, and subject to a right of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials,
permit a holder of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated
as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion
in the disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given
in accordance with the terms of Section 10.02(a) above, shall each timely provide (to the extent the reasonable out-of-pocket
cost thereof (including reasonable fees and expenses of counsel) is paid or caused to be paid by the requesting party) to the Other
Depositor and any underwriters with respect to any Other Securitization that includes a Serviced Companion Loan such opinion(s)
of counsel, certifications and/or indemnification agreement(s) with respect to the updated description referred in Section 10.02(b)
with respect to such party, substantially identical to those, if any, delivered by the Master Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, as the case may be, or their respective counsel, in connection with the information concerning
such party in the Prospectus and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, or their respective legal counsel, as the
case may be). Neither the Master Servicer, the Special Servicer, the Certificate Administrator nor the Trustee shall be obligated
to deliver any such item with respect to the securitization of a Serviced Companion Loan if it did not deliver a corresponding
item with respect to this Trust.

 

(d)          Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee,
upon reasonable prior written request given in accordance with the terms of Section 10.02(a) above, shall provide (to
the extent the reasonable out-of-pocket cost thereof is paid or caused to be paid by the applicable party set forth below in
this Section 10.02(d)) to the Other Depositor and the Other Trustee under the Other PSA related to any Other
Securitization the following: (i) any information (including, but not limited to, disclosure information) required for such
Other Securitization to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K
and (ii) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information that
are substantially similar to those delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or
the Trustee, as the case may be, or their respective counsel, in connection with the information concerning such party in the
Prospectus and/or any other disclosure materials relating to this Trust.

 

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In the case of a Form
8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this CF 2019-CF3 Mortgage Trust
securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification
agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, pursuant to this Section 10.02(d) shall be paid or caused to be paid (pursuant to a payment arrangement
reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such
items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor
for inclusion in such Other Securitization.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation or any other
replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this Agreement, the
out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided by or on
behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, pursuant
to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs and expenses
relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section 10.03     Information
to be Provided by the Master Servicer and the Special Servicer. For so long as the Trust is subject to the reporting requirements
of the Exchange Act and for so long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting
requirements of the Exchange Act (in addition to any requirements contained in Section 10.09) in connection with the succession
to the Master Servicer, Special Servicer or any Servicing Function Participant (if such Servicing Function Participant is a servicer
as contemplated by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as contemplated by this Agreement or
any related Other PSA by any Person (i) into which the Master Servicer, Special Servicer or such Servicing Function Participant
may be merged or consolidated, (ii) which may be appointed as a sub-servicer (other than the appointment of a Mortgage Loan Seller
Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that is appointed as a successor Master Servicer or successor
Special Servicer pursuant to Section 3.22 or Section 7.02, the Master Servicer, the Special Servicer or any Servicing
Function Participant (with respect to the foregoing clauses (i) and (ii)) or the successor Master Servicer or the
successor Special Servicer (with respect to the foregoing clause (iii)) shall, as a condition to such succession and at
the reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession pursuant
to this Agreement, provide to the Depositor and to any Other Depositor related to any Other Securitization that includes a Serviced
Companion Loan, at least 5 Business Days (other than a succession or appointment pursuant to Section 7.01(b) for which
notice shall be delivered as soon as reasonably practicable) prior to the effective date of such succession or appointment as
long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality agreement,
otherwise no later than the second Business Day after such effective date, but in no event later than the time required pursuant
to Section 10.09, (x) written notice to the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee
and Other Depositor related to any Other Securitization that includes a Serviced Companion Loan) of such succession or

 

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appointment,
(y) in writing and in form and substance reasonably satisfactory to the Trustee, the Certificate Administrator and the Depositor
(or any Other Trustee or Other Depositor of any Other Securitization that includes a Serviced Companion Loan), all information
relating to such successor reasonably requested by the Depositor (or such Other Depositor) so that it may comply with its reporting
obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Class of Certificates or Serviced Companion Loan Securities
and (z) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information that are
substantially similar to those delivered by the Master Servicer or the Special Servicer, as the case may be, or their respective
counsel, in connection with the information concerning such party in the Prospectus and/or any other disclosure materials relating
to this Trust.

 

Section 10.04     Information
to be Provided by the Trustee. For so long as the Trust is subject to the reporting requirements of the Exchange Act, (in
addition to any requirements contained in Section 10.09) in connection with the succession to the Trustee as Trustee or
appointment of a co-Trustee under this Agreement by any Person (i) into which the Trustee may be merged or consolidated, (ii)
which may be appointed as a co-Trustee or separate Trustee pursuant to Section 8.10, or (iii) that is appointed as a successor
Trustee pursuant Section 8.08, the Trustee (with respect to the foregoing clauses (i) and (ii)) or the successor
Trustee (with respect to the foregoing clause (iii)) shall, as a condition to such succession and at the reasonable expense
of the same party or parties required to pay the costs and expenses relating to such succession pursuant to this Agreement, provide
to the Depositor and to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least
5 calendar days prior to the effective date of such succession or appointment as long as such disclosure prior to such effective
date would not be violative of any applicable law or confidentiality agreement, otherwise immediately following such effective
date, but in no event later than the time required pursuant to Section 10.09, (x) written notice to the Depositor, and
to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, of such succession or appointment,
(y) in writing and in form and substance reasonably satisfactory to the Depositor, and to the Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan, all information reasonably requested by the Depositor, or such Other Depositor,
so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Class of Certificates
or Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with
respect to such information that are substantially similar to those delivered by the Trustee or their respective counsel, in connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

Section 10.05     Filing
Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as applicable, shall use commercially reasonable
efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller
Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced
Mortgage Loan) to, reasonably cooperate with the Certificate Administrator and the Depositor (and any Other Trustee or Other Depositor
related to any Other Securitization that includes a Serviced Companion Loan) in connection with the Certificate

 

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Administrator’s
and Depositor’s (or such Other Trustee’s or Other Depositor’s) good faith efforts to satisfy the Trust’s
(or such Other Securitization’s) reporting requirements under the Exchange Act.

 

(b)          [Reserved]

 

(c)          With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has
notified the Master Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of
Item 1101(k) of Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other
Securitization that includes such Serviced Companion Loan, to the extent that the Master Servicer is in receipt of the
updated financial statements of such “significant obligor” for any calendar quarter (other than the fourth
calendar quarter of any calendar year) from the Borrower, beginning with the first calendar quarter following receipt of such
notice from the Other Depositor, or the updated financial statements of such “significant obligor” for any
calendar year, beginning for the calendar year following such notice from the Other Depositor, as applicable, the Master
Servicer shall deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the related
“significant obligor” NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more
Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days
prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the
“significant obligor”, together with the net operating income of such “significant obligor” for
the applicable period as calculated by the Master Servicer in accordance with CREFC® guidelines and (B) if
such financial statement receipt occurs less than twelve (12) Business Days prior to the related Significant Obligor NOI
Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of the “significant obligor”, together with the net
operating income of such “significant obligor” for the applicable period as reported by the related Borrower in
such financial statements.

 

If the Master Servicer
does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the
case may be, of such “significant obligor” within ten (10) Business Days after the date such financial information
is required to be delivered under the related Loan Documents, the Master Servicer shall notify the Other Depositor with respect
to such Other Securitization that includes the related Companion Loan (or shall cause each applicable Sub-Servicing Agreement to
require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial information. The Master
Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations
of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the related Borrower under the related
Loan Documents.

 

The Master Servicer shall
(and shall cause any related Sub-Servicing Agreement entered into after receipt of written notice from the Other Depositor that
such Serviced Pari Passu Companion Loan is a significant obligor to require the related Sub-Servicer to) retain written evidence
of each instance in which it (or a Sub-Servicer) attempts to contact the related

 

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Borrower related to any such “significant
obligor” (identified to it as such by the Other Depositor in accordance with the second preceding paragraph) to obtain the
required financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or
Form 10-K, as applicable, is required to be filed by the Other Securitization, shall forward an Officer’s Certificate evidencing
its attempts to obtain this information to the certificate administrator and Other Depositor related to such Other Securitization.
This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified
in the related Other PSA.

 

Section 10.06     Form
10-D and ABS-EE Filings. (a) Within 15 days after each Distribution Date (subject to permitted extensions under the Exchange
Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D required by the Exchange Act and
the rules and regulations of the Commission thereunder, in form and substance as required by the Exchange Act and such rules and
regulations. A duly authorized representative of the Depositor shall sign each Form 10-D filed on behalf of the Trust. The Certificate
Administrator shall file each Form 10-D with a copy of the related Distribution Date Statement attached thereto; provided
that the Certificate Administrator shall redact from such Distribution Date Statement any information relating to the ratings
of the Certificates and the identity of the Rating Agencies. Any disclosure in addition to the Distribution Date Statement that
is required to be included on Form 10-D (“Additional Form 10-D Disclosure”) shall, pursuant to the paragraph
immediately below, be reported by the parties set forth on Schedule IV and directed to the Certificate Administrator and
the Depositor for approval by the Depositor. The Certificate Administrator will have no duty or liability for any failure hereunder
to determine or prepare any Additional Form 10-D Disclosure (other than such Additional Form 10-D Disclosure which is to be reported
by it as set forth on Schedule IV) absent such reporting, direction and approval after the date hereof. The Certificate
Administrator shall include in any Form 10-D filed by it, without limitation, to the extent such information is provided to the
Certificate Administrator by the Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange
Act concerning all assets of the Trust that were subject of a demand to repurchase or replace for breach of the representations
and warranties and (ii) contain a reference to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller,
if applicable, and the Commission assigned “Central Index Key” number for each such filer and (iii) incorporate the
most recent Form ABS-EE filing by reference (which such Form ABS-EE will be filed on or prior to the filing of the applicable
report on Form 10-D). The Certificate Administrator and the Depositor shall be entitled together to determine the manner of the
presentation of such information (including the dates as of which such information is presented) in accordance with applicable
laws and regulations.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a Serviced
Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days after the related Distribution
Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate Administrator and the
Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and to any Other Trustee
or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent a Servicing Officer
or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation AB as to such party
which shall be reported if actually

 

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known by any Servicing Officer or Responsible Officer, as the case may be or any lawyer in
the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance
of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party; provided that information
relating to any REO Account to be reported under “Item 8: Other Information” on Schedule IV shall be reported
by the Special Servicer to the Master Servicer within four (4) calendar days after the related Distribution Date on Exhibit
FF, (ii) the parties listed on Schedule IV hereto shall include with such Additional Form 10-D Disclosure, an Additional
Disclosure Notification in the form attached hereto as Exhibit CC (except with respect to the reporting of REO Account balances
which shall be delivered in the form of Exhibit FF hereto) and (iii) the Certificate Administrator shall, at any time prior
to filing the related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified
of an event reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from the applicable
party. No later than the 7th calendar day after the Distribution Date, the Depositor will approve, as to form and substance, or
disapprove, as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D; provided that if the
Certificate Administrator does not receive a response from the Depositor by such time the Depositor will be deemed to have consented
to the inclusion of such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii) above, the
Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule
IV of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure
information. The Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator
in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

Any Form 10-D filed by
the Certificate Administrator with respect to the Trust shall (i) to the extent such information is provided to the Certificate
Administrator by the Master Servicer or Special Servicer, the balances of the Collection Account, each Serviced Whole Loan Custodial
Account and (to the extent the related information has been received from the Special Servicer within the time period specified
in the immediately preceding paragraph of this Section 10.06) each REO Account, in each case as of the related Distribution
Date and as of the immediately preceding Distribution Date and (ii) the balances of the Distribution Accounts, the Interest Reserve
Account and the Gain-on-Sale Reserve Account, in each case as of the related Distribution Date and as of the immediately preceding
Distribution Date.

 

With respect to any Mortgage
Loan that permits Additional Debt in the future, the Certificate Administrator shall include as part of any applicable Form 10-D
filed by it (to the extent it receives such information from the Master Servicer (with respect to Mortgage Loans that are not Specially
Serviced Loans as to which the Master Servicer has knowledge or notice of any applicable Additional Debt) or the Special Servicer
(with respect to Mortgage Loans that are Specially Serviced Loans as to which the Special Servicer has knowledge or notice of any
applicable Additional Debt), as applicable, substantially in the form attached hereto as Exhibit GG) the identity of such
Mortgage Loan and (i) the amount of any such Additional Debt, as applicable, that is incurred during the one-month period ending
on the related Determination Date, (ii) the total debt service coverage ratio calculated on the basis of such Mortgage Loan and

 

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such Additional Debt, and (iii) the aggregate LTV Ratio calculated on the basis of such Mortgage Loan and such Additional Debt.

 

After preparing the Form
10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for review and approval;
provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to the Depositor
by the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the filing date,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to or
approval of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative of the
Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed hard
copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D, upon
signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day
after the related Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other time
as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-D.
If a Form 10-D cannot be filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator shall
follow the procedures set forth in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall,
pursuant to Section 4.02(b), make available on the Certificate Administrator’s Website a final executed copy of each
Form 10-D prepared and filed by the Certificate Administrator. The parties to this Agreement acknowledge that the performance by
the Certificate Administrator of its duties under this Section 10.06 related to the timely preparation and filing of Form
10-D is contingent upon such parties (and any Additional Servicer or Servicing Function Participant) observing all applicable deadlines
in the performance of their duties under this Section 10.06. The Certificate Administrator shall have no liability for any
loss, expense, damage, claim arising out of or with respect to any failure to properly prepare or file such Form 10-D where such
failure results from the Certificate Administrator’s inability or failure to receive on a timely basis any information from
any other party hereto needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence,
bad faith or willful misconduct.

 

Form 10-D requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later than the
5th calendar day after the related Distribution Date during any year in which the Trust is required to file a Form 10-D if the
answer to the questions should be “no” and if no such notice is received by the Certificate Administrator, it shall
check “yes”; provided that if the failure of the Depositor to have filed such required reports arises in connection
with the securitization contemplated by this Agreement, the Certificate Administrator shall be deemed to have notice of such failure
(only with respect to Exchange Act reports prepared or required to be prepared and filed by the Certificate Administrator) without
being notified by the Depositor; provided, further, that in connection with the delivery of any notice contemplated
by this sentence, the Depositor may instruct the Certificate Administrator that such notice shall be effective for a period (not
to exceed

 

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12 months) from the date of such notice, in which case no further notice from the Depositor shall be required during
such specified period. The Certificate Administrator shall be entitled to rely on such representations in preparing, executing
and/or filing any Form 10-D.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form 10-D
for each reporting period: Name: Gary Stellato, Telephone: (212) 915-1932. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.01, the Certificate
Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D for such period in which such Asset
Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to the Certificate Administrator’s Website
not later than two (2) Business Days after receipt of such Asset Review Report Summary from the Asset Representations Reviewer.

 

To the extent the Certificate
Administrator receives a request from any Certificateholder or Certificate Owner to communicate with other Certificateholders or
Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include under Item 1B on the Form 10-D
relating to the reporting period in which such request was received a Special Notice regarding the request to communicate, and
such Special Notice is required to include the following and no more than the following: (a) the name of the Certificateholder
or Certificate Owner making the request, (b) the date the request was received, (c) a statement to the effect that the Certificate
Administrator has received such request, stating that such Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d)
a description of the method other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder
or Certificate Owner. It is hereby understood that a disclosure in substantially the following form shall be deemed to satisfy
the requirements in the preceding sentence:

 

On [date], the Certificate
Administrator received from [name], a Certificateholder or Certificate Owner, a request to communicate with other Certificateholders
and Certificate Owners in the securitization transaction to which this report on Form 10-D relates (the “Securitization”).
The requesting Certificateholder or Certificate Owner is interested in communicating with other Certificateholders and Certificate
Owners with regard to the possible exercise of rights under the pooling and servicing agreement governing the Securitization. Other
Certificateholders and Certificate Owners may contact the requesting Certificateholder or Certificate Owner at [telephone number],
[email address] and/or [mailing address]

 

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(b)          Prior
to the filing of each Form 10-D by the Certificate Administrator pursuant to Section 10.06, the Certificate Administrator
shall prepare and file on behalf of the Trust any Form ABS-EE in form and substance as required by the Exchange Act and the rules
and regulations of the Commission thereunder; provided that the foregoing shall not apply to any Form ABS-EE required to
be filed with the Commission and incorporated by reference in either the preliminary Prospectus or the final Prospectus. The Certificate
Administrator shall file each Form ABS-EE with a copy of the related CREFC® Schedule AL File received by the Certificate
Administrator pursuant to Section 3.13 as Exhibit 102 thereto, and each Form 10-D shall incorporate by reference the most
recent Form ABS-EE filing. To the extent the Certificate Administrator receives any Schedule AL Additional File with respect to
such Form ABS-EE pursuant to Section 3.13, the Certificate Administrator shall file such Schedule AL Additional File as
Exhibit 103 to such Form ABS-EE. The Certificate Administrator shall not be required to combine multiple CREFC®
Schedule AL Files or Schedule AL Additional Files. The Certificate Administrator shall not be required to review, redact, reconcile,
edit or verify the content, completeness or accuracy of the information contained in any CREFC® Schedule AL File
or Schedule AL Additional File. After preparing the Form ABS-EE, the Certificate Administrator shall forward electronically a copy
of such Form ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional File received
by the Certificate Administrator) concurrently with the related Form 10-D to the Depositor for review and approval. Any questions
are to be directed to noticeadmin@midlandls.com (or such other email address or phone number provided to the Certificate Administrator
and Depositor by written notice from the Master Servicer). The Master Servicer shall reasonably cooperate with the Depositor to
answer any reasonable questions that the Depositor may pose to the Master Servicer regarding the data or information contained
in any CREFC® Schedule AL File or Schedule AL Additional File (other than questions regarding data that is in the Initial Schedule
AL File, Initial Schedule AL Additional File or the Annex A to the Prospectus) as of the time the Master Servicer delivered such
CREFC® Schedule AL File or Schedule AL Additional File, as applicable, to the Certificate Administrator. The Certificate
Administrator, the Master Servicer and the Depositor, as applicable, shall each, to the extent related to such party’s obligations
hereunder, reasonably cooperate to remedy any filing errors regarding any CREFC® Schedule AL File or any Schedule
AL Additional File as soon as possible.

 

Within two (2) Business
Days after receipt of the copy of Form ABS-EE for review, but no later than the two (2) Business Days prior to the 15th calendar
day after the Distribution Date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approval of such Form ABS-EE, and a duly authorized officer of the Depositor shall sign the Form ABS-EE and
return an electronic or fax copy of such signed Form ABS-EE (with an original executed hard copy to follow by overnight mail) to
the Certificate Administrator. The Certificate Administrator shall file such Form ABS-EE, upon receipt of the Depositor’s
signature thereof, prior to the filing of the related Form 10-D. If a Form ABS-EE cannot be filed on time or if a previously filed
Form ABS-EE needs to be amended, the Certificate Administrator shall follow the procedures set forth in Section 10.10. Promptly
after filing with the Commission, the Certificate Administrator shall, pursuant to Section 3.13, make available on the Certificate
Administrator’s Website a final executed copy of each Form ABS-EE (together with the related CREFC® Schedule
AL File and any Schedule AL Additional File received by the Certificate Administrator) filed by the Certificate Administrator.
The signing party at the Depositor can be contacted at CCRE

 

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Commercial Mortgage Securities, L.P., 110 East 59th Street, New York,
New York 10022, Attention: Gary Stellato, Fax: (646) 619-4935. The parties to this Agreement acknowledge that the performance by
the Certificate Administrator of its duties under this Section 10.06(b) related to the timely preparation and filing of
Form ABS-EE is contingent upon the responsible parties observing all applicable deadlines in the performance of their duties under
this Section 10.06(b). The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising
out of or with respect to any failure to properly prepare or file such Form ABS-EE where such failure results from the Certificate
Administrator’s inability or failure to receive on a timely basis any information from any other party hereto needed to prepare,
arrange for execution or file such Form ABS-EE, not resulting from its own negligence, bad faith or willful misconduct.

 

The Depositor hereby
directs the Certificate Administrator to include the following individual’s name and phone number on the cover of Form ABS-EE
for each reporting period: Name: Gary Stellato, Telephone: (212) 915-1932. The Certificate Administrator may rely without further
investigation that this information remains correct unless and until the Depositor provides the Certificate Administrator with
a new individual’s name and phone number in writing

 

Section 10.07     Form
10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date as may be required by the
Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year for the Trust ends on December
31st of each year), commencing with fiscal year 2020, the Certificate Administrator shall prepare and file on behalf of the Trust
a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include the following items, in
each case to the extent they have been delivered to the Certificate Administrator within the applicable time frames set forth
in this Agreement:

 

(a)          an annual compliance statement for each applicable Certifying Servicer, as described under Section
10.11, including disclosure regarding any noncompliance and the nature and status thereof;

 

(b)          (i) the annual reports on assessment of compliance with servicing criteria for each applicable Reporting
Servicer, as described under Section 10.12, and (ii) if any Reporting Servicer’s report on assessment of
compliance with servicing criteria described under Section 10.12 identifies any material instance of noncompliance,
disclosure identifying such instance of noncompliance (including whether such instance of noncompliance involved the
servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps taken to remedy such
instance of noncompliance), or if any Reporting Servicer’s report on assessment of compliance with servicing criteria
described under Section 10.12 is not included as an exhibit to such Form 10-K, disclosure that such report is not
included and an explanation as to why such report is not included;

 

(c)          (i)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (ii) if any registered public accounting firm attestation report described under Section 10.13 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm
attestation report is not included as an exhibit to such Form 10-K,

 

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disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(d)          a
Sarbanes-Oxley Certification as described in Section 10.08.

 

Any disclosure or information
in addition to (a) through (d) above that is required to be included on Form 10-K (“Additional Form 10-K
Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
V hereto to the Depositor and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other
Securitization that includes a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate
Administrator (or such Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional
Form 10-K Disclosure (other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule
V) absent such reporting and approval.

 

Not later than 10 Business
Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a Serviced Companion Loan)
is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Certificate Administrator and the Trustee shall provide the other parties to this Agreement and the Mortgage Loan Sellers (and
the parties to any Other Serviced PSA with respect to any Other Securitization that includes such Serviced Companion Loan) with
written notice of the name and address of each Servicing Function Participant retained by such party. Not later than the end of
each year for which the Trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to
each Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any party to this
Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer,
as applicable, shall provide to each related Mortgage Loan Seller written notice of any change in the identity of any Sub-Servicer
that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer, as applicable,
including the name and address of any new Sub-Servicer that is a Servicing Function Participant or an Additional Servicer.

 

With respect to any Other
Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the Other Securitization
trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each mortgage loan seller
with respect to such Other Securitization written notice of any change in the identity of any party to this Agreement, including
the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable, shall
provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for the servicing of such
Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant
or an Additional Servicer.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, by March 1, commencing in March 2020, (i) the parties listed on Schedule V hereto shall be required to

 

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provide to the
Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer)
(and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced Companion Loan), to the
extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than with respect
to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to such party in
such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the Depositor (or such Other
Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure described on Schedule
V applicable to such party, (ii) include with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in
the form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the related
Form 10-K, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event reportable
on Form 10-K for which it has not received the necessary Additional Form 10-K Disclosure from the applicable party. No later than
March 10th, the Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Additional
Form 10-K Disclosure on Form 10-K; provided that if the Certificate Administrator does not receive a response from the Depositor
by such time the Depositor will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than
to the extent provided for in clause (iii) above, the Certificate Administrator has no duty under this Agreement to monitor
or enforce the performance by the parties listed on Schedule V of their duties under this paragraph or proactively solicit
or procure from such parties any Additional Form 10-K Disclosure information. The Depositor will be responsible for any reasonable
fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Additional Form 10-K
Disclosure on Form 10-K pursuant to this paragraph.

 

After preparing the Form
10-K, on or prior to the 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator shall forward electronically
a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after receipt of such copy, but no
later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City time, on the 4th Business Day prior to
the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall sign the Form 10-K and return an
electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight mail) to the Certificate
Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof as provided in Section 10.16,
not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii) such other time as the Depositor and the
Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-K, of each year in which a
report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on time or if a previously filed Form
10-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b). After
filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b), make available on the Certificate
Administrator’s Website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.07 related to the timely

 

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preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer
or Servicing Function Participant) observing all applicable deadlines in the performance of their duties under this Article
X. The Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form
10-K resulting from the Certificate Administrator’s inability or failure to receive from any other party any information
needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad faith
or willful misconduct.

 

Form 10-K requires the
registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.” The Depositor
shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later than the
15th calendar day of March during any year in which the Trust is required to file a Form 10-K if the answer to the questions should
be “no”, and if no such notice is received by the Certificate Administrator, it shall check “yes”; provided
that if the failure of the Depositor to have filed such required reports arises in connection with the securitization contemplated
by this Agreement, the Certificate Administrator shall be deemed to have notice of such failure (only with respect to Exchange
Act reports prepared or required to be prepared and filed by the Certificate Administrator) without being notified by the Depositor;
provided, further, that in connection with the delivery of any notice contemplated by this sentence, the Depositor
may instruct the Certificate Administrator that such notice shall be effective for a period (not to exceed 12 months) from the
date of such notice, in which case no further notice from the Depositor shall be required during such specified period. The Certificate
Administrator shall be entitled to rely on such representations in preparing, executing and/or filing any Form 10-K.

 

Section 10.08     Sarbanes-Oxley
Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley Certification”), as set
forth in Exhibit W attached hereto, required to be included therewith pursuant to the Sarbanes-Oxley Act. Each Reporting
Servicer shall, and each Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function Participant
(other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing
relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), to provide to the Person who signs
the Sarbanes-Oxley Certification for the Trust or any Other Securitization that includes a Serviced Companion Loan (the “Certifying
Person”), by March 1st of each year commencing in 2020 in which the Trust is subject to the reporting requirements of
the Exchange Act and of each year in which any Other Securitization that includes a Serviced Companion Loan is subject to the
reporting requirements of the Exchange Act, a certification (each, a “Performance Certification”), in the form
attached hereto as Exhibit O, Exhibit P, Exhibit Q, Exhibit R, Exhibit S, Exhibit T,
Exhibit U or Exhibit V, as applicable, upon which the Certifying Person, the entity for which the Certifying Person
acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. The senior officer in charge of securitization of the Depositor shall serve as the Certifying
Person on behalf of the Trust. The Certifying Person at the Depositor can be contacted at CCRE Commercial Mortgage Securities,
L.P., 110 East 59th Street, New York, New York 10022, Attention: Gary Stellato, Fax: (646) 619-4935. If any Reporting Servicer
is terminated or

 

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resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting Servicer
shall provide a Performance Certification to the Certifying Person pursuant to this Section 10.08 with respect to the period
of time it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the Trustee
shall not be required to deliver a Performance Certification with respect to any period during which there was no Relevant Servicing
Criteria applicable to it.

 

Notwithstanding the foregoing,
nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness or completeness
of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional Servicer or any
other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed pursuant to
Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in accordance
with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information and reports,
to certify anything other than that all fields of information called for in written reports prepared by such Reporting Servicer
have been completed except as they have been left blank on their face.

 

Each Performance Certification
shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i) annual compliance statement
provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing criteria provided pursuant
to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant to Section 10.13.

 

For so long as the Trust
is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under a Non-Serviced
PSA, the Certificate Administrator shall use commercially reasonable efforts to procure a Sarbanes-Oxley back-up certification
from the Non-Serviced Mortgage Loan Service Providers, in form and substance similar to a Performance Certification or to the form,
if any, provided in the Non-Serviced PSA. The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor
any such Sarbanes-Oxley back-up certification received by the Master Servicer.

 

Section 10.09     Form
8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure (the “8-K Filing
Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it receives the Form 8-K Disclosure
Information described below, the Certificate Administrator shall, at the direction of the Depositor, prepare and file on behalf
of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure
or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to the Depositor and
the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information (other than such Form
8-K

 

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Disclosure Information which is to be reported by it as set forth on Schedule VI) absent such reporting and approval.

 

For so long as the Trust
(or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements of the Exchange
Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the
case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor and the Certificate
Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later than the end of business
(New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and substance of the Form 8-K
Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible Format, or in such other
format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such Other Trustee and Other Depositor)
and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit CC. The Depositor
will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure Information
on Form 8-K by the end of business on the 2nd Business Day after the Reportable Event; provided that if the Certificate
Administrator does not receive a response from the Depositor by such time as required under this Agreement the Depositor will be
deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Schedule VI of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information; provided that to the extent that the Certificate
Administrator is notified of such Reportable Event and it does not receive the necessary Form 8-K Disclosure Information, it shall
notify the Depositor that it has not received such information and, provided, further, that the limitation on liability
provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator or any party
that the Certificate Administrator has engaged to perform its obligations under this Agreement. The Depositor will be responsible
for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Form
8-K Disclosure Information on Form 8-K pursuant to this paragraph.

 

After preparing the Form
8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on the 3rd Business Day
after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and approval and the Depositor
shall promptly notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to the Form
8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a duly authorized representative
of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 8-K,
upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 4th Business
Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator mutually agree is
permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously filed Form 8-K
needs to be amended, the Certificate Administrator will follow the procedures set forth in

 

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Section 10.10(b). After filing
with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on the Certificate
Administrator’s Website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.09
related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in
the performance of their duties under this Section 10.09. The Certificate Administrator shall have no liability for any
loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely
file such Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive approved
Form 8-K Disclosure Information within the applicable timeframes set forth in this Section 10.09 and not resulting from
the Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent that
the Certificate Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure
Information, it will notify the Depositor that it has not received such information and further provided that the limitation
on liability provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator
or any party that the Certificate Administrator has engaged to perform its obligations under this Agreement).

 

In addition to the foregoing,
as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would constitute
a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate
Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other
Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s
or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated
effective date of such event.

 

Section 10.10     Suspension
of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports. (a) If at any time the Trust
is permitted to suspend its reporting obligations under the Exchange Act, on or before January 30 of the first year in which the
Certificate Administrator is able to do so under applicable law, the Depositor shall direct the Certificate Administrator to prepare
and file any form necessary to be filed with the Commission to suspend such reporting obligations. With respect to any reporting
period occurring after the filing of such form, except with respect to the Other Securitization, the obligations of the parties
to this Agreement under Section 10.01, Section 10.03, Section 10.06, Section 10.07, Section 10.08
and Section 10.09 shall be suspended. The Certificate Administrator shall provide prompt notice to the Depositor, the
Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Asset Representations Reviewer and the Mortgage
Loan Sellers that such form has been filed.

 

(b)         If
the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K required to be filed by this Agreement because required disclosure information either was not delivered
to it or was delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate
Administrator shall promptly notify (which notice may be sent by fax or by email notwithstanding the provisions of Section 12.05)
shall

 

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include the identity of those Reporting Servicers who either did not deliver such information or delivered such information
to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed to make such
delivery. In the case of Form 10-D, Form ABS-EE and Form 10-K, each such Reporting Servicer shall cooperate with the Depositor
and the Certificate Administrator to prepare and file a Form 12b-25 and a Form 10-D/A, Form ABS-EE/A and Form 10-K/A as applicable,
pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon receipt of all
required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure information
on the next Form 10-D that is required to be filed on behalf of the Trust. In the event that any previously filed Form 8-K, Form
10-D, Form ABS-EE or Form 10-K needs to be amended, the Certificate Administrator shall notify the Depositor and such other parties
as needed and such parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. In the
event that any Reporting Servicer receives notice from the applicable parties to the Other Securitization that any previously filed
Form 8-K, Form 10-D or Form 10-K needs to be amended, such party shall cooperate in preparation of any necessary Form 8-K/A, Form
10-D/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K shall be signed by the
Depositor. The parties to this agreement acknowledge that the performance by the Certificate Administrator of its duties under
this Section 10.10 related to the timely preparation and filing of a Form 12b-25 or any amendment to Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K is contingent upon the Master Servicer, the Special Servicer and the Depositor performing their duties
under this Section. The Certificate Administrator shall have no liability for any loss, expense, damage, claim arising out of or
with respect to any failure to properly prepare and/or timely file any such Form 12b-25 or any amendments to Forms 8-K, Form 10-D,
Form ABS-EE or Form 10-K, where such failure results from the Certificate Administrator’s inability or failure to receive,
on a timely basis, any information from any other party hereto needed to prepare, arrange for execution or file such Form 12b-25
or any amendments to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, not resulting from its own negligence, bad faith or willful
misconduct.

 

Section 10.11     Annual
Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator, any Additional
Servicer and each Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB) (each, a “Certifying Servicer”) shall, and the Master Servicer, the Special
Servicer, the Custodian and the Certificate Administrator shall use commercially reasonable efforts to cause each Additional Servicer
and each Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB) (other than (x) any party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer) with which
it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan), to
deliver to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer
only), the Other Trustee, the Other Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of each year,
commencing in 2020, an Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s
activities during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this
Agreement, or the applicable sub-servicing

 

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agreement or primary servicing agreement in the case of an Additional Servicer, has
been made under such officer’s supervision and (B) that, to the best of such officer’s knowledge, based on such review,
such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement or
primary servicing agreement in the case of an Additional Servicer, in all material respects throughout such year or portion thereof,
or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof.

 

(b)         With
respect to any Non-Serviced Mortgage Loan serviced under a Non-Serviced PSA, the Certificate Administrator shall use commercially
reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced Mortgage Loan Service
Providers in form and substance similar to the Officer’s Certificate described in this Section.

 

(c)          Promptly
after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization that
includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the Certifying
Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor to cause
the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of the Trust or any Other Securitization that includes
a Serviced Companion Loan for the preceding calendar year. If any Certifying Servicer is terminated or resigns pursuant to the
terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such Certifying Servicer shall provide the
Officer’s Certificate pursuant to this Section 10.11 with respect to the period of time it was subject to this Agreement
or the applicable Sub-Servicing Agreement, as the case may be.

 

Section 10.12     Annual
Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing in March 2020, the Master
Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of any Mortgage Loan),
the Certificate Administrator, the Custodian, the Trustee (only with respect to any period during which any Relevant Servicing
Criteria was applicable to it), the Operating Advisor and each Servicing Function Participant (each, a “Reporting Servicer”),
each at its own expense, shall furnish (and each Reporting Servicer, as applicable, shall use commercially reasonable efforts
to cause, by March 1st each Servicing Function Participant (other than (x) a party to this Agreement or (y) a Mortgage Loan Seller
Sub-Servicer), with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced
Mortgage Loan) to furnish, each at its own expense, to the Trustee, the Certificate Administrator, the Depositor (and to the Other
Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan) and the 17g-5 Information Provider
(who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this
Agreement) in an EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator and
the Depositor (or such Other Trustee and Other Depositor, as applicable) a report on an assessment of compliance with the Relevant
Servicing Criteria with

 

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respect to commercial mortgage backed securities transactions taken as a whole involving such party that
contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing
Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant Servicing
Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the
period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant to Section 10.07, including,
if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure
and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report
on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies
of all compliance reports delivered pursuant to this Section 10.12 shall be made available to any Privileged Person by
the Certificate Administrator pursuant to Section 4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5
Information Provider pursuant to Section 3.14(d) of this Agreement.

 

No later than 10 Business
Days after the end of each fiscal year for the Trust (and any Other Securitization that includes a Serviced Companion Loan) for
which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating Advisor shall each forward
to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization that
includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it during
such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing Criteria
will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and each Servicing Function
Participant submit their respective assessments by March 1st, as applicable, to the Certificate Administrator (and such other trustee),
each such party shall also at such time, if it has received the assessment (and attestation pursuant to Section 10.13) of
each Servicing Function Participant engaged by it, include such assessment (and attestation) in its submission to the Certificate
Administrator (and such other trustee).

 

Promptly after receipt
of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization that includes
a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the Master Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any Servicing Function
Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function
Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually, address the Relevant
Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and the Other Depositor for any
Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator
shall not be responsible for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable
to it. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating
Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such reports
until April 15 in any given year so long as it has received

 

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written confirmation from the Depositor (and the Other Depositor for
any Other Securitization that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of the
Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan)
for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or
any applicable Sub-Servicing Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements pursuant
to this Section 10.12 with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing
Agreement, as the case may be.

 

The parties hereto acknowledge
that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment of compliance pursuant
to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event or Operating Advisor Termination Event, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

For so long as the Trust
is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan serviced under a Non-Serviced
PSA, the Certificate Administrator shall use commercially reasonable efforts to procure an annual report on assessment of compliance
as described in this Section and an attestation as described in Section 10.13 from the Non-Serviced Mortgage Loan Service
Providers in form and substance similar to the annual report on assessment of compliance described in this Section (or in such
Non-Serviced PSA, as the case may be) and the attestation described in Section 10.13. The Master Servicer shall promptly
forward to the Certificate Administrator and the Depositor any such assessment of compliance received by the Master Servicer. Until
such time as the Certificate Administrator receives notice that the Non-Serviced Mortgage Loan Service Providers no longer have
a continuing obligation under the Non-Serviced PSA related to an Other Securitization that includes the related Non-Serviced Companion
Loan to provide to the Trust an annual report on assessment of compliance as described in this Section and an attestation as described
in Section 10.13 for any year that the Trust formed under this Agreement is not subject to the reporting requirements of
the Exchange Act, the Certificate Administrator shall notify the Non-Serviced Mortgage Loan Service Providers if such parties fail
to deliver to the Certificate Administrator such assessment of compliance and attestation within the time frame required by such
Non-Serviced PSA.

 

Section 10.13     Annual
Independent Public Accountants’ Servicing Report. By March 1st, of each year, commencing in March 2020, each Reporting
Servicer, each at its own expense, shall cause, and each Reporting Servicer, as applicable, shall use commercially reasonable
efforts to cause each Servicing Function Participant (other than (x) a party to this Agreement or (y) a Mortgage Loan Seller Sub-Servicer)
with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage
Loan), each at such Servicing Function Participant’s own expense, a registered public accounting firm (which may also render
other services to the Master Servicer, the Special Servicer, the Operating Advisor and such Servicing Function Participant, as
the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee,
the Certificate Administrator, the Depositor (and to any Other Depositor and Other

 

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Trustee
for any Other Securitization that includes a Serviced Companion Loan), the Operating Advisor (in the case of the Special Servicer
only) and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement) to the effect that (i) it has obtained a representation regarding certain
matters from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance
with the Relevant Servicing Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in
accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether
such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or
it cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was
unable to express such an opinion. Such report must be available for general use and not contain restricted use language. Notwithstanding
the foregoing, the Trustee shall not be required to deliver an annual independent public accountants’ servicing report with
respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Promptly after receipt
of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization that
includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related Reporting
Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria applicable
to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder or under
any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm that
each assessment submitted pursuant to Section 10.12 is coupled with an attestation meeting the requirements of this Section
and notify the Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) of
any exceptions; provided, that the Certificate Administrator shall not be responsible for confirming whether any particular Reporting
Servicer has certified to all of the Relevant Servicing Criteria applicable to it. No Reporting Servicer shall be required to deliver,
or to endeavor to cause the delivery of, such reports until April 15 in any given year so long as it has received written confirmation
from the Depositor that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion
Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the report pursuant to this Section 10.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

 

Section 10.14     Exchange
Act Reporting Indemnification. Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian (if not the Certificate Administrator), the Certificate Administrator and the Trustee shall indemnify
and hold harmless each Certification Party, the Depositor (and any Other Depositor related to an Other Securitization that includes
a Serviced Companion Loan), their respective directors and officers, and each other person who controls any such entity within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against

 

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any and all expenses, losses,
claims, damages and other liabilities, including without limitation the costs of investigation, legal defense and any amounts
paid in settlement of any claim or litigation arising out of (i) the failure to perform its obligations to the Depositor (or any
Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any
Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X by the time
required after giving effect to any applicable grace period or cure period, (ii) any untrue statement or alleged untrue statement
of a material fact contained in any information (x) regarding such party or any Servicing Function Participant, Additional Servicer
or subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in
clause (x) or any registered public accounting firm, attorney or other agent retained by such party to prepare such information
and (z) delivered by or on behalf of such party in connection with the performance of such party’s obligations described
in this Article X, or the omission or alleged omission to state in any such information a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that the
applicable party shall be entitled to participate in any action arising out of the foregoing and the Depositor shall consult with
such party with respect to any litigation or audit strategy, as applicable, in connection with the foregoing and any potential
settlement terms related thereto, (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it
(other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations to the Depositor (or any Other Depositor related to
an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any Other Trustee related to
an Other Securitization that includes a Serviced Companion Loan) under this Article X by the time required after giving
effect to any applicable grace period and cure period or (iv) any Deficient Exchange Act Deliverable.

 

In addition, each of
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional Servicer retained
by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor as necessary for the Depositor to conduct any
reasonable due diligence necessary to evaluate and assess any material instances of non-compliance disclosed in any of the deliverables
required by the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules
and regulations promulgated thereunder (“Reporting Requirements”).

 

In connection with comments
provided to the Depositor from the Commission regarding information (x) delivered by the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee, a Servicing
Function Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such
Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney
or other agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor
under the Reporting Requirements and which comments are received subsequent to the Depositor’s filing of such report, the
Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party.
Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in the
Depositor’s response to the Commission, unless such Affected

 

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Reporting Party elects, with the consent of the Depositor (which
consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response
and/or resolution with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function
Participant or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible for
directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected
Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission and copy the Depositor
on all correspondence with the Commission and provide the Depositor with the opportunity to participate (at the Depositor’s
expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor shall cooperate with any Affected
Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly
with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the
Commission of such authorization. The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another
with respect to any requests made to the Commission for extension of time for submitting a response or compliance. All respective
reasonable out-of-pocket costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside
counsel to the Depositor) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s
expense as set forth above) and any amendments to any reports filed with the Commission related thereto shall be promptly paid
by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator and
the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

The Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement
or (y) a Mortgage Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with respect to the Mortgage
Loans (other than a Non-Serviced Mortgage Loan) to indemnify and hold harmless each Certification Party from and against any losses,
damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred
by such Certification Party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or
annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement,
as applicable or (ii) any Deficient Exchange Act Deliverable.

 

If the indemnification
provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, each Additional
Servicer or other Servicing Function Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee shall
use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered into a servicing

 

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relationship
(other than (x) a party to this Agreement or (y) any Mortgage Loan Seller Sub-Servicer) with respect to the Mortgage Loans (other
than a Non-Serviced Mortgage Loan) to contribute to the amount paid or payable to the Certification Party as a result of the losses,
claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of
the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s
obligations pursuant to this Article X. The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function
Participant (other than (x) any party to this Agreement or (y) Mortgage Loan Seller Sub-Servicers) with which it has entered into
a servicing relationship with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) to agree to the foregoing
indemnification and contribution obligations.

 

Promptly after receipt
by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof
is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement thereof; but
the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In case any
such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement of such
action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that it may wish,
shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with counsel reasonably
satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and after notice from the
indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not
be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded
parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject
of such investigation) include both the indemnifying party and the indemnified party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party
fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval
shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more
than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party
from and against any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required
to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such
proceeding with the consent of the indemnified party (which consent shall not be

 

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unreasonably withheld or delayed) or, if such
settlement (i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding
that have been asserted against the indemnified party in such proceeding by the other parties to such settlement and (ii) does
not require an admission of fault by the indemnified party, without the consent of the indemnified party.

 

Section 10.15     Amendments.
This Article X may be amended by the written consent of all the parties hereto pursuant to Section 12.08 for purposes
of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

Section 10.16     Exchange
Act Report Signatures; Delivery of Notices; Interpretation of Grace Periods. (a) Each Form 8-K report, Form 10-D report, Form
ABS-EE Report and Form 10-K report shall be signed by the Depositor in accordance with procedures to be agreed upon by the Depositor
and the Certificate Administrator. The signing party at the Depositor can be contacted at CCRE Commercial Mortgage Securities,
L.P., 110 East 59th Street, New York, New York 10022, Attention: Gary Stellato, Fax: (646) 619-4935.

 

(b)          Notwithstanding
anything in Section 12.05 to the contrary, any notice required to be delivered to (i) the Depositor under this Article
X shall be properly given if sent by facsimile to (646) 619-4935, Attention: Gary Stellato, with a copy to Orrick, Herrington
& Sutcliffe LLP, Attention: Janet Barbiere (or such other number as the Depositor may instruct) and/or by email to notices@ccre.com,
with a copy to jbarbiere@orrick.com (or such other email address as the Depositor may instruct) and (ii) to the Certificate
Administrator under this Article X shall be properly given if sent by email to by facsimile to (410) 884-2380, Attention:
Corporate Trust Services—CMBS – CF 2019-CF3 (or such other number as the Certificate Administrator may instruct) and/or
by email to cts.sec.notifications@wellsfargo.com (or such other email address as the Certificate Administrator may instruct).

 

(c)          For
the avoidance of doubt:

 

(i)           Neither Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable,
pursuant to the last clause of the definition of “Master Servicer Termination Event” or “Special Servicer
Termination Event,” as applicable, nor shall any such party be deemed to not be in compliance under this Agreement,
during any grace period provided for in this Article X, provided, that if any such party fails to comply with
the delivery requirements of this Article X by the expiration of any applicable grace period such failure shall
constitute a Servicer Termination Event with respect to such party; and

 

(ii)          Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time

 

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required hereunder with respect to any reporting period for which the Trust is
not required to file Exchange Act reports.

 

(d)         If
the Certificate Administrator or the Depositor does not receive the Annual Assessment Report and/or the Annual Attestation Report
with respect to any Servicing Function Participant, or with respect to any Servicing Function Participant retained or engaged by
a party hereto that is actually known by a Responsible Officer of the Certificate Administrator or the Depositor, as the case may
be, by March 1st of any year during which an Annual Report on Form 10-K is required to be filed with the Commission with respect
to the Trust, then the Certificate Administrator shall, and the Depositor may, forward a Servicer Notice to such Servicing Function
Participant or the party hereto that retained or engaged such Sub-Servicing Function Participant, as the case may be, with a copy
of such Servicer Notice to the Depositor (if the Certificate Administrator is sending the Servicer Notice) or the Certificate Administrator
(if the Depositor is sending the Servicer Notice), as applicable, within two (2) Business Days of such failure. For the purposes
of this Article X and Section 7.01 of this Agreement, a “Servicer Notice” shall constitute either any
writing forwarded to such party or, in the case of the Master Servicer and the Special Servicer, notwithstanding the provisions
of Section 12.05, e-mail notice or fax notice which, in the case of an email transmission, shall be forwarded to all of
the following e-mail addresses for the applicable party: in the case of the Master Servicer and the Special Servicer, to the applicable
email address as provided in writing by the Master Servicer or the Special Servicer, as applicable, upon request, or such other
e-mail addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable, to the Certificate Administrator
and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall only be required to forward any such
notice to be delivered to the Master Servicer to no more than three e-mail addresses in the aggregate in order to fulfill its notification
requirements as set forth in the preceding sentence and/or under the provisions of Section 7.01. Notwithstanding anything
herein to the contrary, the forwarding of a Servicer Notice shall not relieve any Master Servicer or the Special Servicer of any
liability under Section 7.01(a)(x) or Section 7.01(b)(x), respectively, for the failure of any Servicing Function
Participant or Sub-Servicing Entity to deliver any Exchange Act reporting items pursuant to this Article X.

 

Section 10.17     Termination
of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement, the Depositor may
direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate Administrator upon five Business Days’
notice if the Certificate Administrator fails to comply with any of its obligations under this Article X; provided
that (a) such termination shall not be effective until a successor certificate administrator shall have accepted the appointment,
(b) the Certificate Administrator may not be terminated if it cannot perform its obligations due to its failure to properly prepare
or file on a timely basis any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms or any Form 12b-25
where such failure results from the Certificate Administrator’s inability or failure to receive, within the exact time frames
set forth in this Agreement any information, approval, direction or signature from any other party hereto needed to prepare, arrange
for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments to such forms or any form 12b-25
not resulting from its own negligence, bad faith or willful misconduct, (c) the Certificate Administrator may not be terminated
if, following the Certificate Administrator’s failure to comply with any of such obligations under Section 10.06,
Section 10.07, Section 10.09, Section 10.11, Section 10.12 or

 

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Section 10.13 on or prior to
the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections the Certificate Administrator
subsequently complies with such obligations before the Depositor gives written notice to it that it is terminated in accordance
with this Section 10.17 and (d) the Certificate Administrator may not be terminated if the Certificate Administrator’s
failure to comply does not cause it to fail in its obligations to timely file the related Form 8-K, Form 10-D, Form ABS-EE or
Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, then the
Depositor shall cease to have the right to terminate the Certificate Administrator under this Section 10.17 on the date
on which such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is so filed.

 

Article
XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section 11.01     Asset
Review. (a) On or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report
or the Periodic Loan File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If an Asset
Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to all Certificateholders
and each other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant to this Article
XI shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s Website,
by mailing such notice to the Certificateholder’s addresses appearing in the Certificate Register in the case of Individual
Certificates and by delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator
shall include in the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following statement
describing the events that caused the Asset Review Trigger to occur: “As of the Distribution Date, the following mortgage
loans identified below (such identification to include the Loan Number, the Mortgage Loan name and the current principal balance)
are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred.”
On each Distribution Date occurring after providing such notice to Certificateholders, the Certificate Administrator, based on
information provided to it by the Master Servicer or the Special Servicer, as the case may be, shall determine whether (1) any
additional Mortgage Loan has become a Delinquent Loan, (2) any Mortgage Loan has ceased to be a Delinquent Loan and (3) an Asset
Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in clauses
(1), (2) or (3), deliver such information in a written notice (which may be via email) substantially in the
form attached hereto as Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating Advisor
and the Asset Representations Reviewer.

 

If Certificateholders
evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator, within 90 days after
the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting a vote to commence
an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt of the Asset Review
Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer
and all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative vote to authorize
an Asset Review by Holders of Certificates evidencing at least a

 

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majority of an Asset Review Quorum within 150 days of receipt
of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator shall
promptly provide written notice as provided in Section 12.05 thereof to all parties to this Agreement, the Underwriters,
the Mortgage Loan Sellers, the Controlling Class Representative, the Risk Retention Consultation Party and the other Certificateholders
(the “Asset Review Notice”). In the event an Affirmative Asset Review Vote has not occurred within such 150-day
period following the receipt of the Asset Review Vote Election, no Certificateholder may request a vote or cast a vote for an Asset
Review and the Asset Representations Reviewer will not be required to review any Delinquent Loan unless and until (A) an additional
Mortgage Loan has become a Delinquent Loan after the expiration of such 150-day period, (B) a new additional Asset Review Trigger
has occurred as a result or an Asset Review Trigger is otherwise is in effect, (C) the Certificate Administrator has timely received
any Asset Review Vote Election after the occurrence of the events described in clauses (A) and (B) in this sentence
and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset Review Vote Election described in clause
(C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote, no Certificateholder
may make any additional Asset Review Vote Election except as described in the immediately preceding sentence. Any reasonable out-of-pocket
expenses incurred by the Certificate Administrator in connection with administering such vote will be paid as an expense of the
Trust from the Collection Account. The Certificate Administrator shall be entitled to administer any vote in connection with the
foregoing through an agent.

 

(b)     (i)     Upon receipt
of such notice of an Asset Review Notice, the Custodian (with respect to clauses (1) – (5) below for all Mortgage
Loans), the Master Servicer (with respect to clauses (6) and (7) below for Performing Loans) and the Special Servicer
(with respect to clauses (6) and (7) for Specially Serviced Loans), in each case to the extent in such party’s
possession, will be required to promptly, but in no event later than 10 Business Days (except with respect to clause (7))
after receipt of such notice from the Certificate Administrator, provide or make available the following materials to the Asset
Representations Reviewer (collectively, with the Diligence Files, a copy of the Prospectus, a copy of each related Mortgage Loan
Purchase Agreement and a copy of this Agreement, the “Review Materials”):

 

(A)       a
copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Loan that
is subject to an Asset Review;

 

(B)       a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of the
Trustee, with evidence of recording thereon, related to each Delinquent Loan that is subject to an Asset Review;

 

(C)       a
copy of the assignment of all unrecorded documents relating to each Delinquent Loan that is subject to an Asset Review, if not
already covered pursuant to items (1) or (2) above;

 

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(D)           a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Loan that is subject to an Asset Review;

 

(E)            a
copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Loan that is subject to an Asset Review;

 

(F)            a
copy of any notice previously delivered by the Master Servicer or the Special Servicer, as applicable, of any alleged defect or
breach with respect to any Delinquent Loan; and

 

(G)           any
other related documents that are reasonably requested by the Asset Representations Reviewer to be delivered by the Master Servicer
or the Special Servicer, as applicable, in the time frames and as otherwise described below.

 

(ii)           In
the event that, as part of an Asset Review of such Mortgage Loan, the Asset Representations Reviewer determines that the Review
Materials provided to it with respect to any Mortgage Loan are missing any document delivered in connection with the origination
of the related Mortgage Loan that are necessary to review and assess one or more documents comprising the Diligence File in connection
with its completion of any Test, the Asset Representations Reviewer shall promptly, but in no event later than 10 Business Days
after receipt of the Review Materials, notify the Master Servicer (with respect to Performing Loans) or the Special Servicer (with
respect to Specially Serviced Loans), as applicable, of such missing documents, and request that the Master Servicer or the Special
Servicer, as applicable, promptly, but in no event later than 10 Business Days after receipt of such notification from the Asset
Representations Reviewer, deliver to the Asset Representations Reviewer such missing documents to the extent in its possession
provided that any such notification and/or request shall be in writing, specifically identify the documents being requested
and sent to the notice address for the related party set forth in Section 12.05 of this Agreement. In the event any missing
documents or information are not provided by the Master Servicer or Special Servicer, as applicable, within such 10 Business Day
period, the Asset Representations Reviewer will request such documents from the related Mortgage Loan Seller. The Mortgage Loan
Seller will be required under the related Mortgage Loan Purchase Agreement to deliver such additional documents only to the extent
in the possession of such party; provided that no information that is proprietary to the related originator or Mortgage
Loan Seller or any draft documents or privileged or internal communications must be provided.

 

(iii)          The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the asset representations reviewer) and is determined by the Asset Representations
Reviewer in its good faith and sole discretion to be relevant to the Asset Review (any such information, “Unsolicited
Information”) conducted pursuant to this Section 11.01 hereof.

 

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(iv)          Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to the Secure
Data Room with respect to a Delinquent Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a
review of the compliance of each Delinquent Loan with the representations and warranties related to that Delinquent Loan in accordance
with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto (such review, the “Asset Review”).
The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty made by the Mortgage
Loan Seller with respect to such Delinquent Loan in accordance with the procedures set forth on Exhibit JJ (each such procedure,
a “Test”). Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required in
respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Loan or
again become a Delinquent Loan at a time when a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained
subsequent to the occurrence of such new Asset Review Trigger.

 

(v)           No
Certificateholder shall have the right to change the scope of the Asset Review, and the Asset Representations Reviewer shall not
be required to review any information other than (1) the Review Materials and (2) if applicable, Unsolicited Information.

 

(vi)          The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)         The
Asset Representations Reviewer shall prepare a preliminary report with respect to each Delinquent Loan within 40 Business Days
after the date on which access to the Secure Data Room is provided to the Asset Representations Reviewer by the Certificate Administrator
unless the Asset Representations Reviewer determines that there is no Test failure with respect to the related Delinquent Loan,
in which case no preliminary report will be required. In the event that the Asset Representations Reviewer determines that the
Review Materials are insufficient to complete a Test and such missing documentation is not delivered to the Asset Representations
Reviewer by the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced
Loans) to the extent in the possession of the Master Servicer or the Special Servicer, as applicable, or by the related Mortgage
Loan Seller within 10 Business Days following that request by the Asset Representations Reviewer, the Asset Representations Reviewer
shall list such missing documents in such preliminary report setting forth the preliminary results of the application of the Tests
and the reasons why such missing documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded)
that the absence of such information and documents shall be deemed to be a failure of such Test. The Asset Representations Reviewer
shall provide such preliminary report to the Master Servicer or the Special Servicer, as applicable, and the related Mortgage Loan
Seller. If the preliminary report indicates that any of the representations and warranties fails or is deemed to fail any Test,
the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to

 

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remedy or otherwise refute
the failure. Any documents provided or explanations given to support the Mortgage Loan Seller’s claim that the representation
and warranty has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall
be promptly delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer. For avoidance of doubt, the Asset
Representations Reviewer shall not be required to prepare a preliminary report in the event the Asset Representations Reviewer
determines that there is no Test failure with respect to the related Mortgage Loan.

 

(viii)        The
Asset Representations Reviewer shall, within the 60 days after the date on which access to the Secure Data Room is provided to
the Asset Representations Reviewer by the Certificate Administrator or within 10 days after the expiration of the Cure/Contest
Period (whichever is later), complete an Asset Review with respect to each Delinquent Loan and deliver (i) an Asset Review Report
setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there
is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party to each party to this Agreement and the
related Mortgage Loan Seller for each Delinquent Loan, and (ii) a summary of the Asset Representations Reviewer’s conclusions
included in such Asset Review Report (an “Asset Review Report Summary”) to the Trustee and the Certificate Administrator.
The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional 30 days,
upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer
determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Mortgage
Loan and/or the Mortgaged Property or Mortgaged Properties. In no event shall the Asset Representations Reviewer be required to
determine whether any Test failure constitutes a Material Defect, or whether the Trust should enforce any rights it may have against
the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Enforcing Servicer pursuant to Section
2.04(g) of this Agreement.

 

(ix)          In
addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the Master
Servicer (with respect to Performing Loans), the Special Servicer (with respect to Specially Serviced Loans) or the related Mortgage
Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review
Report (as such date may have been extended), the Asset Representations Reviewer shall prepare the Asset Review Report solely based
on the documentation received by the Asset Representations Reviewer with respect to the related Delinquent Loan, and the Asset
Representations Reviewer shall have no responsibility to independently obtain any such documentation from any party to this Agreement
or otherwise.

 

(x)           Within
45 days after receipt of an Asset Review Report with respect to any Serviced Mortgage Loan, the Special Servicer shall determine
whether at that time, based on the Servicing Standard, there exists a Material Breach with respect to such Serviced Mortgage Loan.
If the Special Servicer determines that a Material Breach

 

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exists, the Special Servicer, in its capacity as the Enforcing Servicer,
shall enforce the obligations of the related Mortgage Loan Seller with respect to such Material Breach in accordance with Section
2.04(d).

 

(c)           The
Asset Representations Reviewer and its affiliates shall keep confidential any information appropriately labeled as “Privileged
Information” received from any party to this Agreement or any Mortgage Loan Seller (including, without limitation, in connection
with the review of the Mortgage Loans) and shall not disclose such Privileged Information to any Person (including Certificateholders),
other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties
to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information
Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception. In addition, the Asset
Representations Reviewer shall keep all documents and information received by the Asset Representations Reviewer in connection
with an Asset Review that are provided by the applicable Mortgage Loan Seller, the Master Servicer or the Special Servicer confidential
and shall not disclose such documents or information except for purposes of complying with its duties and obligations under this
Agreement.

 

(d)           The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent
or subcontractor may (1) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor,
the Certificate Administrator, the Trustee, the Controlling Class Representative, the Directing Holder or any of their respective
Affiliates or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer, the Special
Servicer, the Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative, the Directing Holder
or any of their respective Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior
to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer shall remain obligated and primarily
liable for any Asset Review required hereunder in accordance with the provisions of this Agreement without diminution of such obligation
or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from
any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset Representations
Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter
into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent
or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)           The
Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer
of all or substantially all of their Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) is an established Eligible Asset Representations Reviewer, organized and doing business
under the laws of the United States of America, any

 

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state of the United States of America or the District of Columbia, authorized
under such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession
that is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement
that contains an assumption by such person of the due and punctual performance and observance of each covenant and condition to
be performed or observed by the asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its obligations
under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which the Asset
Representations Reviewer Fee or the Asset Representations Reviewer Asset Review Fee (or any component thereof) is calculated shall
not exceed the rate then in effect and (iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable
costs and expenses of each other party to this Agreement and the Rating Agencies in connection with such transfer. Upon acceptance
of such assignment and delegation, the purchaser or transferee shall provide notice to each party to this Agreement and then will
be the successor asset representations reviewer hereunder.

 

Section 11.02     Payment
of Asset Representations Reviewer Fees and Expenses; Limitation of Liability. (a) As compensation for the performance of its
routine duties, the Asset Representations Reviewer shall be paid the Asset Representations Reviewer Fee, payable monthly from
amounts received in respect of the Mortgage Loans and shall be equal to the product of the Asset Representations Reviewer Fee
Rate and the Stated Principal Balance of the Mortgage Loans and any REO Mortgage Loans and shall be calculated in the same manner
as interest is calculated on such Mortgage Loans.

 

(b)           As
compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent
Loan, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly fee charged by the
Asset Representations Reviewer or any successor asset representations reviewer for similar consulting assignments and any related
costs and expenses; provided that the total payment to the asset representations reviewer will not be greater than the Asset
Representations Reviewer Cap (the “Asset Representations Reviewer Asset Review Fee”). The Asset Representations
Reviewer will be required to provide to the Certificate Administrator and the Master Servicer an officer’s certificate setting
forth the Asset Representations Reviewer Asset Review Fee for the related Collection Period, provided that the Asset Representations
Reviewer will not be required to deliver an officer’s certificate for any Collection Period in which no Asset Representations
Reviewer Asset Review Fee is charged.

 

With respect to an individual
Asset Review Trigger and the Mortgage Loans that are Delinquent Loans and are subject to an Asset Review (the “Subject
Loans”), the “Asset Representations Reviewer Cap” will equal the sum of: (i) $16,000 multiplied by
the number of Subject Loans, plus (ii) $1,600 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property
per Subject Loan, plus (iii) $2,100 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,100
per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license
agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end
Consumer Price Index for All Urban Consumers, or other similar index if the

 

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Consumer Price Index for All Urban Consumers is no
longer calculated, for the year of the Closing Date and for the year of the occurrence of the Asset Review.

 

(c)           The
related Mortgage Loan Seller with respect to each Delinquent Loan that is subject to an Asset Review shall pay the portion of the
Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Loan contributed by it, as allocated on the basis
of the hourly charges and costs and expenses incurred with respect to its related Delinquent Loans; provided, however,
that;

 

(i)            if
the DC Mixed Use Portfolio VI Mortgage Loan is a Delinquent Loan, it shall be treated as one Mortgage Loan for the purposes of
assessing any Asset Representations Reviewer Asset Review Fee, and each of CCRE and SMC shall only be responsible for paying its
proportionate share of any such Asset Representations Reviewer Asset Review Fee attributable to the DC Mixed Use Portfolio VI Mortgage
Loan (CCRE’s proportionate share to be determined according to the proportion that the outstanding principal balance of the
portion of the DC Mixed Use Portfolio VI Mortgage Loan evidenced by the CCRE DC Mixed Use Portfolio VI Note bears to the outstanding
principal balance of the entire DC Mixed Use Portfolio VI Mortgage Loan, and SMC’s proportionate share to be determined according
to the proportion that the outstanding principal balance of the portion of the DC Mixed Use Portfolio VI Mortgage Loan evidenced
by the SMC DC Mixed Use Portfolio VI Note bears to the outstanding principal balance of the entire DC Mixed Use Portfolio VI Mortgage
Loan);

 

(ii)           if
the total charge for the Asset Representations Reviewer on an hourly fee plus costs and expenses basis would exceed the Asset Representations
Reviewer Cap, each Mortgage Loan Seller’s required payment shall be reduced pro rata according to its proportion of
the total charges until the aggregate amount owed by all Mortgage Loan Sellers is equal to the Asset Representations Reviewer Cap;

 

(iii)          if
the related Mortgage Loan Seller is insolvent, such fee shall be paid by the Trust following delivery by the Asset Representations
Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable, of such insolvency;
and

 

(iv)          that
notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer, such fee shall remain an obligation
of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall pursue remedies against
such Mortgage Loan Seller in accordance with the Servicing Standard in order to seek recovery of such amounts from such Mortgage
Loan Seller or its insolvency estate.

 

Notwithstanding the foregoing, to the extent
not previously paid by the related Mortgage Loan Seller, the Asset Representations Reviewer Asset Review Fee with respect to a
Delinquent Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review
and that is repurchased or substituted by the related Mortgage Loan Seller, and such portion of the Purchase Price received shall
be used to reimburse the Asset

 

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Representations Reviewer or the Trust, as the case may be, for such fees pursuant to Section
11.02(b).

 

(d)           The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

Section 11.03     Resignation
of the Asset Representations Reviewer. (a) The Asset Representations Reviewer may resign and be discharged from its obligations
hereunder by giving written notice thereof to the other parties to this Agreement and the 17g-5 Information Provider. Upon such
notice of resignation, the Depositor shall promptly appoint a successor asset representations reviewer that is an Eligible Asset
Representations Reviewer. If no successor asset representations reviewer shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Asset Representations Reviewer may petition any court
of competent jurisdiction for the appointment of a successor Asset Representations Reviewer that is an Eligible Asset Representations
Reviewer. The Asset Representations Reviewer will bear all reasonable costs and expenses of each other party hereto and each Rating
Agency in connection with its resignation.

 

(b)           The
Asset Representations Reviewer shall have the right to resign without cost or expense upon the occurrence of the Early Termination
Notice Date. The Asset Representations Reviewer shall provide all of the parties to this Agreement and the Controlling Class Representative
30 days prior written notice of any such resignation pursuant to this Section 11.03(b). If the Asset Representations Reviewer
resigns pursuant to this Section 11.03(b), then no replacement Asset Representations Reviewer shall be appointed. The resigning
Asset Representations Reviewer shall be entitled, and subject, to any rights and obligations that accrued under this Agreement
prior to the date of any such resignation (including accrued and unpaid compensation) and any indemnification rights arising out
of events occurring prior to such resignation.

 

Section 11.04     Restrictions
of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any of its Affiliates shall make any
investment in any Class of Certificates; provided, however, that such prohibition shall not apply to (i) riskless
principal transactions effected by a broker dealer Affiliate of the Asset Representations Reviewer or (ii) investments by an Affiliate
of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies and procedures
that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement from personnel
involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access
to information regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s
information regarding its investment activities.

 

Section 11.05     Termination
of the Asset Representations Reviewer. (a) An “Asset Representations Reviewer Termination Event” means
any one of the following events whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body:

 

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(i)            any
failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements
or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a
period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Asset Representations Reviewer by any party hereto or to the Asset Representations Reviewer and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided that
if such failure is capable of being cured and the Asset Representations Reviewer is diligently pursuing such cure, such 30 day
period will be extended by an additional 30 days;

 

(ii)           any
failure by the Asset Representations Reviewer to perform its obligations hereunder in accordance with the Asset Review Standard
in any material respect, which failure shall continue unremedied for a period of thirty (30) days after the date written notice
of such failure, requiring the same to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)          any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the Asset
Representations Reviewer by any party to this Agreement;

 

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

 

(v)           the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)          the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon receipt by the Certificate
Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written notice of the occurrence
of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to
all Certificateholders in accordance with the notice distribution procedures described in Section 11.01(a), unless the Certificate
Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied.

 

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If an Asset
Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations
Reviewer Termination Event shall not have been remedied, then either the Trustee (i) may or (ii) upon the written direction of
Holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction
Amounts), the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement,
other than rights and obligations accrued prior to such termination (including the right to receive all amounts accrued and owing
to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination),
by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required to bear all costs and
expenses of itself and of each other party to this Agreement in connection with its termination due to an Asset Representations
Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall
have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer
Termination Event of which it becomes aware.

 

(b)           Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights (without regard to the application
of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed
successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to
the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection
with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations
Reviewer and to all Certificateholders by (i) posting such notice on its internet website, and (ii) mailing such notice to all
Certificateholders at their addresses appearing in the Certificate Register and to the Asset Representations Reviewer. Upon the
written direction of holders of Certificates evidencing more than 75% of the applicable Certificateholder Quorum (without regard
to the application of any Appraisal Reduction Amounts), the Trustee shall terminate all of the rights and obligations of the Asset
Representations Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination
and other than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset
Representations Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and
the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination
or not vote for the termination of the Asset Representations Reviewer. In the event that holders of the Certificates entitled to
at least 75% of the applicable Certificateholder Quorum elect to remove the Asset Representations Reviewer without cause and appoint
a successor, the successor asset representations reviewer will be responsible for all expenses necessary to effect the transfer
of responsibilities from its predecessor.

 

(c)           The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under
Section 11.03 of this Agreement and the Trustee shall upon the written direction of Holders of Certificates evidencing not
less than 25% of the Voting Rights of each Class of Regular Certificates of each Class of Certificates appoint a replacement Asset
Representations

 

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Reviewer that is an Eligible Asset Representations Reviewer subject to and in accordance with this Section 11.05.
The Trustee may rely on a certification by the replacement asset representations advisor that it is an Eligible Asset Representations
Reviewer. Notwithstanding the foregoing, if the Trustee is unable to find a successor Asset Representations Reviewer within 30
days of the termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee
shall not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Trustee uses
commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result
of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

On or after the receipt
by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer shall
execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate
to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days after the Trustee
delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall upon the written direction
of Holders of Certificates evidencing not less than 25% of the Voting Rights of each Class of Regular Certificates of each Class
of Certificates appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee
shall provide written notice of the appointment of an Asset Representations Reviewer to the Master Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator, the Controlling Class Representative and each Certificateholder within one
Business Day of such appointment.

 

(d)           Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator
(who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor, the Mortgage Loan
Sellers, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class
Representative and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and
obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination).

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section 12.01     Counterparts.
This Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be
an original, and such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a
signature page of this Agreement in Portable Document Format (PDF), any

 

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other electronic format or by facsimile transmission shall
be as effective as delivery of a manually executed original counterpart of this Agreement.

 

Section 12.02     Limitation
on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement
or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take
any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect the rights, obligations
and liabilities of the parties hereto or any of them.

 

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates,
shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no
Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

 

Other than with respect
to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section 2.04(k),
no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, any Co-Lender Agreement, any Mortgage Loan, or with respect
to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such
Holder previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this
Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of
all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

    -469-

     

    

 

No Certificateholder
shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of its ownership of a
Certificate.

 

Section 12.03     Governing
Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF
THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW SHALL APPLY TO THIS AGREEMENT.

 

Section 12.04     Waiver
of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO WAIVES ITS
RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT,
ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY
PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO AGREES
THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES
FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM
OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT
OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

TO THE FULLEST EXTENT
PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND
FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT
ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE
DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 12.05     Notices.
Unless otherwise specified in this Agreement, all demands, notices and communications hereunder shall be in writing, shall be
deemed to have been given upon receipt (except that notices to Holders of Class R Certificates or Holders of any

 

    -470-

     

    

 

Class of Certificates
no longer held through a Depository and instead held in registered, definitive form shall be deemed to have been given upon being
sent by first-class mail, postage prepaid or by overnight courier) as follows:

 

	If to the Trustee, to:
	 
	Wells Fargo Bank, National Association
	
        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services (CMBS)
        – CF 2019-CF3

         

        with a copy to:

        cts.cmbs.bond.admin@wellsfargo.com,
and to

        trustadministrationgroup@wellsfargo.com

	 
	If to the Certificate Administrator, to:
	 
	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services
(CMBS) – CF 2019-CF3

        Fax number: (410) 715-2380

         

        with a copy to:

         

        E-Mail: cts.cmbs.bond.admin@wellsfargo.com,
        and to trustadministrationgroup@wellsfargo.com, except as otherwise set forth herein

         

        or in the case of surrender, Transfer
        or exchange for Certificates other than the HRR Interest or the VRR Interest during the RR Interest Transfer Restriction Period,
        to:

         

        Wells Fargo Bank, National Association

        Certificate Registrar

        600 South 4th Street, 7th Floor,
MAC N300-070

        Minneapolis, Minnesota 55479

        Attn: Certificate Transfer Group –
        CF 2019-CF3

         

        or in the case of a Transfer of the HRR
        Interest or the VRR Interest during the RR Interest Transfer Restriction Period to:

         

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Risk Retention Custody (CMBS)
        – CF 2019-CF3

         

        with a copy to:

        

 

    -471-

     

    

 

	riskretentioncustody@wellsfargo.com

	 
	If to the Custodian, to:
	 
	Wells Fargo Bank, National Association
	
        1055 10th Avenue, Southeast

        Minneapolis, Minnesota 55414

        Attention: Document Custody Group –
        CF 2019-CF3

         

        with a copy to:

         

        cmbscustody@wellsfargo.com

         

	If to the Depositor, to:
	 
	CCRE Commercial Mortgage Securities, L.P.
	110 East 59th Street
	New York, New York 10022
	
        Attention: Legal Department

        with an electronic copy by email
to notices@ccre.com

	 
	with a copy to:
	 
	Orrick, Herrington & Sutcliffe LLP
	51 West 52nd Street
	New York, New York 10019
	Attention: Janet Barbiere
	 
	If to the Operating Advisor, to:
	 
	Park Bridge Lender Services LLC
	600 Third Avenue, 40th Floor
	New York, New York 10016
	Attention: CF 2019-CF3 Surveillance Manager (with a copy sent contemporaneously via email to
	cmbs.notices@parkbridgefinancial.com)
	 
	If to the Asset Representations Reviewer, to:
	 
	Park Bridge Lender Services LLC
	600 Third Avenue, 40th Floor
	New York, New York 10016
	Attention: CF 2019-CF3 Surveillance Manager (with a copy sent contemporaneously via email to
	cmbs.notices@parkbridgefinancial.com)

 

    -472-

     

    

 

	If to the Master Servicer, to:
	 
	
        Midland Loan Services, a Division of PNC
Bank, National Association

        10851 Mastin Street, Suite 300

        Building 82

        Overland Park, Kansas 66210

        Facsimile Number: 888-706-3565

        Attention: Executive Vice President – Division
        Head

         

        with a copy to:

         

        Eversheds Sutherland (US) LLP

        700 Sixth Street, NW, Suite 700

        Washington, D.C. 20001-3980

        Attention: Lisa A. Rosen, Esq.

        Facsimile number: 202-637-3593

        Email: lisarosen@eversheds-sutherland.com

	 
	If to Midland Loan Services, a Division of PNC Bank, National Association, as a Special Servicer, to:
	 
	
        Midland Loan Services, a Division of PNC
Bank, National Association

        10851 Mastin Street, Suite 300

        Building 82

        Overland Park, Kansas 66210

        Facsimile Number: 888-706-3565

        Attention: Executive Vice President – Division
        Head

         

        with a copy to:

         

        Eversheds Sutherland (US) LLP

        700 Sixth Street, NW, Suite 700

        Washington, D.C. 20001-3980

        Attention: Lisa A. Rosen, Esq.

        Facsimile number: 202-637-3593

        Email: lisarosen@eversheds-sutherland.com

	 
	If to Cantor Commercial Real Estate Lending L.P., as Mortgage Loan Seller, to:
	 
	Cantor Commercial Real Estate Lending, L.P.
	110 East 59th Street

 

    -473-

     

    

 

	New York, New York 10022
	Attention: Legal Department
	 
	with an electronic copy to:
	 
	Cantor Commercial Real Estate Lending, L.P.
	110 East 59th Street
	New York, New York 10022
	Attention: Legal Department
	E-mail: legal@ccre.com
	 
	with a copy to:
	 
	
        Cadwalader, Wickersham & Taft LLP

        200 Liberty Street

        New York, New York 10281

        Attention: Greg Prindle

        Facsimile No.: (212) 504-6666

        E-mail: Gregory.Prindle@cwt.com

         

	If to SMC, as Mortgage Loan Seller, to:
	 
	Starwood Mortgage Capital LLC 
	1601 Washington Avenue, Suite 800
	Miami Beach, Florida 33139
	Attention: Leslie K. Fairbanks, Executive Vice President
	Email: lfairbanks@starwood.com
	 
	With a copy to:
	 
	Starwood Property Trust, Inc.
	1601 Washington Avenue, Suite 800
	Miami Beach, Florida 33139
	Attention: Vincent P. Kallaher, Senior Vice President
	Email: vkallaher@starwood.com
	 
	With a copy to:
	 
	Starwood Property Trust, Inc.
	1601 Washington Avenue, Suite 800
	Miami Beach, Florida 33139
	Attention: Heather Bennett
	Email: hbennett@starwood.com

 

    -474-

     

    

 

	With a copy by email to:
	 
	lnr.cmbs.notices@lnrproperty.com;
	 
	and, with respect to certifications pursuant to Section 2.03 of this Agreement, with a copy to:
	 
	McCoy & Orta
	100 N. Broadway, 26th Floor
	Oklahoma City, Oklahoma 73102
	 
	With a copy by email to:
	 
	vorta@mccoy-orta.com
	 
	And with a copy to:
	 
	Marcia Moore Allen
	Facsimile: (405) 236-1448
	Email: mmore-allen@mccoy-orta.com
	 
	With a copy to:
	 
	Starwood Property Trust, Inc.
	1601 Washington Avenue, Suite 800
	Miami Beach, Florida 33139
	Attention: Vincent P. Kallaher, Senior Vice President
	Email: vkallaher@starwood.com
	 
	If to KBNA, as Mortgage Loan Seller, to:
	 
	KeyBank National Association
	
        11501 Overlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Joe DeRoy

        Facsimile: 877-379-1625

         

        With a copy to:

        Polsinelli

        900 West 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Facsimile: 816-753-1536

 

    -475-

     

    

 

	If to Cantor Fitzgerald & Co., as Initial Purchaser or Underwriter, to:
	 
	Cantor Fitzgerald & Co.
	499 Park Avenue
	New York, New York 10022
	Attention: Stephen Merkel 
	 
	with a copy to:
	 
	Cadwalader, Wickersham & Taft LLP
	200 Liberty Street
	New York, New York 10281
	Attention: Lisa Pauquette, Esq.
	 
	If to Deutsche Bank Securities Inc., as Initial Purchaser or Underwriter, to:
	 
	Deutsche Bank Securities Inc. 
	
        60 Wall Street

        New York, New York 10022

        Attention: General Counsel

	 
	If to KeyBanc Capital Markets Inc., as Initial Purchaser or Underwriter, to:
	 
	KeyBanc Capital Markets Inc. 
	
        1301 Avenue of the Americas, 37th Floor

        New York, NY 10019

        Attention: Andrew Yuder

        Telephone Number: (212) 476-7462

	 
	If to the initial Controlling Class Representative with respect to any Mortgage Loan, to:
	 
	KKR Real Estate Credit Opportunity Partners II L.P. 
	
        9 West 57th Street, Suite 4200

New York, New York 10019

        Attention: Matt Salem

        Fax number: (212) 750-0003

	
        Email: RESecurities@kkr.com

         

        With a copy to:

         

        Dechert LLP

        

 

    -476-

     

    

 

	Cira Centre

        2929 Arch Street

        Philadelphia, PA 19104-2808

        Fax number: (215) 655-2647

        Attention: David Forti

        Email: david.forti@dechert.com

	 
	If to the Risk Retention Consultation Party, to:
	with a copy to:”
	 
	KeyBank National Association
	
        11501 Overlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Joe DeRoy

        Facsimile: 877-379-1625

         

        With a copy to:

        Polsinelli

        900 West 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Facsimile: 816-753-1536

	 
	If to the 17g-5 Information Provider, electronically to:
	 
	17g5informationprovider@wellsfargo.com 
	(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “CF 2019-CF3 Mortgage Trust” and an identification of the type of information being provided in the body of such electronic mail)

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Solely to the extent the provisions herein
contemplate electronic delivery of information, such information shall be transmitted via electronic mail with a subject reference
to include “CF 2019-CF3 Mortgage Trust” (or substantially similar language) (i) in the case of the Depositor, to notices@ccre.com
and legal@ccre.com, (ii) in the case of the Trustee, to cts.cmbs.bond.admin@wellsfargo.com and to trustadministrationgroup@wellsfargo.com,
(iii) in the case of the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website
(and, if no such email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com and to trustadministrationgroup@wellsfargo.com),
(iv) in the case of the Operating Advisor, to cmbs.notices@parkbridgefinancial.com, (v) in the case of the Asset Representations
Reviewer, to cmbs.notices@parkbridgefinancial.com, (vi) in the case of the Master Servicer to noticeadmin@midlandls.com, (vii)
in the case of the Special Servicer,

 

    -477-

     

    

 

to noticeadmin@midlandls.com, (viii) in the case of Cantor Commercial Real Estate Lending,
L.P., to legal@ccre.com, (ix) in the case of SMC, to lfairbanks@starwood.com, vkallaher@starwood.com, hbennett@starwood.com
and lnr.cmbs.notices@lnrproperty.com, (x) in the case of KBNA, to michael_a_tilden@keybank.com, (xi) in the case
of Cantor Fitzgerald & Co., to smerkel@cantor.com, (vii) in the case of Deutsche Bank Securities Inc., to cmbs.requests@db.com,
(xiii) in the case of KeyBanc Capital Markets Inc., to andrew.yuder@key.com, (xiv) in the case of the initial Controlling
Class Representative, to RESecurities@kkr.com and (xv) in the case of the 17g-5 Information Provider, to 17g5informationprovider@wellsfargo.com
or, in the case of the parties to this Agreement, to such other electronic mail address as such party shall specify by written
notice (which may be electronic) to the other parties hereto.

 

The obligation of any
party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer, Other Special
Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such party to this
Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the name and contact
information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information
Provider, as applicable, and shall be entitled to assume that the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable has not changed, absent receipt
of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider,
or a replacement thereof under the applicable Other PSA, of a change with respect to the identity and contact information for such
Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof
under the applicable Other PSA, as applicable.

 

Section 12.06     Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions or terms shall
be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 12.07     Notice
to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall use its best efforts to promptly provide
notice, promptly furnish (or make available) to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder
(if no Consultation Termination Event has occurred and is continuing), the Trustee the related Serviced Companion Loan Noteholder
(if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website)
with respect to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge:

 

(i)            any
material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Co-Lender Agreement;

 

    -478-

     

    

 

(ii)           the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)          the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)          the
repurchase of Mortgage Loans pursuant to Section 2.04(e) of this Agreement.

 

(b)           The
Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder
and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)            notice
of the final payment to any Class of Certificateholders;

 

(ii)           notice
of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve Account;
and

 

(iii)          each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)           The
Master Servicer shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information
Provider’s Website) and the related Other 17g-5 Information Provider (if any):

 

(i)            upon
request, a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03 of this
Agreement;

 

(ii)           notice
of any change in the location of the Collection Account or any Serviced Whole Loan Custodial Account,

 

(iii)          a
copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

 

(iv)         any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

(v)           any
change in the lien priority of a Mortgage Loan;

 

(vi)          any
new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)         any
material damage to a Mortgaged Property; and

 

(viii)        any
amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

    -479-

     

    

 

(d)           Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies
to the extent such party has or can obtain such information without unreasonable effort or expense; provided that such other
information is first provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 3.14(d).
Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event,
as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in
writing.

 

Notices to each Rating Agency shall be addressed
as follows:

 

Fitch Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

 

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

or in each case to such other address as
any Rating Agency shall specify by written notice to the parties hereto.

 

Section 12.08     Amendment.
(a) This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of
any of the Certificateholders or any Serviced Companion Loan Noteholders:

 

(i)            to
cure any ambiguity or to correct any manifest error;

 

(ii)           to
cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Prospectus
or the Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or

 

    -480-

     

    

 

supplement any
provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)          to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)          to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder;

 

(v)           to
modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, either Trust
REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person
that is not a Permitted Transferee;

 

(vi)          to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect
to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade,
withdrawal or qualification of its then current ratings of any securities related to a Companion Loan, if any (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);

 

(vii)         to
amend or supplement any provision hereof to the extent necessary to maintain the then current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then current
ratings of any

 

    -481-

     

    

 

securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including,
for avoidance of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel;

 

(viii)        to
modify the provisions of Section 3.06 and Section 3.17 with respect to reimbursement of Nonrecoverable Advances and
Workout-Delayed Reimbursement Amounts if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced
Mortgage Loan other than an Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not
continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not cause either Trust REMIC to fail to
qualify as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable
rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of
its then current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);

 

(ix)          to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment
shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of
Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates;
and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information
Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice
to the Certificate Administrator’s Website;

 

(x)           to
modify, eliminate or add to any of the provisions of this Agreement (i) to such extent as will be necessary to comply with the
requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or (ii) in the event the Credit Risk Retention
Rules or any other regulations applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal; provided that the Trustee and Certificate Administrator have received an opinion of counsel to
the effect the action is consistent with and will not cause a violation of the Credit Risk Retention Rules; and

 

(xi)          to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);

 

    -482-

     

    

 

provided that
any such amendment (A) shall not materially increase the obligations of the Depositor, the Trustee, the Paying Agent, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5 Information Provider, the Master Servicer or
the Special Servicer without such party’s consent; and (B) shall not adversely affect in any material respect the interests
of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto, as evidenced in the case of clauses (iii)
through (x) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt
of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment cause the Lower-Tier REMIC
or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

(b)           This
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders or the Serviced
Companion Loan Noteholders; provided, that no such amendment may:

 

(i)            reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such
Companion Loan Noteholders;

 

(ii)           reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Loan Noteholder, as applicable;

 

(iii)          adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

(iv)          change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)           amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the

 

    -483-

     

    

 

downgrade, withdrawal
or qualification of its then current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates).

 

(c)           Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the
Serviced Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions to the extent
necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory
actions and/or interpretations.

 

(d)           If
neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall be
effective with the consent of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Master Servicer and the Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders
and Serviced Companion Loan Noteholders.

 

(e)           It
shall not be necessary for the consent of Certificateholders under this Section 12.08 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders and, if applicable, Serviced Companion
Loan Noteholders, shall be subject to such reasonable regulations as the Trustee may prescribe; provided, that such method
shall always be by affirmation and in writing.

 

(f)            Prior
to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled
to rely conclusively upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such
amendment (or, if such amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for
any purpose described in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which
do not modify or otherwise relate solely to the obligations, duties or rights of the Trustee), then at the expense of the Trust
Fund (and, in the case of any Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision
of the related Co-Lender Agreement)) confirming that (A) the execution of such amendment is authorized or permitted by this Agreement
and that all conditions precedent with respect thereto have been satisfied and (B) such amendment will not result in the imposition
of a tax on any portion of the Trust or cause either Trust REMIC to fail to qualify as a REMIC under the relevant provisions of
the Code. The Trustee, the Certificate Administrator, the Operating Advisor or the Asset Representations Reviewer may, but shall
not be obligated to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s, the
Operating Advisor’s or the Asset Representations Reviewer’s own rights, duties or immunities under this Agreement.

 

    -484-

     

    

 

(g)           Notwithstanding
any contrary provision contained in this Agreement, no amendment shall be made to this Agreement (i) that adversely affects the
rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation,
in the case of a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial
Purchaser or Underwriter without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable
or (ii) that changes any provisions specifically required to be included in this Agreement by any Co-Lender Agreement for a Non-Serviced
Whole Loan or to the Co-Lender Agreement for a Non-Serviced Whole Loan without the consent of the related Companion Loan Noteholder(s).

 

(h)          Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on
the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate
Administrator shall furnish written notification of the substance of such amendment to each Certificateholder, the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee, each Mortgage Loan
Seller, the Underwriters and the Initial Purchasers.

 

(i)            In
connection with any amendment pursuant to this Agreement, no later than one Business Day following the effective date of such amendment,
the Certificate Administrator shall provide a copy of the executed amendment to each Other Depositor and Other Trustee related
to any Other Securitization that includes a Serviced Companion Loan (which may be by email) together with a copy of such amendment
in EDGAR compatible format.

 

Section 12.09     Confirmation
of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund (including the Mortgage Loans)
by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this Agreement be treated for all purposes
as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the intention of the parties that such conveyance
be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other obligation of the Depositor. However,
if, notwithstanding the intent of the parties, the Trust Fund is held to continue to be property of the Depositor then (a) this
Agreement shall also be deemed to be a security agreement under applicable law; (b) the transfer of the Trust Fund provided for
herein shall be deemed to be a grant by the Depositor to the Trustee on behalf of Certificateholders of a first priority security
interest in, and the Depositor hereby grants to the Trustee a security interest in, all of the Depositor’s right, title
and interest in and to, whether now owned or existing or hereafter acquired or arising, the property identified in clauses
(i) through (xiv) of the definition of “Trust Fund” and all proceeds thereof; (c) the possession by the
Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property as constitute instruments, money,
negotiable documents or chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting
the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications to Persons holding
such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such

 

    -485-

     

    

 

security interest under applicable law. The Depositor shall, and upon the request and direction
of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of the Trust Fund
(and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation provision of the
related Co-Lender Agreement)), take such actions as may be necessary to ensure that such security interest is a perfected security
interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement. It is the
intent of the parties that such a security interest would be effective whether any of the Certificates are sold, pledged or assigned.

 

Section 12.10     No
Intended Third-Party Beneficiaries. Except as specified in Section 12.12 of this Agreement, no Person other than a
party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter or any Certificateholder shall have
any rights with respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the
parties to this Agreement specifically state that no Borrower, Manager or other party to a Mortgage Loan is an intended third-party
beneficiary of this Agreement.

 

Section 12.11     Entire
Agreement. This Agreement (and, with respect to each Whole Loan, together with the related Co-Lender Agreement) contains the
entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior
and contemporaneous agreements, understanding, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof control and supersedes any course of performance
or usage of the trade inconsistent with any of the terms hereof.

 

Section 12.12     Third
Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer acknowledge
that (i) each Mortgage Loan Seller and Cantor Fitzgerald & Co. are third party beneficiaries with respect to Section 8.05(h)
of this Agreement, the obligations of any party to this Agreement to deliver information to the 17g-5 Information Provider
hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5 Information Provider’s
Website (or make available to the NRSROs the items referenced in Section 3.13(c) and (d)) and the express obligations
of any party hereto to deliver documents, notices, information or funds to a Mortgage Loan Seller, (ii) each Mortgage Loan Seller
is a third party beneficiary with respect to Section 2.01, Section 2.03, Section 2.04 and Section 12.08
of this Agreement and its rights as a Privileged Person, (iii) each Initial Purchaser and each Underwriter is a third party
beneficiary with respect to its rights to receive any notices, documents, certifications and/or information hereunder and its
rights under Section 12.08 of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an
intended third party beneficiary in respect of the rights afforded it under this Agreement and may directly (or, in the case of
a holder of a Companion Loan, the related Other Servicer or Non-Serviced Master Servicer, as applicable, may) enforce such rights,
(v) each of the Serviced Companion Loan Service Providers under the applicable Other PSA is an intended third party beneficiary
under this Agreement with respect to any provision herein expressly relating to compensation, reimbursement or indemnification
of such Serviced Companion Loan Service Provider and the provisions regarding the coordination of Advances and (vi) each of the
Non-Serviced Mortgage Loan Service Providers under the applicable Non-Serviced PSA is an intended third party beneficiary under
this Agreement with respect to Section 3.27(f) hereof and any provisions herein relating to (1) the reimbursement of

 

    -486-

     

    

 

any
nonrecoverable advances made with respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the indemnification
of each applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee pursuant to Section
1.04 of this Agreement against any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, liabilities, fees and expenses incurred in connection with the related Non-Serviced PSA and this Agreement
that relate solely to its servicing of the related Non-Serviced Whole Loan and any related reimbursement provisions, (3) the provisions
set forth in Section 4.07(e) of this Agreement regarding advancing coordination and (4) the provisions set forth in Section
3.29 and 6.07, as applicable, of this Agreement.

 

Section 12.13     PNC
Bank, National Association. PNC Bank, National Association, by execution hereof by its division, Midland Loan Services, a
Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable against
PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services, a
Division of PNC Bank, National Association.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    -487-

     

    

 

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

 

	 	CCRE COMMERCIAL MORTGAGE SECURITIES, L.P.,

as Depositor
	 	 	 
	 	By:	/s/ Paul Vanderslice
	 	 	Name: Paul Vanderslice
	 	 	Title: Chief Executive Officer
	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

as Master Servicer
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President
	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

as a Special Servicer
	 	 	 
	 	By:	/s/ David A. Eckels
	 	 	Name: David A. Eckels
	 	 	Title: Senior Vice President

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee
	 	 	 
	 	By:	/s/ Amy Mofsenson
	 	 	Name: Amy Mofsenson
	 	 	Title: Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator, Custodian and Paying Agent
	 	 	 
	 	By:	/s/ Amy Mofsenson
	 	 	Name: Amy Mofsenson
	 	 	Title: Vice President

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, 

as Operating Advisor
	 	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, 

as Asset Representations Reviewer
	 	 	 	 
	 	By:	Park Bridge Advisors LLC
	 	 	Its Sole Member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC
	 	 	 	Its Sole Member
	 	 	 	 
	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE OF New York	)
	 	 
	 	:   ss.:
	 	 
	COUNTY OF New York	)

 

On the 11 day of December
in the year 2019, before me, the undersigned, personally appeared Paul Vanderslice, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual
made such appearance before the undersigned in the City, County and State of New York (insert the city or other political subdivision
and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Gary Stellato
	 	Signature and Office of individual taking acknowledgment

 

	 	
        GARY STELLATO

        NOTARY PUBLIC, STATE OF NEW YORK

        NO. 02ST6346827

        QUALIFIED IN NASSAU COUNTY

        MY COMMISSION EXPIRES AUG 22, 2020

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE OF KANSAS	)
	 	 
	 	:   ss.:
	 	 
	COUNTY OF JOHNSON	)

 

On the 11th day of December
2019, before me, a notary public in and for said State, personally appeared David A. Eckels, known to me to be a Senior Vice President
of Midland Loan Services, a Dvision of PNC Bank, National Association, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity, and acknowledged to me that such entity executed
the within instrument.

 

IN WITNESS WHEREOF, I
have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

 

	 	NOTARY PUBLIC – State of Kansas	 	 
	 	LAURA ESCALANTE	 	/s/ Laura Escalante   
	 	My Appt. Expires 08/14/2021	 	Notary Public
	 	 	 	 

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE OF	)
	 	 
	 	:   ss.:
	 	 
	COUNTY OF	)

 

On the 11th
day of December in the year 2019, before me, the undersigned, personally appeared Amy Mofsenson, personally known to me or proved
to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s)
on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and
that such individual made such appearance before the undersigned in the City and State of New York (insert the city or other political
subdivision and the state or county or other place the acknowledgment was taken).

 

	JANET M. JOLLEY	 	 
	Notary Public, State of New York	 	 
	NO. 01JO6121000	 	/s/ Janet M. Jolley
	Qualified in Kings County	 	Signature and Office of individual taking acknowledgment
	Commission Expires Jan. 3, 2021	 	 

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	STATE OF New York	)
	 	 
	 	:   ss.:
	 	 
	COUNTY OF New York	)

 

On the 10th
day of December 2019, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn,
personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before me that he is a
Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which in turn is the sole member
of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and that he signed his
name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	/s/ Niaja K. Mowatt
	 	
        NOTARY PUBLIC in and for the

        State of New York

 

	My commission expires:	3/31/20	 
	 	(Date)	 

 

	
        NIAJA WILLIAMS MOWATT

        Notary Public – State of
New York

        NO. 01WI6184241

        Qualified in Suffolk County

        My Commission Expires ________
	 

 

CF 2019-CF3 MORTGAGE TRUST: POOLING AND SERVICING AGREEMENT

 

     

     

    
 

 

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

2
Global Certificate legend.

 

    A-1-1

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS A-1

 

	Class
    A-1 Pass-Through Rate:  2.04130%	 	CUSIP: 12529TAT0

         

        ISIN: US12529TAT07

         

        Common
        Code: 209644134

         

	Original
    Aggregate Certificate Balance of the Class A-1 Certificates: $15,390,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  November 2024	 	No.:
    A-1-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-1 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-

 

    A-1-2

     

    

 

RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month

 

    A-1-3

     

    

 

immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from

 

    A-1-4

     

    

 

time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate 

 

    A-1-5

     

    

 

Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling

 

    A-1-6

     

    

 

and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention

 

    A-1-7

     

    

 

requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such
Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under

 

    A-1-8

     

    

 

			such
Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-

 

    A-1-9

     

    

 

	 	 	Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-1-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

    A-1-11

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

2
Global Certificate legend.

 

    A-2-1

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS A-2

 

	Class
    A-2 Pass-Through Rate:  2.94160%	 	CUSIP: 12529TAU7

         

        ISIN: US12529TAU79

         

        Common
        Code: 209644169

         

	Original
    Aggregate Certificate Balance of the Class A-2 Certificates: $58,585,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  November 2024	 	No.:
    A-2-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of

 

    A-2-2

     

    

 

Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions

 

    A-2-3

     

    

 

shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of

 

    A-2-4

     

    

 

the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-2-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a

 

    A-2-6

     

    

 

Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to

 

    A-2-7

     

    

 

comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

    A-2-8

     

    

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

    A-2-9

     

    

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

  

    A-2-10

     

    

 

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-2-11

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS A-SB CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

2
Global Certificate legend.

 

    A-3-1

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS A-SB

 

	Class
    A-SB Pass-Through Rate:  2.94260%	 	CUSIP: 12529TAV5

         

        ISIN: US12529TAV52

         

        Common
        Code: 209644142

         

	Original
    Aggregate Certificate Balance of the Class A-SB Certificates: $21,534,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  March 2029	 	No.:
    A-SB-[__]

 

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B,

 

    A-3-2

     

    

 

Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of

 

    A-3-3

     

    

 

business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from

 

    A-3-4

     

    

 

time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate 

 

    A-3-5

     

    

 

Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not

 

    A-3-6

     

    

 

adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator

 

    A-3-7

     

    

 

have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any 

 

    A-3-8

     

    

 

	 	 	rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the 

 

    A-3-9

     

    

 

	 	 	related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-3-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-SB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-3-11

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS A-3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

2
Global Certificate legend.

 

    A-4-1

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS A-3

 

	Class
    A-3 Pass-Through Rate:  2.75220%	 	CUSIP: 12529TAW3

         

        ISIN: US12529TAW36

         

        Common
        Code: 209644177

         

	Original
    Aggregate Certificate Balance of the Class A-3 Certificates: $175,000,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  November 2029	 	No.:
    A-3-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-

 

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RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month

 

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immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

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Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

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No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a 

 

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Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the
applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be
considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to
maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will
not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including,
for avoidance of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify
the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and
Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any
Serviced Mortgage Loan other than an Excluded Loan and for so long as an applicable Control Termination Event has not
occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of either Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by
an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of
the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating
Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing
Agreement (i) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as
evidenced by an Opinion of Counsel, or (ii) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to
comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal; provided that
the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to 

 

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comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

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		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

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In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

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IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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EXHIBIT
A-5

 

FORM
OF CLASS A-4 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

2
Global Certificate legend.

 

    A-5-1

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS A-4

 

	Class
    A-4 Pass-Through Rate:  3.00550%	 	CUSIP: 12529TAX1

         

        ISIN: US12529TAX19

         

        Common
        Code: 209644193

        

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-4 Certificates: $266,794,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    A-4-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-

 

    A-5-2

     

    

 

RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month

 

    A-5-3

     

    

 

immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-5-4

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-5-5

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a

 

    A-5-6

     

    

 

Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to

 

    A-5-7

     

    

 

comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

    A-5-8

     

    

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

    A-5-9

     

    

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-5-11

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS X-A CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

THE
HOLDERS OF THIS CLASS X-A CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL AMOUNT OF THE CLASS X-A
CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL AMOUNT OF THE CLASS X- A CERTIFICATES
IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
Global Certificate legend.

 

    A-6-1

     

    

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    A-6-2

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS X-A

 

	Class
    X-A Pass-Through Rate:  Variable3	 	CUSIP:
                                         12529TAZ6

         

        ISIN:
            US12529TAZ66

         

        Common
        Code: 209644207

         

	Original
    Aggregate Notional Amount of the Class X-A Certificates:  $537,303,000	 	Initial
    Notional Amount of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    X-A-[__]

 

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the

 

 

 

3
The approximate initial Pass-Through Rate is 0.84250% per annum.

 

    A-6-3

     

    

 

issuance
of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class
C, Class X-D, Class D, Class E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day, commencing in January
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Amount hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

    A-6-4

     

    

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

    A-6-5

     

    

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this

 

    A-6-6

     

    

 

Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to

 

    A-6-7

     

    

 

revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating
agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including,
for avoidance of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify
the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and
Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any
Serviced Mortgage Loan other than an Excluded Loan and for so long as an applicable Control Termination Event has not
occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of either Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by
an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of
the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating
Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing
Agreement (i) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as
evidenced by an Opinion of Counsel, or (ii) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent

 

    A-6-8

     

    

 

required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under

 

    A-6-9

     

    

 

	 	 	such
                                         Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
                                         Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan
                                         Seller; or

 

		(v)	amend
                                                                                                                                                                                                                                  the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from
                                                                                                                                                                                                                                  each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
                                                                                                                                                                                                                                  withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
                                                                                                                                                                                                                                  such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
                                                                                                                                                                                                                                  considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-

 

    A-6-10

     

    

 

	 	 	Serviced
                                         PSA, the pro rata portion of the fair market value of the related property, as
                                         determined by the Non-Serviced Master Servicer in accordance with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class  X-A Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

Certificate
of Authentication

 

This
is one of the Class X-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

    A-6-12

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS X-B CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

THE
HOLDERS OF THIS CLASS X-B CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL AMOUNT OF THE CLASS X-B
CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL AMOUNT OF THE CLASS X-B CERTIFICATES
IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
Global Certificate legend.

 

    A-7-1

     

    

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    A-7-2

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS X-B

 

	Class
    X-B Pass-Through Rate:  Variable3	 	CUSIP:
                                         12529TBA0

         

        ISIN:
            US12529TBA07

         

        Common
        Code: 209644223

         

	Original
    Aggregate Notional Amount of the Class X-B Certificates: $146,800,000	 	Initial
    Notional Amount of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    X-B-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset

 

 

3
The approximate initial Pass-Through Rate is 0.29660% per annum

 

    A-7-3

     

    

 

representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day, commencing in January
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Amount hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

    A-7-4

     

    

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

    A-7-5

     

    

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this

 

    A-7-6

     

    

 

Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to

 

    A-7-7

     

    

 

revise
or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by
an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating
agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such
amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including,
for avoidance of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify
the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and
Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any
Serviced Mortgage Loan other than an Excluded Loan and for so long as an applicable Control Termination Event has not
occurred and is not continuing, the Directing Certificateholder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of either Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by
an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of
the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of
any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating
Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5
Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing
Agreement (i) to such extent as will be necessary to comply with the requirements of the Credit Risk Retention Rules, as
evidenced by an Opinion of Counsel, or (ii) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent

 

    A-7-8

     

    

 

required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans which are required to be distributed
on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such
Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under

 

    A-7-9

     

    

 

	 	 	such
                                         Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
                                         Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan
                                         Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-

 

    A-7-10

     

    

 

	 	 	Serviced
                                         PSA, the pro rata portion of the fair market value of the related property, as
                                         determined by the Non-Serviced Master Servicer in accordance with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-7-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-B Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

Certificate
of Authentication

 

This
is one of the Class X-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

    A-7-12

     

    

  

EXHIBIT
A-8

 

FORM
OF CLASS A-S CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
Global Certificate legend.

 

    A-8-1

     

    

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    A-8-2

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS A-S

 

	Class
    A-S Pass-Through Rate:  The lesser of the WAC Rate and 3.29830%	 	CUSIP:
                                         12529TAY9

         

        ISIN:
            US12529TAY91

         

        Common
        Code: 209644185

         

	Original
    Aggregate Certificate Balance of the Class A-S Certificates:  $84,434,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    A-S-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-S Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-

 

    A-8-3

     

    

 

RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-S Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-S Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month

 

    A-8-4

     

    

 

immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-8-5

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-8-6

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any
ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any
Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or the
Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct
or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or
inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the
timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any
Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify,
eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust
REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or
minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted
Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by
a

 

    A-8-7

     

    

 

Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to

 

    A-8-8

     

    

 

comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

    A-8-9

     

    

 

		(v)	amend
                                                                                                                                                                                                                                  the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from
                                                                                                                                                                                                                                  each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
                                                                                                                                                                                                                                  withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
                                                                                                                                                                                                                                  (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
                                                                                                                                                                                                                                  Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

    A-8-10

     

    

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-8-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-S Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

    A-8-12

     

    

 

EXHIBIT
A-9

 

FORM
OF CLASS B CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
Global Certificate legend.

 

    A-9-1

     

    

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    A-9-2

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS B

 

	Class
    B Pass-Through Rate:  The lesser of the WAC Rate and 3.50020%	 	CUSIP:
                                         12529TBB8

         

        ISIN:    
        US12529TBB89

         

        Common
        Code: 209644215

         

	Original
    Aggregate Certificate Balance of the Class B Certificates:  $31,663,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    B-[__]

 

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-

 

    A-9-3

     

    

 

RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month

 

    A-9-4

     

    

 

immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-9-5

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-9-6

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee without the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any
ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any
Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus or the
Private Placement Memorandum with respect to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct
or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or
inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the
timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any
Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify,
eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either Trust
REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or
minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to
the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is not a Permitted
Transferee; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and
Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto
as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by
a

 

    A-9-7

     

    

 

Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to

 

    A-9-8

     

    

 

comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

    A-9-9

     

    

 

		(v)	amend
                                                                                                                                                                                                                                  the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from
                                                                                                                                                                                                                                  each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade,
                                                                                                                                                                                                                                  withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
                                                                                                                                                                                                                                  (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
                                                                                                                                                                                                                                  Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

    A-9-10

     

    

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-9-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B  Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

Certificate
of Authentication

 

This
is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized
    Signatory

 

    A-9-12

     

    

 

EXHIBIT
A-10

 

FORM
OF CLASS C CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
ANY DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE
INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2
Global Certificate legend.

 

    A-10-1

     

    

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    A-10-2

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS C

 

	Class
    C Pass-Through Rate:  The WAC Rate	 	CUSIP: 12529TBC6

         

        ISIN:     US12529TBC62

         

        Common
        Code: 209644231

         

	Original
    Aggregate Certificate Balance of the Class C Certificates:  $30,703,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    C-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-

 

    A-10-3

     

    

 

RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month

 

    A-10-4

     

    

 

immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-10-5

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-10-6

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a

 

    A-10-7

     

    

 

Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to

 

    A-10-8

     

    

 

 comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

    A-10-9

     

    

 

		(v)	amend the Servicing
                                                                                                                                              Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating
                                                                                                                                              Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
                                                                                                                                              qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
                                                                                                                                              such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
                                                                                                                                              considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

    A-10-10

     

    

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-10-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate
of Authentication

 

This
is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-10-12

     

    

 

EXHIBIT
A-11

 

FORM
OF CLASS D [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

4
Global Certificate legend.

 

    A-11-1

     

    

 

 WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-11-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

 

5
For Reg S Global Certificates only.

 

    A-11-3

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS D

 

	Class
    D Pass-Through Rate:  2.50000%	 	CUSIP:     12529TAC76

                                         U15809AB97

                                         12529TAD58

         

        ISIN:         US12529TAC719

        USU15809AB9210

        US12529TAD5411

         

        Common
        Code: 209644312

         

	Original
    Aggregate Certificate Balance of the Class D Certificates:  $19,189,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    D-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

    A-11-4

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-11-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-11-6

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-11-7

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such

 

    A-11-8

     

    

 

qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any
material respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to any
provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, either
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action
shall not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari
Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party
requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to
such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if
any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the
Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and
confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency
confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in any
material respect the interests of any Certificateholder (including, for avoidance of doubt, any Retaining Party) not
consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an Excluded Loan and
for so long as an applicable Control Termination Event has not occurred and is not continuing, the
Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
either Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an
Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator

 

    A-11-9

     

    

 

 shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such

 

    A-11-10

     

    

 

Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing
                                                                                                                                              Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating
                                                                                                                                              Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
                                                                                                                                              qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
                                                                                                                                              such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
                                                                                                                                              considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

    A-11-11

     

    

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years

 

    A-11-12

     

    

 

from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-11-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

  

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-11-14

     

    

 

EXHIBIT
A-12

 

FORM
OF CLASS E [RULE 144A] 1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

4
Global Certificate legend.

 

    A-12-1

     

    

 

 WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-12-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

 

5
For Reg S Global Certificates only.

 

    A-12-3

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS E

 

	Class
    E Pass-Through Rate: 2.50000%	 	CUSIP:     12529TAE36

                                         U15809AC77

                                         12529TAF08

         

        ISIN:         US12529TAE389

        USU15809AC7510

        US12529TAF0311

         

        Common
        Code: 209644266

         

	Original
    Aggregate Certificate Balance of the Class E Certificates:  $15,352,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    E-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

    A-12-4

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-12-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-12-6

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-12-7

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such

 

    A-12-8

     

    

 

qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator

 

    A-12-9

     

    

 

shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such

 

    A-12-10

     

    

 

Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing
                                                                                                                                              Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating
                                                                                                                                              Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
                                                                                                                                              qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
                                                                                                                                              such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
                                                                                                                                              considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

    A-12-11

     

    

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years

 

    A-12-12

     

    

 

from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-12-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-12-14

     

    

 

EXHIBIT
A-13

 

FORM
OF CLASS X-D [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

4
Global Certificate legend.

 

    A-13-1

     

    

 

 WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

THE
HOLDERS OF THIS CLASS X-D CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL AMOUNT OF THE CLASS X-D
CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL AMOUNT OF THE CLASS X-D CERTIFICATES
IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING

 

    A-13-2

     

    

 

 AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL
AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

 

5
For Reg S Global Certificates only.

 

    A-13-3

     

    

 

CF
2019-CF3 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS X-D

 

	Class
    X-D Pass-Through Rate:  Variable6	 	CUSIP:     12529TAA17

                                         U15809AA18

                                         12529TAB99

                                         

         

        ISIN:         US12529TAA1610

        USU15809AA1011

        US12529TAB9812

         

        Common
        Code: 209644282

         

	Original
    Aggregate Notional Amount of the Class X-D Certificates:  $34,541,000	 	Initial
    Notional Amount of this Certificate:  $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:  X-D-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of

 

 

 

6
The approximate initial Pass-Through Rate is 1.22840% per annum

7
For Rule 144A Certificates

8
For Regulation S Certificates

9
For IAI Certificates

10
For Rule 144A Certificates

11
For Regulation S Certificates

12
For IAI Certificates

  

    A-13-4

     

    

 

this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day, commencing in January
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

    A-13-5

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Amount hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and

 

    A-13-6

     

    

 

Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, 

 

    A-13-7

     

    

 

the Certificate Administrator shall execute
and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new
Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates
shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any

 

    A-13-8

     

    

 

tax
on the Trust Fund or either Trust REMIC; provided that the Trustee and the Certificate Administrator have received an
Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or
desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Noteholder;
(v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting transfer of the Class R
Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a
federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other provisions
with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that
the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at
the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); provided that such amendment or supplement shall not adversely affect in
any material respect the interests of any Certificateholder (including, for avoidance of doubt, any Retaining Party) not
consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of Section 3.06 and Section
3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the
Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an Excluded Loan and
for so long as an applicable Control Termination Event has not occurred and is not continuing, the
Directing Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of
either Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such
amendment shall not adversely affect in any

 

    A-13-9

     

    

 

material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-13-10

     

    

 

requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing
                                                                                                                                              Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each Rating
                                                                                                                                              Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or
                                                                                                                                              qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that
                                                                                                                                              such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be
                                                                                                                                              considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the 

 

    A-13-11

     

    

 

Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in

 

    A-13-12

     

    

 

 the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-13-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-D Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class X-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-13-14

     

    

 

EXHIBIT
A-14

 

FORM
OF CLASS F-RR [RULE 144A] 1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

4
Global Certificate legend.

 

    A-14-1

     

    

 

WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-14-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH ARE DEEMED
PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS, OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of THIS Certificate will not result
in a non-exempt violation of SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE
REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN
THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’
CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR
AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON BEHALF OF A PLAN WILL
NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION
4975 (OR A VIOLATION OF SIMILAR LAW), AND WILL NOT

 

    A-14-3

     

    

 

SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE TRUSTEE, THE CERTIFICATE REGISTRAR, THE INITIAL PURCHASERS, THE UNDERWRITERS OR THE
ASSET REPRESENTATIONS REVIEWER TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE”
THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT
THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER
THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT
HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406
AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of SUCH Certificate will not result
in a non-exempt violation of SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION
RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS
ON HEDGING, TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED). THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING
THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-14-4

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS F-RR

 

	Class
    F-RR Pass-Through Rate: The WAC Rate	 	CUSIP:    12529TAG86

                                         U15809AD57

                                         12529TAH68

         

        ISIN:        US12529TAG859

USU15809AD5810

US12529TAH6811 

	Original
    Aggregate Certificate Balance of the Class F-RR Certificates:  $7,675,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    F-RR-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class F-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

    A-14-5

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class F-RR Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class F-RR Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-14-6

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-14-7

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-14-8

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such

 

    A-14-9

     

    

 

qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator

 

    A-14-10

     

    

 

shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such 

 

    A-14-11

     

    

 

Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

    A-14-12

     

    

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years

 

    A-14-13

     

    

 

from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class F-RR Certificate to be duly executed.

 

Dated:
December 20, 2019

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

 

Certificate
of Authentication

 

This
is one of the Class F-RR Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-14-15

     

    

 

EXHIBIT
A-15

 

FORM
OF CLASS G-RR [RULE 144A] 1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

4
Global Certificate legend.

 

    A-15-1

     

    

 

WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-15-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH ARE DEEMED
PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS, OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of THIS Certificate will not result
in a non-exempt violation of SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE
REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN
THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’
CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR
AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON BEHALF OF A PLAN WILL
NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION
4975 (OR A VIOLATION OF SIMILAR LAW), AND WILL NOT

 

    A-15-3

     

    

 

SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE TRUSTEE, THE CERTIFICATE REGISTRAR, THE INITIAL PURCHASERS, THE UNDERWRITERS OR THE
ASSET REPRESENTATIONS REVIEWER TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE”
THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT
THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER
THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT
HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406
AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of SUCH Certificate will not result
in a non-exempt violation of SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION
RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS
ON HEDGING, TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED). THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING
THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-15-4

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS G-RR

 

	Class
    G-RR Pass-Through Rate: The WAC Rate	 	CUSIP:    12529TAJ26

                                         U15809AE37

                                         12529TAK98

         

        ISIN:        US12529TAJ259

USU15809AE3210

US12529TAK9711 

	Original
    Aggregate Certificate Balance of the Class G-RR Certificates:  $7,676,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    G-RR-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class G-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

    A-15-5

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class G-RR Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class G-RR Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-15-6

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-15-7

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-15-8

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such

 

    A-15-9

     

    

 

qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator

 

    A-15-10

     

    

 

shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such 

 

    A-15-11

     

    

 

Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) then included in the Trust Fund;

 

		(B)	the
fair market value of all REO Property included in the Trust Fund, as determined by an Independent appraiser acceptable to the
Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

    A-15-12

     

    

 

		(C)	the
reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related to such purchase, unless the Master
Servicer or the Special Servicer, as applicable, is the purchaser and (without duplication of any of the foregoing) any unpaid
expenses of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-Serviced
PSA, the pro rata portion of the fair market value of the related property, as determined by the Non-Serviced Master Servicer
in accordance with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years

 

    A-15-13

     

    

 

from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class G-RR Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class G-RR Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-15-15

     

    

 

EXHIBIT
A-16

 

FORM
OF CLASS H-RR [RULE 144A] 1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

4
Global Certificate legend.

 

    A-16-1

     

    

 

WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-16-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH ARE DEEMED
PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS, OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of THIS Certificate will not result
in a non-exempt violation of SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE
REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN
THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’
CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR
AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON BEHALF OF A PLAN WILL
NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION
4975 (OR A VIOLATION OF SIMILAR LAW), AND WILL NOT

 

    A-16-3

     

    

 

SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE TRUSTEE, THE CERTIFICATE REGISTRAR, THE INITIAL PURCHASERS, THE UNDERWRITERS OR THE
ASSET REPRESENTATIONS REVIEWER TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE”
THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT
THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER
THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT
HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406
AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of SUCH Certificate will not result
in a non-exempt violation of SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION
RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS
ON HEDGING, TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED). THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING
THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-16-4

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS H-RR

 

	Class
    H-RR Pass-Through Rate: The WAC Rate	 	CUSIP:    12529TAL76

                                         U15809AF07

                                         12529TAM58

         

        ISIN:        US12529TAL709

        USU15809AF0710

        US12529TAM5311

         

         

         

	Original
    Aggregate Certificate Balance of the Class H-RR Certificates:  $8,635,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    H-RR-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class H-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

    A-16-5

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class H-RR Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class H-RR Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-16-6

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-16-7

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-16-8

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such

 

    A-16-9

     

    

 

qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator

 

    A-16-10

     

    

 

shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such 

 

    A-16-11

     

    

 

Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) then included in the Trust Fund;

 

		(B)	the
fair market value of all REO Property included in the Trust Fund, as determined by an Independent appraiser acceptable to the
Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

    A-16-12

     

    

 

		(C)	the
reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related to such purchase, unless the Master
Servicer or the Special Servicer, as applicable, is the purchaser and (without duplication of any of the foregoing) any unpaid
expenses of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-Serviced
PSA, the pro rata portion of the fair market value of the related property, as determined by the Non-Serviced Master Servicer
in accordance with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years

 

    A-16-13

     

    

 

from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class H-RR Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class H-RR Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-16-15

     

    

 

EXHIBIT
A-17

 

FORM
OF CLASS J-RR [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

4
Global Certificate legend.

 

    A-17-1

     

    

 

WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE INITIAL PURCHASERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER
THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR
PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-17-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH ARE DEEMED
PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS, OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH
PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of THIS Certificate will not result
in a non-exempt violation of SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE
REQUIRED EITHER (I) TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN
THE EVENT THE TRANSFEREE IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’
CERTIFICATES OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR
AND THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON BEHALF OF A PLAN WILL
NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION
4975 (OR A VIOLATION OF SIMILAR LAW), AND WILL NOT

 

    A-17-3

     

    

 

SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE TRUSTEE, THE CERTIFICATE REGISTRAR, THE INITIAL PURCHASERS, THE UNDERWRITERS OR THE
ASSET REPRESENTATIONS REVIEWER TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE”
THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT
THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER
THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT
HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406
AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60, OR, in
the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of SUCH Certificate will not result
in a non-exempt violation of SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION
RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS
ON HEDGING, TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED). THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING
THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE
POOLING AND SERVICING AGREEMENT.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

 

    A-17-4

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS J-RR

 

	Class
    J-RR Pass-Through Rate: The WAC Rate	 	CUSIP:    12529TAN36

                                         U15809AG87

                                         12529TAP88

         

        ISIN:        US12529TAN379

        USU15809AG8910

        US12529TAP8411

         

         

         

	Original
    Aggregate Certificate Balance of the Class J-RR Certificates:  $24,947,113	 	Initial
    Certificate Balance of this Certificate: $[__]
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    J-RR-[__]

 

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class J-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the
Trustee and, other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.
The Trust Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to
the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents
to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

    A-17-5

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class J-RR Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day,
commencing in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as
provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class J-RR Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-17-6

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-17-7

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-17-8

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such

 

    A-17-9

     

    

 

qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator

 

    A-17-10

     

    

 

shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such 

 

    A-17-11

     

    

 

Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) then included in the Trust Fund;

 

		(B)	the
fair market value of all REO Property included in the Trust Fund, as determined by an Independent appraiser acceptable to the
Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

    A-17-12

     

    

 

		(C)	the
reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related to such purchase, unless the Master
Servicer or the Special Servicer, as applicable, is the purchaser and (without duplication of any of the foregoing) any unpaid
expenses of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-Serviced
PSA, the pro rata portion of the fair market value of the related property, as determined by the Non-Serviced Master Servicer
in accordance with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years

 

    A-17-13

     

    

 

from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-17-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class J-RR Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class J-RR Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-17-15

     

    

 

EXHIBIT
A-18

 

FORM
OF VRR INTEREST [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED
INVESTORS”, WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN

 

 

  

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

4
Global Certificate legend.

 

    A-18-1

     

    

 

WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO INSTITUTIONS THAT ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE OF A CERTIFICATE IN DEFINITIVE, FULLY REGISTERED PHYSICAL FORM IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND
MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE MORTGAGE LOAN SELLERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CERTIFICATE ADMINISTRATOR,
THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR
THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-18-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE
CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH ARE DEEMED
PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS, OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (I) TO
DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (II) IN THE EVENT THE TRANSFEREE
IS SUCH AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES
OR AGREEMENTS AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND
THE CERTIFICATE REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE BY OR ON BEHALF OF A PLAN WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION
4975 (OR A VIOLATION OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE
ADMINISTRATOR, THE OPERATING ADVISOR, THE TRUSTEE, THE CERTIFICATE REGISTRAR, THE INITIAL PURCHASERS, THE UNDERWRITERS OR THE
ASSET REPRESENTATIONS REVIEWER TO ANY OBLIGATION OR LIABILITY. THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE”
THAT IS A “RESTRICTED CERTIFICATE” (EACH AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT
THAT IT IS NOT A PLAN OR A PERSON ACTING ON

 

    A-18-3

     

    

 

BEHALF OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).
THE INITIAL PURCHASER OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

 

5
For Reg S Global Certificates only.

 

    A-18-4

     

    

 

CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, VRR INTEREST

 

	Class
    VRR Pass-Through Rate: The WAC Rate	 	CUSIP:    12529TAR46

                                         U15809AH67

                                         12529TAS28

         

        ISIN:        US12529TAR419

USU15809AH6210

US12529TAS2411

         

	Original
    Aggregate Certificate Balance of the

    Class VRR Certificates:  $21,551,091	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date:  January 17, 2020	 	Cut-off
    Date: With respect to each mortgage loan, its respective due date in December 2019 (or, in the case of any mortgage loan that
    has its first due date in January 2020, the date that would have been its due date in December 2019 under the terms thereof
    if a monthly payment were scheduled to be due in that month)
	 	 	 
	Assumed
    Final Distribution Date:  December 2029	 	No.:
    VRR-[__]

  

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the VRR Interest. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans secured by first liens on commercial, multifamily and manufactured housing properties and held in trust by the Trustee and,
other than in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust
Fund was created, and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling
and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the
terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates 

 

    A-18-5

     

    

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the VRR Interest for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day immediately following such 11th day, commencing
in January 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided
in the Pooling and Servicing Agreement.

 

The
VRR Interest Distribution Amount will be payable with respect to the VRR Interest on each related Distribution Date to the extent
provided in the Pooling and Servicing Agreement.

 

    A-18-6

     

    

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

    A-18-7

     

    

 

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this

 

    A-18-8

     

    

 

Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to

 

    A-18-9

     

    

 

revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent

 

    A-18-10

     

    

 

required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under 

                                                                                

 

    A-18-11

     

    

 

			such
Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans) then included in the Trust Fund;

 

		(B)	the
fair market value of all REO Property included in the Trust Fund, as determined by an Independent appraiser acceptable to the
Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related to such purchase, unless the Master
Servicer or the Special Servicer, as applicable, is the purchaser and (without duplication of any of the foregoing) any unpaid
expenses of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under the terms of the related Non-

 

    A-18-12

     

    

 

Serviced
PSA, the pro rata portion of the fair market value of the related property, as determined by the Non-Serviced Master Servicer
in accordance with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-18-13

     

    

 

 

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

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
Certificate evidences all or part of the VRR Interest referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-18-14

     

    

 

EXHIBIT
A-19

 

FORM
OF CLASS R CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE SPONSORS, THE INITIAL PURCHASERS, THE MASTER
SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE PAYING AGENT, THE CUSTODIAN,
THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

FOR
FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN EACH OF TWO “REAL ESTATE MORTGAGE
INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED
BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. TAX PERSON, (C) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (D) IT INTENDS TO
PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES
WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY
PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON
THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL
VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS,”
AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E 1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX
PURPOSES. IN ORDER TO SATISFY A REGULATORY

 

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SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY
BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO PAY
A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT (A) TO THE DESIGNATION OF THE CERTIFICATE
ADMINISTRATOR AS THE “PARTNERSHIP REPRESENTATIVE” WITHIN THE MEANING OF CODE SECTION 6223 (TO THE EXTENT SUCH PROVISION
IS APPLICABLE TO THE TRUST REMICS) OF EACH TRUST REMIC PURSUANT TO SECTION 4.04 OF THE POOLING AND SERVICING AGREEMENT AND (B)
TO THE CERTIFICATE ADMINISTRATOR MAKING ANY ELECTIONS ALLOWED TO AVOID (I) THE APPLICATION OF CODE SECTION 6221 TO THE TRUST REMIC
AND (II) PAYMENT BY THE TRUST REMIC UNDER CODE SECTION 6225 OF ANY TAX, PENALTY, INTEREST OR OTHER AMOUNT IMPOSED UNDER THE CODE
THAT WOULD OTHERWISE BE IMPOSED ON THE HOLDERS OF THE CLASS R CERTIFICATES.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (2) FOR SO
LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED
INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT.

 

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THIS
CERTIFICATE MAY ONLY BE TRANSFERRED TO AND OWNED BY A QUALIFIED INSTITUTIONAL BUYER.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT
TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION
2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS
WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED
FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT. 

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

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CF
2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, SERIES 2019-CF3, CLASS R

 

	No.:
    R-[__]	Percentage Interest: [____]%

                            

	 	CUSIP: 12529TAQ6 

        ISIN:     US12529TAQ67 

  

This
certifies that [_______] is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates
issued by the Trust Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder
will be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the final Distribution Date
for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that
there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the final Distribution Date following the distributions
on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial, multifamily and manufactured housing properties and held in trust by the Trustee and, other than
in the case of the Non-Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer. The Trust Fund was created,
and the Mortgage Loans (other than the Non-Serviced Mortgage Loans) are to be serviced, pursuant to the Pooling and Servicing
Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions
and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between
the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the
“Master Servicer”) and special servicer (in such capacity, the “Special Servicer”), Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), certificate administrator (in
such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge Lender Services
LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in
such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class A-2,
Class A-SB, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class X-D, Class D, Class
E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class R Certificates and the VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Class R Certificate represents a “residual interest” in each of two “real estate mortgage investment
conduits”, as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of
1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent
with the

 

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treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Certificate Administrator shall be the “partnership representative”
of each Trust REMIC (within the meaning of Code Section 6223, to the extent such provision is applicable to the Trust REMICs).
The Certificate Administrator shall make any elections allowed under the Code (i) to avoid the application of Section 6221 of
the Code (or successor provision) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225 of
the Code of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any holder of
any residual interest of either Trust REMIC, past or present. Each Holder of a Percentage Interest in the Class R Certificates,
by acceptance hereof, is deemed to agree to any such elections and to the Certificate Administrator’s acting as “partnership
representative” of each Trust REMIC that can be designated under the Code.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record at the close of business on the related
Record Date, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in
the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or, otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust

 

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and of contacting such Certificateholders shall be paid out of such funds. Subject to state laws regarding escheatment, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Custodial Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; and (xiv) the proceeds of the foregoing (other than any interest earned on deposits
in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs
to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above
accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,

 

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rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or the Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing

 

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and/or nature of deposits in the Collection Account,
the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be
later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of either
Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or either Trust REMIC; provided that the Trustee and the
Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect
that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder; (v) to modify, eliminate or add to any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by
an Opinion of Counsel, cause the Trust Fund, either Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is not a Permitted Transferee; (vi) to revise or add any other
provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency,
as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); provided that such amendment
or supplement shall not adversely affect in any material respect the interests of any Certificateholder (including, for avoidance
of doubt, any Retaining Party) not consenting thereto as evidenced by an Opinion of Counsel; (viii) to modify the provisions of
Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, with respect to any Serviced Mortgage Loan other than an
Excluded Loan and for so long as an applicable Control Termination Event has not occurred and is not continuing, the Directing
Certificateholder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such

 

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modification does not adversely affect the status of either Trust REMIC
as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered
a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of this Agreement relating
to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any of the provisions of the Pooling and Servicing Agreement (i) to such extent as
will be necessary to comply with the requirements of the Credit Risk Retention Rules, as evidenced by an Opinion of Counsel, or
(ii) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this
securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate
the risk retention requirements in the event of such repeal; provided that the Trustee and Certificate Administrator have
received an opinion of counsel to the effect the action is consistent with and will not cause a violation of the Credit Risk Retention
Rules; and (xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be
necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii),
(iii) or (iv); provided that any amendment pursuant to clauses (i) through (xi) (a) shall not materially increase the obligations
of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and
(b) shall not adversely affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder
not consenting thereto, as evidenced in the case of clauses (iii) through (xi) above by (x) an Opinion of Counsel or (y) solely
in the case of a Certificateholder of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency.
In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

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		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans which are required to be distributed on any Certificate, without the consent of
                                         the Holders of Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby or which are required to be distributed to any Companion
                                         Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation
AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be an Early Termination Notice
Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s

 

 

    A-19-10

     

    

 

interest in any REO Property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum
of, without duplication:

 

		(A)	The
                                         aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Mortgage Loans)
                                         then included in the Trust Fund;

 

		(B)	the
                                         fair market value of all REO Property included in the Trust Fund, as determined by an
                                         Independent appraiser acceptable to the Master Servicer as of a date not more than 30
                                         days prior to the last day of the month preceding such Distribution Date;

 

		(C)	the
                                         reasonable out-of-pocket expenses of the Master Servicer and the Special Servicer related
                                         to such purchase, unless the Master Servicer or the Special Servicer, as applicable,
                                         is the purchaser and (without duplication of any of the foregoing) any unpaid expenses
                                         of and indemnity amounts owed by the Trust Fund; and

 

		(D)	if
                                         the Mortgaged Property secures a Non-Serviced Mortgage Loan and is an REO Property under
                                         the terms of the related Non-Serviced PSA, the pro rata portion of the fair market
                                         value of the related property, as determined by the Non-Serviced Master Servicer in accordance
                                         with clause (B) above.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class
X-B Notional Amount, the Class X-D Notional Amount, and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-SB,
Class A-3, Class A-4, Class A-S, Class B, Class C, Class D and Class E Certificates is reduced to zero, the Sole Certificateholder
shall have the right to exchange all of the then outstanding Certificates (excluding the Class R Certificates) for all of the
Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a) of the Pooling
and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later than 60 days
prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the
Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the

 

    A-19-11

     

    

 

Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund or (b) the final payment, liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held
by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

    A-19-12

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
December 20, 2019

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-19-13

     

    

 

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

     

     

    
 

CF 2019-CF3

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	 	 	 	 	Mortage	Original Principal	Cut-off Date 
	ID	Loan Number	 Seller	Mortgage Loan Name	Street Address	City	State	Zip Code	Rate	Balance	Stated Principal Balance
	1.00	Loan Number 1	KeyBank	Parklawn Building	5600 Fishers Lane	Rockville	MD	20852	3.3980%	60,800,000	60,800,000
	2.00	Loan Number 2	CCRE	Century Plaza Towers	2029 & 2049 Century Park East	Los Angeles	CA	90067	3.0045%	50,000,000	50,000,000
	3.00	Loan Number 3	CCRE	Meridian Pointe Apartments	407 Valley Avenue Northeast	Puyallup	WA	98372	3.1600%	49,975,000	49,975,000
	4.00	Loan Number 4	CCRE	AVR Renaissance Atlanta Airport Gateway 	2081 Convention Center Concourse	Atlanta	GA	30337	3.6500%	48,000,000	48,000,000
	5.00	Loan Number 5	CCRE	DC Mixed Use Portfolio VI	Various	Various	Various	Various	3.7050%	33,845,500	33,845,500
	5.01	Loan Number 5.01	CCRE	623-625 H Street NW	623-625 H Street NW	Washington	DC	20001	3.7050%	9,334,850	9,334,850
	5.02	Loan Number 5.02	CCRE	1219 Connecticut Avenue NW	1219 Connecticut Avenue NW	Washington	DC	20036	3.7050%	6,601,073	6,601,073
	5.03	Loan Number 5.03	CCRE	1210 18th Street NW	1210 18th Street NW	Washington	DC	20001	3.7050%	5,467,555	5,467,555
	5.04	Loan Number 5.04	CCRE	4445 Wisconsin Avenue NW	4445 Wisconsin Avenue NW	Washington	DC	20016	3.7050%	4,467,393	4,467,393
	5.05	Loan Number 5.05	CCRE	919 F Street NW	919 F Street NW	Washington	DC	20004	3.7050%	3,093,836	3,093,836
	5.06	Loan Number 5.06	CCRE	8301 Sudley Road	8301 Sudley Road	Manassas	VA	20109	3.7050%	2,547,080	2,547,080
	5.07	Loan Number 5.07	CCRE	707 6th Street NW	707 6th Street NW	Washington	DC	20001	3.7050%	2,333,713	2,333,713
	6.00	Loan Number 6	SMC	Wells Fargo Place	30 7th Street East	St. Paul	MN	55101	3.4000%	30,000,000	30,000,000
	7.00	Loan Number 7	CCRE	225 Bush	225 Bush Street	San Francisco	CA	94104	3.3030%	28,600,000	28,600,000
	8.00	Loan Number 8	SMC	1824 Alton Road	1824 Alton Road	Miami Beach	FL	33139	4.0030%	26,150,000	26,150,000
	9.00	Loan Number 9	CCRE	180 Water	180 Water Street	New York	NY	10038	3.4104%	25,000,000	25,000,000
	10.00	Loan Number 10	CCRE	3 Columbus Circle 	3 Columbus Circle	New York	NY	10019	3.9140%	25,000,000	25,000,000
	11.00	Loan Number 11	SMC	Park Central Tower	12700 & 12712 Park Central Drive	Dallas	TX	75251	4.0160%	25,000,000	25,000,000
	12.00	Loan Number 12	CCRE	Airport Square	800, 849, 900, & 930 International Drive	Linthicum Heights	MD	21090	4.2000%	25,000,000	24,965,246
	13.00	Loan Number 13	CCRE	Gold Brooklyn Multifamily Portfolio	Various	Brooklyn	NY	Various	4.0195%	24,800,000	24,800,000
	13.01	Loan Number 13.01	CCRE	81-83 Stockholm Street	81-83 Stockholm Street	Brooklyn	NY	11221	4.0195%	6,900,000	6,900,000
	13.02	Loan Number 13.02	CCRE	346 Grand Street	346 Grand Street	Brooklyn	NY	11211	4.0195%	4,950,000	4,950,000
	13.03	Loan Number 13.03	CCRE	731 Meeker Avenue	731 Meeker Avenue	Brooklyn	NY	11222	4.0195%	4,050,000	4,050,000
	13.04	Loan Number 13.04	CCRE	1316 Pacific Street	1316 Pacific Street	Brooklyn	NY	11216	4.0195%	3,550,000	3,550,000
	13.05	Loan Number 13.05	CCRE	467 Central Avenue	467 Central Avenue	Brooklyn	NY	11221	4.0195%	3,400,000	3,400,000
	13.06	Loan Number 13.06	CCRE	169 Troutman	169 Troutman Street	Brooklyn	NY	11206	4.0195%	1,950,000	1,950,000
	14.00	Loan Number 14	KeyBank	Dominion Apartments	15596 Interstate 45 South	Conroe	TX	77384	3.4800%	22,000,000	22,000,000
	15.00	Loan Number 15	CCRE	55 Talmadge	55 Talmadge Road	Edison	NJ	08817	3.8950%	20,000,000	20,000,000
	16.00	Loan Number 16	SMC	The Block Apartments	50 North Illinois Street	Indianapolis	IN	46204	4.1100%	20,000,000	20,000,000
	17.00	Loan Number 17	SMC	Bushwick Avenue Portfolio	Various	Brooklyn	NY	11221	3.7100%	19,000,000	19,000,000
	17.01	Loan Number 17.01	SMC	340 Evergreen Avenue	340 Evergreen Avenue	Brooklyn	NY	11221	3.7100%	9,785,000	9,785,000
	17.02	Loan Number 17.02	SMC	871 Bushwick Avenue	871 Bushwick Avenue	Brooklyn	NY	11221	3.7100%	5,795,000	5,795,000
	17.03	Loan Number 17.03	SMC	889 Bushwick Avenue	889 Bushwick Avenue	Brooklyn	NY	11221	3.7100%	3,420,000	3,420,000
	18.00	Loan Number 18	CCRE	Westlake Village Marketplace	5752, 5754, 5760, 5772, 5776, 5780, 5784, 5790 & 5794 Lindero Canyon Road	Westlake Village	CA	91362	3.1150%	18,000,000	18,000,000
	19.00	Loan Number 19	KeyBank	Summervale Apartments	9221 Pagewood Lane	Houston	TX	77063	3.7500%	16,750,000	16,750,000
	20.00	Loan Number 20	CCRE	2450 Business Park	2450 Business Park Drive	Vista	CA	92081	4.4000%	15,000,000	15,000,000
	21.00	Loan Number 21	KeyBank	Pretium Industrial Portfolio	Various	Various	Various	Various	3.6800%	13,598,000	13,598,000
	21.01	Loan Number 21.01	KeyBank	Pretium - St. Charles, IL 	95 North 17th Street	St. Charles	IL	60174	3.6800%	11,050,365	11,050,365
	21.02	Loan Number 21.02	KeyBank	Pretium - Cleveland, TN	705 Industrial Drive Southwest	Cleveland	TN	37311	3.6800%	2,547,635	2,547,635
	22.00	Loan Number 22	KeyBank	Kensington Place Townhomes	16651 East 12 Mile Road	Roseville	MI	48066	3.8300%	12,300,000	12,300,000
	23.00	Loan Number 23	SMC	Sunset Business Center	6445 West Sunset Road	Las Vegas	NV	89118	3.7500%	12,000,000	11,965,050
	24.00	Loan Number 24	KeyBank	Storage Outlet - Bellflower	10326 Foster Road	Bellflower	CA	90706	3.3850%	11,800,000	11,800,000
	25.00	Loan Number 25	CCRE	Bond Street 21	Various	Various	Various	Various	3.8810%	11,700,000	11,700,000
	25.01	Loan Number 25.01	CCRE	Veterans Crossing East	1225 and 1231 Veterans Parkway	Clarksville	IN	47129	3.8810%	7,177,914	7,177,914
	25.02	Loan Number 25.02	CCRE	Shoppes at Hamilton Crossing	715 Louisville Road	Alcoa	TN	37701	3.8810%	4,522,086	4,522,086
	26.00	Loan Number 26	KeyBank	Shel Mar Estates	100 Ali Circle Southeast	New Philadelphia	OH	44663	4.0950%	9,700,000	9,700,000
	27.00	Loan Number 27	SMC	4800 North Point Parkway	4800 North Point Parkway	Alpharetta	GA	30022	3.5370%	9,400,000	9,400,000
	28.00	Loan Number 28	CCRE	Castalia at Meadowmont	301 West Barbee Chapel Road	Chapel Hill	NC	27517	3.6690%	8,764,885	8,764,885
	29.00	Loan Number 29	CCRE	Walmart Supercenter Lancaster	805 Highway 9 Bypass West	Lancaster	SC	29720	3.3500%	8,650,000	8,650,000
	30.00	Loan Number 30	CCRE	Marina del Sol	184 & 187 Palm Avenue	Marina	CA	93933	3.3550%	8,500,000	8,500,000
	31.00	Loan Number 31	SMC	545 & 547 West 20th Street	545 & 547 West 20th Street	New York	NY	10011	3.8770%	8,000,000	8,000,000
	32.00	Loan Number 32	SMC	Auto Mall Parkway Self Storage	43941 Osgood Road	Fremont	CA	94539	3.6950%	8,000,000	8,000,000
	33.00	Loan Number 33	KeyBank	FedEx Ground	225 Thruway Park Drive	West Henrietta	NY	14586	3.1700%	8,000,000	8,000,000
	34.00	Loan Number 34	SMC	Security Self Storage	13120 Southeast 30th Street	Bellevue	WA	98005	3.3500%	7,500,000	7,500,000
	35.00	Loan Number 35	KeyBank	Westmoreland Medical Center	1650 & 1680 Chambers Street	Eugene	OR	97402	4.4700%	7,247,500	7,247,500
	36.00	Loan Number 36	KeyBank	Storage Outlet - Chino	13879 Central Avenue	Chino	CA	91710	3.3850%	7,075,000	7,075,000
	37.00	Loan Number 37	KeyBank	30610 East Broadway	30610 East Broadway Street	Walbridge	OH	43465	5.1500%	6,630,000	6,630,000
	38.00	Loan Number 38	CCRE	895 West End Avenue 	895 West End Avenue	New York	NY	10025	2.8750%	6,000,000	5,989,481
	39.00	Loan Number 39	KeyBank	Townhomes on the Green	2701 East Bressingham Way	Bloomington	IN	47401	3.9900%	5,700,000	5,691,773
	40.00	Loan Number 40	SMC	Dollar General Portfolio	Various	Various	Various	Various	4.2870%	5,650,000	5,650,000
	40.01	Loan Number 40.01	SMC	Dollar General Belleview	1200 US Highway 301	Belleview	FL	34420	4.2870%	1,259,337	1,259,337
	40.02	Loan Number 40.02	SMC	Dollar General Modoc	11565 Highway 28 South	Modoc	SC	29838	4.2870%	837,289	837,289
	40.03	Loan Number 40.03	SMC	Dollar General Lake City	1771 Northwest Lake Jeffery Road	Lake City	FL	32055	4.2870%	1,191,265	1,191,265
	40.04	Loan Number 40.04	SMC	Dollar General Syracuse	8919 East Blackpoint Road	Syracuse	IN	46567	4.2870%	898,554	898,554
	40.05	Loan Number 40.05	SMC	Dollar General Jacksonville	8000 103rd Street	Jacksonville	FL	32210	4.2870%	1,463,554	1,463,554
	41.00	Loan Number 41	CCRE	3825 Georgia Apartments	3825 Georgia Avenue, Northwest	Washington	DC	20011	4.0200%	5,400,000	5,400,000
	42.00	Loan Number 42	KeyBank	Storage Outlet - South Gate	5911 Firestone Boulevard	South Gate	CA	90280	3.2350%	4,875,000	4,875,000
	43.00	Loan Number 43	KeyBank	Gramercy Commons	5752 South Fort Apache Road	Las Vegas	NV	89148	4.1000%	4,127,000	4,115,770
	44.00	Loan Number 44	KeyBank	Storage Outlet - South El Monte	1108 Peck Road	South El Monte	CA	91733	3.2350%	4,000,000	4,000,000
	45.00	Loan Number 45	KeyBank	ULofts	422 East 11th Street and 405 East Cottage Grove Avenue	Bloomington	IN	47408	3.9200%	3,750,000	3,750,000
	46.00	Loan Number 46	KeyBank	The Sterling Building	730 South Sterling Avenue and 3701 West McKay Avenue	Tampa	FL	33609	4.1600%	3,000,000	3,000,000
	47.00	Loan Number 47	KeyBank	Market Villas	15 North 18th Street, Unit 3	Richmond	VA	23223	4.4500%	2,840,000	2,840,000
	48.00	Loan Number 48	SMC	Shafer Terrace MHP	17377 Banyan Road	Shafer	MN	55074	4.3450%	2,100,000	2,100,000

 

     

     

    

 

CF 2019-CF3

 

	 	 	 	 	 	 	 	Servicing Fee Rate	Interest	 
	 	 	Mortgage Loan	 	Maturity Date	Due	Current Monthly	Master Servicing	Primary Servicing	Accrual 	Letter of 
	ID	Loan Number	 Seller	Mortgage Loan Name	or ARD	Date 	Debt Service	Fee Rate	Fee Rate 	Method	Credit
	1.00	Loan Number 1	KeyBank	Parklawn Building	11/01/2029	1	174,557	0.00125%	0.00000%	Actual/360	No
	2.00	Loan Number 2	CCRE	Century Plaza Towers	11/09/2029	9	126,926	0.00125%	0.00000%	Actual/360	No
	3.00	Loan Number 3	CCRE	Meridian Pointe Apartments	11/01/2029	1	133,429	0.00125%	0.00125%	Actual/360	No
	4.00	Loan Number 4	CCRE	AVR Renaissance Atlanta Airport Gateway 	12/01/2029	1	148,028	0.00125%	0.00125%	Actual/360	No
	5.00	Loan Number 5	CCRE	DC Mixed Use Portfolio VI	12/06/2029	6	105,949	0.00125%	0.00125%	Actual/360	No
	5.01	Loan Number 5.01	CCRE	623-625 H Street NW	 	 	 	 	 	 	 
	5.02	Loan Number 5.02	CCRE	1219 Connecticut Avenue NW	 	 	 	 	 	 	 
	5.03	Loan Number 5.03	CCRE	1210 18th Street NW	 	 	 	 	 	 	 
	5.04	Loan Number 5.04	CCRE	4445 Wisconsin Avenue NW	 	 	 	 	 	 	 
	5.05	Loan Number 5.05	CCRE	919 F Street NW	 	 	 	 	 	 	 
	5.06	Loan Number 5.06	CCRE	8301 Sudley Road	 	 	 	 	 	 	 
	5.07	Loan Number 5.07	CCRE	707 6th Street NW	 	 	 	 	 	 	 
	6.00	Loan Number 6	SMC	Wells Fargo Place	11/06/2029	6	86,181	0.00125%	0.00000%	Actual/360	No
	7.00	Loan Number 7	CCRE	225 Bush	11/06/2024	6	79,815	0.00125%	0.00000%	Actual/360	No
	8.00	Loan Number 8	SMC	1824 Alton Road	12/06/2029	6	88,444	0.00125%	0.00125%	Actual/360	No
	9.00	Loan Number 9	CCRE	180 Water	11/06/2024	6	72,036	0.00125%	0.00000%	Actual/360	No
	10.00	Loan Number 10	CCRE	3 Columbus Circle 	03/11/2029	11	82,674	0.00125%	0.00000%	Actual/360	No
	11.00	Loan Number 11	SMC	Park Central Tower	12/06/2029	6	84,829	0.00125%	0.00125%	Actual/360	No
	12.00	Loan Number 12	CCRE	Airport Square	11/06/2029	6	122,254	0.00125%	0.00125%	Actual/360	No
	13.00	Loan Number 13	CCRE	Gold Brooklyn Multifamily Portfolio	12/01/2029	1	84,223	0.00125%	0.00125%	Actual/360	No
	13.01	Loan Number 13.01	CCRE	81-83 Stockholm Street	 	 	 	 	 	 	 
	13.02	Loan Number 13.02	CCRE	346 Grand Street	 	 	 	 	 	 	 
	13.03	Loan Number 13.03	CCRE	731 Meeker Avenue	 	 	 	 	 	 	 
	13.04	Loan Number 13.04	CCRE	1316 Pacific Street	 	 	 	 	 	 	 
	13.05	Loan Number 13.05	CCRE	467 Central Avenue	 	 	 	 	 	 	 
	13.06	Loan Number 13.06	CCRE	169 Troutman	 	 	 	 	 	 	 
	14.00	Loan Number 14	KeyBank	Dominion Apartments	12/01/2029	1	64,686	0.00125%	0.00000%	Actual/360	No
	15.00	Loan Number 15	CCRE	55 Talmadge	12/01/2029	1	94,276	0.00125%	0.00125%	Actual/360	No
	16.00	Loan Number 16	SMC	The Block Apartments	12/06/2029	6	96,756	0.00125%	0.00125%	Actual/360	No
	17.00	Loan Number 17	SMC	Bushwick Avenue Portfolio	09/06/2029	6	59,558	0.00125%	0.00000%	Actual/360	No
	17.01	Loan Number 17.01	SMC	340 Evergreen Avenue	 	 	 	 	 	 	 
	17.02	Loan Number 17.02	SMC	871 Bushwick Avenue	 	 	 	 	 	 	 
	17.03	Loan Number 17.03	SMC	889 Bushwick Avenue	 	 	 	 	 	 	 
	18.00	Loan Number 18	CCRE	Westlake Village Marketplace	12/01/2029	1	47,374	0.00125%	0.00125%	Actual/360	No
	19.00	Loan Number 19	KeyBank	Summervale Apartments	12/01/2029	1	53,071	0.00125%	0.00000%	Actual/360	No
	20.00	Loan Number 20	CCRE	2450 Business Park	12/01/2029	1	55,764	0.00125%	0.00125%	Actual/360	No
	21.00	Loan Number 21	KeyBank	Pretium Industrial Portfolio	11/01/2029	1	42,280	0.00125%	0.00000%	Actual/360	No
	21.01	Loan Number 21.01	KeyBank	Pretium - St. Charles, IL 	 	 	 	 	 	 	 
	21.02	Loan Number 21.02	KeyBank	Pretium - Cleveland, TN	 	 	 	 	 	 	 
	22.00	Loan Number 22	KeyBank	Kensington Place Townhomes	11/01/2029	1	39,803	0.00125%	0.00000%	Actual/360	No
	23.00	Loan Number 23	SMC	Sunset Business Center	10/06/2029	6	55,574	0.00125%	0.00125%	Actual/360	No
	24.00	Loan Number 24	KeyBank	Storage Outlet - Bellflower	12/01/2029	1	52,233	0.00125%	0.00000%	Actual/360	No
	25.00	Loan Number 25	CCRE	Bond Street 21	11/06/2029	6	38,365	0.00250%	0.00000%	Actual/360	No
	25.01	Loan Number 25.01	CCRE	Veterans Crossing East	 	 	 	 	 	 	 
	25.02	Loan Number 25.02	CCRE	Shoppes at Hamilton Crossing	 	 	 	 	 	 	 
	26.00	Loan Number 26	KeyBank	Shel Mar Estates	12/01/2029	1	33,561	0.00125%	0.00000%	Actual/360	No
	27.00	Loan Number 27	SMC	4800 North Point Parkway	11/06/2029	6	28,091	0.00125%	0.00125%	Actual/360	No
	28.00	Loan Number 28	CCRE	Castalia at Meadowmont	12/06/2029	6	27,171	0.00125%	0.00125%	Actual/360	No
	29.00	Loan Number 29	CCRE	Walmart Supercenter Lancaster	12/01/2029	1	24,483	0.00125%	0.00125%	Actual/360	No
	30.00	Loan Number 30	CCRE	Marina del Sol	12/01/2029	1	24,095	0.00125%	0.00125%	Actual/360	No
	31.00	Loan Number 31	SMC	545 & 547 West 20th Street	12/06/2029	6	26,206	0.00125%	0.00125%	Actual/360	No
	32.00	Loan Number 32	SMC	Auto Mall Parkway Self Storage	11/06/2029	6	24,975	0.00125%	0.00000%	Actual/360	No
	33.00	Loan Number 33	KeyBank	FedEx Ground	11/01/2029	1	21,427	0.00125%	0.00000%	Actual/360	No
	34.00	Loan Number 34	SMC	Security Self Storage	12/06/2029	6	21,228	0.00125%	0.00125%	Actual/360	No
	35.00	Loan Number 35	KeyBank	Westmoreland Medical Center	08/01/2029	1	27,372	0.00125%	0.00000%	Actual/360	No
	36.00	Loan Number 36	KeyBank	Storage Outlet - Chino	12/01/2029	1	31,317	0.00125%	0.00000%	Actual/360	No
	37.00	Loan Number 37	KeyBank	30610 East Broadway	11/01/2024	1	28,849	0.00125%	0.00000%	Actual/360	No
	38.00	Loan Number 38	CCRE	895 West End Avenue 	11/01/2029	1	24,894	0.00125%	0.00125%	Actual/360	No
	39.00	Loan Number 39	KeyBank	Townhomes on the Green	11/01/2029	1	27,180	0.00125%	0.00000%	Actual/360	No
	40.00	Loan Number 40	SMC	Dollar General Portfolio	12/06/2029	6	27,917	0.00125%	0.00125%	Actual/360	No
	40.01	Loan Number 40.01	SMC	Dollar General Belleview	 	 	 	 	 	 	 
	40.02	Loan Number 40.02	SMC	Dollar General Modoc	 	 	 	 	 	 	 
	40.03	Loan Number 40.03	SMC	Dollar General Lake City	 	 	 	 	 	 	 
	40.04	Loan Number 40.04	SMC	Dollar General Syracuse	 	 	 	 	 	 	 
	40.05	Loan Number 40.05	SMC	Dollar General Jacksonville	 	 	 	 	 	 	 
	41.00	Loan Number 41	CCRE	3825 Georgia Apartments	12/06/2029	6	18,341	0.00125%	0.00125%	Actual/360	No
	42.00	Loan Number 42	KeyBank	Storage Outlet - South Gate	12/01/2029	1	21,176	0.00125%	0.00000%	Actual/360	No
	43.00	Loan Number 43	KeyBank	Gramercy Commons	10/01/2029	1	19,942	0.00125%	0.00000%	Actual/360	No
	44.00	Loan Number 44	KeyBank	Storage Outlet - South El Monte	12/01/2029	1	17,375	0.00125%	0.00000%	Actual/360	No
	45.00	Loan Number 45	KeyBank	ULofts	12/01/2029	1	12,420	0.00125%	0.00000%	Actual/360	No
	46.00	Loan Number 46	KeyBank	The Sterling Building	12/01/2029	1	14,601	0.00125%	0.00000%	Actual/360	No
	47.00	Loan Number 47	KeyBank	Market Villas	12/01/2026	1	10,678	0.00125%	0.00000%	Actual/360	No
	48.00	Loan Number 48	SMC	Shafer Terrace MHP	11/06/2029	6	7,709	0.00125%	0.00125%	Actual/360	No

 

     

     

    

 

CF 2019-CF3

 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage Loan	 	 	Part of	Leasehold	Current Mezzanine	 	 	 	 
	ID	Loan Number	 Seller	Mortgage Loan Name	Post-ARD Revised Rate	Whole Loan	Interest	or Subordinate Debt	Sub Servicer Name	Sub Servicer Cashiering	Sub Servicer Fee Rate	Earnout/Holdback
	1.00	Loan Number 1	KeyBank	Parklawn Building	No	Yes	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	2.00	Loan Number 2	CCRE	Century Plaza Towers	No	Yes	Fee Simple	B-note	Wells Fargo - Cashiering	Full	0.00125%	No
	3.00	Loan Number 3	CCRE	Meridian Pointe Apartments	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	4.00	Loan Number 4	CCRE	AVR Renaissance Atlanta Airport Gateway 	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	5.00	Loan Number 5	CCRE	DC Mixed Use Portfolio VI	No	None	Fee Simple	NAP	NAP	NAP	0.00000%	No
	5.01	Loan Number 5.01	CCRE	623-625 H Street NW	 	 	Fee Simple	 	 	 	 	 
	5.02	Loan Number 5.02	CCRE	1219 Connecticut Avenue NW	 	 	Fee Simple	 	 	 	 	 
	5.03	Loan Number 5.03	CCRE	1210 18th Street NW	 	 	Fee Simple	 	 	 	 	 
	5.04	Loan Number 5.04	CCRE	4445 Wisconsin Avenue NW	 	 	Fee Simple	 	 	 	 	 
	5.05	Loan Number 5.05	CCRE	919 F Street NW	 	 	Fee Simple	 	 	 	 	 
	5.06	Loan Number 5.06	CCRE	8301 Sudley Road	 	 	Fee Simple	 	 	 	 	 
	5.07	Loan Number 5.07	CCRE	707 6th Street NW	 	 	Fee Simple	 	 	 	 	 
	6.00	Loan Number 6	SMC	Wells Fargo Place	No	Yes	Fee Simple	NAP	NAP	Full	0.00250%	No
	7.00	Loan Number 7	CCRE	225 Bush	No	Yes	Fee Simple	B-note	JLL - Non-Cashiering / Midland - Cashiering	Limited / Full	0.00411%	No
	8.00	Loan Number 8	SMC	1824 Alton Road	No	None	Fee Simple	NAP	NAP	NAP	0.00000%	No
	9.00	Loan Number 9	CCRE	180 Water	No	Yes	Fee Simple	B-note ($127,500,000); Mezzanine ($100,000,000)	Midland - Cashiering	Full	0.00125%	No
	10.00	Loan Number 10	CCRE	3 Columbus Circle 	No	Yes	Fee Simple	B-note	Midland - Cashiering	Full	0.00250%	No
	11.00	Loan Number 11	SMC	Park Central Tower	No	Yes	Fee Simple	NAP	Jones Lang LaSalle	Limited	0.03000%	No
	12.00	Loan Number 12	CCRE	Airport Square	No	Yes	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	13.00	Loan Number 13	CCRE	Gold Brooklyn Multifamily Portfolio	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	13.01	Loan Number 13.01	CCRE	81-83 Stockholm Street	 	 	Fee Simple	 	 	 	 	 
	13.02	Loan Number 13.02	CCRE	346 Grand Street	 	 	Fee Simple	 	 	 	 	 
	13.03	Loan Number 13.03	CCRE	731 Meeker Avenue	 	 	Fee Simple	 	 	 	 	 
	13.04	Loan Number 13.04	CCRE	1316 Pacific Street	 	 	Fee Simple	 	 	 	 	 
	13.05	Loan Number 13.05	CCRE	467 Central Avenue	 	 	Fee Simple	 	 	 	 	 
	13.06	Loan Number 13.06	CCRE	169 Troutman	 	 	Fee Simple	 	 	 	 	 
	14.00	Loan Number 14	KeyBank	Dominion Apartments	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	15.00	Loan Number 15	CCRE	55 Talmadge	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	16.00	Loan Number 16	SMC	The Block Apartments	No	None	Fee Simple	NAP	PFG Servicing Corporation	Limited	0.03000%	No
	17.00	Loan Number 17	SMC	Bushwick Avenue Portfolio	No	Yes	Fee Simple	NAP	NAP	Full	0.00125%	No
	17.01	Loan Number 17.01	SMC	340 Evergreen Avenue	 	 	Fee Simple	 	 	 	 	 
	17.02	Loan Number 17.02	SMC	871 Bushwick Avenue	 	 	Fee Simple	 	 	 	 	 
	17.03	Loan Number 17.03	SMC	889 Bushwick Avenue	 	 	Fee Simple	 	 	 	 	 
	18.00	Loan Number 18	CCRE	Westlake Village Marketplace	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	19.00	Loan Number 19	KeyBank	Summervale Apartments	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	20.00	Loan Number 20	CCRE	2450 Business Park	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	21.00	Loan Number 21	KeyBank	Pretium Industrial Portfolio	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	21.01	Loan Number 21.01	KeyBank	Pretium - St. Charles, IL 	 	 	Fee Simple	 	 	 	 	 
	21.02	Loan Number 21.02	KeyBank	Pretium - Cleveland, TN	 	 	Fee Simple	 	 	 	 	 
	22.00	Loan Number 22	KeyBank	Kensington Place Townhomes	No	None	Fee Simple	NAP	Bernard - Cashiering	Full	0.05000%	No
	23.00	Loan Number 23	SMC	Sunset Business Center	No	None	Fee Simple	NAP	NAP	NAP	0.00000%	No
	24.00	Loan Number 24	KeyBank	Storage Outlet - Bellflower	No	None	Fee/Leasehold	NAP	KeyBank - Cashiering	Full	0.01000%	No
	25.00	Loan Number 25	CCRE	Bond Street 21	No	None	Fee Simple	NAP	Bellweather - 0.02%	Full	0.02000%	No
	25.01	Loan Number 25.01	CCRE	Veterans Crossing East	 	 	Fee Simple	 	 	 	 	 
	25.02	Loan Number 25.02	CCRE	Shoppes at Hamilton Crossing	 	 	Fee Simple	 	 	 	 	 
	26.00	Loan Number 26	KeyBank	Shel Mar Estates	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	27.00	Loan Number 27	SMC	4800 North Point Parkway	No	None	Fee Simple	NAP	NAP	NAP	0.00000%	No
	28.00	Loan Number 28	CCRE	Castalia at Meadowmont	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	29.00	Loan Number 29	CCRE	Walmart Supercenter Lancaster	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	30.00	Loan Number 30	CCRE	Marina del Sol	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	31.00	Loan Number 31	SMC	545 & 547 West 20th Street	No	None	Fee Simple	NAP	Jones Lang LaSalle	Limited	0.04000%	No
	32.00	Loan Number 32	SMC	Auto Mall Parkway Self Storage	No	None	Fee Simple	NAP	Berkadia	Full	0.05000%	No
	33.00	Loan Number 33	KeyBank	FedEx Ground	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	34.00	Loan Number 34	SMC	Security Self Storage	No	None	Fee Simple	NAP	NAP	NAP	0.00000%	No
	35.00	Loan Number 35	KeyBank	Westmoreland Medical Center	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	36.00	Loan Number 36	KeyBank	Storage Outlet - Chino	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	37.00	Loan Number 37	KeyBank	30610 East Broadway	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	38.00	Loan Number 38	CCRE	895 West End Avenue 	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	39.00	Loan Number 39	KeyBank	Townhomes on the Green	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	40.00	Loan Number 40	SMC	Dollar General Portfolio	No	None	Fee Simple	NAP	PFG Servicing Corporation	Limited	0.04000%	No
	40.01	Loan Number 40.01	SMC	Dollar General Belleview	 	 	Fee Simple	 	 	 	 	 
	40.02	Loan Number 40.02	SMC	Dollar General Modoc	 	 	Fee Simple	 	 	 	 	 
	40.03	Loan Number 40.03	SMC	Dollar General Lake City	 	 	Fee Simple	 	 	 	 	 
	40.04	Loan Number 40.04	SMC	Dollar General Syracuse	 	 	Fee Simple	 	 	 	 	 
	40.05	Loan Number 40.05	SMC	Dollar General Jacksonville	 	 	Fee Simple	 	 	 	 	 
	41.00	Loan Number 41	CCRE	3825 Georgia Apartments	No	None	Fee Simple	NAP	BPC - Non-Cashiering	Limited	0.02000%	No
	42.00	Loan Number 42	KeyBank	Storage Outlet - South Gate	No	None	Leasehold	NAP	KeyBank - Cashiering	Full	0.01000%	No
	43.00	Loan Number 43	KeyBank	Gramercy Commons	No	None	Fee Simple	NAP	KeyBank - Cashiering (1bp); Commercial Capital Advisors - Non-Cashiering (6bps)	KeyBank - Full; Commercial Capital Advisors - Limited	0.07000%	No
	44.00	Loan Number 44	KeyBank	Storage Outlet - South El Monte	No	None	Leasehold	NAP	KeyBank - Cashiering	Full	0.01000%	No
	45.00	Loan Number 45	KeyBank	ULofts	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	46.00	Loan Number 46	KeyBank	The Sterling Building	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	47.00	Loan Number 47	KeyBank	Market Villas	No	None	Fee Simple	NAP	KeyBank - Cashiering	Full	0.01000%	No
	48.00	Loan Number 48	SMC	Shafer Terrace MHP	No	None	Fee Simple	NAP	NAP	NAP	0.00000%	No

 

     

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF	)	 
	 	)	ss:
	COUNTY OF	)	 

 

                                     ,
being first duly sworn, deposes and says:

 

1.            That
he/she is a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.            That
the Purchaser’s Taxpayer Identification Number is                             .

 

3.            That
the Purchaser of the CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, Class R (the “Class
R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing Agreement, dated as of
December 1, 2019 (the “Pooling and Servicing Agreement”), between CCRE Commercial Mortgage Securities, L.P.,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a
Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as trustee, Wells Fargo
Bank, National Association, as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC,
as operating advisor, and Park Bridge Lender Services LLC, as asset representations
reviewer), or is acquiring the Class R Certificate for the account of, or as agent (including as a broker, nominee, or other middleman)
for, a Permitted Transferee and has received from such person or entity an affidavit substantially in the form of this affidavit.

 

4.            That
the Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future
and the Purchaser intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.            That
the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow
generated by the Class R Certificate.

 

6.            That
the Purchaser will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth in
paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.

 

    C-1-1 

     

    

 

7.            That
the Purchaser is not a Disqualified Non-U.S. Tax Person and is not purchasing the Class R Certificate for the account of, or as
an agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise a Permitted
Transferee.

 

8.            That
the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.            That
the Purchaser consents (a) to the designation of the Certificate Administrator as the “partnership representative”
within the meaning of Code Section 6223 (to the extent such provision is applicable to the Trust REMICs) of each Trust REMIC pursuant
to Section 4.04 of the Pooling and Servicing Agreement and (b) to the Certificate Administrator making any elections allowed to
avoid (i) the application of Code Section 6221 to the Trust REMIC and (ii) payment by the Trust REMIC under Code Section 6225 of
any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on the holders of the Class R
Certificates.

 

10.          The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning
registration of the transfer and exchange of the Class R Certificate.

 

11.          The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed base,
within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.          Check
the applicable paragraph:

 

☐           The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)         the
present value of the expected future distributions on such Certificate; and

 

(iii)        the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section 11(b) (but the tax rate in Code
Section 55(b)(1)(B) (as in effect for tax years beginning on or before December 31, 2017) may be used in lieu of the highest rate
specified in Code Section 11(b) if the Purchaser has been subject to the alternative minimum tax under Code Section 55 in the preceding
two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present
values are computed using a discount rate equal to the short term

 

    C-1-2 

     

    

 

Federal rate prescribed by Code Section 1274(d) for the month
of the transfer and the compounding period used by the Purchaser.

 

☐          The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)         at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)        the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐          None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                                            
this          day of                        ,
20     .

 

	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

    C-1-3 

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the                                 
of the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of
the Purchaser.

 

Subscribed and sworn
before me this          day of                        ,
20     .

 

 

	 	 	 
	NOTARY PUBLIC	 	 

 

	COUNTY OF	 	 

 

	STATE OF	 	 

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4 

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association,

          as Certificate Registrar

600 South 4th Street, 7th Floor, MAC N300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Group – CF 2019-CF3

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to CF 2019-CF3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, Class
                                         R  

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any tax.

 

	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

    D-1-1 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street,
7th Floor, MAC N300-070

Minneapolis, Minnesota 55479

Attn: Certificate Transfer Group – CF 2019-CF3

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

Fax number: (410) 715-2380

with a copy to:

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

 

CCRE Commercial Mortgage
Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

 

		Re:	Transfer
                                         of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3,
                                         [Class [ ]] [VRR Interest] 

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing
Agreement”), entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as
special servicer, Wells Fargo Bank, National Association, as trustee, certificate administrator, paying agent and custodian, Park
Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer, on behalf
of the holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 (the “Certificates”)
with respect to the transfer by [__________] (the “Seller”) to the undersigned (the “Purchaser”)
of [$_____ aggregate [Certificate Balance] [Notional Amount] of] [_____% Percentage Interest in] [Class [_____] Certificates] [VRR
Interest], in certificated fully registered form (such registered interest, the “Certificate”). Terms used but
not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

 

    D-1-1 

     

    

 

In connection with
such transfer, the Purchaser hereby represents and warrants to you as follows:

 

		1.	Check one of the following:*

 

		☐	The Purchaser is not
purchasing a Class R Certificate and the Purchaser is an institutional “accredited investor” within the meaning of
Rule 501 (a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), or an entity in which all of the equity owners are institutional “accredited investors” within the
meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act (an “Institutional Accredited
Investor”), and has such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are
each able to bear the economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one
or more accounts (each of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole investment
discretion. The Purchaser hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

		☐	The Purchaser is a “qualified
institutional buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated under the Securities Act
of 1933, as amended (the “Securities Act”). The Purchaser is aware that the transfer is being made in reliance
on Rule 144A, and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph
(d)(4)(i) of Rule 144A. 

 

		2.	Check one of the following:*

 

		☐	The Purchaser is purchasing a Certificate which comprises a portion of the VRR Interest.

 

		☐	The Purchaser is not purchasing a Certificate which comprises a portion of the VRR Interest.

 

		3.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, or (ii) (other than with respect
to a Class R Certificate) institutional “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7)
of Regulation D promulgated under the Securities Act or any entity in which all of the equity owners are institutional “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, pursuant
to any other exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (a)
the receipt by the Certificate Registrar of a letter substantially in the form hereof, (b) the 

 

 

 

* Purchaser must include one
of the following two certifications.

 

    D-1-2 

     

    

 

	 	 	receipt by the Certificate Registrar
of an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance
with the Securities Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar
that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws (including applicable
state and foreign securities laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection
with the proposed transfer. It understands that the Certificate (and any subsequent Individual Certificate) has not been registered
under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends
upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to resell to only certain
investors in certain exempted transactions) as expressed herein.

 

		4.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		5.	The Purchaser has reviewed the applicable Private Placement Memorandum dated December 9, 2019 relating
to the Certificate (the “Private Placement Memorandum”) and the agreements and other materials referred to therein
and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated
by the Private Placement Memorandum.

 

		6.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		7.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

		8.	Check one of the following:

 

		☐	The Purchaser is a “U.S.
Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

 

		☐	The
Purchaser is not a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no
taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on
the Certificate(s). The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN (or successor form) if the Purchaser
is an individual, or IRS Form W-8BEN-E (or successor form) if the Purchaser is an entity, which identifies such Purchaser as the
beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two duly executed copies
of IRS Form W-8IMY (and all appropriate attachments) or (iii)]** two duly executed copies of IRS Form W-8ECI (or successor form),
which identify such

 

    D-1-3 

     

    

 

	 	 	Purchaser
as the beneficial owner of the Certificate(s) and state that interest and original issue discount on the Certificate(s) is, or
is expected to be, effectively connected with a U.S. trade or business. The Purchaser agrees to provide to the Certificate Registrar
updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]** IRS Form W-8ECI[, as the case may be]**, any applicable successor
IRS forms, or such other certifications as the Certificate Registrar may reasonably request, on or before the date that any such
IRS form or certification expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the
most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 8, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: ***

 

(a)  by
wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

	 	Account number: 	 	 
	 	 	 	 
	 	Institution: 	 	 

 

(b)  by
mailing a check or draft to the following address:

 

	 		 	 
	 	 	 	 
	 	 	 	 

 

The mailing address
of the Purchaser is:

 

 

 

		**	Delete for Class R.

 

		***	Only to be filled out by Purchasers of Individual Certificates.
Please select (a) or (b).

 

    D-1-4 

     

    

 

	 		 	 
	 	 	 	 
	 	 	 	 

 

[DELETE IF NOT APPLICABLE:][The
Certificate registered in the name of the Purchaser should be delivered to:

 

	 		 	 
	 	 	 	 
	 	 	 	]

 

	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Dated:  ________________, 20___

 

    D-1-5 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street,
7th Floor, MAC N300-070

Minneapolis, Minnesota 55479

Attn: Certificate Transfer Group – CF 2019-CF3

 

Wells Fargo Bank, National
Association,

               as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

Fax number: (410) 715-2380

with a copy to:

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

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

 

		Re:	CF 2019-CF3 Mortgage Trust, Commercial
                                         Mortgage Pass-Through Certificates, Series 2019-CF3, [Class [   ]] [VRR Interest]

 

Ladies and Gentlemen:

 

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][$_____ initial Notional Amount of][_____% Percentage Interest in] of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3, [Class [__]][VRR Interest], CUSIP No. _____ (the “Certificates”), issued pursuant
to the Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
between CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank,
National Association, as trustee, certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer. All capitalized terms used herein and not otherwise

 

    D-2-1 

     

    

 

defined shall have the meaning
set forth in the Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with,
the Depositor, the Certificate Administrator, the Certificate Registrar and the Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account or
a Keogh plan, which is subject to the fiduciary responsibility provisions of Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), or Code Section 4975, or a governmental plan, as defined in Section 3(32) of ERISA, or other
plan subject to any federal, state or local law (“Similar Law”) which is to a material extent similar to the
foregoing provisions of ERISA or the Code (each, a “Plan”), or (b) a collective investment fund whose underlying
assets include Plan assets by reason of a Plan’s investment in the collective investment fund (pursuant to U.S. Department
of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, or Similar Law), an insurance company using assets
of separate accounts or general accounts which are deemed pursuant to ERISA or any Similar Law to include assets of Plans, or other
person acting on behalf of any such Plan or using the assets of any such Plan, other than (except in the case of the VRR Interest
and Class R Certificates) an insurance company using the assets of its general account under circumstances whereby such purchase
and the subsequent holding of such Certificate by such insurance company would be exempt from the prohibited transaction provisions
of Section 406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or in the case of a Plan subject
to Similar Law, where its acquisition, holding and disposition of such Certificate will not result in a non-exempt violation of
Similar Law; and

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the VRR Interest and Class R Certificates,
which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required to provide to
the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required by such persons,
and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate Registrar that the
purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction
within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision of any Similar Law,
and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability (including obligations
or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’ certificates or agreements
shall not be at the expense of the Master Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate
Administrator, the Trustee, the Asset Representations Reviewer or the Certificate Registrar.

 

    D-2-2 

     

    

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this          day of
        , 20 _.

 

	 	Very truly
yours,
	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

    D-2-3 

     

    

 

EXHIBIT
D-3

 

Form
of Transferee CERTIFICATE FOR TRANSFERS 

OF [VRR Interest] [Class F-RR,
class g-rr, Class h-rr and class j-rr Certificates]

 

[Date]

 

	
        Wells Fargo Bank, National Association,

                   as Certificate Registrar

        600 South 4th Street, 7th Floor, MAC N300-070

        

        Minneapolis, Minnesota 55479

        Attention: Certificate Transfer Group – CF 2019-CF3

        
	
        CCRE Commercial Mortgage Securities, L.P.

        110 East 59th Street

        New York, New York 10022

        Attention: Legal Department

        with an electronic copy by email to:

        notices@ccre.com

        

	
        Wells Fargo Bank, National
        Association,

        

        as Certificate Administrator

        

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

        Fax number: (410) 715-2380

        

        with a copy to:

        

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

        
	
        KeyBank National Association

        

        11501 Outlook Street, Suite #300, Overland
        Park, Kansas 66211, Attention: Joe DeRoy

        

        Email: joe_a_deroy@keybank.com

         

        with a copy to:

        

        Polsinelli

        

        900 W.48th Place, Suite 900, Kansas City,
        Missouri 64112, Attention: Kraig Kohring

        

        Email: kkohring@polsinell.com

        

 

		Re:	CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement (the “Pooling
and Servicing Agreement”), dated as of December 1, 2019, by and among CCRE Commercial Mortgage Securities, L.P., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC
Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National
Association, as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and
Park Bridge Lender Services LLC, as Asset Representations Reviewer

 

    D-3-1 

     

    

 

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and
Depositor, that:

 

		1.	The Purchaser is acquiring (the “Transfer”) [$[_____] aggregate Certificate Balance
of the VRR Interest] [$[_____] aggregate Certificate Balance of the Class F-RR Certificates, $[_____] aggregate Certificate Balance
of the Class G-RR Certificates, $[_____] aggregate Certificate Balance of the Class H-RR Certificates, $[_____] aggregate Certificate
Balance of the Class J-RR Certificates] (the “Transferred Interest”) from [_____] (the “Transferor”).

 

		2.	The Purchaser is aware that the Certificate Registrar will not register any transfer of the Transferred
Interest by the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among
other things, a certificate in substantially the same form as this certificate. The Purchaser expressly agrees that it will not
consummate any such transfer if it knows or believes that any representation contained in such certificate is false.

 

		3.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Transferred Interest, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the acquisition
of the Transferred Interest and (b) the acquisition of the Transferred Interest will be effected through Cantor Fitzgerald &
Co.

 

		4.	Check one of the following:

 

☐       The
Purchaser agrees with, and certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining
Sponsor and Depositor, that the transfer will occur during the RR Interest Transfer Restriction Period and that:

 

		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in the Credit Risk
Retention Rules, of the Transferor (a “Majority-Owned Affiliate”); [and]

 

		B.	The Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any person
that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Transferred Interest during the
RR Interest Transfer Restriction Period, it will remain a Majority-Owned Affiliate[; IN THE CASE OF THE HRR INTEREST, INCLUDE C
AND D:]

 

		C.	The Transfer will be made in accordance with Section 5 of the TPP Risk Retention Agreement dated as
of December 9, 2019 (the “TPP Agreement”), between CCRE Commercial Mortgage Securities, L.P., KeyBank National
Association and KKR CMBS II Aggregator Type 1 L.P., and the Purchaser has complied with all the provisions, and has satisfied all
the requirements, set forth in Section 5 of the TPP Agreement; and

 

    D-3-2 

     

    

 

		D.	The Purchaser has executed and delivered to the Retaining Sponsor a “Joinder Agreement”
(as such term is defined in the TPP Agreement) dated as of the date of the transfer, as required pursuant to Section 5 of the TPP
Agreement].

 

☐        The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the RR Interest Transfer Restriction Period.

 

☐        The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the Transfer involves the HRR Interest and will occur on or after the fifth anniversary of the Closing Date
and that:

 

		A.	The Purchaser is a “Subsequent Third Party Purchaser”, as such term is defined in the
TPP Agreement;

 

		B.	The Purchaser has executed and delivered to the Retaining Sponsor a “Subsequent TPP Agreement”
(as such term is defined in the TPP Agreement) dated as of the date of the Transfer, as required pursuant to Section 6 of the TPP
Agreement; and

 

		C.	The transfer will be made in accordance with Section 6 of the TPP Agreement, and the Purchaser
has complied with all the provisions, and has satisfied all the requirements, set forth in Section 6 of the TPP Agreement.

 

☐        The
Transfer involves the HRR Interest and the Purchaser is otherwise permitted to purchase the Transferred Interest under the terms
of the TPP Agreement or a Subsequent TPP Agreement (as defined in the TPP Agreement), as applicable, or under the terms of any
joinder agreement to the TPP Agreement or such Subsequent TPP Agreement, as applicable. Please provide additional information in
the space below to explain: 

	 	 
	 	 
	 	 
	 	 
	 	 

 

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

 

    D-3-3 

     

    

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this [__] day
of [____], 20[__].

 

	 	[PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

The foregoing certificate
is hereby confirmed, and the Transfer is accepted, as of the date first above written:

 

KEYBANK NATIONAL ASSOCIATION,
as Retaining Sponsor

 

	 	By:	 	 
	 	 	Name:

Title:

  

    D-3-4 

     

    

 

EXHIBIT
D-4

 

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS

OF [VRR Interest] [Class F-RR, class g-rr,
Class h-rr and class j-rr Certificates]

 

[Date]

 

	
        Wells Fargo Bank, National Association,

                     as Certificate Registrar

        600 South 4th Street, 7th Floor, MAC N300-070

        

        Minneapolis, Minnesota 55479

        Attention: Certificate Transfer Group – CF 2019-CF3

         

         

         
	
        KeyBank National Association

        

        11501 Outlook Street, Suite #300, Overland
        Park, Kansas 66211, Attention: Joe DeRoy

        

        Email: joe_a_deroy@keybank.com

         

        with a copy to:

        

        Polsinelli

        

        900 W.48th Place, Suite 900, Kansas City,
        Missouri 64112, Attention: Kraig Kohring

        

        Email: kkohring@polsinell.com

         

	
        Wells Fargo Bank, National
        Association,

        

        as Certificate Administrator

        

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

        Fax number: (410) 715-2380

        

        with a copy to:

        

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

         
	
        CCRE Commercial Mortgage Securities, L.P.

        110 East 59th Street

        New York, New York 10022

        Attention: Legal Department

        with an electronic copy by email to:

        notices@ccre.com

         

         

         

         

         

		Re:	CF 2019-CF3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 (the “Certificates”) 

 

Ladies and Gentlemen:

 

This is delivered
to you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”) to
[______] (the “Transferee”) of [$[_____] aggregate Certificate Balance of the VRR Interest] [$[_____] aggregate
Certificate Balance of the Class F-RR Certificates, $[_____] aggregate Certificate Balance of the Class G-RR Certificates, $[_____]
aggregate Certificate Balance of the Class H-RR Certificates, $[_____] aggregate Certificate Balance of the Class J-RR Certificates]
(the “Transferred Interest”). The Certificates were issued pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 2019 (the “Pooling and Servicing

 

    D-4-1 

     

    

 

Agreement”), by and among CCRE Commercial Mortgage
Securities, L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC,
as Operating Advisor, and Park Bridge Lender Services LLC, as Asset Representations Reviewer. All capitalized terms used but not
otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby
certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and Depositor,
that:

 

		1.	The transfer is in compliance with Sections 5.01 and 5.02 of the Pooling and Servicing Agreement.

 

		2.	If the Transferee is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Transferred Interest, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the acquisition
of the Transferred Interest and (b) the acquisition of the Transferred Interest will be effected through Cantor Fitzgerald &
Co.

 

		3.	Check one of the following:

 

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur during the RR Interest Transfer Restriction Period and
that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in the Credit
Risk Retention Rules, of the Transferor[; and

 

[IF THE TRANSFER INVOLVES THE HRR
INTEREST, INCLUDE B.]

 

		B.	The Transfer will be made in accordance with Section 5 of the TPP Risk Retention Agreement dated as
of December 9, 2019 (the “TPP Agreement”), between CCRE Commercial Mortgage Securities, L.P., KeyBank National
Association and KKR CMBS II Aggregator Type 1 L.P, and all of the requirements set forth in Section 5 of the TPP Agreement have
been complied with through and including the date of the Transfer].

 

		☐	The Transferor certifies, represents and warrants to, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the Transfer will occur after the termination of the RR Interest Transfer Restriction
Period.

 

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the Transfer involves the HRR Interest and will occur on or after the fifth anniversary
of the Closing Date and that:

 

    D-4-2 

     

    

 

		A.	The Transfer will be made in accordance with Section 6 of the TPP Agreement, and all of the requirements
set forth in Section 6 of the TPP Agreement have been complied with through and including the date of the Transfer.

 

		☐	The Transfer involves the HRR Interest and the Transferor is otherwise permitted to transfer the
Transferred Interest under the terms of the TPP Agreement or a Subsequent TPP Agreement (as defined in the TPP Agreement), as applicable.
Please provide additional information in the space below to explain:_______________________________________________ 
	 	 	 
	 	 	 
	 	 	 

 

		4.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the
form attached to the Pooling and Servicing Agreement as Exhibit D-3. The Transferor does not know or believe that any representation
contained therein is false.

 

IN WITNESS WHEREOF,
the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this [__] day
of [___], 20[__].

 

	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

  

KEYBANK NATIONAL ASSOCIATION,
as Retaining Sponsor

 

	 	By:	 	 
	 	 	Name:

Title:

 

    D-4-3 

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

[Date]

Wells Fargo Bank, National Association,

as Custodian

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attn: Document Custody Group
– CF 2019-CF3

Email: cmbscustody@wellsfargo.com

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to CF 2019-CF3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan for the reason indicated below:

 

Mortgagor’s Name:
________________________

 

Address: ________________________________

 

Asset No.: _______________________________

 

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	 	 _____	1.	Mortgage Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special
Servicer] hereby certifies that all amounts received in connection with the Mortgage Loan have been or will be, following such
[Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the Mortgage
File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.

 

	 	 _____	2.	The Mortgage Loan is being foreclosed.

 

	 	 _____	3.	Other. (Describe)

 

    E-1 

     

    

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the [Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Co-Lender Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or otherwise
liquidated, in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the Mortgage
Loan is being foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required by
us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

 

	 	[MASTER SERVICER][SPECIAL
SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

    E-2 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”,
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS,” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT
ARE NON-“U.S. PERSONS” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A CLASS R CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

    F-1 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National Association,

           as Certificate Registrar

600 South 4th Street, 7th Floor, MAC N300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Group – CF 2019-CF3

 

		Re:	Transfer
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3, [Class [    ]] [VRR Interest] 

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing
Agreement”), and executed in connection with the above referenced transaction, on behalf of the holders of the CF 2019-CF3
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, [Class [_]] [VRR Interest] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
aggregate [Certificate Balance][Notional Amount] of Certificates, in fully registered form (each, an “Individual Certificate”),
or a beneficial interest of such aggregate [Certificate Balance] [Notional Amount] in the Regulation S Global Certificate (the
“Global Certificate”) maintained by The Depository Trust Company or its successor as Depositary under the Pooling
and Servicing Agreement (such transferred interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Transferred Interest was not made to a person in the United States;

 

[(2)      at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor

 

 

 

* Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

  

    G-1 

     

    

 

any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

  

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

Dated: ________________, 20 ___

 

    G-2 

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Group – CF 2019-CF3

with a copy to:

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

 

		Re:	Transfer
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3, [Class [    ]][VRR Interest] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate [Certificate Balance] [Notional Amount] of the [Class [__] Certificates] [VRR Interest] (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No.                     )
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such Class
(CUSIP No.                     
 and ISIN No. _________) to be held with [Euroclear] [Clearstream]* (Common Code ______) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

 

 

* Select appropriate depository.

 

    H-1 

     

    

 

(1)       the
offer of the Certificates was not made to a person in the United States;

 

[(2)      at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the Transferee was outside the United States;]**

 

[(2)      the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

(3)       no
directed selling efforts “directed selling efforts” within the meaning of Rule 902(c) of Regulation S have been made
in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the Trustee, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer, the Special Servicer and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Dated: ________________, 20__

 

 

 

** Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    H-2 

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Group – CF 2019-CF3

with a copy to:

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

 

		Re:	Transfer
                                         of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3,
                                         [Class [    ]] [VRR Interest] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate [Certificate Balance] [Notional Amount] of [Class [__] Certificates] [VRR Interest] (the “Certificates”)
which are held in the form of the Rule 144A Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

    I-1 

     

    

 

[(2)      at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

 

[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Dated: _______________, 20___

 

 

 

* Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    I-2 

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC N300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Group – CF 2019-CF3

with a copy to:

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

 

		Re:	Transfer
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3, [Class [    ]] [VRR Interest] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate [Certificate Balance] [Notional Amount] of the [Class [__] Certificates] [VRR Interest] (the “Certificates”)
which are held in the form of a beneficial interest in the Regulation S Global Certificate of such Class (CUSIP No.                     
 and ISIN No. ________) with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate
(CUSIP No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A (“Rule 144A”)
under the Securities Act of 1933, as amended (the “Securities Act”), to a transferee that the

 

 

 

* Select appropriate depositary.

 

    J-1 

     

    

 

Transferor reasonably
believes is purchasing the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises
sole investment discretion, and the transferee and any such account is “qualified institutional buyer” within the meaning
of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or other applicable jurisdiction.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the Trustee, the Operating Advisor,
the Asset Representations Reviewer, the Master Servicer, the Special Servicer and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

Dated: ______________, 20__

 

    J-2 

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

  

    K-1 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Mortgage Loan Detail	7	 	 	 
	 	 	 	 	NOI Detail	8	 	 	 
	 	 	 	 	Principal Prepayment Detail	9	 	 	 
	 	 	 	 	Historical Detail	10	 	 	 
	 	 	 	 	Delinquency Loan Detail	11	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	12-13	 	 	 
	 	 	 	 	Advance Summary	14	 	 	 
	 	 	 	 	Modified Loan Detail	15	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	16	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	17	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	18-19	 	 	 
	 	 	 	 	Defeased Loan Detail	20	 	 	 
	 	 	 	 	Supplemental Reporting	21	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Operating Advisor	 	 
	 	 	

CCRE
Commercial Mortgage Securities, L.P.

110
East 59th Street
6th Floor

New
York, NY 10022

 

 
 

 

 

 

 

 

Contact:                  gstellato@ccre.com

Phone Number:    (212) 829-7054
	 	 	 	Midland
                                         Loan Services, a Division of PNC Bank, 

                                         National Association
10851
                                         Mastin Street
Suite
                                         700
Overland Park,
                                         KS 66210

     

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                       Contact:                  Heather
                                         Wagner
Phone
                                         Number:    (913) 253-9570

	 	 	 	Midland
                                         Loan Services, a Division of PNC Bank, 

                                         National Association
10851
                                         Mastin Street

                                         Suite 700

                                         Overland Park, KS 66210

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                              Contact:         Heather
                                         Wagner

                                         Phone Number:      (913)
                                         253-9570
	 	 	 	Park Bridge Lender Services LLC

600 Third Avenue,
40th Floor

                                         New York, NY 10016
 

 

 

 

 

 

 

                                         Contact:                  David Rodgers

                                         Phone Number:    (212) 230-9025
	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo
Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information and if applicable, any special notices
and any credit risk retention notices. In addition, certificateholders may register online for email notification when special
notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 1 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/
 Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	J-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	VRR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                                         Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of
(i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate
to the designated class and dividing the result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 2 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	J-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	VRR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 3 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled
    Principal	 	Principal
    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest
    

    Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

    Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	F-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	G-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	H-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	J-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	VRR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 4 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other
    Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount  (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Borrower Reimbursable Trust Fund Expenses	 	    0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	

	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	

	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction

	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Fees.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 5 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Servicing Fee - Midland
    Loan Services	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Trustee Fee - Wells
    Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual
    Property Royalty License Fee	0.00	 	 
	 	ARD Interest	0.00	 	 	Operating Advisor
    Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 	Total Fees		0.00	 
	 	Net Prepayment Interest
    Shortfall
	0.00
	 	 		 	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 		 		 
	 	Extension Interest	0.00	 	 	Additional Trust
    Fund Expenses:	 	 	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Reimbursement for
    Interest on Advances	0.00		 
	 	Total Interest
    Collected	 	0.00	 	ASER Amount	0.00	 	 
	 	 	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Principal:	 	 	 	Rating Agency Fees	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Indemnification Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Other Expenses	0.00	 	 
	 	Negative Amortization	0.00	 	 	Total Additional
    Trust Fund Expenses		0.00	 
	 	Principal Adjustments	0.00	 	 		 		 
	 	Total Principal
    Collected		0.00 	 	Interest Reserve
    Deposit	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Deficiency Amounts	0.00	 	 			 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    Page 6 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 7 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data
                                         reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report
                                         NOI figures in their loan level reporting.

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 8 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

    Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 9 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 10 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff

	 	 
	 	 	 	 	But Still in Grace Period	1	- 30-59 Days Delinquent	5 	-	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	-	Reps
    and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other

	 	 
	 	 	 	 	Than 30 Days Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of

				 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	6	-	DPO	 	 	Foreclosure	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 11 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	- 	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	- 	Mixed Use

	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	- 	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 12 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer

	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code	(2)
    Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	-	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	-	Mixed Use

	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	-	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 13 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan
    Group 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    Page 14 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 15 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee,
    etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 16 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 17 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 18 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 19 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 	 	 	 	 	 
	 	Defeased Loan Detail	 
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering Document
Cross-Reference	Ending Scheduled

    Balance	Maturity Date	Note Rate	Defeasance Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    Page 20 of 21

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	CF Trust 2019-CF3

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2019-CF3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	1/17/20
	Record Date:	12/31/19
	Determination Date:	1/13/20

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	Risk
                                         Retention

Pursuant to the TSA, the Certificate Administrator has made available on www.ctslink.com
<http://www.ctslink.com>, specifically under the “U.S. Risk Retention Special Notices” tab for the CF Trust 2019-CF3
transaction, certain information provided to the Certificate Administrator regarding the Retaining Sponsor’s compliance with the
Retention Covenant and the Hedging Covenant. Investors should refer to the Certificate Administrator’s website for all such
information.

	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
    Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer Termination Event information
    would be disclosed here.	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    Page 21 of 21

     

    

 

 

EXHIBIT L-1A

 

Form
of Investor Certification for Non-Borrower PartY OR RISK RETENTION CONSULTATION PARTY (for Persons other than the Controlling Class
Representative OR a Controlling Class Certificateholder)

 

[Date]

 

Wells Fargo Bank, National
Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

Fax number: (410) 715-2380

with a copy to:

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

trustadministrationgroup@wellsfargo.com

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to CF 2019-CF3
                                         Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is a Certificateholder, the Risk Retention Consultation Party, a Companion Loan Noteholder, a beneficial owner of the
[Class ___ Certificates] [VRR Interest] or a prospective purchaser of the [Class ___ Certificates] [VRR Interest] (or any investment
advisor or manager or other representative of the foregoing).

 

2.       The
undersigned is not the Controlling Class Representative or a Controlling Class Certificateholder.

 

3.       The
undersigned has received a copy of the Prospectus.

 

4.       The
undersigned is the Risk Retention Consultation Party or is a Person who is not a Borrower Party.

 

5.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached

 

    L-1A-1 

     

    

 

hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement].

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

6.       The
undersigned shall be fully liable for any breach of the terms of this certification by itself or any of its Representatives and
shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

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

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser][Companion Loan Noteholder][Risk Retention Consultation Party]
	 	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

 

    L-1A-2 

     

    

 

EXHIBIT L-1B

 

Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative OR a Controlling Class Certificateholder)

 

[Date]

	
        Wells Fargo Bank, National
        Association,

        

        as Certificate Administrator

        

        9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

Fax number: (410) 715-2380

with a copy to:

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

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

        

        as Special Servicer

        

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        

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

        

        as Master Servicer

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

         
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CF 2019-CF3-Surveillance Manager

        

        (with a copy sent contemporaneously
via email to cmbs.notices@parkbridgefinancial.com) 

	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2.       The
undersigned has received a copy of the Prospectus.

 

3.       The
undersigned is not a Borrower Party.

 

4.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate

 

    L-1B-1 

     

    

 

Administrator’s Website and/or is requesting, or from time to time may request, information from the Master
Servicer or the Special Servicer [and/or is requesting the information identified on the schedule attached hereto] (also, the “Information”)
pursuant to the provisions of the Pooling and Servicing Agreement.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.       The
undersigned shall be fully liable for any breach of the terms of this certification by itself or any of its Representatives and
shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

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

 

    L-1B-2 

     

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

 

    L-1B-3 

     

    

 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative, a Controlling Class Certificateholder AND/OR A RISK RETENTION CONSULTATION
PARTY)

 

[Date]

 

Wells Fargo Bank, National
Association,

             as Trustee and Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)
– CF 2019-CF3

 

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

 

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

as Master Servicer

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –
Division Head

 

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

as Special Servicer

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –
Division Head

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is a Certificateholder, a Companion Loan Noteholder, a beneficial owner of the [Class ___ Certificates] [VRR Interest]
or a prospective purchaser of the [Class ___ Certificates] [VRR Interest] (or any investment advisor or manager or other representative
of the foregoing).

 

2.       The
undersigned is not the Controlling Class Representative or a Controlling Class Certificateholder.

 

    L-1C-1 

     

    

 

3.       The
undersigned has received a copy of the Prospectus.

 

4.       The
undersigned is a Borrower Party.

 

5.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to the Distribution Date Statements on the Certificate
Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Distribution Date Statements, or the access thereto, the undersigned shall keep the Distribution
Date Statements confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing
the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies
to which the undersigned is subject), and such Distribution Date Statements shall not, without the prior written consent of the
Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives
(collectively, the “Representatives”) in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Distribution Date Statements in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

6.       The
undersigned shall be fully liable for any breach of the terms of this certification by itself or any of its Representatives and
shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

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

 

    L-1C-2 

     

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser] [Companion Loan Noteholder]
	 	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

  

    L-1C-3 

     

    

 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative OR a Controlling Class Certificateholder)

 

[Date]

 

	
        Wells Fargo Bank, National Association,

        

        as Trustee and Certificate
        Administrator

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045-1951

        

        Attention: Corporate Trust Services (CMBS)
        – CF 2019-CF3

        

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

trustadministrationgroup@wellsfargo.com 
	
        Midland Loan Services, a Division of PNC Bank, National Association,

        

        as Master Servicer

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        

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

        

        as Special Servicer

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        
	 
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CF 2019-CF3-Surveillance Manager

        

        (with a copy sent contemporaneously via email
        to cmbs.notices@parkbridgefinancial.com)

         
	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

    L-1D-1 

     

    

 

2       The
undersigned is a Borrower Party with respect to the following Excluded Controlling Class Loans:

 

[IDENTIFY EXCLUDED
CONTROLLING CLASS LOANS] (the “Excluded Controlling Class Loans”)

 

The undersigned is
not a Borrower Party with respect to any other Mortgage Loan.

 

3.       The
undersigned has received a copy of the Prospectus.

 

4.       Except
with respect to the Excluded Controlling Class Loans, the undersigned is requesting access pursuant to the Pooling and Servicing
Agreement to certain information (the “Information”) on the Certificate Administrator’s Website [and/or
is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the
provisions of the Pooling and Servicing Agreement].

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined
in the Pooling and Servicing Agreement) relating to the Excluded Controlling Class Loans to the extent the undersigned receives
access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded
Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.       The
undersigned shall be fully liable for any breach of the terms of this certification by itself or any of its Representative and
shall indemnify each party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund
for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       To
the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise
receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or

 

    L-1D-2 

     

    

 

indirectly
provide such Excluded Information to (A) the related Borrower, (B) any Excluded Controlling Class Holder, (C) any employees or
personnel of the undersigned or any Affiliate involved in the management of any investment in the related Borrower or the related
Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the
related Borrower, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order
to comply with the obligations described in clause (i) above.

 

7.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid or (c) in the form of a pdf attached to an email.

 

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

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to
be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

 

    L-1D-3 

     

    

 

EXHIBIT L-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER

 

[Date]

 

	
        Wells Fargo Bank, National Association,

        as Trustee and Certificate Administrator

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045-1951

        

        Attention: Corporate Trust Services (CMBS)
        – CF 2019-CF3

        

        E-Mail: cts.cmbs.bond.admin@wellsfargo.com,
and to trustadministrationgroup@wellsfargo.com 
	
        Midland Loan Services, a Division of PNC Bank, National Association,

        

        as Master Servicer

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

         

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

        

        as Special Servicer

        

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        
	 
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CF 2019-CF3-Surveillance Manager

        

        (with a copy sent contemporaneously via email
        to cmbs.notices@parkbridgefinancial.com)

         
	 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

THIS NOTICE IDENTIFIES
AN “EXCLUDED CONTROLLING CLASS LOAN” RELATING TO THE CF 2019-CF3 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

    L-1E-1 

     

    

 

1.             The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

2.             The undersigned has become an Excluded Controlling Class Holder with respect to the following [Mortgage Loan(s)] [and] [Whole
Loan(s)] (“Excluded Controlling Class Loans”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.             As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, among
other things, the Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination
Event is in effect with respect to the Excluded Controlling Class Loans listed in paragraph 2 if any such mortgage loan is an Excluded
Mortgage Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.             The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Loans on the Certificate
Administrator’s Website unless and until it has (i) delivered notice of the termination of the related Excluded Controlling
Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of the Pooling and Servicing
Agreement.

 

5.             The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any

 

    L-1E-2 

     

    

 

Excluded Information relating to the Excluded Controlling Class Loans listed
in Paragraph 2 above.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

	 	[Controlling Class Representative][a
Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

Phone:

Email:

Address:

  

    L-1E-3 

     

    

 

EXHIBIT L-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Wells Fargo
        Bank, National Association,

        as Trustee and Certificate Administrator

        

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045-1951

        

        Attention: Corporate Trust Services (CMBS)
        – CF 2019-CF3

        

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

         

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.             The undersigned is the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.

 

2.             The undersigned has become an Excluded Controlling Class Holder with respect to the following [Mortgage Loan(s)] [and] [Whole
Loan(s)] (“Excluded Controlling Class Loans”):

 

	Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.             The following USER IDs for the Certificate Administrator’s Website are affiliated with the undersigned and access
to any information on the Certificate Administrator’s Website with respect to the CF 2019-CF3 Mortgage Trust securitization
should be revoked as to such users:

 

	 	 	 

 

    L-1F-1 

     

    

 

	 	 	 

 

	 	 	 

 

	 	 	 

 

4.             The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect
to such Excluded Controlling Class Loan(s) on the Certificate Administrator’s Website unless and until it (i) is no longer
an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Loan(s), (ii) has delivered notice of the
termination of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form
of Exhibit L-1B to the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized officer, as of the day and year written above.

 

	 	[Controlling Class Representative][a
Controlling Class Certificateholder]
	 	 
	 	 
	 	Name:

Title:

Phone:

Email:

Address:

 

The undersigned hereby acknowledges that

access to the Certificate Administrator’s Website has been revoked for

the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

 

 

Name:

Title:

 

    L-1F-2 

     

    

 

EXHIBIT L-1G

 

Form
of Certification of the Controlling Class Representative 

 

[Date]

 

	
        CCRE Commercial Mortgage Securities, L.P.

        110 East 59th Street

        New York, New York 10022

        Attention: Legal Department

        with an electronic copy by email to:

        notices@ccre.com

         

         

         
	
        Wells Fargo Bank, National
        Association,

        as Trustee and Certificate Administrator

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        

        Attention: Corporate Trust Services (CMBS)
        – CF 2019-CF3

        

        with a copy to:

         

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

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

        

        as Master Servicer and Special Servicer

        

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CF 2019-CF3-Surveillance Manager

        

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com) 

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Controlling Class Representative.

 

2.       The
undersigned [is][is not] a Borrower Party.

 

3.       If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid or (c) in the form of a pdf attached to an email.

 

    L-1G-1 

     

    

 

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

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.

 

	 	[The Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:

Company:

Phone:

 

    L-1G-2 

     

    

 

EXHIBIT L-1H

 

FORM OF CERTIFICATION OF THE RISK RETENTION
CONSULTATION PARTY

 

[Date]

	CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention:  Legal Department

with an electronic copy by email to:

notices@ccre.com	
        Wells Fargo Bank, National
        Association,

        as Trustee and Certificate Administrator

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        

        Attention: Corporate Trust Services (CMBS)
        – CF 2019-CF3

        

        with a copy to:

        

         

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

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

        

        as Master Servicer and Special Servicer

        

        10851 Mastin Street, Suite 700

        

        Overland Park, Kansas 66210

        

        Attention: Executive Vice President –
        Division Head

        

         
	
        Park Bridge Lender Services LLC

        c/o Park Bridge Financial LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CF 2019-CF3-Surveillance Manager

        

        (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com) 

 

		Re:	CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

 In accordance with Section 3.29 of the
Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows: 

  

		1.	The undersigned has been appointed to act as the Risk
Retention Consultation Party.

 

		2.	Check one of the following:*

 

		☐	The undersigned is not a Borrower Party.

 

		☐	The undersigned is a Borrower Party with respect to the following Mortgage Loan(s) (each an “Excluded
Risk Retention Consultation Party Loan”):

 

	Loan 	ODCR	Loan Name	Borrower Name

 

 

* Risk Retention Consultation Party must include one of the following
two certifications.

    L-1H-1 

     

    

 

	Number	 	 	 
	 	 	 	 
	 	 	 	 

 

3.       The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid or (c) in the form of a pdf attached to an email.

 

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

 

BY ITS CERTIFICATION HEREOF,
the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.

 

	 	[RISK RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Dated: [____] [__], 20[__]

 

    L-1H-2 

     

    

 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”),
entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells
Fargo Bank, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian, Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations
reviewer, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Bloomberg Financial
Markets, L.P., Intex Solutions, Inc., Trepp, LLC, CMBS.com, Inc., Interactive Data Corporation, Markit LLC or Thomson Reuters Corporation,
a market data provider that has been given access to the Distribution Date Statements, CREFC® reports and supplemental
notices delivered or made available pursuant to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.ctslink.com
(the “Website”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

    L-2-1 

     

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified.

	 	 	 	 	 	 	 	 
	 	[                         ]
	 	 
	 	By:	 	 	 
	 	 	 	 	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	 	Company: 	 	 
	 	 	 	 
	 	Phone: 	 	 	 

 

    L-2-2 

     

    

 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule
A

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on the attached defect schedule contains
a document or documents which (i) has not been executed or received, (ii) has not been recorded or filed (if required), (iii) is
unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has
been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the
attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

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

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Custodian
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

    M-1

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

CCRE Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CF 2019-CF3-Surveillance Manager

Email: cmbs.notices@parkbridgefinancial.com

 

Wells Fargo Bank, National
Association,

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust
Services (CMBS) – CF 2019-CF3

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

trustadministrationgroup@wellsfargo.com

 

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

as Master Servicer

10851 Mastin
Street, Suite 700

Overland Park,
Kansas 66210

Attention:
Executive Vice President – Division Head

Fax number:
1 888 706 3565

 

with a copy
to:

 

Eversheds Sutherland (US)
LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

 

 

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

as Special Servicer

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President –
Division Head

Fax number: 1 888 706 3565

 

    M-2

     

    

 

with a copy to:

 

Eversheds Sutherland (US)
LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

To the applicable Mortgage Loan Seller:

 

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

 

With an electronic copy to:

 

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

E-mail: legal@ccre.com

 

With a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Greg Prindle

Facsimile No.: (212) 504-6666

E-mail: Gregory.Prindle@cwt.com

 

Starwood Mortgage Capital LLC

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Attention: Leslie K. Fairbanks, Executive Vice President

Email: lfairbanks@starwood.com

 

With a copy to:

 

    M-3

     

    

 

Starwood Property Trust, Inc.

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Attention: Attention: Vincent P. Kallaher, Senior Vice President

Email: vkallaher@starwood.com

 

With a copy to:

 

Starwood Property Trust, Inc.

1601 Washington Avenue, Suite 800

Miami Beach, Florida 33139

Attention: Heather Bennett

Email: hbennett@starwood.com

 

With a copy by email to:

 

lnr.cmbs.notices@lnrproperty.com;

 

KeyBank National Association

11501 Overlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Joe DeRoy

Facsimile: 877-379-1625

 

With a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile: 816-753-1536

 

    M-4

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-5

     

    

 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[                ]

[                ]

[                ]

Attention: [                ]

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with Section 2.03
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on the Mortgage
Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause (i) of the
definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage Loan
Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), appear to
be executed (where appropriate) and purport to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in clause (ii), clause (viii), clause (xv) and clause (xvi) of the definition of “Mortgage
File” have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

    N-1-1

     

    

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

 

    N-1-2

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-1-3

     

    

 

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                ]

[                ]

[                ]

Attention: [                ]

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In accordance with Section 2.03
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents (other
than documents referred to in clause (xv) of the definition of “Mortgage File” and the documents referred to in clauses
(iii) and (v) of the definition of “Mortgage File” and the assignments of financing statements referred to in clause
(x) and (xx) of the definition of “Mortgage File”) referred to in the definition of “Mortgage File” (in
the case of the documents referred to in clauses (iv), (v), (vii), (xiv), (xv), (xvii) and (xix) of the definition of “Mortgage
File”, as identified to it in writing by the related Mortgage Loan Seller) and any original recorded documents included in
the delivery of a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be recorded
or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such
documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on the attached
schedule hereto.

 

The Custodian’s
review of the Mortgage Files and its certification with respect thereto shall not be deemed to constitute “due diligence
services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2, respectively,
promulgated by the Securities and Exchange Commission pursuant to the Securities and Exchange Act of 1934, as amended.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

 

    N-2-1

     

    

 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

  

    N-2-2

     

    

 

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-2-3

     

    

 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

		Re:	CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between CCRE Commercial Mortgage Securities, L.P., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate
Administrator, Paying agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge Lender Services
LLC, as Asset Representations Reviewer.	 

 

I, [identity of certifying
individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement) as follows, with the
knowledge and intent that this Certification will be relied upon by the applicable Certification Parties (i) in connection with
the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification
concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and
submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or officers under my supervision) have reviewed the information required to be provided by the Trustee in accordance
with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__]
(“Form 10-K”) and all information required to be provided by the Trustee in accordance with the Pooling and
Servicing Agreement for inclusion in the reports on Form 10-D and Form 8-K required to be filed in respect of the period covered
by the Form 10-K (collectively with the Form 10-K, the “Reports”) (such information provided by the Trustee,
collectively, the “Trustee Periodic Information”);

 

2.           Based on my knowledge, the Trustee Periodic Information, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;

 

3.           Based on my knowledge, all information required to be provided by the Trustee under the Pooling and Servicing Agreement
for inclusion in the Reports for the period covered by the Form 10-K is included in the Trustee Periodic Information;

 

4.           I (or officers under my supervision) am responsible for reviewing the activities performed by the Trustee under the Pooling
and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Trustee’s compliance
statement to be delivered under Article X of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under
Item 1123 of Regulation AB, and except as disclosed in the

 

    O-1

     

    

 

Trustee Periodic Information, the Trustee has fulfilled its obligations
under the Pooling and Servicing Agreement in all material respects; and

 

5.           All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Trustee
or any Servicing Function Participant retained by the Trustee (the “Relevant Servicing Criteria”) and their
related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing
Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance
with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria
is fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Trustee responsible for reviewing the activities performed by the Trustee under the Pooling
and Servicing Agreement. Capitalized terms used but not defined herein have the meanings set forth in the Pooling and Servicing
Agreement.

 

 

	Date:	 	 	 	 
	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

    O-2

     

    

 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

		Re:	CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between CCRE Commercial Mortgage Securities, L.P., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate
Administrator, Paying agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge Lender Services
LLC, as Asset Representations Reviewer.	 

 

I, [identity of certifying
individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement) as follows, with the
knowledge and intent that this Certification will be relied upon by the applicable Certification Parties (i) in connection with
the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification
concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and
submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or officers under my supervision) have reviewed the information required to be provided by the Custodian in accordance
with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__]
(“Form 10-K”) and all information required to be provided by the Custodian in accordance with the Pooling and
Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered
by the Form 10-K (collectively with the Form 10-K, the “Reports”) (such information provided by the Custodian,
collectively, the “Custodian Periodic Information”);

 

2.           Based on my knowledge, the Custodian Periodic Information, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.           Based on my knowledge, all information required to be provided by the Custodian under the Pooling and Servicing Agreement
for inclusion in the Reports for the period covered by the Form 10-K is included in the Custodian Periodic Information;

 

4.           I (or officers under my supervision) am responsible for reviewing the activities performed by the Custodian under the Pooling
and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Custodian’s compliance
statement to be delivered under Article X of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under
Item 1123 of Regulation AB, and except as disclosed in the

 

    P-1

     

    

 

Custodian Periodic Information, the Custodian has fulfilled its obligations
under the Pooling and Servicing Agreement in all material respects; and

 

5.           All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Custodian
or any Servicing Function Participant retained by the Custodian (the “Relevant Servicing Criteria”) and their
related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling and Servicing
Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances of noncompliance
with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria
is fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Custodian responsible for reviewing the activities performed by the Custodian under the
Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the meanings set forth in the Pooling and Servicing
Agreement.

 

	Date:	 	 	 	 
	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

  

    P-2

     

    

 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

		Re:	CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between CCRE Commercial Mortgage Securities, L.P., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate
Administrator, Paying agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge Lender Services
LLC, as Asset Representations Reviewer.

 

I, [identity of certifying
individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement) as follows, with the
knowledge and intent that this Certification will be relied upon by the applicable Certification Parties (i) in connection with
the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification
concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and
submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or an officer under my supervision) have reviewed the annual report on Form 10-K for the period ended December 31, 20[__]
(the “Form 10-K”) and all reports on Form 10-D and Form 8-K filed in respect of the period covered by the Form
10-K (collectively, with the Form 10-K, the “Reports”);

 

2.           Based on my knowledge, the Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by the Form 10-K;

 

3.           Based on my knowledge, all of the distribution and other information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the
Reports and all of the distribution, servicing and other information provided to the Certificate Administrator by the trustee,
the custodian, the master servicer, the special servicer and the operating advisor under the Pooling and Servicing Agreement for
inclusion in the Reports for the period covered by the Form 10-K is included in the Reports;

 

4.           I (or an officer under my supervision) am responsible for reviewing the activities performed by the Certificate Administrator
under the Pooling and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Certificate
Administrator compliance statement required to be delivered under Article X of the Pooling and Servicing Agreement for inclusion
in the Form 10-K under Item 1123 of Regulation AB, and

 

    Q-1

     

    

 

except as disclosed in the Reports, the Certificate Administrator has fulfilled
its obligations under the Pooling and Servicing Agreement in all material respects; and

 

5.           All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Certificate
Administrator or any Servicing Function Participant retained by the Certificate Administrator (the “Relevant Servicing
Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required
to be included in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been
included as an exhibit to the Form 10-K. Any material instances of noncompliance described in such reports have been disclosed
in the Form 10-K and such assessment of compliance is fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Certificate Administrator responsible for reviewing the activities performed by the Certificate
Administrator under the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the meanings set forth
in the Pooling and Servicing Agreement.

 

	Date:	 		 	 
	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

    Q-2

     

    

EXHIBIT R

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

		Re:	CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), between CCRE Commercial Mortgage Securities, L.P., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate
Administrator, Paying agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge Lender Services
LLC, as Asset Representations Reviewer.	 

 

I, [identity of certifying
individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement) as follows, with the
knowledge and intent that this Certification will be relied upon by the applicable Certification Parties (i) in connection with
the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection with the certification
concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and
submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.           I (or officers under my supervision) have reviewed the information required to be provided by the Operating Advisor in accordance
with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__]
(“Form 10-K”) and all information required to be provided by the Operating Advisor in accordance with the Pooling
and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered
by the Form 10-K (collectively with the Form 10-K, the “Reports”) (such information provided by the Operating
Advisor, collectively, the “Operating Advisor Periodic Information”);

 

2.           Based on my knowledge, the Operating Advisor Periodic Information, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.           Based on my knowledge, all information required to be provided by the Operating Advisor under the Pooling and Servicing
Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Operating Advisor Periodic Information;

 

4.           The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing
Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year _____ have been provided all information
relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria in

 

    R-1

     

    

 

order to enable them
to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.           All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Operating
Advisor or any Servicing Function Participant retained by the Operating Advisor (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with
servicing criteria is fairly stated in all material respects.

 

This Certification is
being signed by me as an officer of the Operating Advisor responsible for reviewing the activities performed by the Operating Advisor
under the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the meanings set forth in the Pooling
and Servicing Agreement.

 

	Date:	 	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	 	as Asset Representations Reviewer
	 	 	 	 
	 	 	 	By:	Park Bridge Advisors LLC
	 	 	 	 	Its Sole Member
	 	 	 	 	 
	 	 	 	 	By:	Park Bridge Financial LLC
	 	 	 	 	 	Its Sole Member
	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 
	Title:

                                                              

	 	 	 	 	 

    R-2

     

    

 

EXHIBIT
S

 

FORM
OF ASSET REPRESENTATIONS REVIEWER BACKUP CERTIFICATION

 

CF
2019-CF3 Mortgage Trust (the “Trust”)

 

		Re:	CF
2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing
Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between CCRE Commercial Mortgage
Securities, L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator, Paying agent and Custodian, Park Bridge Lender Services
LLC, as Operating Advisor, and Park Bridge Lender Services LLC, as Asset Representations Reviewer.

 

I,
[identity of certifying individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement)
as follows, with the knowledge and intent that this Certification will be relied upon by the applicable Certification Parties
(i) in connection with the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection
with the certification concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor,
as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.       I
(or officers under my supervision) have reviewed the information required to be provided by the Asset Representations Reviewer
in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December
31, 20[__] (“Form 10-K”) and all information required to be provided by the Asset Representations Reviewer
in accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K (collectively with the Form 10-K, the “Reports”) (such information
provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic Information”);

 

2.       Based
on my knowledge, the Asset Representations Reviewer Periodic Information, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by the Form 10-K; and

 

3.       Based
on my knowledge, all information required to be provided by the Asset Representations Reviewer under the Pooling and Servicing
Agreement for inclusion in the

 

    S-1 

     

    

 

Reports for the period covered by the Form 10-K is included in the Asset Representations Reviewer
Periodic Information.

 

This
Certification is being signed by me as an officer of the Asset Representations Reviewer responsible for reviewing the activities
performed by the Asset Representations Reviewer under the Pooling and Servicing Agreement. Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

 Date:
    ____________________________

 

	 	PARK
    BRIDGE LENDER SERVICES LLC,
	 	as
    Asset Representations Reviewer
	 	 	 	 
	 	By:	Park
    Bridge Advisors LLC
	 	 	Its
    Sole Member
	 	 	 	 
	 	 	By:	Park
    Bridge Financial LLC
	 	 	 	Its
    Sole Member
	 	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

   

 

    S-2 

     

    

EXHIBIT
T

 

FORM
OF MASTER SERVICER BACKUP CERTIFICATION

 

		Re:	CF
2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing
Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between CCRE Commercial Mortgage
Securities, L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services
LLC, as Operating Advisor, and Park Bridge Lender Services LLC, as Asset Representations Reviewer.

 

I,
[identity of certifying individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement)
as follows, with the knowledge and intent that this Certification will be relied upon by the applicable Certification Parties
(i) in connection with the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection
with the certification concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor,
as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.              
I (or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the
Master Servicer in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the
period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Master Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K (collectively, with the Form 10-K, the “Reports”) (such information
provided by the Master Servicer, collectively, the “Master Servicer Periodic Information”);

 

2.              
Based on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special
servicer backup certificate delivered by each Special Servicer relating to the relevant period, the Master Servicer Periodic Information,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by the Form 10-K;

 

3.              
Based on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special
servicer backup certificate delivered by each Special Servicer relating to the relevant period, all of servicing and other information
required to be provided by the Master Servicer under the Pooling and Servicing Agreement for

  

    T-1 

     

    

 

inclusion in the Reports for the
period covered by the Form 10-K is included in the Master Servicer Periodic Information;

 

4.              
I (or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Master Servicer
under the Pooling and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the
Master Servicer compliance statement required to be delivered under Article X of the Pooling and Servicing Agreement
for inclusion in the Form 10-K under Item 1123 of Regulation AB, and except as disclosed in the Master Servicer Periodic
Information, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects;

 

5.              
The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.              
All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Master Servicer
or any Servicing Function Participant retained by the Master Servicer (the “Relevant Servicing Criteria”) and
their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance is
fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Master Servicer responsible for reviewing the activities performed by
the Master Servicer under the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the meanings
set forth in the Pooling and Servicing Agreement.

 

 Date:___________________________________ 

	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:

    T-2 

     

    

EXHIBIT
U

 

FORM
OF SPECIAL SERVICER BACKUP CERTIFICATION

 

		Re:	CF
2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, issued pursuant to the Pooling and Servicing
Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), between CCRE Commercial Mortgage
Securities, L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special
servicer (in such capacity, the “Special Servicer”), Wells Fargo Bank, National Association, as trustee, Wells
Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Park Bridge Lender Services LLC, as
operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer.

 

I,
[identity of certifying individual], hereby certify to the Certification Parties (as defined in the Pooling and Servicing Agreement)
as follows, with the knowledge and intent that this Certification will be relied upon by the applicable Certification Parties
(i) in connection with the certification concerning the Trust, to be signed by an officer of the Depositor and/or (ii) in connection
with the certification concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor,
as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.              
I (or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the
Special Servicer in accordance with the Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the
period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Special Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K (collectively with the Form 10-K, the “Reports”) (such information
provided by the Special Servicer, collectively, the “Special Servicer Periodic Information”);

 

2.              
Based on my knowledge, the Special Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.              
Based on my knowledge, all servicing and other information required to be provided by the Special Servicer under the Pooling and
Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Special Servicer Periodic
Information;

 

4.              
I (or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Special Servicer under
the Pooling and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Special Servicer’s
compliance statement required to be delivered under Article X of the Pooling

 

    U-1 

     

    

 

and Servicing Agreement for inclusion in the Form
10-K under Item 1123 of Regulation AB, and except as disclosed in the Special Servicer Periodic Information, the Special Servicer
has fulfilled its obligations under the Pooling and Servicing Agreement in all material respects;

 

5.              
The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Special Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.              
All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Special Servicer
or any Servicing Function Participant retained by the Special Servicer (the “Relevant Servicing Criteria”)
and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Pooling and Servicing Agreement. All material instances
of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with
servicing criteria is fairly stated in all material respects.

 

This
Certification is being signed by me as an officer of the Special Servicer responsible for reviewing the activities performed by
the Special Servicer under the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the meanings
set forth in the Pooling and Servicing Agreement.

 

 Date: ___________________

	 	 	 
	 	Midland
    Loan Services, a Division of PNC Bank, National Association
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:

    U-2 

     

    

EXHIBIT
V

 

FORM
OF SUB-SERVICER BACKUP CERTIFICATION

 

CF
2019-CF3 Mortgage Trust (the “Trust”)

 

As
contemplated by Section 10.08 of that certain Pooling and Servicing Agreement dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, [identify the certifying individual],
a                     
of                     ,
a                     
[corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more
Mortgage Loans and/or Serviced Companion Loans under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify
to [Name of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, the Master Servicer and their officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I
                                         have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
                                         to the Mortgage Loans and/or Serviced Companion Loans delivered by the Sub-Servicer to
                                         the Master Servicer, pursuant to the Sub-Servicing Agreement dated [__________], 20[__]
                                         by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing
                                         Agreement”);

 

		2.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all reports required to be submitted
                                         by the Sub-Servicer to the Certificate Administrator pursuant to the Pooling and Servicing
                                         Agreement (the “Servicer Reports”) for inclusion in the annual report
                                         on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form
                                         8-K have been submitted by the Sub-Servicer to the Certificate Administrator for inclusion
                                         in these reports;

 

		3.	Based
                                         on my knowledge, with respect to the Relevant Period, all servicing information and all
                                         reports required to be submitted by the Sub-Servicer to the Master Servicer pursuant
                                         to the Sub-Servicing Agreement (the “Sub-Servicer Reports”) have been
                                         submitted by the Sub-Servicer to the Master Servicer;

 

		4.	Based
                                         on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
                                         Reports, taken as a whole, does not contain any untrue statement of a material fact or
                                         omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by these reports;

 

    V-1 

     

    

		5.	Based
                                         upon my knowledge and the annual compliance review performed as required under Section
                                         [__] of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate
                                         delivered pursuant to Section [__] of the Sub-Servicing Agreement, the Sub-Servicer has
                                         fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

		6.	[I
                                         am, or a servicing officer under my supervision is, responsible for reviewing the activities
                                         performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon
                                         my knowledge and the annual compliance reviews conducted in preparing the servicer compliance
                                         statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB with respect
                                         to the Sub-Servicer, and except as disclosed in the compliance certificate delivered
                                         by the Sub-Servicer under Section [__] of the Sub-Servicing Agreement, the Sub-Servicer
                                         has fulfilled its obligations under the Sub-Servicing Agreement in all material respects
                                         in the year which such report applies];

 

		7.	The
                                         accountants that are to deliver the annual attestation report on assessment of compliance
                                         with the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the
                                         Trust’s fiscal year _____ have been provided all information relating to the Sub-Servicer’s
                                         assessment of compliance with the Relevant Servicing Criteria, in order to enable them
                                         to conduct a review in compliance with the standards for attestation engagements issued
                                         or adopted by the PCAOB; and

 

		8.	The
                                         report on assessment of compliance with servicing criteria applicable to the Sub-Servicer
                                         for asset-backed securities with respect to the Sub-Servicer or any Servicing Function
                                         Participant retained by the Sub-Servicer and related attestation report on assessment
                                         of compliance with servicing criteria applicable to it required to be included in the
                                         annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation
                                         AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to
                                         the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
                                         instances of noncompliance described in such reports have been provided to the Certificate
                                         Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized
terms used but not defined herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing
Agreement, then the meanings set forth in the Pooling and Servicing Agreement.

 

 Date:  ___________________

	 	 	 
	 	[Insert
    NAME OF SUB-SERVICER]
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:

    V-2 

     

    

EXHIBIT
W

 

FORM
OF SARBANES-OXLEY CERTIFICATION

 

CERTIFICATIONS

 

I,
[identify the certifying individual], certify that:

 

1.       I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the CF 2019-CF3 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.       Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.       Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.       Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements
in all material respects; and

 

5.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1 

     

    

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
Midland Loan Services, a Division of PNC Bank, National Association, Wells Fargo Bank, National Association, Park Bridge Lender
Services LLC and [list any sub-servicers].

 

Dated:____________ 

 

	 	 
	 	[_____]
	 	(Senior
    officer in charge of securitization of the depositor)

  

 

    W-2 

     

    

EXHIBIT
X

 

MORTGAGE
LOAN SELLER SUB-SERVICERS 

 

	Mortgage
    Loan	Sub-Servicer
    Name
	Bond
    Street 21	Bellwether
    Enterprise Real Estate Capital, LLC
	Kensington
    Place Townhomes	Bernard
    Financial Corporation d/b/a Bernard Financial Servicing Group
	Auto
    Mall Parkway Self Storage	Berkadia
    Commercial Mortgage LLC
	Dominion
    Apartments	KeyBank
    National Association
	Summervale
    Apartments	KeyBank
    National Association
	Pretium
    Industrial Portfolio	KeyBank
    National Association
	Storage
    Outlet - Bellflower	KeyBank
    National Association
	Shel
    Mar Estates	KeyBank
    National Association
	FedEx
    Ground	KeyBank
    National Association
	Westmoreland
    Medical Center	KeyBank
    National Association
	Storage
    Outlet - Chino	KeyBank
    National Association
	30610
    East Broadway	KeyBank
    National Association
	Townhomes
    on the Green	KeyBank
    National Association
	Storage
    Outlet - South Gate	KeyBank
    National Association
	Gramercy
    Commons	KeyBank
    National Association
	Storage
    Outlet - South El Monte	KeyBank
    National Association
	ULofts	KeyBank
    National Association
	The
    Sterling Building	KeyBank
    National Association
	Market
    Villas	KeyBank
    National Association
	Meridian
    Pointe Apartments	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	AVR
    Renaissance Atlanta Airport Gateway	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	Airport
    Square	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	Gold
    Brooklyn Multifamily Portfolio	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	55
    Talmadge	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	Westlake
    Village Marketplace	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	2450
    Business Park	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	Castalia
    at Meadowmont	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	Walmart
    Supercenter Lancaster	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	Marina
    del Sol	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	895
    West End Avenue	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	3825
    Georgia Apartments	Berkeley
    Point Capital d/b/a Newmark Knight Frank
	545
    & 547 West 20th Street	Holliday
    Fenoglio Fowler, L.P.
	The
    Block Apartments	MMI
    Servicing Inc.
	Dollar
    General Portfolio	MMI
    Servicing Inc.

 

    X-1 

     

    

EXHIBIT
Y

 

LIST
OF MORTGAGE LOANS FOR THE PURPOSE OF CLAUSE (C) OF THE 

DEFINITION OF “SPECIAL SERVICER DECISION” 

 

	Loan
    

Number	Property
    Name	Reserve
    Balance	Reserve
    Type
	27	4800
    North Point Parkway	$415,422

    (at closing)	Hotel
    Equities Occupancy Reserve

    Y-1 

     

    

EXHIBIT
Z

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Wells
Fargo Bank, National Association,

as
Certificate Administrator

9062 Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3

 

		Re:	CF
                                         2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 

 

In
accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 2019 (the “Agreement”), between CCRE Commercial Mortgage Securities, L.P., as Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank,
National Association, as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, Paying Agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge
Lender Services LLC, as Asset Representations Reviewer, with respect to the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2019-CF3 (the “Certificates”), the undersigned hereby certifies as follows:

 

1.       the
undersigned is a nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”);

 

2.       the
undersigned has provided the Depositor with the appropriate certifications under Exchange Act Rule 17g-5(e); and

 

3.       the
undersigned hereby agrees that it shall be bound by the provisions of the confidentiality agreement attached hereto as Annex
A which shall be applicable to it with respect to any information obtained from the 17g-5 Information Provider’s Website;
and

 

The
undersigned agrees that it shall be deemed to have recertified to the provisions herein each time each time it accesses the 17g-5
Information Provider’s Website.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    Z-1

     

    

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

  

	 	Very
    truly yours,
	 	 
	 	[NRSRO
    Name]
	 	 	 
	 	By:
    	 
	 	Name:
    
	 	Title:
    
	 	Phone:
	 	Email:

 

Dated:

 

    Z-2

     

    

ANNEX
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with CCRE Commercial Mortgage
Securities, L.P. (together with its affiliates, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the CF 2019-CF3 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 (the “Certificates”) pursuant to the Pooling
and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), by and among
CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank,
National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian,
Park Bridge Lender Services LLC, as operating advisor, and Park Bridge Lender Services LLC, as asset representations reviewer,
and the assets underlying or referenced by the Certificates, including the identity of, and financial information with respect
to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Pooling and Servicing Agreement. Information provided by each Furnishing Entity is labeled as provided by the specific
Furnishing Entity.

 

		1.	Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y)  any of the
terms, conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including
the status thereof; provided, however, that the term Confidential Information shall not include information which:

 

		-	was
                                         or becomes generally available to the public (including through filing with the Securities
                                         and Exchange Commission or disclosure in an offering document) other than as a result
                                         of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
                                         below) in violation of this Confidentiality Agreement;

 

		-	was
                                         or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
                                         that (i) is reasonably believed by you to be under no obligation to maintain the
                                         information as confidential and (ii) provides it to you without any obligation to
                                         maintain the information as confidential; or

 

		-	is
                                         independently developed by the NRSRO without reference to any Confidential Information.

 

    Z-3

     

    

 

		2.	Information
to Be Held in Confidence.

			 

		(a)	You
                                         will use the Confidential Information solely for the purpose of determining or monitoring
                                         a credit rating on the Certificates and, to the extent that any information used is derived
                                         from but does not reveal any Confidential Information, for benchmarking, modeling or
                                         research purposes (the “Intended Purpose”).

 

		(b)	You
                                         acknowledge that you are aware that the United States and state securities laws impose
                                         restrictions on trading in securities when in possession of material, non-public information
                                         and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
                                         who is informed of the matters that are the subject of this Confidentiality Agreement
                                         to that effect.

 

		(c)	You
                                         will treat the Confidential Information as private and confidential. Subject to Section
                                         4, without the prior written consent of the applicable Furnishing Entity, you will not
                                         disclose to any person any Confidential Information, whether such Confidential Information
                                         was furnished to you before, on or after the date of this Confidentiality Agreement.
                                         Notwithstanding the foregoing, you may:

 

		(i)	disclose
                                         the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
                                         employees, legal representatives, agents and advisors (each, a “NRSRO Representative”)
                                         who, in the reasonable judgment of the NRSRO, need to know such Confidential Information
                                         in connection with the Intended Purpose; provided, that, prior to disclosure of
                                         the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable
                                         precautions to ensure, and shall be satisfied, that such NRSRO Representative will act
                                         in accordance with this Confidentiality Agreement;

 

		(ii)	solely
                                         to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
                                         post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use
                                         information derived from the Confidential Information in connection with an Intended
                                         Purpose, if such derived information does not reveal any Confidential Information.

 

		3.	Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been

 

    Z-4

     

    

 

	 	 	informed
                                         by written notice that the related Furnishing Entity is seeking a protective order or
                                         other reasonable assurance for confidential treatment with respect to the requested Confidential
                                         Information, you agree not to disclose the Confidential Information while the Furnishing
                                         Entity’s effort to obtain such a protective order or other reasonable assurance
                                         for confidential treatment is pending. You agree to reasonably cooperate with each Furnishing
                                         Entity in its efforts to obtain a protective order or other reasonable assurance that
                                         confidential treatment will be accorded to the portion of the Confidential Information
                                         that is being disclosed, at the sole expense of such Furnishing Entity; provided,
                                         however, that in no event shall the NRSRO be required to take a position that
                                         such information should be entitled to receive such a protective order or reasonable
                                         assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining
                                         a protective order or other remedy, you agree to comply with its terms with respect to
                                         the disclosure of the Confidential Information, at the sole expense of such Furnishing
                                         Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing
                                         Entity waives compliance with the provisions of this Confidentiality Agreement in writing,
                                         you agree to furnish only such information as you are legally required to disclose, at
                                         the sole expense of the relevant Furnishing Entity.

			 

		4.	Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document
or other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with
the NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may
retain any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other
documents prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation
Material so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the
terms of this Confidentiality Agreement.

			 

		5.	Violations
of this Confidentiality Agreement.

			 

		(a)	The
                                         NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the
                                         NRSRO or any NRSRO Representative.

 

		(b)	You
                                         agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation
                                         or unauthorized disclosure or use by any person of the Confidential Information which
                                         may come to your attention and to take all steps reasonably requested by such Furnishing
                                         Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
                                         or use.

 

		(c)	You
acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in
the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and
injunctive relief to

 

    Z-5

     

    

 

prevent breaches of this
                                         Confidentiality Agreement and to specifically enforce the terms and provisions hereof,
                                         in addition to any other remedy to which a Furnishing Entity may be entitled at law or
                                         in equity. It is further understood and agreed that no failure to or delay in exercising
                                         any right, power or privilege hereunder shall preclude any other or further exercise
                                         of any right, power or privilege.

 

		6.	Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

			 

		7.	Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

			 

		8.	Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

			 

		9.	Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating
to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all
other understandings and agreements between us relating to such matters; provided, however, that, if the terms of
this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

			 

		10.	Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

			 

CCRE
Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

    Z-6

     

    

 

 

	 	Confirmed
and agreed to as of ________ , 20___: 
	 	 
	 	[NRSRO
    Name]

	 	 	 
	 	By:
    	 
	 	Name:
    
	 	Title:
    
	 	Phone:
	 	Email:

    Z-7

     

    

EXHIBIT
AA-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE
Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

		Re:	CCRE
                                         Commercial Mortgage Securities, L.P., CF 2019-CF3 Mortgage Trust Commercial Mortgage
                                         Pass-Through Certificates, Series 2019-CF3 

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), and executed with respect to the above-referenced
transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.       The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which
_________________ is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer
the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.       Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

    AA-1-1

     

    

 

	 	Very
    truly yours,
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:

  

 

    AA-1-2

     

    

EXHIBIT
AA-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

CCRE
Commercial Mortgage Securities, L.P.

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

10851 Mastin Street, Suite 700 

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

Fax
number: 1 888 706 3565

 

Re:          CCRE
Commercial Mortgage Securities, L.P., CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3   

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), entered into and executed with respect
to the above-referenced transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor
and the Master Servicer, that:

 

1.       The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________
is the applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which
would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities
laws.

 

2.       The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered

 

    AA-2-1

     

    

 

pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a
certificate from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.       The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.       Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.       The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and
servicing of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.       The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

    AA-2-2

     

    

 

7.       The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.

 

8.       The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.

 

	 	Very
    truly yours,
	 	 	 
	 	By:
    	 
	 	 	Name:
	 	 	Title:

    AA-2-3

     

    

 

EXHIBIT
BB

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT

 

Report
Date: Report will be delivered annually no later than 120 days after the end of the prior calendar year, pursuant to
the terms and conditions of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and Servicing
Agreement”), between CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan Services, a Division of PNC
Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special
servicer, Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as asset
representations reviewer.

 

Transaction: CCRE Commercial Mortgage Securities, L.P., CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3

 

Operating
Advisor: Park Bridge Lender Services LLC

 

 

Special
Servicer: Midland Loan Services, a Division of PNC Bank, National Association
 

Controlling
Class Representative: KKR Real Estate Credit Opportunity Partners II L.P.

 

		I.	Population
of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	The
                                         Special Servicer has notified the Operating Advisor that [●] Specially Serviced
                                         Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		a.	[●]
                                         of those Specially Serviced Loans are still being analyzed by the Special Servicer as
                                         part of the development of [a Final] Asset Status Report.

 

		b.	[Final]
                                         Asset Status Reports were issued with respect to [●] of such Specially Serviced
                                         Loans. This report is based only on the Specially Serviced Loans in respect of which
                                         [a Final] Asset Status Report has been issued. The [Final] Asset Status Reports may not
                                         yet be fully implemented.

 

		2.	The
                                         Special Servicer has notified the Operating Advisor that it has completed a Major Decision
                                         with respect to [●] Specially Serviced Loans [INSERT AFTER AN OPERATING ADVISOR
                                         CONSULTATION EVENT: and [●] Performing Loans], and provided the Final Asset Status
                                         Report with respect to [●] Specially Serviced Loans [INSERT AFTER AN OPERATING
                                         ADVISOR CONSULTATION EVENT: and [●] Performing Loans] to the operating advisor.

 

		3.	After
                                         an Operating Advisor Consultation Event has occurred and is continuing, the Special Servicer
                                         has provided to the Operating Advisor:

 

    BB-1-1

     

    

 

		a.	with
                                         respect to each Major Decision for the following Performing Loans, the related Major
                                         Decision Reporting Package and the opportunity to consult with respect to such Major
                                         Decision and recommended action:

 

		________	

 

		________	

 

		________	

 

		________	

 

		b.	with
                                         respect to following Specially Serviced Loans, each related Asset Status Report and the
                                         opportunity to consult with respect to such recommended action:

 

________

 

________

 

II.       Executive
Summary

 

Based
on the requirements and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the
Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s actions under the Pooling and Servicing Agreement on
the loans identified in this report. Based solely on such limited review and subject to the assumptions, limitations and qualifications
set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is
not] performing its duties in compliance with (1) the Servicing Standard and (2) the Special Servicer’s obligations under
the Pooling and Servicing Agreement. [The Operating Advisor believes, in its sole discretion exercised in good faith, that the
Special Servicer has failed to comply with the Servicing Standard and/or the Special Servicer’s obligations under the Pooling
and Servicing Agreement as a result of the following material deviations.]

 

		•	[LIST
OF ANY MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

III.       List
of Items that Were Considered in Compiling this Report

 

In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:

 

    BB-1-2

     

    

 

		1.	Any
                                         Major Decision Reporting Package that is delivered or made available to the Operating
                                         Advisor by the Special Servicer pursuant to the Pooling and Servicing Agreement.

 

		2.	Reports
                                         by the Special Servicer made available to Privileged Persons that are posted on the Certificate
                                         Administrator’s Website that are relevant to the Operating Advisor’s obligations
                                         under the Pooling and Servicing Agreement, each Final Asset Status Report, each Asset
                                         Status Report (after the occurrence and continuance of an Operating Advisor Consultation
                                         Event), and other information delivered to the Operating Advisor by the Special Servicer,
                                         in each case, delivered to the Operating Advisor pursuant to the terms of the Pooling
                                         and Servicing Agreement.

 

		3.	The
                                         Special Servicer’s assessment of compliance report, attestation report by a third
                                         party regarding the Special Servicer’s compliance with its obligations, and non-discretionary
                                         portions of net present value calculations, Appraisal Reduction Amount and Collateral
                                         Deficiency Amount calculations delivered to the Operating Advisor pursuant to the terms
                                         of the Pooling and Servicing Agreement.

 

		4.	[LIST
                                         OTHER REVIEWED INFORMATION]

 

		5.	[INSERT
                                         IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT:] Consulted with the Special Servicer
                                         as provided under the Pooling and Servicing Agreement on Asset Status Reports delivered
                                         to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement
                                         and with respect to Major Decisions processed by the Special Servicer.

 

[INSERT
IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT:] During the prior year, the Operating Advisor consulted with the Special Servicer
regarding its strategy plan for a limited number of issues related to the following Specially Serviced Loans: [LIST]. The Operating
Advisor participated in discussions and made strategic observations and recommended alternative courses of action to the extent
it deemed such observations and recommendations appropriate.

 

IV.
Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report

 

1.       The
Operating Advisor did not participate in, or have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s)
regarding any Specially Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative
directly pursuant to the Pooling and Servicing Agreement. As such, the Operating Advisor generally relied upon its interaction
with the Special Servicer in gathering the relevant information to generate this report.

 

2.       The
Special Servicer has the legal authority and responsibility to service the Specially Serviced Loans pursuant to the Pooling and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein.

 

    BB-1-3

     

    

 

3.       Confidentiality
and other contractual restrictions limit the Operating Advisor’s ability to outline herein the details or substance of certain
information it reviewed in connection with its duties under the Pooling and Servicing Agreement. As a result, this report may
not reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer. However, all such
information is considered in preparing this report.

 

4.       There
are many tasks that the Special Servicer undertakes on an ongoing basis related to Specially Serviced Loans. These include, but
are not limited to, assumptions, ownership changes, collateral substitutions, capital reserve changes, etc. The Operating Advisor
does not participate in discussions regarding such actions. As such, the Operating Advisor has not assessed the Special Servicer’s
operational compliance with respect to those types of actions.

 

5.       The
Operating Advisor is not empowered to directly communicate with investors pursuant to the Pooling and Servicing Agreement. If
investors have questions regarding this report, they should address such questions to the Certificate Administrator through the
Certificate Administrator’s Website.

 

6.       The
ability to perform the duties of the Operating Advisor and the quality and the depth of any annual report will be dependent upon
the timely receipt of information required to be delivered to the Operating Advisor and the accuracy and the completeness of such
information.

 

Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement as described herein.

 

	 	 
	 	PARK
    BRIDGE LENDER SERVICES LLC,
	 	as
    Asset Representations Reviewer
	 	 	 	 
	 	By:	Park
    Bridge Advisors LLC
	 	 	Its
    Sole Member
	 	 	 	 
	 	 	By:	Park
    Bridge Financial LLC
	 	 	 	Its
    Sole Member
	 	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    BB-1-4

     

    

EXHIBIT
CC

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO (410) 715-2380 AND VIA EMAIL TO THE E-MAIL ADDRESSES IMMEDIATELY BELOW AND VIA OVERNIGHT MAIL TO THE PHYSICAL ADDRESSES
IMMEDIATELY BELOW**

 

Wells
Fargo Bank, National Association, 

as
Certificate Administrator  

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3

Email:
cts.sec.notifications@wellsfargo.com
 

CCRE
Commercial Mortgage Securities, L.P.,

       as Depositor

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

		Re:	**Additional
                                         Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies
and Gentlemen:

 

In
accordance with Section [10.06][10.07][10.09] of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling
and Servicing Agreement”), entered into between CCRE Commercial Mortgage Securities, L.P., as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “Master Servicer”)
and special servicer, Park Bridge Lender Services LLC, as operating advisor, Park
Bridge Lender Services LLC, as asset representations reviewer, Wells Fargo Bank,
National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

    CC-1

     

    

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to                          ,
phone number:                          ;
email address:                          .

 

	 	[NAME
    OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    CC-2

     

    

EXHIBIT
DD

 

FORM
OF POWER OF ATTORNEY FOR MASTER SERVICER AND SPECIAL SERVICER

 

RECORDING
REQUESTED BY: 

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

10851 Mastin Street, Suite 700

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

Fax
number: 1 888 706 3565

 

 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wells Fargo Bank, National Association, a national banking association, incorporated and
existing under the laws of the United States, having its usual place of business at 9062 Old Annapolis Road, Columbia, Maryland
21045, Attention: Corporate Trust Services (CMBS) – CF 2019-CF3, as trustee (the “Trustee”) pursuant
to that Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Agreement”) between CCRE Commercial
Mortgage Securities, L.P., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (in such capacity, the “Special Servicer”), Park Bridge Lender Services LLC, as operating
advisor, Park Bridge Lender Services LLC, as asset representations reviewer, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, and Wells Fargo Bank, National Association, as trustee, relating to the CF 2019-CF3
Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3, hereby constitutes and appoints the [Master][Special]
Servicer, by and through the [Master][Special] Servicer’s officers, the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage
Loans”) serviced by the [Master][Special] Servicer and all properties (“Mortgaged Properties”) administered
by the [Master][Special] Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents
customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1 through 12
below with respect to the Mortgage Loans and Mortgaged Properties; provided, however, that the documents described
below may only be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted under the Agreement.
Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

		1.	The
                                         endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
                                         made payable to the Trustee and draw upon, replace, substitute, release or 

 

    DD-1-1

     

    

 

	 	 	amend letters
                                         of credit standing as collateral securing any Mortgage Loan.

 

		2.	The
                                         modification or re-recording of a Mortgage or deed of trust, where said modification
                                         or re-recording is solely for the purpose of correcting the Mortgage or deed of trust
                                         to conform same to the original intent of the parties thereto or to correct title errors
                                         discovered after such title insurance was issued; provided that said modification or
                                         re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage
                                         or deed of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

		3.	The
                                         subordination of the lien of a Mortgage or deed of trust to an easement in favor of a
                                         public utility company of a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution or requests to trustees to accomplish same.
                                         

 

		4.	The
                                         conveyance of the properties to the mortgage insurer, or the closing of the title to
                                         the property to be acquired as real estate owned, or conveyance of title to real estate
                                         owned.
                                         

 

		5.	The
                                         completion of loan assumption agreements.

                                         

 

		6.	The
                                         full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Mortgage Note.

 

		7.	The
                                         assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection
                                         with the repurchase of the Mortgage Loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or deed of trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Mortgage Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in the Mortgage
                                         Notes, Mortgages or deeds of trust, and in the proceeds thereof, by way of, including
                                         but not limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the
                                         completion of judicial or non-judicial foreclosure or the termination, cancellation or
                                         rescission of any such foreclosure, the initiation, prosecution and completion of eviction
                                         actions or proceedings with respect to, or the termination, cancellation or rescission
                                         of any such eviction actions or proceedings, and the pursuit of title insurance, hazard
                                         insurance and claims in bankruptcy proceedings, including, without limitation, any and
                                         all of the following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and the deed of trust;
                                         

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;
                                         

 

    DD-1-2

     

    

 

		c.	the
                                         preparation and filing of notices of default and/or notices of sale;
                                         

 

		d.	the
                                         cancellation/rescission of notices of default and/or notices of sale;
                                         

 

		e.	the
                                         taking of deed in lieu of foreclosure;
                                         

 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Mortgage Notes, Mortgages or deeds of trust;
                                         

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;
                                         

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and
                                         

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:

                                         

 

		a.	listing
                                         agreements;
                                         

 

		b.	purchase
                                         and sale agreements;

 

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of

 

the
property to a party contracted to purchase same;

 

		d.	escrow
                                         instructions; and

                                         

 

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	The
                                         execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, deed of trust or other security
                                         document in the related Mortgage File or the related Mortgaged Property and other related
                                         collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

    DD-1-3

     

    

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by any related Mortgaged Property, consents to any mezzanine financing to be
                                         secured by the ownership interests in a borrower, consents to and monitoring of the application
                                         of any proceeds of insurance policies or condemnation awards to the restoration of the
                                         related Mortgaged Property or otherwise, documents relating to the management, operation,
                                         maintenance, repair, leasing and marketing of the related Mortgaged Properties (including
                                         agreements and requests by any borrower with respect to modifications of the standards
                                         of operation and management of such Mortgaged Properties or the replacement of asset
                                         managers), documents exercising any or all of the rights, powers and privileges granted
                                         or provided to the holder of any Mortgage Loan under the related loan documents, lease
                                         subordination agreements, non-disturbance and attornment agreements or other leasing
                                         or rental arrangements, any easements, covenants, conditions, restrictions, equitable
                                         servitudes, or land use or zoning requirements with respect to the Mortgaged Properties,
                                         instruments relating to the custody of any collateral that now secures or hereafter may
                                         secure any Mortgage Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely
to the extent that the [Master][Special] Servicer has the power to delegate its rights or obligations under the Agreement, the
[Master][Special] Servicer also has the power to delegate the authority given to it by Wells Fargo Bank, National Association,
as Trustee, under this Limited Power of Attorney, for purposes of performing its obligations and duties by executing such additional
powers of attorney in favor of its attorneys-in-fact as are necessary for such purpose. The [Master][Special] Servicer’s attorneys-in-fact
shall have no greater authority than that held by the [Master][Special] Servicer.

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in
any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the [Master][Special]
Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Wells Fargo Bank, National Association
except as specifically provided for herein. If the [Master][Special] Servicer receives any notice of suit, litigation or proceeding
in the name of Wells Fargo Bank, National Association, then the [Master][Special] Servicer shall promptly forward a copy of same
to the Trustee.

 

    DD-1-4

     

    

 

This
limited power of attorney is not intended to extend the powers granted to the [Master][Special] Servicer under the Agreement or
to allow the [Master][Special] Servicer to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized
by the Agreement.

 

The
[Master][Special] Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse,
of this Limited Power of Attorney by the [Master][Special] Servicer. The foregoing indemnity shall survive the termination of
this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned.

 

IN
WITNESS WHEREOF, Wells Fargo Bank, National Association, as Trustee for the benefit of the registered Holders of CF 2019-CF3 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3 has caused its corporate seal to be hereto affixed and these
presents to be signed and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day
of ____________.

 

	 	Wells
Fargo Bank, National Association, 

        as
        Trustee for the benefit of the registered Holders of CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
        Series 2019-CF3

        

	 	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

Witness: 

____________________

 

    DD-1-5

     

    

State
of _________}

County
of ____}

On
________________________, before me, _________________________________Notary Public, personally appeared
___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and
that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of _________ that the foregoing paragraph is true and correct.

Witness
my hand and official seal.

 

 

Notary
signature

 

    DD-1-6

     

    

 

EXHIBIT
EE-1

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

PARKLAWN
BUILDING

 

Wells
Fargo Bank, National Association Commercial Mortgage Servicing

Three Wells Fargo 

401
S. Tryon Street, 8th Floor

MAC D1050-084

Charlotte,
North Carolina 28202

Reference:
MSC 2019-L3 Asset Manager

 

LNR
Partners, LLC

1601
Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

Facsimile number: (305) 695-5601

With a copy by email to: hbennett@starwood.com, jwarshaw@lnrpartners.com and 

lnr.cmbs.notices@lnrproperty.com

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention:  CMBS Trustee – MSC 2019-L3

With a copy by email to:  cmbstrustee@wilmingtontrust.com

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland  21045

Attention:  Corporate Trust Services – MSC 2019-L3

With a copy by email to:  trustadministrationgroup@wellsfargo.com and 

cts.cmbs.bond.admin@wellsfargo.com

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-2 and Note A-3 Holder as such term is defined under the Agreement
between Noteholders, dated as of October 24, 2019, by and between Bank of America, N.A. and KeyBank National Association (the
“Parklawn Building Co-Lender Agreement”). In connection with the deposit of Note A-2 and Note A-3 of the Parklawn
Building Whole Loan into the Trust Fund, attached is an executed copy of the related pooling and servicing agreement (the “Pooling
and Servicing Agreement”). This Notice is being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing
Agreement. Capitalized terms used but not defined herein have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement or, if not defined therein, in the Parklawn Building Co-Lender Agreement. Contact information for the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating

 

    EE-1-1

     

    

 

Advisor, the Asset Representations Reviewer,
the Directing Certificateholder and the Rating Agencies are as set forth on Schedule I attached here.

 

The
Parklawn Building Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of November
1, 2019 between Morgan Stanley Capital I Inc., Wells Fargo Bank, National Association, LNR Partners, LLC, Situs Holdings, LLC,
Wells Fargo Bank, National Association, Wilmington Trust, National Association and Park Bridge Lender Services LLC (the “Non-Serviced
PSA”). Wells Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust
Fund, hereby directs the applicable parties to the Non-Serviced PSA as follows:

 

(i)       Wells
Fargo Bank, National Association, as master servicer under the Non-Serviced PSA, shall remit no later than one (1) Business Day
after the Determination Date all amounts payable in accordance with the Parklawn Building Co-Lender Agreement and the Non-Serviced
PSA due to the Note A-2 and Note A-3 Holder of the Parklawn Building Whole Loan on such days as specified in the Non-Serviced
PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund, to the collection
account set forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced PSA; and

 

(ii)       Wells
Fargo Bank, National Association shall forward, deliver or otherwise make available, as the case may be, all reports, statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to the holder
of Note A-2 and Note A-3 of the Parklawn Building Whole Loan in accordance with the Parklawn Building Co-Lender Agreement and
the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund,
no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
Parklawn Building Mortgage Loan [is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice
of request for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

Thank
you for your attention to this matter.

 

	 	Wells
Fargo Bank, National Association, as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2019-CF3

	 	 	 
	 	By:	 	 
	 	 	[Name]
	 	 	[Title]

 

    EE-1-2

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

    as Depositor

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

     as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700 

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association,

as
Trustee and Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3

Email:
cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

Park
Bridge Lender Services LLC 

      as
Operating Advisor and Asset Representations Reviewer

600 Third Avenue, 40th Floor 

New
York, New York 10016

Attention: CF 2019-CF3 Surveillance Manager 

(with
a copy sent contemporaneously via email to 

cmbs.notices@parkbridgefinancial.com)

 

    EE-1-3

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P. 

as
initial Controlling Class Representative 

9
West 57th Street, Suite 4200

New
York, New York 10019

Attention:
Matt Salem

Facsimile
number: (212) 750 0003

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

 

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-1-4

     

    

SCHEDULE
II TO FORM OF 

 

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

	 	Account:	Collection Account

 

	 	Account #:	1070000553

 

		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.
	 	 	Two
PNC Plaza 31st Floor

620
Liberty Ave. 

Pittsburgh,
PA 15265

 

 

    EE-1-5

     

    

 

EXHIBIT
EE-2

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION 

CENTURY
PLAZA TOWERS

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

Three
Wells Fargo

401
South Tryon Street, 8th Floor

MAC
D1050-084

Charlotte,
North Carolina 28202

Attention:
CPTS 2019-CPT Asset Manager

Facsimile
number: (704) 715-0036

 

with
a copy to:

 

Wells
Fargo Bank, National Association

Legal
Department

301
South College Street

Charlotte,
North Carolina 28202-0166

Attention:
Commercial Mortgage Servicing Legal Support

Facsimile
number: (704) 383-0353

Reference:
CPTS 2019-CPT

 

with
a copy to:

 

K&L
Gates LLP

Hearst
Tower, 47th Floor

214
North Tryon Street

Charlotte,
North Carolina 28202

Attention:
Stacy G. Ackermann

Reference:
CPTS 2019-CPT

Fax
Number: (704) 353-3190

Email:
stacy.ackermann@klgates.com

 

CWCapital
Asset Management LLC

7501
Wisconsin Avenue, Suite 500 West

Bethesda,
Maryland 20814

Attention:
Legal Department (CPTS 2019-CPT)

with
a copy to:

Email:
CWCAMnoticesCPTS2019-CPT@cwcapital.com

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CPTS 2019-CPT

 

    EE-2-1 

     

    

 

with a copy to:

E-mail: cmbstrustee@wilmingtontrust.com

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – CPTS 2019-CPT

with a copy to:

Facsimile number: (410) 715-2380

E-mail: cts.cmbs.bond.admin@wellsfargo.com and

trustadministrationgroup@wellsfargo.com

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-1-C6 and Note A-1-C7 Holder as such term is defined under
the Agreement between Noteholders, dated as of October 21, 2019, between Deutsche Bank AG, New York Branch, as initial Note A
and initial Note B-1 holder, Wells Fargo Bank, National Association, as initial Note A and Note B-3 holder and Morgan Stanley
Bank, National Association, as initial Note A and Note B-2 holder (the “Century Plaza Towers Co-Lender Agreement”).
In connection with the deposit of Note A-1-C6 and Note A-1-C7 of the Century Plaza Towers Whole Loan into the Trust Fund, attached
is an executed copy of the related pooling and servicing agreement (the “Pooling and Servicing Agreement”).
This Notice is being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined
therein, in the Century Plaza Towers Co-Lender Agreement. Contact information for the Certificate Administrator, the Trustee,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder
and the Rating Agencies are as set forth on Schedule I attached here.

 

The
Century Plaza Towers Whole Loan is being serviced pursuant to the terms of a trust and servicing agreement dated as of November
9, 2019, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as
master servicer, CWCapital Asset Management LLC, as special servicer, Wilmington Trust, National Association, as trustee and Wells
Fargo Bank, National Association, as certificate administrator, paying agent and custodian (the “Non-Serviced PSA”).
Wells Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust Fund, hereby directs
the applicable parties to the Non-Serviced PSA as follows:

 

(i)       Wells
Fargo Bank, National Association, as master servicer under the Non-Serviced PSA, shall remit no later than one (1) Business Day
after the Determination Date all amounts payable in accordance with the Century Plaza Towers Co-Lender Agreement and the Non-Serviced
PSA due to the Note A-1-C6 and Note A-1-C7 Holder of the Century Plaza

 

    EE-2-2 

     

    

 

Towers
Whole Loan on such days as specified in the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer of the Trust Fund, to the collection account set forth on Schedule II attached hereto in accordance with the
terms of the Non-Serviced PSA; and

 

(ii)       Wells
Fargo Bank, National Association shall forward, deliver or otherwise make available, as the case may be, all reports, statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to the holder
of Note A-1-C6 and Note A-C7 of the Century Plaza Towers Whole Loan in accordance with the Century Plaza Towers Co-Lender Agreement
and the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust
Fund, no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
Century Plaza Towers Mortgage Loan [is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice
of request for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

Thank
you for your attention to this matter.

	 	 	 
	 	Wells
Fargo Bank, National Association, as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2019-CF3
	 	 	 
	 	By:
    	 
	 	 	  [Name]
	 	 	  [Title]

 

    EE-2-3 

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

       as Depositor

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

       as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association,

  as
Trustee and Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3

Email:
cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

Park
Bridge Lender Services LLC

  as
Operating Advisor and Asset Representations Reviewer

600 Third Avenue, 40th Floor

New
York, New York 10016

Attention: CF 2019-CF3 Surveillance Manager

(with
a copy sent contemporaneously via email to

cmbs.notices@parkbridgefinancial.com)

 

    EE-2-4 

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

  as
initial Controlling Class Representative

9
West 57th Street, Suite 4200

New
York, New York 10019

Attention:
Matt Salem

Facsimile
number: (212) 750 0003

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-2-5 

     

    

 

SCHEDULE
II TO FORM OF  

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

	 	Account:	Collection
                                         Account
	 	 	 
	 	Account
                                         #:	1070000553
	 	 	 
		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

Two
PNC Plaza 31st Floor

620
Liberty Ave.

Pittsburgh,
PA 15265

 

    EE-2-6 

     

    

 

EXHIBIT
EE-3

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION 

WELLS
FARGO PLACE

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

Three
Wells Fargo

MAC
D1050-084

401
South Tryon Street, 8th Floor

Charlotte,
North Carolina 28202

Attention:
MSC 2019-L3 Asset Manager

Facsimile:
(704) 715-0036

 

with
a copy by email to: commercial.servicing@wellsfargo.com

 

with
a copy to:

 

Wells
Fargo Bank, National Association Legal Department

301
S. College St., TW 30

Charlotte,
North Carolina 28202

Fax
Number: (816) 412-9338

Attention:
Commercial Mortgage Servicing Legal Support

Reference:
MSC 2019-L3

 

with
a copy to:

 

K&L
Gates LLP

Hearst
Tower, 47th Floor

214
North Tryon Street

Charlotte,
North Carolina 28202

Attention:
Stacy Ackermann, Esq.

 

LNR
Partners, LLC

1601
Washington Avenue, Suite 700

Miami
Beach, Florida 33139

Attention:
Heather Bennett and Job Warshaw

Facsimile
number: (305) 695-5601

With
a copy by email to: hbennett@starwood.com,

jwarshaw@lnrpartners.com
and lnr.cmbs.notices@lnrproperty.com

 

Wilmington
Trust, National Association

1100
North Market Street

Wilmington,
Delaware 19890

Attention:
CMBS Trustee – MSC 2019-L3

With
a copy by email to: cmbstrustee@wilmingtontrust.com

 

    EE-3-1 

     

    

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-4 Holder, Note A-5 Holder, Note A-6 Holder and Note A-7 Holder,
as such terms are defined under the Co-Lender Agreement, dated as of October 25, 2019, between Starwood Mortgage Capital LLC as
Initial Note A-1 Holder, Initial Note A-2 Holder, Initial Note A-3 Holder, Initial Note A-4 Holder, Initial Note A-5 Holder, Initial
Note A-6 Holder and Initial Note A-7 Holder (the “Wells Fargo Place Co-Lender Agreement”). In connection with
the deposit of Note A-4, Note A-5, Note A-6 and Note A-7 of the Wells Fargo Place Whole Loan into the Trust Fund, attached is
an executed copy of the related pooling and servicing agreement (the “Pooling and Servicing Agreement”). This
Notice is being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used but
not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined
therein, in the Wells Fargo Place Co-Lender Agreement. Contact information for the Certificate Administrator, the Trustee, the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder
and the Rating Agencies are as set forth on Schedule I attached here.

 

The
Wells Fargo Place Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of November
1, 2019 between Morgan Stanley Capital I Inc., Wells Fargo Bank, National Association, LNR Partners, LLC, Situs Holdings, LLC,
Wells Fargo Bank, National Association, Wilmington Trust, National Association and Park Bridge Lender Services LLC (the “Non-Serviced
PSA”). Wells Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust
Fund, hereby directs the applicable parties to the Non-Serviced PSA as follows:

 

(i)       Wells
Fargo Bank, National Association, as master servicer under the Non-Serviced PSA, shall remit no later than one (1) Business Day
after the Determination Date all amounts payable in accordance with the Wells Fargo Place Co-Lender Agreement and the Non-Serviced
PSA due to the Note A-4 Holder, Note A-5 Holder, Note A-6 Holder and Note A-7 Holder of the Wells Fargo Place Whole Loan on such
days as specified in the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer
of the Trust Fund, to the collection account set forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced
PSA; and

 

(ii)       Wells
Fargo Bank, National Association shall forward, deliver or otherwise make available, as the case may be, all reports, statements,
documents, communications and other information that are to be forwarded, delivered or otherwise made available to the holder
of Note A-4, Note A-5, Note A-6 and Note A-7 of the Wells Fargo Place Whole Loan in accordance with the Wells Fargo Place Co-Lender
Agreement and the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer
of the Trust Fund, no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
Wells Fargo Place Mortgage Loan is not a Significant Obligor related to the Trust Fund. This notification serves as notice of
request for

 

    EE-3-2 

     

    

 

delivery
of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

Thank
you for your attention to this matter.

	 	 	 
	 	Wells
    Fargo Bank, National Association, as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial
    Mortgage Pass-Through Certificates, Series 2019-CF3
	 	 	 
	 	By:
    	 
	 	 	  [Name]
	 	 	  [Title]

 

    EE-3-3 

     

    

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

      as Depositor

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

      as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association,

   as
Trustee and Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3

Email:
cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

Park
Bridge Lender Services LLC

   as
Operating Advisor and Asset Representations Reviewer

600 Third Avenue, 40th Floor

New
York, New York 10016

Attention: CF 2019-CF3 Surveillance Manager

(with
a copy sent contemporaneously via email to

cmbs.notices@parkbridgefinancial.com)

 

    EE-3-4 

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

      as
initial Controlling Class Representative

9
West 57th Street, Suite 4200

New
York, New York 10019

Attention:
Matt Salem

Facsimile
number: (212) 750 0003

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-3-5 

     

    

 

SCHEDULE
II TO FORM OF 

 

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

	 	Account:	Collection
                                         Account
	 	 	 
	 	Account
                                         #:	1070000553
	 	 	 
		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

Two
PNC Plaza 31st Floor

620
Liberty Ave.

Pittsburgh,
PA 15265

 

    EE-3-6 

     

    

 

EXHIBIT
EE-4

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION 

225
BUSH

 

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

10851
Mastin Street, Suite 700

Building
82, Suite 300

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head,

Fax
number: 1-888-706-3565

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

 

Stinson
LLP

1201
Walnut Street

Suite
2900

Kansas
City, Missouri 64106-2150

Fax
Number: (816) 412-9338

Attention:
Kenda K. Tomes

Email:
kenda.tomes@stinson.com

 

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

10851
Mastin Street, Suite 700

Building
82, Suite 300

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head,

Fax
number: 1-888-706-3565

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

 

Stinson
LLP

1201
Walnut Street

Suite
2900

Kansas
City, Missouri 64106-2150

Fax
Number: (816) 412-9338

Attention:
Kenda K. Tomes

Email:
kenda.tomes@stinson.com

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Benchmark 2019-B14 Mortgage Trust

    EE-4-1 

     

    

 

with a copy to:

Telecopy Number: (410) 715-2380

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

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-5 Holder as such term is defined under the Agreement between
Noteholders, dated as of November 18, 2019, between UBS AG, by and through its branch office at 1285 Avenue of the Americas, New
York, New York, as initial Note A-3 and Note A-4 holder and DBR Investments Co. Limited, as initial Note A-1, Note A-2, Note A-5,
Note A-6 and Note B holder (the “225 Bush Co-Lender Agreement”). In connection with the deposit of Note A-5of
the 225 Bush Whole Loan into the Trust Fund, attached is an executed copy of the related pooling and servicing agreement (the
“Pooling and Servicing Agreement”). This Notice is being delivered to you pursuant to Section 3.27(f) of the
Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the respective meanings ascribed to such terms
in the Pooling and Servicing Agreement or, if not defined therein, in the 225 Bush Co-Lender Agreement. Contact information for
the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Directing Certificateholder and the Rating Agencies are as set forth on Schedule I attached here.

 

The
225 Bush Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of November 1, 2019,
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and as trustee, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer (the “Non-Serviced
PSA”). Wells Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust
Fund, hereby directs the applicable parties to the Non-Serviced PSA as follows:

 

(i)       Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer under the Non-Serviced PSA, shall remit no later
than one (1) Business Day after the Determination Date all amounts payable in accordance with the 225 Bush Co-Lender Agreement
and the Non-Serviced PSA due to the Note A-5 Holder of the 225 Bush Whole Loan on such days as specified in the Non-Serviced PSA
to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund, to the collection
account set forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced PSA; and

 

(ii)       Midland
Loan Services, a Division of PNC Bank, National Association and Wells Fargo Bank, National Association, as applicable, shall forward,
deliver or otherwise make available, as the case may be, all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to the holder of Note A-5 of the 225 Bush Whole Loan in accordance
with the 225 Bush Co-Lender Agreement

 

    EE-4-2 

     

    

 

and
the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund,
no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
225 Bush Mortgage Loan [is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice of request
for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

Thank
you for your attention to this matter. 

	 	 	 
	 	Wells
    Fargo Bank, National Association, as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial
    Mortgage Pass-Through Certificates, Series 2019-CF3
	 	 	 
	 	By:
    	 
	 	 	  [Name]
	 	 	  [Title]

 

    EE-4-3 

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

     as Depositor

110 East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

    as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP

700 Sixth Street, NW, Suite 700

Washington, DC 20001

Attention: Lisa A. Rosen

Facsimile: (202) 637-3593

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association,

   as
Trustee and Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3

Email:
cts.cmbs.bond.admin@wellsfargo.com

trustadministrationgroup@wellsfargo.com

 

Park
Bridge Lender Services LLC

  as
Operating Advisor and Asset Representations Reviewer

600 Third Avenue, 40th Floor

New
York, New York 10016

Attention: CF 2019-CF3 Surveillance Manager

(with
a copy sent contemporaneously via email to

cmbs.notices@parkbridgefinancial.com)

 

    EE-4-4 

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

   as
initial Controlling Class Representative

9
West 57th Street, Suite 4200

New
York, New York 10019

Attention:
Matt Salem

Facsimile
number: (212) 750 0003

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-4-5 

     

    

  

SCHEDULE
II TO FORM OF  

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

	 	Account:	Collection
                                         Account
	 	 	 
	 	Account
                                         #:	1070000553
	 	 	 
		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

Two
PNC Plaza 31st Floor

620
Liberty Ave.

Pittsburgh,
PA 15265

 

    EE-4-6 

     

    

 

EXHIBIT
EE-5

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION 

180
WATER

 

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

10851
Mastin Street, Suite 700

Building
82, Suite 300

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head,

Fax
number: 1-888-706-3565

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

 

Stinson
LLP

1201
Walnut Street

Suite
2900

Kansas
City, Missouri 64106-2150

Fax
Number: (816) 412-9338

Attention:
Kenda K. Tomes

Email:
kenda.tomes@stinson.com

 

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

10851
Mastin Street, Suite 700

Building
82, Suite 300

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head,

Fax
number: 1-888-706-3565

Email:
NoticeAdmin@midlandls.com

 

with
a copy to:

 

Stinson
LLP

1201
Walnut Street

Suite
2900

Kansas
City, Missouri 64106-2150

Fax
Number: (816) 412-9338

Attention:
Kenda K. Tomes

Email:
kenda.tomes@stinson.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

Benchmark 2019-B14 Mortgage Trust

 

    EE-5-1 

     

    

 

with a copy to:

Telecopy Number: (410) 715-2380

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

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-3 Holder as such term is defined under the Agreement between
Noteholders, dated as of November 21, 2019, between DBR Investments Co. Limited, as initial Note A-1, Note A-2, Note A-3, Note
A-4, Note A-5 and Note B holder (the “180 Water Co-Lender Agreement”). In connection with the deposit of Note
A-3 of the 180 Water Whole Loan into the Trust Fund, attached is an executed copy of the related pooling and servicing agreement
(the “Pooling and Servicing Agreement”). This Notice is being delivered to you pursuant to Section 3.27(f)
of the Pooling and Servicing Agreement. Capitalized terms used but not defined herein have the respective meanings ascribed to
such terms in the Pooling and Servicing Agreement or, if not defined therein, in the 180 Water Co-Lender Agreement. Contact information
for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Directing Certificateholder and the Rating Agencies are as set forth on Schedule I attached here.

 

The
180 Water Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of November 1, 2019,
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator
and as trustee, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer (the “Non-Serviced
PSA”). Wells Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust
Fund, hereby directs the applicable parties to the Non-Serviced PSA as follows:

 

(i)       Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer under the Non-Serviced PSA, shall remit no later
than one (1) Business Day after the Determination Date all amounts payable in accordance with the 180 Water Co-Lender Agreement
and the Non-Serviced PSA due to the Note A-3 Holder of the 180 Water Whole Loan on such days as specified in the Non-Serviced
PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund, to the collection
account set forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced PSA; and

 

(ii)       Midland
Loan Services, a Division of PNC Bank, National Association and Wells Fargo Bank, National Association, as applicable, shall forward,
deliver or otherwise make available, as the case may be, all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made available to the holder of Note A-3 of the 180 Water Whole Loan in accordance
with the 180 Water Co-Lender Agreement and the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National

 

    EE-5-2 

     

    

 

Association,
as master servicer of the Trust Fund, no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
180 Water Mortgage Loan [is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice of request
for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

Thank
you for your attention to this matter.

	 	 	 
	 	Wells
    Fargo Bank, National Association, as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial
    Mortgage Pass-Through Certificates, Series 2019-CF3
	 	 	 
	 	By:
    	 
	 	 	  [Name]
	 	 	  [Title]

 

    EE-5-3 

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

as
Depositor

110
East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com 

 

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

as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head 

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP 

700 Sixth Street, NW, Suite 700 

Washington, DC 20001 

Attention: Lisa A. Rosen 

Facsimile: (202) 637-3593 

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association,

as
Trustee and Certificate Administrator 

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3 

Email:
cts.cmbs.bond.admin@wellsfargo.com 

trustadministrationgroup@wellsfargo.com

 

 

Park
Bridge Lender Services LLC

as
Operating Advisor and Asset Representations Reviewer

600
Third Avenue, 40th Floor

New
York, New York 10016

Attention: CF 2019-CF3 Surveillance Manager

(with
a copy sent contemporaneously via email to 

cmbs.notices@parkbridgefinancial.com)

 

    EE-5-4 

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

as
initial Controlling Class Representative

9
West 57th Street, Suite 4200

New
York, New York 10019 

Attention:
Matt Salem 

Facsimile
number: (212) 750 0003 

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-5-5 

     

    

 

SCHEDULE
II TO FORM OF 

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

		Account:	Collection
                                         Account

 

		Account	#:
                                         1070000553

 

		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

                                         Two PNC Plaza 31st Floor

                                         620 Liberty Ave.

                                         Pittsburgh, PA 15265

 

    EE-5-6 

     

    

 

EXHIBIT
EE-6

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION 

3
COLUMBUS CIRCLE 

 

KeyBank
National Association 

11501
Outlook Street, Suite 300 

Overland
Park, Kansas 66211 

Attention:
Michael Tilden 

Facsimile:
(877) 379-1625 

Email:
michael_a_tilden@keybank.com 

 

with
a copy to:

 

Polsinelli

900
West 48th Place, Suite 900 

Kansas
City, Missouri 64112 

Attention:
Kraig Kohring 

Facsimile:
(816) 753-1536 

Email:
kkohring@polsinelli.com

 

LNR
Partners, LLC

1601 Washington Avenue, Suite 700

Miami Beach, Florida 33139

Attention: Heather Bennett and Job Warshaw

with a copy to:

Email: hbennett@lnrpartners.com, jwarshaw@lnrpartners.com and

lnr.cmbs.notices@lnrproperty.com

 

Wells
Fargo Bank, National Association 

9062
Old Annapolis Road 

Columbia,
Maryland 21045-1951 

Attention:
Corporate Trust Services (CMBS) – BMARK 2019-B10 

 

with
copies to:

 

cts.cmbs.bond.admin@wellsfargo.com;
and trustadministrationgroup@wellfargo.com

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-1-4-A Holder as such term is defined under the Agreement between
Noteholders, dated as of March 13, 2019, between JPMorgan Chase Bank, National Association, as Initial Note A-1-1, Note A-1-2,
Note A-1-3, Note A-1-4, Note A-1-5, Note A-1-6, Note A-1-7, Note A-1-8 and Note B-1 holder, Deutsche Bank AG, acting through its
New York Branch, as

 

    EE-6-1

     

    

 

Initial
Note A-2-1, Note A-2-2, Note A-2-3, Note A-2-4, Note A-2-5 and Note B-2 holder (the “3 Columbus Circle Co-Lender Agreement”).
In connection with the deposit of Note A-1-4-A of the 3 Columbus Circle Whole Loan into the Trust Fund, attached is an executed
copy of the related pooling and servicing agreement (the “Pooling and Servicing Agreement”). This Notice is
being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used but not defined
herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined therein,
in the 3 Columbus Circle Co-Lender Agreement. Contact information for the Certificate Administrator, the Trustee, the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Directing Certificateholder and the Rating
Agencies are as set forth on Schedule I attached here.

 

The
3 Columbus Circle Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of April 1,
2019, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank National Association, as master servicer,
LNR Partners, LLC, as special servicer, Wells Fargo Bank, National Association, as trustee, certificate administrator, paying
agent and custodian, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer (the “Non-Serviced
PSA”). Wells Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust
Fund, hereby directs the applicable parties to the Non-Serviced PSA as follows:

 

(i)     
  KeyBank National Association, as master servicer under the Non-Serviced PSA, shall remit no later than one (1) Business
Day after the Determination Date all amounts payable in accordance with the 3 Columbus Circle Co-Lender Agreement and the Non-Serviced
PSA due to the Note A-1-4-A Holder of the 3 Columbus Circle Whole Loan on such days as specified in the Non-Serviced PSA to Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund, to the collection account set
forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced PSA; and

 

(ii)       KeyBank
National Association and Wells Fargo Bank, National Association, as applicable, shall forward, deliver or otherwise make available,
as the case may be, all reports, statements, documents, communications and other information that are to be forwarded, delivered
or otherwise made available to the holder of Note A-1-4-A of the 3 Columbus Circle Whole Loan in accordance with the 3 Columbus
Circle Co-Lender Agreement and the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as
master servicer of the Trust Fund, no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
3 Columbus Circle Mortgage Loan [is][is not] a Significant Obligor related to the Trust Fund. This notification serves as notice
of request for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

    EE-6-2

     

    

 

Thank
you for your attention to this matter.

 

	 	Wells Fargo Bank, National Association,
    as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
    Series 2019-CF3
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    EE-6-3

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

as
Depositor

110
East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head 

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP 

700 Sixth Street, NW, Suite 700 

Washington, DC 20001 

Attention: Lisa A. Rosen 

Facsimile: (202) 637-3593 

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association,

as
Trustee and Certificate Administrator

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3 

Email:
cts.cmbs.bond.admin@wellsfargo.com 

trustadministrationgroup@wellsfargo.com

 

Park
Bridge Lender Services LLC 

as
Operating Advisor and Asset Representations Reviewer

600
Third Avenue, 40th Floor 

New
York, New York 10016

Attention:
CF 2019-CF3 Surveillance Manager 

(with
a copy sent contemporaneously via email to 

cmbs.notices@parkbridgefinancial.com)

 

    EE-6-4

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

as
initial Controlling Class Representative

9
West 57th Street, Suite 4200 

New
York, New York 10019 

Attention:
Matt Salem 

Facsimile
number: (212) 750 0003 

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com 

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-6-5

     

    

 

SCHEDULE
II TO FORM OF

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

		Account:	Collection
                                         Account

 

		Account	#:
                                         1070000553

 

		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

                                         Two PNC Plaza 31st Floor

                                         620 Liberty Ave.

                                         Pittsburgh, PA 15265

 

    EE-6-6

     

    

 

EXHIBIT
EE-7

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

PARK
CENTRAL TOWER 

 

Wells
Fargo Bank, National Association, 

Commercial
Mortgage Servicing, 

Three
Wells Fargo, 

401
South Tryon Street, 8th Floor 

MAC
D1050-084 

Charlotte,
North Carolina 28202 

Attention:
CGCMT 2019-C7 Asset Manager 

Fax
number: (704) 715-0036 

Email:
commercial.servicing@wellsfargo.com 

with
a copy to:

 

Wells
Fargo Bank, National Association 

Legal
Department 

301
South College Street, TW-30, D1053-300 

Charlotte,
North Carolina 28202-6000 

Attention:
Commercial Mortgage Servicing Legal Support 

Fax
number: (704) 383-3663

 

with
a copy to: 

K&L
Gates LLP 

Hearst
Tower 

214
North Tryon Street 

Charlotte,
North Carolina 28202 

Attention:
Stacy G. Ackermann 

Fax
number: (704) 353-3190

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Fax number: (302) 636-4140

Email:  cmbstrustee@wilmingtontrust.com

 

Citibank,
N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust - CGCMT 2019-C7

Fax number: (212) 816-5527

Email:
ratingagencynotice@citi.com

 

    EE-7-1

     

    

 

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-2 Holder as such term is defined under the Co-Lender Agreement,
dated as of November 7, 2019 between Starwood Mortgage Capital LLC as Initial Note A-1 Holder and Initial Note A-2 Holder (the
“Park Central Tower Co-Lender Agreement”). In connection with the deposit of Note A-1 of the Park Central Tower
Whole Loan into the Trust Fund, attached is an executed copy of the related pooling and servicing agreement (the “Pooling
and Servicing Agreement”). This Notice is being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing
Agreement. Capitalized terms used but not defined herein have the respective meanings ascribed to such terms in the Pooling and
Servicing Agreement or, if not defined therein, in the Park Central Tower Co-Lender Agreement. Contact information for the Certificate
Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Directing Certificateholder and the Rating Agencies are as set forth on Schedule I attached here.

 

The
Park Central Tower Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of December
1, 2019 between Citigroup Commercial Mortgage Securities Inc., Wells Fargo Bank, National Association, LNR Partners, LLC, Pentalpha
Surveillance LLC, Citibank, N.A. and Wilmington Trust, National Association (the “Non-Serviced PSA”). Wells
Fargo Bank, National Association, as certificate administrator for the registered holders of the Trust Fund, hereby directs the
applicable parties to the Non-Serviced PSA as follows:

 

(i)   
    Wells Fargo Bank, National Association, as master servicer under the Non-Serviced PSA, shall remit no
later than one (1) Business Day after the Determination Date all amounts payable in accordance with the Park Central Tower Co-Lender
Agreement and the Non-Serviced PSA due to the Note A-1 Holder of the Park Central Tower Whole Loan on such days as specified in
the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust Fund,
to the collection account set forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced PSA; and

 

(ii)       Wells
Fargo Bank, National Association and Citibank, N.A., as applicable, shall forward, deliver or otherwise make available, as the
case may be, all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise
made available to the holder of Note A-1 of the Park Central Tower Whole Loan in accordance with the Park Central Tower Co-Lender
Agreement and the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer
of the Trust Fund, no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
Park Central Tower Mortgage Loan is not a Significant Obligor related to the Trust Fund. This notification serves as notice of
request for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

    EE-7-2

     

    

 

Thank
you for your attention to this matter.

 

	 	Wells Fargo Bank, National Association,
    as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
    Series 2019-CF3
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    EE-7-3

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

as
Depositor

110
East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com 

 

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

as
Master Servicer and as Special Servicer 

10851
Mastin Street, Suite 700 

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head 

Fax
number: 1-888-706-3565

 

with
a copy to: 

 

Eversheds
Sutherland (US) LLP 

700 Sixth Street, NW, Suite 700 

Washington, DC 20001 

Attention: Lisa A. Rosen 

Facsimile: (202) 637-3593 

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association, 

as
Trustee and Certificate Administrator 

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3 

Email:
cts.cmbs.bond.admin@wellsfargo.com 

trustadministrationgroup@wellsfargo.com

 

 

Park
Bridge Lender Services LLC

as
Operating Advisor and Asset Representations Reviewer

600
Third Avenue, 40th Floor 

New
York, New York 10016

Attention: CF 2019-CF3 Surveillance Manager 

(with
a copy sent contemporaneously via email to 

cmbs.notices@parkbridgefinancial.com)

 

    EE-7-4

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

as
initial Controlling Class Representative

9
West 57th Street, Suite 4200 

New
York, New York 10019 

Attention:
Matt Salem 

Facsimile
number: (212) 750 0003 

Email:
RESecurities@kkr.com

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

 

    EE-7-5

     

    

 

SCHEDULE
II TO FORM OF 

 

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

		Account:	Collection
                                         Account

 

		Account	#:
                                         1070000553

 

		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

                                         Two PNC Plaza 31st Floor

                                         620 Liberty Ave.

                                         Pittsburgh, PA 15265

 

    EE-7-6

     

    

 

EXHIBIT
EE-8

 

FORM
OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

BUSHWICK
AVENUE PORTFOLIO 

 

KeyBank
National Association

11501
Outlook Street, Suite 300 

Overland
Park, Kansas 66211 

Attention:
Michael Tilden 

Email:
Michael_A_Tilden@keybank.com 

with
a copy to: 

Polsinelli 

900
West 48th Place, Suite 900 

Kansas
City, Missouri 64112 

Attention:
Kraig Kohring 

Email:
kkohring@polsinelli.com

 

LNR
Partners, LLC 

1601
Washington Avenue, Suite 700 

Miami
Beach, Florida 33139 

Attention:
Heather Bennett and Job Warshaw 

with
a copy to: 

Email:
hbennett@lnrpartners.com, jwarshaw@lnrpartners.com and 

lnr.cmbs.notices@lnrproperty.com 

  

Citibank,
N.A. 

388
Greenwich Street 

New
York, New York 10013 

Attention:
Global Transaction Services – CF 2019-CF2 

Email:
ratingagencynotice@citi.com 

  

The
trust fund formed in connection with the issuance of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2019-CF3 (the “Trust Fund”) is the Note A-5 Holder as such term is defined under the Co-Lender Agreement,
dated as of August 9, 2019 between Starwood Mortgage Capital LLC as Initial Note A-1 Holder, Initial Note A-2 Holder, Initial
Note A-3 Holder, Initial Note A-4 Holder and Initial Note A-5 Holder (the “Bushwick Avenue Portfolio Co-Lender Agreement”).
In connection with the deposit of Note A-5 of the Bushwick Avenue Portfolio Whole Loan into the Trust Fund, attached is an executed
copy of the related pooling and servicing agreement (the “Pooling and Servicing Agreement”). This Notice is
being delivered to you pursuant to Section 3.27(f) of the Pooling and Servicing Agreement. Capitalized terms used but not defined
herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement or, if not defined therein,
in the Bushwick Avenue Portfolio Co-Lender Agreement. Contact information for the Certificate Administrator, the Trustee, the
Master Servicer, the Special Servicer, the Operating

 

    EE-8-1

     

    

 

Advisor,
the Asset Representations Reviewer, the Directing Certificateholder and the Rating Agencies are as set forth on Schedule I attached
here.

 

The
Bushwick Avenue Portfolio Whole Loan is being serviced pursuant to the terms of a pooling and servicing agreement dated as of
October 1, 2019, between CCRE Commercial Mortgage Securities, L.P., KeyBank National Association, LNR Partners, LLC, Citibank,
N.A. and Park Bridge Lender Services LLC (the “Non-Serviced PSA”). Wells Fargo Bank, National Association,
as certificate administrator for the registered holders of the Trust Fund, hereby directs the applicable parties to the Non-Serviced
PSA as follows:

 

(i)   
    KeyBank National Association, as master servicer under the Non-Serviced PSA, shall remit no later than
one (1) Business Day after the Determination Date all amounts payable in accordance with the Bushwick Avenue Portfolio Co-Lender
Agreement and the Non-Serviced PSA due to the Note A-5 Holder of the Bushwick Avenue Portfolio Whole Loan on such days as specified
in the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master servicer of the Trust
Fund, to the collection account set forth on Schedule II attached hereto in accordance with the terms of the Non-Serviced PSA;
and

 

(ii)       KeyBank
National Association and Citibank, N.A., as applicable, shall forward, deliver or otherwise make available, as the case may be,
all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made
available to the holder of Note A-5 of the Bushwick Avenue Portfolio Whole Loan in accordance with the Bushwick Avenue Portfolio
Co-Lender Agreement and the Non-Serviced PSA to Midland Loan Services, a Division of PNC Bank, National Association, as master
servicer of the Trust Fund, no later than one (1) Business Day after the Determination Date.

 

You
are advised that the Trust is subject to Regulation AB and Exchange Act reporting and that the Mortgaged Property related to the
Bushwick Avenue Portfolio Mortgage Loan is not a Significant Obligor related to the Trust Fund. This notification serves as notice
of request for delivery of all Exchange Act reporting items deliverable to us pursuant to the terms of the Non-Serviced PSA.

 

Thank
you for your attention to this matter.

 

	 	Wells Fargo Bank, National Association,
    as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
    Series 2019-CF3
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    EE-8-2

     

    

 

SCHEDULE
I

 

TO
FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

CCRE
Commercial Mortgage Securities, L.P.

as
Depositor

110
East 59th Street

New York, New York 10022

Attention: Legal Department

with an electronic copy by email to:

notices@ccre.com

 

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

as
Master Servicer and as Special Servicer

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210 

Attention:
Executive Vice President – Division Head 

Fax
number: 1-888-706-3565

 

with
a copy to:

 

Eversheds
Sutherland (US) LLP 

700 Sixth Street, NW, Suite 700 

Washington, DC 20001 

Attention: Lisa A. Rosen 

Facsimile: (202) 637-3593 

Email: lisarosen@eversheds-sutherland.com

 

with
a copy to: NoticeAdmin@midlandls.com

 

Wells
Fargo Bank, National Association, 

as
Trustee and Certificate Administrator 

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3 

Email:
cts.cmbs.bond.admin@wellsfargo.com 

trustadministrationgroup@wellsfargo.com

 

Park
Bridge Lender Services LLC 

as
Operating Advisor and Asset Representations Reviewer

600
Third Avenue, 40th Floor 

New
York, New York 10016

Attention:
CF 2019-CF3 Surveillance Manager 

(with
a copy sent contemporaneously via email to 

cmbs.notices@parkbridgefinancial.com)

 

    EE-8-3

     

    

 

KKR
Real Estate Credit Opportunity Partners II L.P.

as
initial Controlling Class Representative

9
West 57th Street, Suite 4200 

New
York, New York 10019 

Attention:
Matt Salem 

Facsimile
number: (212) 750 0003 

Email:
RESecurities@kkr.com 

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: CMBS Surveillance

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email:
cmbs_info_17g5@standardandpoors.com

Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395 

 

    EE-8-4

     

    

 

SCHEDULE
II TO FORM OF 

NON-SERVICED
MORTGAGE LOAN NOTIFICATION

 

		Account:	Collection
                                         Account

 

		Account	#:
                                         1070000553

 

		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Servicer on behalf of
                                         Wells Fargo Bank, National Association, as Trustee, for the benefit of the Certificateholders
                                         of CF 2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series
                                         2019-CF3

 

		Location:	PNC
                                         Bank, N.A.

                                         Two PNC Plaza 31st Floor

                                         620 Liberty Ave.

                                         Pittsburgh, PA 15265

 

    	 	EE-8-5	 

     

    

 

EXHIBIT
FF

 

FORM
OF ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO (410) 715-2380 AND VIA EMAIL TO THE E-MAIL ADDRESSES IMMEDIATELY BELOW AND VIA OVERNIGHT MAIL TO THE PHYSICAL ADDRESSES
IMMEDIATELY BELOW** 

 

[Date]

 

	Wells
                           Fargo Bank, National Association,

        as
        Certificate Administrator

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045

        Attention: Corporate Trust Services (CMBS) – CF 2019-CF3 

        Email:
        cts.sec.notifications@wellsfargo.com 

        

        
	CCRE
                                         Commercial Mortgage Securities, L.P.

                                         110 East 59th Street

                                         New York, New York 10022

                                         Attention: Legal Department

                                         with an electronic copy by email to:

                                         notices@ccre.com

 

RE:
  **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section 10.06 of the Pooling and Servicing Agreement, dated as of December 1, 2019, by and among CCRE Commercial
Mortgage Securities, L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association,
as Trustee, Wells Fargo Bank, National Association, as Certificate

 

    FF-1

     

    

 

Administrator,
Paying Agent and Custodian, Park Bridge Lender Services LLC, as Operating Advisor, and Park Bridge Lender Services LLC, as Asset
Representations Reviewer, the undersigned, as [               ], hereby notifies you that certain events have come to our attention that [will]
[may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

[With
respect to the Collection Account and REO Account balance information:

 

	Account
    Name	Beginning
                                         Balance as of  

        MM/DD/YYYY 
	Ending
                                         Balance as of  

        MM/DD/YYYY 

	Collection
    Account	 	 
	REO
    Account	 	 

 

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to
[                         ], phone number: [               ];
email address: [                    ].

 

	 	[NAME OF PARTY],

    as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    FF-2

     

    

 

EXHIBIT
GG

 

Form
of Notice of ADDITIONAL 

INDEBTEDNESS
NOTIFICATION

 

Wells
Fargo Bank, National Association,

as
Certificate Administrator

9062
Old Annapolis Road 

Columbia,
Maryland 20145

Attention:
Corporate Trust Services (CMBS) – CF 2019-CF3 

Email:
cts.sec.notifications@wellsfargo.com

 

Ref:
CF 2019-CF3, Additional Debt Notice for Form 10-D

 

The
following information is being furnished to you for inclusion on Form 10-D pursuant to Section 10.06 of the Pooling and Servicing
Agreement 

 

	 	Portfolio
    Name	Mortgage
    Loan	Position
    in Debt Stack	Additional
    Debt	OPB	OPB
    Date	Appraised
    Value	Appraised
    Value Date	Aggregate
    LTV	Aggregate
    NCF DSCR	Aggregate
    NCF DSCR Date	Primary
    Servicer	Master
    Servicer	Lead
    Servicer	Prospectus
    ID
	1	CF
    2019-CF3	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	  
                                                         $
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	2	CF
    2019-CF3	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	  
                                                         $
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 
	3	CF
    2019-CF3	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	$	 	 	$	 	%	 	 	 	 	 	 
	 	Outside
    the Trust	 	 	  
                                                         $
	 	 	$	 	%	 	 	 	 	 	 
	 	Total	 	 	$	 	 	 	 	 	 	 	 	 	 	 

 

    GG-1

     

    

 

EXHIBIT
HH

 

FORM
OF ASSET REVIEW REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER1

 

To:
[Addresses of Recipients]

 

Re: CF
2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.01 of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and
Servicing Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report.

 

		1.	We
                                         have performed an Asset Review on each Delinquent Loan identified by the Certificate
                                         Administrator and our conclusion is that there is [no evidence of a failed Test][evidence
                                         of [•] failed Tests as specifically detailed on the scorecard attached hereto as
                                         Exhibit A] with respect to the Delinquent Loans.

 

		2.	A
                                         conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall
                                         not constitute a determination by the Asset Representations Reviewer of (i) the existence
                                         or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights
                                         it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not
                                         be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         Asset Representations Reviewer, other than forwarding this report to the persons listed
                                         above, will not be required to take or participate in any other or further action with
                                         respect to the aforementioned Asset Review Report.

 

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

 

 

 

1
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

     HH-1

     

    

 

 

	 	PARK
BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 	 
		By:	Park
                                         Bridge Advisors LLC, a New York limited liability company, its sole member

 

		By:	Park
                                         Bridge Financial LLC, a New York limited liability company, its sole member

 

	 	By:	 
	 	Name:	 
	 	Title:	

 

     HH-2

     

    

Exhibit
A

 

Detailed
Scorecard

[Template Example Below]

 

	Test
    Failures
	Loan
    #	Loan
    Name	Mortgage
    

    Loan 

    Seller	R&W
    #	R&W
    Name	Test
    Description	Findings
	[Insert
    Loan Number]	[Insert
    Loan Name]	[Insert
    Mortgage Loan Seller]	21	Compliance
    with Usury Laws	[Insert
    Test Description]	[Insert
    Test findings]
	31	Single-Purpose
    Entity	 	 

  

     HH-3

     

    

 

EXHIBIT
II

 

FORM
OF ASSET REVIEW REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER2

 

To:
[Addresses of Recipients]

 

Re: CF
2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.01 of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and
Servicing Agreement”), the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”),
has performed an Asset Review on each Delinquent Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report Summary.

 

		1.	We
                                         have performed an Asset Review on each Delinquent Loan identified by the Certificate
                                         Administrator and our conclusion is that there is [no evidence of a failed Test][evidence
                                         of [•] failed Tests as identified on the summary scorecard attached hereto as Exhibit
                                         A] with respect to the Delinquent Loans.

 

		2.	A
                                         conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall
                                         not constitute a determination by the Asset Representations Reviewer of (i) the existence
                                         or nonexistence of a Material Defect, or (ii) whether the Trust should enforce any rights
                                         it may have against the applicable Mortgage Loan Seller. In addition, the Tests may not
                                         be sufficient to determine every instance of noncompliance.

 

		3.	The
                                         Asset Representations Reviewer, other than forwarding this Asset Review Report Summary
                                         to the parties listed above, will not be required to take or participate in any other
                                         or further action with respect to the aforementioned Asset Review Report Summary.

 

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

 

 

2
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

 

     II-1

     

    

 

	 	PARK
                                         BRIDGE LENDER SERVICES LLC, 

as Asset Representations Reviewer
	 	 	 
		By:	Park
                                         Bridge Advisors LLC, a New York limited liability company, its sole member

 

		By:	Park
                                         Bridge Financial LLC, a New York limited liability company, its sole member

 

	 	By:	 
	 	Name:	 
	 	Title:	

  

     II-2

     

    

 

Exhibit
A

 

Summary
Scorecard

[Template Example Below]

 

	Test
    failures
	Loan
    #	Loan
    Name	Mortgage
    Loan 

    Seller	Representations
    

    and Warranty #	Representation
    and Warranty 

    Name
	[Insert
    Loan #]	[Insert
    Loan Name]	[Insert
    Mortgage 

    Loan Seller]	21	Compliance
    with Usury Laws
	31	Single-Purpose
    Entity

 

 

     II-3

     

    

 

EXHIBIT
JJ

 

ASSET
REVIEW PROCEDURES

 

Subject
to the Pooling and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each
Delinquent Loan based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein shall
have the meanings ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit JJ
and the terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the Asset Representations
Reviewer’s responsibilities and duties with respect to Asset Reviews.

 

Call
for Review and Collection and Inventory of Review Materials 

 

		Step 1	Asset
                                         Representations Reviewer (“ARR”) receives the following items before
                                         beginning its review from the parties specified in Section 11.01 of the Pooling and Servicing
                                         Agreement:

  

		■	Notice
                                         of Asset Review Trigger (with attachments)

 

		■	Asset
                                         Review Vote Election

 

		■	Notice
                                         of Affirmative Asset Review Vote 

 

		■	List
                                         of all Delinquent Loans subject to the Asset Review

 

		■	Review
                                         Materials for each Delinquent Loan via Secure Data Room access, including the Diligence
                                         File

 

		■	Any
                                         Unsolicited Information (if applicable)

  

		Step 2	For
                                         each Delinquent Loan, ARR inventories all Review Materials to which ARR is provided access
                                         in the Secure Data Room to determine what, if any, Review Materials for such Delinquent
                                         Loan are missing, using the list of documents in the definition of “Mortgage File”
                                         of the Pooling and Servicing Agreement, any comparable lists included in the related
                                         Mortgage Loan Purchase Agreement, and any closing checklist from the origination of such
                                         Delinquent Loan, to guide its review and determination

 

     JJ-1

     

    

 

		Step 3	If
                                         ARR determines that the information made available to it in the Secure Data Room with
                                         respect to any Delinquent Loan is missing any documents required to complete an Asset
                                         Review of such Delinquent Loan, ARR shall prepare a list of such missing documents and
                                         notify Master Servicer (with respect to Performing Loans) and Special Servicer (with
                                         respect to Specially Serviced Loans) of such missing documents. If the Master Servicer
                                         or Special Servicer, as applicable, does not provide such document as provided in the
                                         Pooling and Servicing Agreement, the ARR shall request such documents from the related
                                         Mortgage Loan Seller.

 

Analysis
and Testing of Representations and Warranties

  

		Step 4	For
                                         each Delinquent Loan for which ARR has received all Review Materials required to complete
                                         an Asset Review of such Delinquent Loan, ARR tests such Delinquent Loan for compliance
                                         with each representation and warranty made by the related Mortgage Loan Seller with respect
                                         to such Delinquent Loan as follows:

 

		■	ARR
                                         reviews each representation and warranty and each item included in the Review Materials
                                         applicable or related to such representation or warranty to determine whether there is
                                         any evidence that such representation or warranty was not true when made by the related
                                         Mortgage Loan Seller

 

		■	For
                                         each representation and warranty, ARR lists 

 

		●	all
                                         items from the Review Materials reviewed or used in its testing of such representation
                                         and warranty

 

		●	whether
                                         ARR has determined that there is any evidence that such representation or warranty was
                                         not true when made by the related Mortgage Loan Seller, and

 

		o	if
                                         so, stating the aspect of the applicable representation or warranty that does not appear
                                         to have been true when made by the related Mortgage Loan Seller and ARR’s basis
                                         for its conclusion

 

		o	completing
                                         the Asset Review Report by setting forth, for each Delinquent Loan, the information contemplated
                                         herein with respect to each representation and warranty

 

ARR
will not attempt (and has no obligation) to determine the materiality of any potential breach of a representation or warranty
that it discovers evidence of during its review as contemplated herein. 

 

     JJ-2

     

    

 

EXHIBIT
KK

 

CERTIFICATION
TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO 

SECURE DATA ROOM 

Wells
Fargo Bank, National Association,

as
Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 20145

Attention: Corporate Trust Services (CMBS) – CF 2019-CF3

Email:
cts.cmbs.bond.admin@wellsfargo.com;

 

trustadministrationgroup@wellsfargo.comIn
accordance with the requirements for obtaining access to the Secure File System pursuant to the Pooling and Servicing Agreement,
dated as of December 1, 2019 (the “Pooling and Servicing Agreement”), by and among CCRE Commercial Mortgage
Securities L.P., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Wells Fargo Bank, National Association, as Trustee,
Wells Fargo Bank, National Association, as Certificate Administrator and Park Bridge Lender Services LLC, as Asset Representations
Reviewer and Operating Advisor, with respect to the certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

1.       The
undersigned is an authorized representative of [________________________].

 

2.       The
undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the
undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make
information contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing
Agreement or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage
Loans to which the Asset Review relates.

 

3.       The
undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

     KK-1

     

    

 

4.       [The
undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

		Dated:	__________________ 

 

	[CCRE Commercial Mortgage Securities,
    L.P., as Depositor]‡	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

‡ Required
to the extent that a party other than the Asset Representations Reviewer is identified by the Depositor as needing access to the
Secure File System.

 

     KK-2

     

    

 

EXHIBIT
LL

 

FORM
OF NOTICE OF [ADDITIONAL DELINQUENT LOAN][CESSATION OF DELINQUENT LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	

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

                                         10851 Mastin Street, Suite 700

        Overland
        Park, Kansas 66210

        Attention:
        Executive Vice President – Division Head
	Park
    Bridge Lender Services LLC

    600 Third Avenue, 40th Floor

    New York, New York 10016

    Attention:  CF 2019-CF3-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)
	 	 

		Attention:	CF
                                         2019-CF3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-CF3

 

In
accordance with Section 11.01(a) of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Pooling and
Servicing Agreement”), by and among CCRE Commercial Mortgage Securities L.P., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer, Wells Fargo Bank, National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate
Administrator, and Park Bridge Lender Services LLC, as Asset Representations Reviewer and Operating Advisor, the Certificate Administrator
hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

1.         _____
 An additional Mortgage Loan has become a Delinquent Loan.

 

2.         _____
 A Mortgage Loan has ceased to be a Delinquent Loan.

 

3.         _____ An
Asset Review Trigger has ceased to exist.

 

(check
all that apply)

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

     LL-1

     

    

 

	 	Wells
    Fargo Bank, National Association, as Certificate Administrator for the Holders of the CF 2019-CF3 Mortgage Trust, Commercial
    Mortgage Pass-Through Certificates, Series 2019-CF3
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     LL-2

     

    

 

EXHIBIT
MM

 

Form
of Certificate Administrator Receipt in Respect of [VRR Interest] [Class F-RR, class g-rr, Class h-rr and class j-rr Certificates]
in Retained Interest Safekeeping Account

 

[Date]

 

	[Name
                                         and Address of the Retaining Party]
	

 

		Re:	CF
                                         2019-CF3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2019-CF3
                                         (CCRE Commercial Mortgage Securities, L.P. as Depositor) 

 

In
accordance with Section 5.01(j) of the Pooling and Servicing Agreement, dated as of December 1, 2019 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees
that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto
(the “Subject Certificates”) for the benefit of [Name of Retaining Party], the registered holder of the Subject
Certificates, pursuant to the Agreement. Payments on the Subject Certificates will be made to the registered holder thereof in
accordance with the Agreement, including pursuant to any written wiring instructions provided in accordance with the Agreement.

 

This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	WELLS
                    FARGO BANK, NATIONAL

                    

	 	 	

                           ASSOCIATION,

                           not
                           in its individual capacity 
 but solely as Certificate Administrator

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    MM-1

     

    

 

Schedule
I

  

Certificates
Registered in the Name of [Retaining Party]

 

	Class
 (CUSIP)	 	Certificate
 No.	 	Initial
 Certificate Balance
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    MM-1

     

    

 

SCHEDULE
I

 

INITIAL
DIRECTING HOLDERS

 

	Mortgage
    Loan	Directing
    Holder	Contact
    Information
	All
    Mortgage Loans	KKR
    Real Estate Credit Opportunity Partners II L.P.	KKR
                                         Real Estate Credit Opportunity Partners II L.P.

        

        9
        West 57th Street, Suite 4200

        

        New
        York, New York 10019

        

        Attention:
        Matt Salem

        

        Facsimile
        number: (212) 750 0003

        

        Email:
        RESecurities@kkr.com

        

  

    Sch. I-1

     

    

 

SCHEDULE
II

 

SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

 

The
assessment of compliance to be delivered by the referenced party shall address, at a minimum, the criteria identified below as
“Relevant Servicing Criteria” applicable to such party (with each Servicing Function Participant deemed to be responsible
for the items applicable to the functions it is performing and for which the party that retained such Servicing Function Participant
is responsible), as such criteria may be updated or limited by the Commission or its staff (including, without limitation, not
requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance provided by the Commission
or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this Schedule II, other than
with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged by a Master Servicer
or Special Servicer

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 

 

    Sch. II-1

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
                                         Servicer

                                         Special Servicer

        

        Certificate
        Administrator

        

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin.
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee4

    Master Servicer

    Special Servicer
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For
    purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution
    means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Cert.
    Admin.

    Master Servicer

    Special Servicer

 

 

 

4
Only to the extent that the Trustee was
required to make an Advance pursuant to the Pooling and Servicing Agreement during the applicable calendar year.

 

    Sch. II-2

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar
    days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other
    number of days specified in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes
    and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified
    in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Master Servicer.	Cert.
    Admin.

    Operating Advisor 

    (excluding clauses (C) and (D) in the case of the Operating Advisor)
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s
    investor records, or such other number of days specified in the transaction agreements.	Cert.
    Admin.

     
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert.
    Admin.
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer

 

    Sch. II-3

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
                                         Servicer

                                         Special Servicer

        

        Cert.
        Admin.

        

	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to
    an obligor’s unpaid principal balance.	Master
    Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    Operating Advisor
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction
    agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone
    calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer

 

    Sch. II-4

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

 

At
all times that the Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may
provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Sch. II-5

     

    

 

SCHEDULE
III

 

CLASS
A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

 

	Distribution
    Date	 	Class
    A-SB Planned Principal 

Balance ($)	 	 
Distribution
                                         Date 
	 	Class
    A-SB Planned Principal 

Balance ($)
	12/20/19	 	21,534,000.00	 	8/15/24	 	21,534,000.00
	1/15/20	 	21,534,000.00	 	9/15/24	 	21,534,000.00
	2/15/20	 	21,534,000.00	 	10/15/24	 	21,534,000.00
	3/15/20	 	21,534,000.00	 	11/15/24	 	21,533,166.18
	4/15/20	 	21,534,000.00	 	12/15/24	 	21,178,738.95
	5/15/20	 	21,534,000.00	 	1/15/25	 	20,843,931.82
	6/15/20	 	21,534,000.00	 	2/15/25	 	20,508,008.45
	7/15/20	 	21,534,000.00	 	3/15/25	 	20,108,887.65
	8/15/20	 	21,534,000.00	 	4/15/25	 	19,770,510.35
	9/15/20	 	21,534,000.00	 	5/15/25	 	19,410,391.75
	10/15/20	 	21,534,000.00	 	6/15/25	 	19,069,684.37
	11/15/20	 	21,534,000.00	 	7/15/25	 	18,707,303.26
	12/15/20	 	21,534,000.00	 	8/15/25	 	18,364,250.35
	1/15/21	 	21,534,000.00	 	9/15/25	 	18,020,053.46
	2/15/21	 	21,534,000.00	 	10/15/25	 	17,654,284.05
	3/15/21	 	21,534,000.00	 	11/15/25	 	17,307,718.49
	4/15/21	 	21,534,000.00	 	12/15/25	 	16,939,649.10
	5/15/21	 	21,534,000.00	 	1/15/26	 	16,590,699.16
	6/15/21	 	21,534,000.00	 	2/15/26	 	16,240,585.41
	7/15/21	 	21,534,000.00	 	3/15/26	 	15,828,604.36
	8/15/21	 	21,534,000.00	 	4/15/26	 	15,475,945.67
	9/15/21	 	21,534,000.00	 	5/15/26	 	15,101,959.87
	10/15/21	 	21,534,000.00	 	6/15/26	 	14,746,876.39
	11/15/21	 	21,534,000.00	 	7/15/26	 	14,370,536.11
	12/15/21	 	21,534,000.00	 	8/15/26	 	14,013,011.75
	1/15/22	 	21,534,000.00	 	9/15/26	 	13,654,294.72
	2/15/22	 	21,534,000.00	 	10/15/26	 	13,274,426.27
	3/15/22	 	21,534,000.00	 	11/15/26	 	12,913,244.27
	4/15/22	 	21,534,000.00	 	12/15/26	 	10,005,195.43
	5/15/22	 	21,534,000.00	 	1/15/27	 	9,645,768.34
	6/15/22	 	21,534,000.00	 	2/15/27	 	9,285,144.15
	7/15/22	 	21,534,000.00	 	3/15/27	 	8,864,986.26
	8/15/22	 	21,534,000.00	 	4/15/27	 	8,501,758.66
	9/15/22	 	21,534,000.00	 	5/15/27	 	8,117,961.26
	10/15/22	 	21,534,000.00	 	6/15/27	 	7,752,244.43
	11/15/22	 	21,534,000.00	 	7/15/27	 	7,366,030.00
	12/15/22	 	21,534,000.00	 	8/15/27	 	6,997,807.44
	1/15/23	 	21,534,000.00	 	9/15/27	 	6,628,358.23
	2/15/23	 	21,534,000.00	 	10/15/27	 	6,238,519.69
	3/15/23	 	21,534,000.00	 	11/15/27	 	5,866,540.05
	4/15/23	 	21,534,000.00	 	12/15/27	 	5,474,244.48
	5/15/23	 	21,534,000.00	 	1/15/28	 	5,099,717.65
	6/15/23	 	21,534,000.00	 	2/15/28	 	4,723,942.99
	7/15/23	 	21,534,000.00	 	3/15/28	 	4,309,008.64
	8/15/23	 	21,534,000.00	 	4/15/28	 	3,930,597.58
	9/15/23	 	21,534,000.00	 	5/15/28	 	3,532,057.14
	10/15/23	 	21,534,000.00	 	6/15/28	 	3,151,056.30
	11/15/23	 	21,534,000.00	 	7/15/28	 	2,750,001.18
	12/15/23	 	21,534,000.00	 	8/15/28	 	2,366,393.39
	1/15/24	 	21,534,000.00	 	9/15/28	 	1,981,507.25
	2/15/24	 	21,534,000.00	 	10/15/28	 	1,576,679.54
	3/15/24	 	21,534,000.00	 	11/15/28	 	1,189,160.72
	4/15/24	 	21,534,000.00	 	12/15/28	 	781,776.69
	5/15/24	 	21,534,000.00	 	1/15/29	 	391,607.75
	6/15/24	 	21,534,000.00	 	2/15/29	 	138.41
	7/15/24	 	21,534,000.00	 	3/15/29	 	0.00

  

    Sch. III-1

     

    

 

SCHEDULE
IV

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.06 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information
described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with Item 6 below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume
that there is no “significant obligor” other than a party identified as such in the Prospectus. For this CF 2019-CF3
Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item
    on Form 10-D	Party
    Responsible
	Item
    1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included
    on the Distribution Date Statement	●  
Each Master Servicer (only with respect to 1121(a)(12) as to Performing Loans)

        ●  
Special Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        ●  
Depositor 

        ●  
Certificate Administrator

        ●  
Asset Representations Reviewer

        ●  
Each Mortgage Loan Seller (only with respect to 1121(c)(2))

	Item 1A:
Asset-Level Information

        ●      Item 1111(h)
of Regulation AB

        ●      Item 1125
of Regulation AB
	●   Each
Mortgage Loan Seller (as to its Mortgage Loans for any period prior to the reporting period applicable to the first Form 10-D
filed with respect to the Trust)

        ●   Master
Servicer

 

    Sch. IV-1 

     

    

 

	Item 1B:
Asset Representations Reviewer and Investor Communication:

        ●      Item 1121(d)
of Regulation AB

        ●      Item 1121(e)
of Regulation AB
	●   Certificate
Administrator

        ●   Depositor

        ●   Asset
Representations Reviewer

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●   Master Servicer (as to itself)

        ●   Special Servicer (as to itself)

        ●   Trustee (as to itself)

        ●   Certificate Administrator (as to itself)

        ●   Depositor (as to itself)

        ●   Operating Advisor (as to itself)

        ●   Asset Representations Reviewer (as to itself)

        ●   Any other Reporting Servicer (as to itself) 

        ●   Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal
control of the proceedings)

        ●   Each Mortgage Loan Seller as sponsor (as defined in Regulation AB)

        ●   Originators under Item 1110 of Regulation AB (to be provided by the Depositor)

        ●   Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

	Item
    3:  Sale of Securities and Use of Proceeds	●   Depositor
	Item
    4:  Defaults Upon Senior Securities	●  
Certificate Administrator

        ●  
Trustee

	Item
    5:  Submission of Matters to a Vote of Security Holders	●   Certificate Administrator
	Item
    6:  Significant Obligors of Pool Assets	●   Master Servicer
	Item
    7: Change in Sponsor Interest in the Securities:

    Item 1124 of Regulation AB	●  
    Each Mortgage Loan Seller (as to itself in its capacity as a sponsor as defined in Regulation AB)
	Item
    8:  Significant Enhancement Provider Information	●  
    N/A

	Item
9: Other Information,

                                                                                                                                                                       

        (i)
Balances of the Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the Collection Account and
each REO Account as of the related 
	 

                                                                                                                                

                                                                                                                               ●   Certificate
Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is the “Party
Responsible” with respect to such information

 

    Sch. IV-2 

     

    

 

	Distribution
Date and the preceding Distribution Date; and

         

        (ii)
        information other than those specified in clause (i) above, but only to the extent of any information that meets all the
        following conditions: (a) such information constitutes “Additional Form 8-K Disclosure” pursuant to Schedule
        VI, (b) such information is required to be reported as “Additional Form 8-K Disclosure” during the period
        to which the Form 10-D relates, and (c) such information was not previously reported as “Additional Form 8-K Disclosure”

         
	      pursuant
to Schedule VI.

        ●   Certificate
Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
as of the related Distribution Date and the preceding Distribution Date) 

        ●   Master
Servicer (with respect to the balances of each REO Account (to the extent the related information has been received from the Special
Servicer) and the Collection Account as of the related Distribution Date and the preceding Distribution Date) 

        ●   Special
Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

        ●   Any
other party responsible for disclosure items on Form 8-K (including each applicable Mortgage Loan Seller with respect to Item
1100(e) of Regulation AB to the extent material to Certificateholders)

         

	Item
    10:  Exhibits	●    Depositor
(exhibits required by Item 601 of Regulation S-K, such as material agreements)

        ●    Certificate
Administrator (Monthly Statement to Certificateholders)

 

    Sch. IV-3 

     

    

 

SCHEDULE
V

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.07 of the Pooling and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information
described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume
that there is no “significant obligor” other than a party identified as such in the Prospectus. For this CF 2019-CF3
Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item
    on Form 10-K	Party
    Responsible
	Item
    1B: Unresolved Staff Comments	●   Depositor

 

    Sch. V-1 

     

    

 

	Item
    on Form 10-K	Party
    Responsible
	Item
9B: Other Information, but only to the extent of any information that meets all the following conditions:

         

        (a)
such information constitutes “Additional Form 8-K Disclosure” pursuant to Schedule VI,

         

        (b)
such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form
10-K relates, and 

         

        (c)
such information was not previously reported as “Additional Form 8-K Disclosure” or as “Additional Form 10-D
Disclosure” 
	●   Certificate Administrator, Trustee, Master Servicer and/or Special Servicer, in each case to the extent that such party is
    the “Party Responsible” with respect to such information pursuant to Schedule VI
	Item
    15:  Exhibits, Financial Statement Schedules	●  
Certificate Administrator 

        ●   Depositor 

	Additional
    Item:

    Disclosure per Item 1112(b)(1) of Regulation AB	●   Master Servicer
	Additional
    Item:

    Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	●   
    N/A

 

    Sch. V-2 

     

    

 

	Item
    on Form 10-K	Party
    Responsible
	Additional
    Item:

    Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	●  
Master Servicer (as to itself) 

        ●  
Special Servicer (as to itself) 

        ●  
Certificate Administrator (as to itself) 

        ●  
Trustee (as to itself) 

        ●  
Depositor (as to itself) 

        ●  
Operating Advisor (as to itself) 

        ●  
Asset Representations Reviewer (as to itself) 

        ●  
Any other Reporting Servicer (as to itself) 

        ●  
Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust 

        ●  
Each Mortgage Loan Seller as sponsor (as defined in Regulation AB) 

        ●  Originators under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●  Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

 

    Sch. V-3 

     

    

 

	Item
    on Form 10-K	Party
    Responsible
	Additional
    Item:

    Disclosure per Item 1119 of Regulation AB	●   Master
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ●   Special
Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3)) 

        ●   Certificate
Administrator (as to itself) (to the extent material to Certificateholders) 

        ●   Trustee
(as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Master Servicer,
Certificate Administrator, Special Servicer or a sub-servicer retained by it meeting any of the descriptions in Item 1108(a)(3)) 

        ●   Depositor (as to itself) 

        ●   Depositor
(as to the Trust) 

        ●  
Each Mortgage Loan Seller

        ●  
Operating Advisor (as to itself) 

        ●  
Asset Representations Reviewer (as to itself) 

        ●  Originators under Item 1110 of Regulation AB (to be provided by the Depositor) 

        ●  Party under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

 

    Sch. V-4 

     

    

 

SCHEDULE
VI

 

FORM
8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible
for the following items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant
to Section 10.09 of the Pooling and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence
of any event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent
such party has actual knowledge of such information (other than information as to itself). Each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely
on the accuracy of the Prospectus (other than information with respect to itself that is set forth in or omitted from the Prospectus),
in the absence of specific written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be
entitled to conclusively assume that there is no “significant obligor” other than a party identified as such in the
Prospectus. For this CF 2019-CF3 Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there
is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation
AB other than a party identified as such in the Prospectus.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement

    

    Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization,
    even if depositor is not a party.  

    

    Examples: servicing agreement, custodial agreement.

    

    Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	●   
    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such
    entity is a party to or entered into on behalf of the Trust)
	Item
                                         1.02- Termination of a Material Definitive Agreement
 
 Disclosure is required
                                         regarding termination of  any definitive agreement that is material to the
                                         securitization (other than expiration in accordance with its terms), even if depositor
                                         is not a party.  

	●   
    Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements
    such entity is a party to or entered into on behalf of the Trust)

 

    Sch. VI-1 

     

    

 

	Item
    on Form 8-K	Party
    Responsible 
	Examples:
    servicing agreement, custodial agreement.	 
	Item
    1.03- Bankruptcy or Receivership	●   
                                         Depositor

        ●   
        Each Mortgage Loan Seller as to itself

	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event, including event of default, that would materially alter
    the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	●   
                                         Depositor

        ●   
        Certificate Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the
    Pooling and Servicing Agreement.	●   
    Certificate Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●    Depositor
	Item
    5.06 – Change in Shell Company Status	●    Depositor
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●   
    Depositor
	Item
    5.08 – Shareholder Director Nomination	●   
    Depositor
	Item
    6.01- ABS Informational and Computational Material	●    
    Depositor
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	●  
                                         Master Servicer (as to itself or a servicer retained by it)

        ●  
        Special Servicer (as to itself or a servicer retained by it)

        ●  
        Certificate Administrator (as to itself or an entity retained by it) 

        ●   Trustee
(as to itself or an entity retained by it)  

 

    Sch. VI-2 

     

    

 

	Item
    on Form 8-K	Party
    Responsible 
		

        ●  
        Depositor 

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●    Master
    Servicer or Special Servicer, as applicable
	Reg
    AB disclosure about any new Trustee is also required.	●    Trustee
	Reg
    AB disclosure about any new Certificate Administrator is also required.	●    Certificate
    Administrator
	Item
    6.03- Change in Credit Enhancement or Other External Support	       N/A
	Item
    6.04- Failure to Make a Required Distribution	●    Certificate
    Administrator
	Item
    6.05- Securities Act Updating Disclosure

    

    If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in
    the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

    

    If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
    the information called for in Items 1108 and 1110 respectively.	●   
    Depositor
	Item
    7.01- Regulation FD Disclosure	●    Depositor
	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●   
    Depositor
	Item
    9.01 – Financial Statements and Exhibits	●    Responsible
    party for reporting/disclosing the financial statement or exhibit

 

    Sch. VI-3 

     

    

 

SCHEDULE
VII

 

INITIAL
SERVICED COMPANION LOAN NOTEHOLDERS

 

	Serviced
    Companion Loan	Initial
    Noteholders	Address
	 	 	Wilmington
                                         Trust, National Association 

        1100
        North Market Street 

        Wilmington,
        Delaware 19890 

	Airport
    Square	UBS
    2019-C18 (Note A-2 Holder)	
        Attention:
        CMBS Trustee UBS 2019-C18 

         

        with
        a copy to:

        

        CMBSTrustee@wilmingtontrust.com

         

    Sch. VII-1 

     

    

 

SCHEDULE
VIII

 

CONTACT
INFORMATION FOR THE OTHER 17G-5 INFORMATION PROVIDER

 

	Serviced
    Companion 

Loan	Transaction	Name
    and Contact Information of 

Other 17g-5 Information Provider
	 	 	 

                                               Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045
 

	

                                                                                 Airport
Square
	

                                                                                 UBS
2019-C18
	Attention: Corporate Trust Services: UBS 2019-C18

         

        with
        a copy to:

        cts.cmbs.bond.admin@wellsfargo.com

        trustadministrationgroup@wellsfargo.com

 

    Sch. VIII-1

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