Document:

Exhibit 4.4 

 

EXECUTION
VERSION 

	 

 

Bank
of America Center

 

CO-LENDER
AGREEMENT

 

Dated
as of August 24, 2018

 

between

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-1 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-2 Holder)

 

CANTOR
COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-3-1 Holder)

 

and

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-3-2 Holder)

	 

 

     

    

    

 

TABLE
OF CONTENTS 

 

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

 

    -i-

    

    

 

THIS
CO-LENDER AGREEMENT (the “Agreement”), dated as of August 24, 2018, is between CANTOR COMMERCIAL REAL ESTATE
LENDING, L.P., a Delaware limited partnership (“CCRE”), having an address at 110 East 59th Street, New
York, New York 10022, as the holder of Note A-1 (in such capacity, the “Note A-1 Holder”), CCRE, as the holder
of Note A-2 (in such capacity, the “Note A-2 Holder”), CCRE, as the holder of Note A-3-1 (in such capacity,
the “Note A-3-1 Holder”) and CCRE, as the holder of Note A-3-2 (in such capacity, the “Note A-3-2
Holder”).

 

W I T N E S S E T H:

 

WHEREAS,
CCRE has made a mortgage loan in the original principal amount of $60,500,000 (the “Mortgage Loan”) to RVA
111 East Main Tower LP (the “RVA Tower Borrower”) and RVA Shockoe Garage LP (the “RVA Garage Borrower”,
and together with the RVA Tower Borrower, and together with each of its permitted successors and assigns, the “Mortgage
Loan Borrower”) pursuant to a loan agreement between the Mortgage Loan Borrower, as borrower, and CCRE, as lender, dated
as of June 21, 2018 (the “Loan Agreement”);

 

WHEREAS,
the Mortgage Loan is evidenced by three promissory notes and the Mortgage Loan Borrower has executed and delivered to CCRE (i)
one promissory note in the original principal amount of $25,000,000 (“Note A-1”) made by the Mortgage Loan
Borrower in favor of the Note A-1 Holder, (ii) one promissory note in the original principal amount of $20,500,000 (“Note
A-2”) made by the Mortgage Loan Borrower in favor of the Note A-2 Holder, (iii) one promissory note in the original
principal amount of $5,000,000 (“Note A-3-1”) made by the Mortgage Loan Borrower in favor of the Note A-3-1
Holder and (iv) one promissory note in the original principal amount of $10,000,000 (“Note A-3-2” and together
with Note A-1, Note A-2, and Note A-3-1, the “Notes”) made by the Mortgage Loan Borrower in favor of the Note
A-3-2 Holder;

 

WHEREAS,
the Mortgage Loan is secured by a first mortgage lien (the “Mortgage”) on the properties known as (i) Bank
of America Center, located at 1111 East Main Street, Richmond, VA 23219 (the “Tower Property”) and (ii) the
Shockoe Garage, located at 110 S. 13th Street, Richmond, VA 23219 (the “Garage Property,” and together
with the Tower Property, the “Mortgaged Property”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-1, Note A-2 and Note
A-3-1 to Deutsche Mortgage & Asset Receiving Corporation (the “CD7 Depositor”) as depositor, pursuant to
a Mortgage Loan Purchase Agreement, dated as of August 2, 2018, by and between CD7 Depositor, as purchaser, and CCRE, as seller,
and CD7 Depositor intends to transfer its right, title and interest in and to Note A-1, Note A-2 and Note A-3-1 to Wells Fargo
Bank, National Association, as trustee for the CD7 Commercial Mortgage Trust 2018-CD7 pursuant to a pooling and servicing agreement,
dated as of August 1, 2018 (the “Note A-1 PSA”), between CD7 Depositor, KeyBank National Association, as master
servicer and Westside NYC Multifamily Portfolio special servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo
Bank, National Association, as trustee, and as certificate administrator, paying agent and custodian and Park Bridge Lender Services

 

     

    

    

 

LLC,
as operating advisor and asset representations reviewer (such sales, transfers and assignments, the “Note A-1 Securitization”);

 

WHEREAS,
CCRE intends (but is not bound) to sell, transfer and assign its right, title and interest in and to Note A-3-2 to UBS Commercial
Mortgage Securitization Corp. (“UBS Depositor”) as depositor, pursuant to a Mortgage Loan Purchase Agreement,
to be dated as of August 3, 2018, by and between UBS Depositor, as purchaser, and CCRE, as seller, and UBS Depositor intends to
transfer its right, title and interest in and to Note A-3-2 to Wells Fargo Bank, National Association (“Wells Fargo”),
as trustee for the UBS Commercial Mortgage Trust 2018-C12 pursuant to a pooling and servicing agreement, to be dated as of August
1, 2018 (the “Note A-3 PSA”), between UBS Depositor, Midland Loan Services, a Division of PNC Bank, National
Association, a national banking association (“Midland”), as master servicer, Midland, as special servicer,
Wells Fargo, as trustee, Wells Fargo, as certificate administrator, paying agent and custodian and Park Bridge Lender Services
LLC, as operating advisor and asset representations reviewer (such sales, transfers and assignments, the “Note A-3-2
Securitization”);

 

WHEREAS,
the parties hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns,
shall hold each Note;

 

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

 

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

 

“Acceptable
Insurance Default” shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Property
pursuant to a PSA.

 

“Affiliate”
shall mean, 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.

 

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

 

    -2-

    

    

 

“Asset
Review” shall mean any review of representations and warranties conducted by the “Asset Representations Reviewer”
under a Non-Lead Securitization, as contemplated by Item 1101(m) of Regulation AB.

 

“Borrower”
shall mean the “Mortgage Loan Borrower” as such term is defined in in the recitals.

 

“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 ownership of voting securities, by contract or otherwise and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

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

 

“CCRE”
shall mean Cantor Commercial Real Estate Lending, L.P. and its successors in interest.

 

“CD7
Depositor” shall have the meaning assigned to such term in the recitals.

 

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

 

“Certificates”
shall mean any securities issued in connection with a Securitization.

 

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

 

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

 

“Commission”
shall have the meaning set forth in Section 18(d)(v)

 

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

 

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

 

    -3-

    

    

 

otherwise.
The terms “controlled by,” “controlling” and “under common control with” shall have the respective
correlative meaning thereto.

 

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

 

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

 

“Depositor”
shall mean, with respect to any Securitization, the depositor under the related PSA.

 

“Designated
Holder” shall mean the Holder of Note A-1.

 

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

 

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

 

“Excluded
Amounts” shall mean:

 

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

 

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

 

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

 

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

 

    -4-

    

    

 

“First
Securitization” shall mean the first Securitization to close, which will be the Note A-1 Securitization.

 

“First
Securitization Date” shall mean the closing date for the First Securitization.

 

“First
Securitization PSA” shall mean the PSA entered into in connection with the First Securitization.

 

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

 

“Holder”
shall mean the holder(s) of any one or more of the Notes, as the context indicates.

 

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

 

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

 

“Lead
Note” shall mean a Note held by the Lead Securitization.

 

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

 

“Lead
Securitization” shall mean the Note A-1 Securitization, provided that if the Note A-1 Securitization is not the First
Securitization, (a) during the period from and after the First Securitization Date and prior to the Note A-1 Securitization Date,
the First Securitization and (b) from and after the Note A-1 Securitization Date, the Note A-1 Securitization.

 

“Lead
Securitization PSA” shall mean the Note A-1 Securitization PSA, provided that if the Note A-1 Securitization is not
the First Securitization, (a) during the period from and after the First Securitization Date and prior to the Note A-1 Securitization
Date, the First Securitization PSA and (b) from and after the Note A-1 Securitization Date, the Note A-1 PSA.

 

“Lead
Securitization Trust” shall mean the trust established under the Note A-1 Securitization, provided that if the Note
A-1 Securitization is not the First Securitization, (a) during the period from and after the First Securitization Date and prior
to the Note A-1 Securitization Date, the trust established under the First Securitization PSA in connection with the First Securitization
and (b) from and after the Note A-1 Securitization Date, the trust established under the Note A-1 PSA.

 

“Lead
Servicer” shall mean the master servicer designated under the Note A-1 PSA, provided that if the Note A-1 Securitization
is not the First Securitization, (a) during the period from and after the First Securitization Date and prior to the Note A-1
Securitization Date, the master servicer designated under the First Securitization PSA and (b) from and after the Note A-1 Securitization
Date, the master servicer designated under the Note A-1 PSA.

 

    -5-

    

    

 

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

 

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

 

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

 

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

 

“Master
Servicer Remittance Date” shall mean:

 

(a)          if
the Note A-1 Securitization is not the First Securitization, during the period after the First Securitization Date but prior to
the Note A-1 Securitization Date:

 

(i)         with
respect to any Note included in the First Securitization, the “Master Servicer Remittance Date” (or analogous term)
as defined in the First Securitization PSA, and

 

(ii)        with
respect to each other Note, the earlier of (1) the date set forth in clause (i) above or (2) the first Business Day after the
“determination date,” as such term or a similar term is defined in the related PSA for any Note that has been securitized,
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 day of each month or,
if such sixth day is not a Business Day, the next succeeding Business Day;

 

(b)         after
the Note A-1 Securitization Date:

 

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

 

(ii)        with
respect to any Note that was included in the First Securitization (if applicable), the earlier of (a) the “Master Servicer
Remittance Date” (or analogous term) as defined in the Servicing Agreement or (b) the first Business Day after the “determination
date,” as such term or a similar term is defined in the First Securitization PSA, 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 day of each month or, if such sixth day is
not a Business Day, the next succeeding Business Day; and

 

(iii)       with
respect to any Note that was not included in the Note A-1 Securitization (or the First Securitization, if applicable), the earlier
of (a) the “Master Servicer Remittance Date” (or analogous term) as defined in the

 

    -6-

    

    

 

Servicing
Agreement or (b) the first Business Day after the “determination date,” as such term or similar term is defined in
the related PSA, 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 day of each month or, if such sixth day is not a Business Day, the next succeeding Business Day.

 

For
the avoidance of doubt, any late collections received by the Master Servicer after the related due date under the Mortgage Loan
shall be remitted by the Master Servicer in accordance with Section 18(d)(vii) below.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage
Interest Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each Note.

 

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

 

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

 

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

 

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

 

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

 

“Non-Directing
Holders” shall mean the holders of all or a portion of each Note (other than Note A-1) or, if all or a portion of a
Note is included in a Securitization, the holders of Certificates representing the specified interest in the class of Certificates
designated as the “controlling class” or the duly appointed representative of the holders of such Certificates or
such other party otherwise entitled under each related PSA to exercise the rights granted to the Non-Directing Holders in this
Agreement.

 

    -7-

    

    

 

“Non-Lead
Master Servicer” shall mean (i) from and after the First Securitization (if it is not the Note A-1 Securitization),
to the extent any Note has been deposited into a Securitization, the master servicer under such related PSA, and (ii) from and
after the Note A-1 Securitization, the master servicer designated under any PSA other than the Note A-1 PSA.

 

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

 

“Non-Lead
Note Holders” shall mean the holders of the Non-Lead Notes (other than a Non-Lead Note that is included in the Lead
Securitization).

 

“Non-Lead
Securitization” shall mean, at any time, each Securitization that is not then the Lead Securitization.

 

“Non-Lead
Servicing Agreements” shall mean from and after the date that any Note (other than Note A-1 or any other Note that is
deposited into the Note A-1 Securitization) is deposited into a Securitization, the related PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note
A-1 Special Servicer” shall mean the Special Servicer for the Mortgage Loan under the Note A-1 PSA.

 

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

 

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

 

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

 

    -8-

    

    

 

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

 

“Note
A-3-1” shall have the meaning assigned to such term in the recitals.

 

“Note
A-3-1 Holder” shall mean CCRE or any subsequent holder of Note A-3-1.

 

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

 

“Note
A-3-2” shall have the meaning assigned to such term in the recitals.

 

“Note
A-3-2 Holder” shall mean CCRE or any subsequent holder of Note A-3-2.

 

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

 

“Note
A-3-2 PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-3-2
Securitization.

 

“Note
A-3-2 Securitization” shall have the meaning assigned to such term in the recitals.

 

“Note
A-3-2 Securitization Date” shall mean the closing date of the Note A-3-2 Securitization.

 

“Note
A-3-2 Trustee” shall mean the Trustee under the Note A-3-2 PSA. 

 

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

 

“P&I
Advance” shall mean an advance made by a party to any PSA with respect to a delinquent monthly debt service payment
on the Notes included in the related Securitization.

 

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

 

“Permitted
Fund Manager” shall mean any Person (a) listed on Exhibit C attached hereto or (b) that on the date
of determination is (i) a Qualified Transferee or any other nationally-recognized manager of investment funds investing in
debt or equity interests relating to commercial real estate, (ii) investing through one or more funds with committed capital
of at

    -9-

    

    

 

least
$250,000,000 and (iii) not subject to a proceeding, whether voluntary or involuntary, relating to the bankruptcy, insolvency,
reorganization or relief of debtors.

 

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

 

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

 

“Pro
Rata and Pari Passu Basis” shall mean with respect to the Notes and each Holder, (i) for purposes of allocating payments
of interest among the Notes, each Note or Holder, as the case may be, is allocated its respective pro rata share based on the
interest accrued on such Note at the respective Mortgage Interest Rate of such Note based on the outstanding principal balance
of such Note and (ii) for all other purposes, the allocation of any particular payment, collection, cost, expense, liability or
other amount between such Notes or such Holders, as the case may be, without any priority of any such Note or any such Holder
over another Note or Holder, as the case may be, and in any event such that each Note or Holder, as the case may be, is allocated
its respective pro rata share based on the outstanding principal balance of its Note in relation to the outstanding principal
balance of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“PSA”
shall mean each “pooling and servicing agreement” entered into in connection with each related Securitization.

 

“Qualified
Servicer” shall mean any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,”
in the case of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the
S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as
applicable, (3) as to which neither Moody’s nor KBRA has cited servicing concerns of such servicer as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated by Moody’s or KBRA, as applicable, and
serviced by such servicer prior to the time of determination, (4) that (i) is then acting as master servicer or special servicer,
as applicable, in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded
or withdrawn the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the
servicer or special servicer, as applicable, as the sole or material factor in such rating action and (5) in the case of DBRS,
such servicer is then acting as servicer or special servicer, as applicable, in a commercial mortgage loan securitization rated
by DBRS and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed
any class of commercial mortgage securities on watch citing the continuation of such servicer as servicer or special servicer,
as applicable, of such commercial mortgage securities as a material reason for such downgrade or withdrawal. For purposes of this
definition, for so long as any

 

    -10-

    

    

 

Note
is included in a Securitization, the ratings or actions of any Rating Agency that is not rating any such Securitization(s) shall
not be considered.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

which,
in the case of each of clauses (i), (ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name
or under management) and (except with respect to a pension advisory

 

    -11-

    

    

 

firm
or similar fiduciary) at least $250,000,000 in capital/statutory surplus or shareholders’ equity, and is regularly engaged
in the business of making or owning commercial real estate loans or commercial loans similar to the Mortgage Loan.

 

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

 

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

 

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

 

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

 

    -12-

    

    

 

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

 

“REMIC”
shall have the meaning assigned to such term in Section 2(f).

 

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

 

“S&P”
shall mean S&P Global Ratings, a division of S&P Global, and its successors in interest.

 

“Securitization”
shall mean the Note A-1 Securitization or the Note A-3-2 Securitization, and/or any other Securitization that includes one or
more Notes.

 

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

 

“Servicing
Agreement” shall mean (a) during the period prior to the Note A-1 Securitization Date, if applicable, the First Securitization
PSA and (b) from and after the Note A-1 Securitization Date, the Note A-1 PSA. In the event that the Lead Note is no longer in
a Securitization the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant
to Section 2.

 

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

 

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

 

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

 

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

 

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

 

    -13-

    

    

 

“Special
Servicing Fee” shall have the meaning given to such term in the Servicing Agreement.

 

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

 

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

 

“Trustee”
shall mean the trustee under any PSA, as the context requires.

 

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

 

2.           Servicing
of the Mortgage Loan. (a)  Each Holder acknowledges and agrees that, subject in each case to the specific terms
of this Agreement, the Mortgage Loan shall be serviced by the Master Servicer and the Special Servicer under the Servicing Agreement
in effect at any given time.

 

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

 

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

 

(d)         Notwithstanding
anything to the contrary contained herein (including Sections 4 and 13(a)), each Servicing Agreement shall
provide that the Servicer shall be required

 

    -14-

    

    

 

to
service and administer the Mortgage Loan in accordance with the Servicing Standard as set forth in such Servicing Agreement, and
any Holder who is not a Borrower or a Borrower Party Affiliate shall be deemed a third-party beneficiary of such provisions of
the Servicing Agreement. It is understood that any Non-Lead Note Holder may separately appoint a servicer for its Non-Lead Note,
by itself or together with other assets, but any such servicer will have no responsibility hereunder and shall be compensated
solely by the applicable Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

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

 

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

 

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

 

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

 

    -15-

    

    

 

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

 

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

 

5.                 
Accounts; Payment Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and
maintain the Collection Account or Collection Accounts, as applicable. Each of the Holders hereby directs the Master Servicer,
in accordance with the priorities set forth in Section 3 hereof, and subject to the terms of the Servicing Agreement,
(i) to deposit into the applicable Collection Account within the time period specified in the Servicing Agreement all payments
received with respect to the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit or credit on the
applicable Master Servicer Remittance Date all payments received with respect to and allocable to any Note by wire transfer to
accounts maintained by the related Holder; provided that any late collections received by the Master Servicer after the
related due date under the Mortgage Loan shall be remitted by the Master Servicer in accordance with Section 18(d)(vii) of this
Agreement.

 

If
any Servicer holding or having distributed any amount received or collected in respect of any Note determines, or a court of competent
jurisdiction orders, at any time that any amount received or collected in respect of any Note must, pursuant to any insolvency,
bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the related Holder or any
Servicer or paid to any other Person, then, notwithstanding any other provision of this Agreement, no Servicer shall be required
to distribute any portion thereof to the related Holder, and such related Holder shall promptly on demand repay to such Servicer
the portion thereof, which shall have been theretofore distributed to such Holder, together with interest thereon at such rate,
if any, as such Servicer shall have been required to pay to the Borrower, the related Holder, any Servicer or such other person
or entity with respect thereto. Each Holder agrees that if at any time it shall receive from any sources whatsoever any payment
on account of the Mortgage Loan in excess of its distributable share thereof, it will promptly

 

    -16-

    

    

 

remit
such excess to the Master Servicer. The Master Servicer shall have the right to offset any amounts due hereunder from any Holder
with respect to the Mortgage Loan against any future payments due to such Holder under the Mortgage Loan, provided, that
the obligations of the Holders under this Section 5 are separate and distinct obligations from one another and in
no event shall any Servicer enforce the obligations of any Holder against any other Holder. The obligations of the Holders under
this Section 5 constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party
beneficiary of these provisions.

 

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

 

7.           Representations
of the Holders. Each of the Holders hereby represents and warrants to, and covenants with each other Holder that, as of the
date hereof (or, in connection with a new Holder of a Note following a Transfer, as of the date of such Transfer):

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(viii)      It
is a Qualified Transferee.

 

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

 

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

 

10.         Not
a Security. None of the Notes shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.

 

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

 

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12.         Transfer
of Notes. (a)  Each Holder may Transfer up to 49% (in the aggregate) of its beneficial interest in its Note whether
or not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder agrees it shall not
Transfer more than 49% (in the aggregate) of its beneficial interest in its Note, except to a Qualified Transferee, unless (i) prior
to a Securitization of any Note, the other Holders have consented to such Transfer, in which case the related transferee (and
its Affiliates) shall thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement, (ii) after
a Securitization of any Note, a Rating Agency Confirmation has been received with respect to such Transfer, in which case the
related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes under this Agreement,
or (iii) such Transfer is in connection with a sale by a Securitization Trust; provided that if such Transfer is a Transfer
of the Lead Note, such Transfer is to a Qualified Transferee. With respect to any Transfers pursuant to (i) or (ii) above (except
with respect to a Transfer to a Securitization Trust) such transferee must (x) assume in writing the obligations of the transferring
Holder hereunder and agree to be bound by the terms and provisions of this Agreement and, if applicable, the Servicing Agreement
and (y) remake each of the representations and warranties contained herein for the benefit of the other Holders. Notwithstanding
the foregoing, without the non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such
non-transferring Holder’s Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that
has been engaged by the Depositor to rate the securities issued in connection with such Securitization, no Holder shall Transfer
all or any portion of its Note to a Borrower or a Borrower Party Affiliate and any such Transfer shall be absolutely null and
void and shall vest no rights in the purported transferee. None of the provisions of this Section 12(a) shall apply in
the case of a sale of all of the Notes together, in accordance with the terms and conditions of the Lead Securitization PSA.

 

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

 

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

 

(d)         Notwithstanding
anything to the contrary contained herein, each Holder may pledge or transfer (a “Pledge”) its Note to any
entity (other than a Borrower or any Borrower Party Affiliate) that has extended a credit facility to such Holder or has entered
into a repurchase agreement with such Holder and that, in each case, is either a Qualified Transferee or a financial institution
whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency (a “Note
Pledgee”), or to a Person with respect to which a Rating Agency Confirmation has been obtained, on terms and conditions
set forth in this Section 12(d), it being further agreed that a financing provided by a Note Pledgee to any Holder
or any Affiliate that controls such Holder that is secured by such Holder’s interest in its respective Note and is structured
as a repurchase arrangement, shall qualify as a “Pledge” hereunder on the condition

 

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that
all applicable terms and conditions of this Section 12 are complied with. A Note Pledgee that is not a Qualified Transferee
may not take title to a Note without a Rating Agency Confirmation. Upon written notice, if any, by the pledging Holder to the
other Holders and the Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee),
the other Holders agree to acknowledge receipt of such notice and thereafter agree: (i) to give such Note Pledgee written
notice of any default by the pledging Holder in respect of its obligations under this Agreement of which default such Holder has
actual knowledge and which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) to
allow such Note Pledgee a period of ten (10) Business Days to cure a default by the pledging Holder in respect of its obligations
to the other Holders hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that no amendment,
modification, waiver or termination of this Agreement or the Servicing Agreement (if the pledging Holder had the right to consent
to such amendment, modification, waiver or termination pursuant to the terms hereof) shall be effective against such Note Pledgee
without the written consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and
which consent shall be deemed to be given if Note Pledgee shall fail to respond to any request for consent to any such amendment,
modification, waiver or termination within 10 days after request therefor; (iv) that the other Holders shall accept any cure
by such Note Pledgee of any default of the pledging Holder which such pledging Holder has the right to effect hereunder, as if
such cure were made by such pledging Holder; (v) that the other Holders or Servicer shall deliver to Note Pledgee such estoppel
certificate(s) as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably
satisfactory to the other Holders; and (vi) that, upon written notice (a “Redirection Notice”) to the
Servicer by such Note Pledgee that the pledging Holder is in default beyond any applicable cure periods with respect to the pledging
Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement or other agreements relating to the
Pledge between the pledging Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Holder),
and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that pledging Holder
otherwise directs that such payment be made to Note Pledgee pursuant to a separate notice) shall be entitled to receive any payments
that any Servicer would otherwise be obligated to make to the pledging Holder from time to time pursuant to this Agreement or
any Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases the other Holders and any Servicer
from any liability to the pledging Holder on account of any Holder’s or Servicer’s compliance with any Redirection
Notice believed by any Servicer or other Holders in good faith to have been delivered by a Note Pledgee. Note Pledgee shall be
permitted to exercise fully its rights and remedies against the pledging Holder (and accept an assignment in lieu of foreclosure
as to such collateral), in accordance with applicable law, the pledge agreement, repurchase agreement or similar agreement between
the pledging Holder and the Note Pledgee and this Agreement. In such event, or if the pledging holder otherwise assigns its interests
to the Note Pledgee, the other Holders and the Servicer shall recognize such Note Pledgee (and any transferee (other than a Borrower
or any Borrower Party Affiliate) that is also a Qualified Transferee at any foreclosure or similar sale held by such Note Pledgee
or any transfer in lieu of foreclosure), and such Person’s successor and assigns, as the successor to the pledging Holder’s
rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee shall assume in writing
the obligations of the pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral
by such Note Pledgee)

 

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and
agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 12(d) shall
remain effective as to any Holder (and any Servicer) unless and until such Note Pledgee shall have notified such Holder (and any
Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(d)         Notwithstanding
anything to the contrary contained herein, the exercise by the Servicer on behalf of the Holders of its rights under this Section 13 shall be subject in all respects to any section of the Servicing Agreement governing REMIC administration, and in no event
shall the Servicer be permitted to take any action or refrain from taking any action if taking or failing to take such action,
as the case may be, would violate the laws of any applicable jurisdiction, breach the Mortgage Loan Documents or be inconsistent
with the Servicing Standard or violate any other provisions of the Servicing Agreement or violate the REMIC

 

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provisions
of the Code or any regulations promulgated thereunder, including, without limitation, the provisions of Section 2(f) of
this Agreement.

 

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

 

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

 

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

 

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

 

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

 

The
Holders acknowledge that the Servicing Agreement may contain certain provisions that give any operating advisor certain non-binding
consultation rights with respect to Major Actions.

 

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

 

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

 

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

 

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the
Non-Lead Securitization(s), who shall forward such notice as and when required under the terms of the related Securitization documents;
and

 

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

 

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

 

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

 

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

 

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

 

17.         Advances;
Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead
Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the
Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead
Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances
with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance
with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required to
make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each
Non-Lead Master Servicer

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and
any Trustee will be entitled to interest on any Advance made in the manner and from the sources provided in the applicable PSA.

 

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

 

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

 

(d)         The
parties to each PSA shall each be entitled to make their own recoverability determination with respect to a P&I Advance based
on the information that they have on hand and in accordance with such PSA.

 

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

 

18.         Provisions
Relating to Securitization.

 

(a)  New
Notes. For so long as a Note is not included in a Securitization, the Holder of such Note (the “Resizing Holder”)
shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated
notes (“Amended Notes”) or additional notes (“New Notes”) reallocating the principal of
the Note or Notes that it owns (but in no case any Note that it does not then own) among Amended Notes and New Notes or severing
a Note into one or more further “component” notes in the aggregate principal amount equal to the then outstanding
principal balance of the Note or Notes being amended or created, provided that (i) the aggregate principal balance of the
Amended Notes and New Notes following such amendments is no greater than the principal balance of the Amended Notes and New Notes
prior to such amendments, (ii) all New Notes continue to have the same interest rate as the Amended Note of which it was a part
prior to such amendments, (iii) all New

 

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Notes
pay pro rata and on a pari passu basis with the Amended Notes and such reallocated or component notes shall be automatically
subject to the terms of this Agreement and (iv) the Resizing Holder holding the New Notes shall notify each other Holder, as applicable,
and, if any other Note has been included in a securitization, the parties under each applicable PSA, in writing (which may be
by email) of such modified allocations and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby
authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this
Agreement) on behalf of any or all of the Holders for the purpose of reflecting such reallocation of principal or such severing
of a Note, (2) if a Note is severed into “component” notes, such component notes shall each have their same rights
as the respective original Note, (3) the definition of the term “Securitization” and all of the related defined terms
may be amended (and new terms added, as necessary) to reflect the New Notes and (4) if Note A-1 is severed into “component”
notes, another note (or one of the New Notes) may be substituted for Note A-1 in the definition of “Designated Holder”
and “Directing Holder” and the definitions of “Lead Note” and “Lead Securitization” and “Non-Directing
Holder” will be revised accordingly. Neither Rating Agency Confirmation nor approval of the Directing Holder shall be required
for any amendments to this Agreement required to facilitate the terms of this Section 18(a). The Resizing Holder whose
Note is being reallocated or split pursuant to this Section 18(a) shall reimburse the other Holders for all costs and expenses
incurred by the other Holders in connection with the reallocation or split.

 

(b)         Each
Non-Lead Servicing Agreement shall provide that:

 

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

 

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

 

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

 

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(iv)        each
of the Master Servicer and the Special Servicer shall be indemnified (as and to the same extent the Lead Securitization Trust
is required to indemnify each such party) against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA that relate solely to its servicing
of the Mortgage Loan, as applicable, and the master servicer under the related Non-Lead Servicing Agreement will be required to
reimburse the Master Servicer, Special Servicer or Trustee under the Servicing Agreement, as applicable, out of general funds
in the collection account (or equivalent account) established under the related Non-Lead Servicing Agreement;

 

(v)         each
of Trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each of
the Master Servicer and the Trustee under the Servicing Agreement will be a third party beneficiary under the Non-Lead Servicing
Agreement with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect
to such Non-Lead Note by the Master Servicer or the Trustee under the Servicing Agreement and (2) as to the Master Servicer only,
the indemnification of the Master Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA and relating to such Non-Lead
Note and (ii) the Special Servicer will be a third party beneficiary under the related Non-Lead Servicing Agreement with respect
to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect to such Non-Lead
Note by the Special Servicer (it being understood that the Special Servicer is not required to make any Advances) and (2) the
indemnification of the Special Servicer against any claims, losses, penalties, fines, forfeitures, legal fees and related costs,
judgments and any other costs, liabilities, fees and expenses, incurred in connection with any PSA and relating to such Non-Lead
Note; and

 

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

 

(c)         Notice
to Parties to the Lead Securitization PSA.

 

(i)          The
Holder of the Lead Note shall provide the Depositor, the Trustee, the Servicer, and the Special Servicer under each Non-Lead PSA
notice of the Lead Securitization in writing (which may be by email) prior to, or promptly following the Lead Securitization Date.
Such notice shall contain contact information for each of the parties to the Lead Securitization PSA and the identity of the Controlling
Class Representative under the Lead Securitization PSA. In addition, after the Lead Securitization Date, the Holder of the Lead
Note shall send a copy of the Lead Securitization PSA to the Depositor, the Servicer, and the Special Servicer under each Non-Lead
PSA.

 

(ii)         The
Holder of each Note that is not included in the Lead Securitization shall provide the Depositor, the Servicer and the Special
Servicer under the Lead Securitization PSA (as of the closing date of each respective Securitization) (provided such party
is not also a party to the related PSA) notice of the applicable Securitization in

 

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writing
(which may be by email) prior to or promptly following the closing date of such Securitization. Such notice shall contain contact
information for each of the parties to the related PSA and the identity of the Controlling Class Representative under the related
PSA. In addition, after the closing date of the related Securitization, the applicable Holder shall send a copy of the related
PSA to the Depositor, the Servicer and the Special Servicer under the Lead Securitization PSA (as of closing date of such Securitization).

 

(d)         The
Lead Securitization PSA shall:

 

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

 

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

 

(iii)        provide
that the Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note, net of its Servicing
Fee and any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to
the Non-Lead Holder on the applicable Master Servicer Remittance Date; provided, that any late collections received by
the Master Servicer after the related due date under the Mortgage Loan shall be remitted by the Master Servicer in accordance
with Section 18(d)(vii) below;

 

(iv)        provide
that the Master Servicer agrees to make available to each master servicer under a Non-Lead Servicing Agreement the CREFC®
Investor Reporting Package® pursuant to the terms of the Servicing Agreement on a monthly basis on the applicable
Master Servicer Remittance Date;

 

(v)         provide
that the Master Servicer, any primary servicer, the Special Servicer and the Trustee for the Lead Securitization, certificate
administrator or other party acting as custodian for the Lead Securitization shall be required to deliver (and shall be required
to cause each other servicer and servicing function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation
AB) retained or engaged by it to deliver), to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely
manner, the reports, certifications, compliance statements, accountants’ assessments and attestations, information to be
included in reports (including, without limitation, Form 15G, Form 10K, Form 10D, Form 8K), notices, and other materials specified
in each of the other Servicing Agreements as the parties to each Non-Lead Securitization may require in order to comply with their
obligations under the Securities Act of 1933, as amended, Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended,
and Regulation AB, and any other applicable law. Without limiting the generality of the foregoing, each Lead Note Holder for a
Lead Securitization shall

 

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provide
in a timely manner to the depositor and the Trustee for any prior Securitization a copy of the Lead Securitization PSA and each
Lead Servicer (at the expense of the Lead Note Holder) will be required, upon prior written request, to provide to the depositor
and the Trustee for any prior Securitization any other information required to comply in a timely manner with applicable filing
requirements under Items 1.01 and 6.02 of Form 8-K, any other disclosure information required pursuant to Regulation AB in a timely
manner for inclusion in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and
with respect to the Lead Servicers (at the expense of the requesting party), upon prior written request, market indemnification
agreements, opinions and Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization.
As used in this Agreement, “Regulation AB” means 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 United States Securities and Exchange Commission (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. The Master Servicer, any primary servicer and the Special Servicer,
upon prior written request, shall each be required to provide certification and indemnification to each Certifying Person with
respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

 

(vi)        provide
that the servicing duties of each of the Master Servicer and Special Servicer under the Servicing Agreement shall include the
duty to service each Non-Lead Note on behalf of the Holders (including the related Trustees and related Certificate holders) in
accordance with the terms and provisions of this Agreement;

 

(vii)       provide
that, with respect to any/each Non-Lead Note, the Master Servicer shall withdraw from the related Collection Account and remit
to the Holder of the Non-Lead Note, within one (1) Business Day of receipt of properly identified and available funds, any amounts
that represent late collections or principal prepayments on such Non-Lead Note or any successor REO Property with respect thereto
(exclusive of any portion of such amount payable or reimbursable to any third party in accordance with this Agreement), unless
such amount would otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for such month; provided,
however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master
Servicer shall use commercially reasonable efforts to remit later collections to the Non-Lead Master Servicer within one Business
Day of receipt of properly identified and available funds but, in any event, the Master Servicer shall remit such amounts within
two Business Days of receipt of properly identified funds;

 

(viii)      provide
that the Non-Lead Note Holders are intended third-party beneficiaries in respect of the rights afforded it under the Servicing
Agreement and each master servicer under a Non-Lead Servicing Agreement will be entitled to enforce the rights of the related
Trustee with respect to such Non-Lead Note under this Agreement and the Servicing Agreement;

 

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(ix)         provide
that each master servicer and special servicer under any Non-Lead Servicing Agreement shall be a third-party beneficiary of the
Servicing Agreement with respect to all provisions therein expressly relating to compensation, reimbursement or indemnification
of such master servicer or special servicer, as the case may be, and the provisions regarding coordination of Advances;

 

(x)          provide
that it shall not be amended in a manner that materially and adversely affects the rights of the Non-Lead Note Holders without
their consent;

 

(xi)         satisfy
Moody’s rating methodology as of the Closing Date of the Lead Securitization related to permitted investments and eligible
accounts applicable to securities rated “Aaa” by Moody’s;

 

(xii)        provide
that, in connection with (A) any amendment of the Servicing Agreement, a party to such Servicing Agreement is required to provide
a copy of the executed amendment to the depositor under each related Non-Lead Servicing Agreement and one or more parties to the
related Non-Lead Servicing Agreement (which may be by e-mail), together with a copy of such amendment in electronic format, no
later than the effective date of such amendment, and (B) the termination, resignation and/or replacement of the Master Servicer
or Special Servicer under the Servicing Agreement, the replacement “master servicer” or replacement “special
servicer”, as applicable, is required to provide to the depositor under each related Non-Lead Servicing Agreement and one
or more parties to the related Non-Lead Servicing Agreement all disclosure about itself that is required to be included in Form
8-K no later than the date of effectiveness thereof;

 

(xiii)       provide
that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary market
termination events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required,
failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the
depositor under a related Non-Lead Servicing Agreement to timely comply with its obligations under the Securities Exchange Act
of 1934, as amended, the Securities Act of 1933, as amended, or Form SF-3, and for rating agency triggers with respect to any
Certificates, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such
grace periods will not cause a depositor under a Non-Lead Servicing Agreement to fail to comply with the applicable provisions
of such securities laws);

 

(xiv)       provide
that if a Non-Lead Note becomes the subject of an “asset review” under a Non-Lead Servicing Agreement, the applicable
parties to the Servicing Agreement are required to reasonably cooperate with the related asset representations reviewer and other
applicable party to such Non-Lead Servicing Agreement in connection with such asset review, including with respect to providing
access to related underlying documents to the extent the asset representations reviewer and any such other applicable party to
the Non-Lead Servicing Agreement has not obtained such documents from the related Non-Lead Note Holder and such documents are
in the possession of the applicable party to the Servicing Agreement;

 

    -31-

    

    

 

(xv)        provide
that the Non-Lead Note Holders shall be entitled to the same indemnity as the Lead Note Holder under the Lead Securitization PSA
with respect to the following items; each of the Master Servicer, the Special Servicer, the Trustee, the certificate administrator,
the operating advisor, and the custodian shall be required to indemnify each certifying person and the Depositor under any Non-Lead
Servicing Agreement, and their respective directors and officers and controlling persons, to the same extent that they indemnify
the Depositor of the Lead Securitization (in its capacity as such) and each certifying person for (i) its failure to deliver the
items in clause (v) above in a timely manner, (ii) its failure to perform its obligations to such Depositor of a Non-Lead Securitization
or Trustee of a Non-Lead Securitization under the Reporting Article (or any article substantially similar thereto) of the Lead
Securitization PSA by the time required after giving effect to any applicable grace period or cure period, (iii) the failure of
any servicer or servicing function participant retained by it to perform its obligations to such Depositor of a Non-Lead Securitization
or Trustee of a Non-Lead Securitization under such the Reporting Article (or any article substantially similar thereto) of the
Lead Securitization PSA by the time required and/or (iv) any deficient Securities Exchange Act of 1934 report regarding, and delivered
by or on behalf of, such party; and

 

(xvi)       provide
that, subject to certain applicable market caps and floor provisions, the special servicing, workout and liquidation fee rates
shall not exceed 0.25%, 1.00% and 1.00% (or, if such would result in a workout fee or liquidation fee that would be less than
$25,000, such higher rate as would result in a workout fee or liquidation fee equal to $25,000), respectively, subject to any
market minimum special servicing fees and fee offsets set forth in the Servicing Agreement.

 

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

 

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

 

    -32-

    

    

 

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

 

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

 

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

 

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

 

25.         Custody
of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than any Notes that are not included
in the Note A-1 Securitization) will be held by the Note A-1 Trustee (or by a custodian on its behalf) under the terms of the
Note A-1 PSA on behalf of all of the Holders; provided however, if the Note A-1 Securitization is not the First Securitization,
the originals of all of the Mortgage Loan Documents (other than any Note(s) not included in the First Securitization) will be
held by the Trustee for the First Securitization (or by a custodian on its behalf), under the terms of the First Securitization
PSA, on behalf of all of the Holders until the Note A-1 Securitization Date, at which time the originals of all of the Mortgage
Loan Documents (other than the Notes not included in the Note A-1 Securitization) will be transferred to and held by the Note
A-1 Trustee (or by a custodian on its behalf) on behalf of all of the Holders.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    -33-

    

    

 

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

 

	 	Note A-1 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	/s/ Gary Stellato   
	 	 	Name:  Gary Stellato
	 	 	Title:    Secretary

 

	 	Note A-2 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	 /s/ Gary Stellato 
	 	 	Name:  Gary Stellato
	 	 	Title:    Secretary

 

	 	Note A-3-1 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	 /s/ Gary Stellato 
	 	 	Name:  Gary Stellato
	 	 	Title:    Secretary

 

	 	Note A-3-2 Holder:
	 	 	 
	 	CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.
	 	 	 
	 	By:	 /s/ Gary Stellato 
	 	 	Name:  Gary Stellato
	 	 	Title:    Secretary

 

    A-1

    

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

A.       Description
of Mortgage Loan

 

	Borrower:	RVA
    111 East Main Tower LP and RVA Shockoe Garage LP, and together with their permitted successors and assigns, the “Borrower”)
	Mortgage
    Loan Origination Date:  	June
    21, 2018
	Initial
    Principal Amount of Mortgage Loan:	$60,500,000
	Location
    of Mortgaged Property:	1111
        East Main Street, Richmond, VA 23219

         

        110
        S. 13th Street, Richmond, VA 23219

         

	Current
    Use of Mortgaged Property:	Office
    and Garage
	Mortgage
    Interest Rate:	Note
    A-1:         5.03%

    Note A-2:         5.03%

    Note A-3-1:      5.03%

    Note A-3-2:      5.03%
	Maturity
    Date:	July
    1, 2028

 

    A-1

    

    

 

B.       Description
of Notes

 

	Mortgage
    Loan Origination Date:	June
    21, 2018
	Initial
    Note A-1 Principal Balance:	$25,000,000
	Initial
    Note A-2 Principal Balance:	$20,500,000
	Initial
    Note A-3-1 Principal Balance:	$5,000,000
	Initial
    Note A-3-1 Principal Balance:	$10,000,000
	Initial
    Note A-1 Percentage Interest:	41.32%
	Initial
    Note A-2 Percentage Interest:	33.88%
	Initial
    Note A-3-1 Percentage Interest:	8.26%
	Initial
    Note A-3-2 Percentage Interest:	16.53%
	Note
    A-1 Interest Rate:	5.03%
	Note
    A-2 Interest Rate:	5.03%
	Note
    A-3-1 Interest Rate:	5.03%
	Note
    A-3-2 Interest Rate:	5.03%
	Note
    A-1 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) four percent (4%) above the Note A-1 Interest Rate
	Note
    A-2 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) four percent (4%) above the Note A-2 Interest Rate
	Note
    A-3-1 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) four percent (4%) above the Note A-3-1 Interest Rate
	Note
    A-3-2 Default Interest Rate:	Lesser
    of (a) the maximum rate permitted by law or (b) four percent (4%) above the Note A-3-2 Interest Rate

 

    A-2

    

    

 

EXHIBIT
B

 

Holders
of Note A-1, Note A-2, Note A-3-1 and Note A-3-2:

 

Cantor
Commercial Real Estate Lending, L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

E-Mail: legal@ccre.com

 

with
a copy to:

 

Cadwalader,
Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666

E-Mail: lisa.pauquette@cwt.com

 

    C-1

    

    

 

EXHIBIT
C

 

PERMITTED
FUND MANAGERS

 

Westbrook
Partners 

iStar
Financial Inc. 

Capital
Trust 

Archon
Capital, L.P. 

Whitehall
Street Real Estate Fund, L.P. 

The
Blackstone Group 

Normandy
Real Estate Partners 

Dune
Real Estate Partners 

AllianceBernstein 

Rockwood 

RREEF
Funds 

Hudson
Advisors 

Artemis
Real Estate Partners 

Apollo
Real Estate Advisors 

Colony
Capital, Inc. 

Praedium
Group 

Fortress
Investment Group, LLC 

Lonestar
Opportunity Funds 

Clarion
Partners 

Walton
Street Capital, LLC 

Starwood
Financial Trust 

BlackRock,
Inc. 

Eightfold
Real Estate Capital, L.P. 

KKR
Real Estate Manager Finance LLC 

Raith
Capital Partners, LLC 

Rialto
Capital Management, LLC 

Rialto
Capital Advisors, LLC

 

    C-1Exhibit 4.5

 

EXECUTION VERSION

 

AGREEMENT AMONG NOTEHOLDERS

 

Dated as of June 8, 2018

 

by and among

 

CANTOR COMMERCIAL REAL ESTATE LENDING,
L.P.,

(Note A-1 Holder)

 

CANTOR COMMERCIAL REAL ESTATE LENDING,
L.P.,

(Note A-2 Holder)

 

and

 

CPPIB CREDIT INVESTMENTS II INC.,

(Note B Holder)

 

(Westside Portfolio)

 

      

     

    

 

THIS AGREEMENT AMONG
NOTEHOLDERS (“Agreement”), dated as of June 8, 2018 by and among CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.,,
a Delaware limited partnership, having an address at 110 East 59th Street, 6th Floor, New York, New York 10022 (“CCRE”
and together with its successors and assigns in interest, in its capacity as initial owner of the Note A-1, the “Note
A-1 Holder”), CCRE (together with its successors and assigns in interest, in its capacity as initial owner of the Note
A-2, the “Note A-2 Holder”) and CPPIB CREDIT INVESTMENTS II INC., a Canadian corporation (“CPPIB”),
having an address at One Queen Street East, Suite 250, Toronto, Ontario M5C 2W5 (together with its successors and assigns in interest,
in its capacity as owner of the Note B, the “Note B Holder”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
that certain Mortgage Loan Agreement (as defined herein) CCRE originated the mortgage loan (the “Mortgage Loan”)
described on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage
loan borrowers described on the Mortgage Loan Schedule (each, a “Mortgage Loan Borrower” and collectively, the
“Mortgage Loan Borrowers”). The Mortgage Loan is secured by certain first mortgages or deeds of trust lien (collectively,
as amended, modified or supplemented, the “Mortgage”) on one or more parcels of, or estates in, real property
located as described on the Mortgage Loan Schedule (each, a “Mortgaged Property” and collectively, the “Mortgaged
Properties”); and

 

WHEREAS, pursuant to
the Mortgage Loan Agreement, the Mortgage Loan Borrower has executed and delivered (i) one promissory note in the original principal
amount of $25,000,000 (“Note A-1”) made by the Mortgage Loan Borrower in favor of the Note A-1 Holder, (ii)
one promissory note in the original principal amount of $17,000,000 (“Note A-2”, and together with Note A-1,
the “Senior Notes”) made by the Mortgage Loan Borrower in favor of the Note A-2 Holder and (iii) one promissory
note in the original principal amount of $53,000,000 (“Note B”, and together with the Senior Notes, the “Notes”)
made by the Mortgage Loan Borrower in favor of the CCRE, as the initial Note B Holder (the “Initial Note B Holder”;

 

WHEREAS, CCRE, in its
capacity as the Initial Note B Holder transferred Note B to CPPIB (together with its successors and assigns in interest, the “Note
B Holder”, pursuant to that certain Assignment and Assumption Agreement by and between the Note B Holder and CCRE, as
Initial Note B Holder; and

 

WHEREAS, the parties
hereto desire to enter into this Agreement to memorialize the terms under which they, and their successors and assigns, shall hold
Note A-1, Note A-2 and Note B;

 

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

 

      2

     

    

 

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

 

“Acceptable
Insurance Default” shall have the meaning assigned to such term in the Servicing Agreement.

 

“Additional
Servicing Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable
to any Servicer, Trustee, Securitization Operating Advisor, certificate administrator or fiscal agent pursuant to the Servicing
Agreement, and (b) all interest accrued on Advances made by (x) any Servicer or Trustee in accordance with the terms of the Servicing
Agreement or (y) any Non-Lead Servicer or Non-Lead Trustee in accordance with the terms of the Non-Lead Securitization Servicing
Agreement; provided that the aggregate special servicing fee (or equivalent) (which fee is payable solely during the period that
the Mortgage Loan is a Specially Mortgage Serviced Loan) shall not exceed an amount equal to 0.25% per annum of the outstanding
principal balance of the Mortgage Loan, the special servicing liquidation fee (or equivalent) shall not exceed 1.0% of the collections
made with respect to the Mortgage Loan or any sums received from proceeds from the disposition of the Mortgaged Property or the
Mortgage Loan, as the case may be, and the special servicing workout fee (or equivalent) shall not exceed 1.0% of the collections
made with respect to the Mortgage Loan while the Mortgage Loan is a performing or “corrected” loan (or such other analogous
term pursuant to the Servicing Agreement).

 

“Advance Interest
Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement or Non-Lead Securitization Servicing
Agreement, as applicable.

 

“Advances”
shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement
or Non-Lead Securitization Servicing Agreement, as applicable.

 

“Affiliate”
shall mean with respect to any specified Person (i) any other Person Controlling or Controlled by or under common Control
with such specified Person (each a “Common Control Party”), (ii) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (iii) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests.

 

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the
Securitization Date shall mean the Certificate Administrator, if any, and if there is no Certificate Administrator, shall mean
the Trustee.

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office at the date of this Agreement is located at
Cantor Commercial Real Estate Lending, L.P., a Delaware limited partnership, having an address at 110 East 59th Street, 6th

 

      3

     

    

 

Floor,
New York, New York 10022, Attention: Legal Department, and which is the address to which notices to and correspondence
with the Agent should be directed. The Agent may change the address of its designated office by notice to the Noteholders.

 

“Agreement”
shall mean this Agreement Among Noteholders, the exhibits and schedule hereto and all amendments hereof and supplements hereto.

 

“Appraisal”
shall have the meaning assigned to such term in the Servicing Agreement, provided such Appraisal states the “market value”
of the subject property as defined in 12 C.F.R. § 225.62.1.

 

“Appraisal Reduction
Amount” shall have the meaning assigned to such term, prior to Securitization, in the Model PSA and after Securitization,
in the Securitization Servicing Agreement or such other analogous term used in the Securitization Servicing Agreement.

 

“Appraisal Reduction
Event” shall have the meaning assigned to such term, prior to Securitization, in the Model PSA and after Securitization,
in the Securitization Servicing Agreement.

 

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

 

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

 

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

 

“Business Day”
shall have the meaning assigned to such term in the Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable.

 

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

 

“Certificate
Administrator” shall mean the certificate administrator under the Securitization Servicing Agreement, if any.

 

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

 

“Collection
Account” shall mean the trust account or accounts (including any sub-accounts) created and maintained by the Servicer.

 

“Conduit”
shall have the meaning assigned to such term in Section 19(f).

 

      4

     

    

 

“Conduit Credit
Enhancer” shall have the meaning assigned to such term in Section 19(f).

 

“Conduit Inventory
Loan” shall have the meaning assigned to such term in Section 19(f).

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise.

 

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

 

(a)       (1)
the initial Note B Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal
prepayments or otherwise) allocated to, and received on, the Note B, (y) any Appraisal Reduction Amount for the Mortgage Loan that
is allocated to the Note B in accordance with the terms of this Agreement and (z) without duplication, any losses realized with
respect to any Mortgaged Property or the Mortgage Loan that are allocated to Note B plus (3) any Threshold Event Collateral, to
the extent such amount is not already taken into account in the definition of Appraisal Reduction Amount, is less than

 

(b)       25%
of the remainder of the (i) initial Note B Principal Balance less (ii) any payments of principal (whether as principal prepayments
or otherwise) allocated to, and received by, the Note B Holder on the Note B.

 

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

 

“Controlling
Noteholder” shall mean as of any date of determination (i) the Note B Holder, unless a Control Appraisal Period has occurred
and is continuing or (ii) if a Control Appraisal Period has occurred and is continuing, the Note A-1 Holder; provided that
at any time Note A-1 is the Controlling Noteholder and is included in the Lead Securitization, references to the “Controlling
Noteholder” herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization designated
as the “controlling class” (or such lesser amount as permitted under the terms of the Servicing Agreement) or such
other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as
and to the extent provided in the Servicing Agreement; provided, further, that if any Noteholder would be the Controlling Noteholder
pursuant to the terms hereof but any interest in the Note of such Noteholder is held by the Mortgage Loan Borrower or a Mortgage
Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage Loan Borrower Related Party would otherwise be entitled
to exercise the rights of the Controlling Noteholder, a Control Appraisal Period shall be deemed to have occurred with respect
to such Noteholder. As of the Closing Date, the Controlling Noteholder is the Note B Holder.

 

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

 

      5

     

    

 

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

 

“Defaulted Mortgage
Loan” shall have the meaning assigned to the term “Defaulted Loan” in the Servicing Agreement.

 

“Defaulted Mortgage
Loan Purchase Price” shall mean the sum, without duplication, of (a) the Principal Balance of Note A-1 and Note
A-2, (b) accrued and unpaid interest thereon at the Note A-1 Rate and Note A-2 Rate, respectively, from the date as to which
interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to
the Monthly Payment Date next following the date of purchase, (c) any other amounts due under the Mortgage Loan, other than Prepayment
Premiums, default interest, late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower
or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment
Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts under clause
(c), any unreimbursed property protection or servicing Advances and any expenses incurred in enforcing the Mortgage Loan
Documents (including, without limitation, servicing Advances payable or reimbursable to any Servicer, and earned and unpaid special
servicing fees), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount, (f)
(x) if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (y) if the Mortgage Loan is purchased
after ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or
workout fees payable under the Securitization Servicing Agreement with respect to the Mortgage Loan and (g) any Recovered
Costs not reimbursed previously to Note A-1 or Note A-2 pursuant to this Agreement. Notwithstanding the foregoing, if the Note
B Holder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase
Price shall not include the amounts described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted
into a REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue
to accrue on Note A-1 and Note A-2 at the Note A-1 Rate or Note A-2 Rate, as applicable, as if the Mortgage Loan were not so converted.
In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Note B Holder under this Agreement.

 

“Defaulted Note
Purchase Date” shall have the meaning assigned to such term in Section 12.

 

“Default Interest”
shall mean interest on the Mortgage Loan at a rate per annum equal to the Note Default Interest Spread.

 

“Depositor”
shall mean the Person selected by the Lead Securitization Noteholder to create the Securitization Trust.

 

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

 

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

 

      6

     

    

 

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

 

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

 

“Indemnified
Items” shall mean, collectively, any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments
and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration of the Mortgage
Loan and the Mortgaged Property (or, with respect to the Operating Advisor, incurred in connection with the provision of services
for the Mortgage Loan) under the Servicing Agreement.

 

“Indemnified
Parties” shall mean, collectively, (i) (as and to the same extent the Lead Securitization Trust is required to indemnify
each of the following parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of the
Servicing Agreement) each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer and the Depositor (and any director, officer, employee or agent of any of the foregoing,
to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of other
mortgage loans) and (ii) the Lead Securitization Trust.

 

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

 

“Initial Agent”
shall mean CCRE.

 

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

 

“Insurance and
Condemnation Proceeds” shall have the meaning assigned to such term or any one or more analogous terms in the Servicing
Agreement.

 

“Interest Rate”
shall have the meaning assigned to such term or any one or more analogous terms in the Mortgage Loan Documents.

 

      7

     

    

 

“Interim Servicing
Agreement” shall mean that certain interim servicing between CCRE and CCRE California, Inc., collectively, as owner,
and Wells Fargo Bank, National Association, as servicer, dated as of November 12, 2010.

 

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

 

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

 

“Junior Operating
Advisor” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a).

 

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

 

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

 

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

 

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

 

“Lead Securitization
Servicing Agreement” shall mean the Servicing Agreement for the Lead Securitization.

 

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

 

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

 

“Liquidation
Proceeds” shall have the meaning assigned to such term in the Servicing Agreement or any one or more analogous terms
in the Servicing Agreement.

 

“Major Decisions”
shall mean:

 

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

 

(ii)       any
modification, consent to a modification or waiver of, or consent to any deferral of compliance with, 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 or the material

 

      8

     

    

 

modification or termination of cash management or lockbox arrangements) of the Mortgage Loan,
or any extension of the maturity date of the Mortgage Loan;

 

(iii)       following
a default or an event of default with respect to the Mortgage Loan, any exercise of remedies, including the acceleration of the
Mortgage Loan or initiation of any proceedings, judicial, bankruptcy or otherwise, under the related Mortgage Loan Documents or
seeking to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to
the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the affairs
of the Mortgage Loan Borrower;

 

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

 

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

 

(vi)       any
direct or indirect transfer of a Mortgaged Property (or any interest therein), any release of material collateral or any acceptance
of substitute or additional collateral for the Mortgage Loan or any consent or determination with respect to any of the foregoing,
other than if required pursuant to the specific terms of the related Mortgage Loan Documents and for which there is no lender discretion;

 

(vii)       any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such a waiver or consent to a transfer of a Mortgaged Property or of any direct or indirect interest in the Mortgage Loan Borrower
or change in control of the Mortgage Loan Borrower;

 

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

 

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

 

(x)       any
property management company changes, including, without limitation, approval of the termination of a manager and appointment of
a new property manager and/or terminating, modifying or entering into any property

 

      9

     

    

 

management agreement (in each case, if the Lender
is required to consent or approve such changes under the Mortgage Loan Documents);

 

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

 

(xii)       any
release of a Mortgage Loan Borrower or guarantor or other obligor from liability under any of the Mortgage Loan Documents (including
acceptance of an assumption agreement) and the addition of a new guarantor, or any consent or determination with respect to any
of the foregoing, other than pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;

 

(xiii)       any
determination of an Acceptable Insurance Default;

 

(xiv)       the
approval of or voting on any plan of reorganization, restructuring or similar plan or other material action or decision in the
bankruptcy of the Mortgage Loan Borrower;

 

(xv)       any
material modification, waiver or amendment of any guaranty or environmental indemnity related to the Mortgage Loan;

 

(xvi)       any
approval of any property insurance settlements or award in connection with a taking related to a Mortgaged Property or the approval
of a determination to apply such insurance proceeds or award to the repayment of the Mortgage Loan rather than to the restoration
of the Mortgaged Property, other than pursuant to the specific terms of the Mortgage Loan and for which there is no lender discretion;
or

 

(xvii)       any
determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer based on a determination that (A) a
default (other than an Acceptable Insurance Default) is reasonably foreseeable, (B) such default will materially impair the value
of the related Mortgaged Property as security for the Mortgage Loan and (C) the default is likely to continue unremedied;

 

(xviii)       any
material modification or waiver of the insurance requirements set forth in the Mortgage Loan Documents; or

 

(xix)       any
material modification or waiver of any special purpose entity requirements set forth in the Mortgage Loan Documents;

 

provided however, that after the Securitization
Date, during a Control Appraisal Period, “Major Decisions” shall have the meaning given to such term in the
Securitization Servicing Agreement.

 

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

 

      10

     

    

 

“Model PSA”
shall mean the pooling and servicing agreement for the UBS Commercial Mortgage Trust 2018-C9 transaction, dated as of March 1.
2018 among UBS Commercial Mortgage Securitization Corp., Midland Loan Services, a Division of PNC Bank, National Association, as
master servicer, Rialto Capital Advisors, LLC, Wells Fargo Bank, National Association and Pentalpha Surveillance LLC, as special
servicer.

 

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

 

“Monetary Default
Notice” shall have the meaning assigned to such term in Section 11(a).

 

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

 

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

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or changed entity name or designation resulting
from any acquisition by Morningstar, Inc. or other similar entity of Realpoint LLC.

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean that certain loan agreement, dated as of June 5, 2018, between the Mortgage Loan Borrowers, as
Borrower, and CCRE, as administrative agent for the Noteholders, and Noteholders, as the same may be further amended, restated,
supplemented or otherwise modified from time to time, subject to the terms hereof.

 

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

 

“Mortgage Loan
Borrower Related Party” shall have the meaning assigned to such term in Section 18.

 

“Mortgage Loan
Documents” shall have the same meanings as is given to the term “Loan Documents” in the Mortgage Loan Agreement,
as any of such Loan Documents may be amended from time to time in accordance with this Agreement.

 

“Mortgage Loan
Rate” shall mean, as of any date of determination, the weighted average of the Note A-1 Rate, the Note A-2 Rate and the
Note B Rate.

 

“Mortgage Loan
Schedule” shall mean the Schedule attached hereto as Exhibit A.

 

      11

     

    

 

“Net Note A-1
Rate” shall mean the Note A-1 Rate minus the Servicing Fee Rate applicable to Note A-1.

 

“Net Note A-2
Rate” shall mean the Note A-2 Rate minus the Servicing Fee Rate applicable to Note A-2.

 

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

 

“Non-Controlling
Note” shall mean, with respect to a Non-Controlling Noteholder, the Note held by such Non-Controlling Noteholder.

 

“Non-Controlling
Noteholder” shall mean each Noteholder other than the Controlling Noteholder.

 

“Non-Controlling
Pari Passu Noteholder” shall mean the Note A-2 Holder, provided that with respect to the related Non-Controlling
Note held by the Note A-2 Holder, at any time such Non-Controlling Note is included in a Securitization other than the Lead Securitization,
references to the “Non-Controlling Pari Passu Noteholder” herein shall mean the Non-Lead Securitization Subordinate
Class Representative under the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related
Non-Lead Securitization Servicing Agreement and as to the identity of which the Lead Securitization Noteholder (and the Master
Servicer and the Special Servicer) has been given written notice. The Lead Securitization Noteholder (or the Master Servicer or
the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights
of a “Non-Controlling Pari Passu Noteholder” herein or under the Securitization Servicing Agreement and, (x) to the
extent that the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent
a Non-Controlling Note is split into two or more New Notes pursuant to Section 38, for purposes of this Agreement,
the Non-Lead Securitization Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead
Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such
designation to the Lead Securitization Noteholder (and the Master Servicer and the Special Servicer acting on its behalf) (such
party, the “Non-Controlling Pari Passu Noteholder Representative”); provided that, in the absence of
such designation and notice, the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf)
shall be entitled to treat the last party as to which it has received written notice as having been designated as the Non-Controlling
Pari Passu Noteholder Representative with respect to such Non-Controlling Note for all purposes of this Agreement. As of the date
hereof and until further notice from the Non-Lead Securitization Noteholder (or the Non-Lead Master Servicer or another party acting
on its behalf), the Note A-2 Holder is the Non-Controlling Pari Passu Noteholder Representative with respect to such Note.

 

Prior to Securitization
of any Non-Lead Securitization Note by the Non-Lead Securitization Noteholder (including any New Notes), all notices, reports,
information or other deliverables required to be delivered to such Non-Lead Securitization Noteholder or Non-Controlling Pari Passu
Noteholder pursuant to this Agreement or the Securitization Servicing Agreement by the Lead Securitization Noteholder (or the Master
Servicer or the Special Servicer

 

      12

     

    

 

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

 

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

 

“Non-Controlling
Pari Passu Noteholder Representative” shall have the meaning assigned to such term in the definition of “Non-Controlling
Pari Passu Noteholder”.

 

“Non-Exempt
Person” shall mean any Person other than a Person who is either (i) a U.S. Person or (ii) has on file with the Agent
for the relevant year such duly-executed form(s) or statement(s) which may, from time to time, be prescribed by law and which,
pursuant to applicable provisions of (A) any income tax treaty between the United States and the country of residence of such Person,
(B) the Code or (C) any applicable rules or regulations in effect under clauses (A) or (B) above, permit the Servicer on behalf
of the Note A-1 Holder or Note A-2 Holder to make such payments free of any obligation or liability for withholding.

 

“Non-Lead Certificate
Administrator” shall mean the “certificate administrator” under any Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Master
Servicer” shall mean the master servicer under a Non-Lead Securitization.

 

“Non-Lead Securitization”
shall mean any Securitization of Note A-2 in a Securitization Trust other than the Lead Securitization.

 

      13

     

    

 

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

 

“Non-Lead Securitization
Note” shall mean Note A-2.

 

“Non-Lead Securitization
Noteholder” shall mean the Note A-2 Holder.

 

“Non-Lead Securitization
Servicing Agreement” shall mean the servicing agreement for the related Non-Lead Securitization.

 

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

 

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

 

“Non-Lead Servicer”
shall mean the Non-Lead Master Servicer or Non-Lead Special Servicer, as applicable.

 

“Non-Lead Special
Servicer” shall mean the special servicer under a Non-Lead Securitization.

 

“Non-Lead Trustee”
shall mean the trustee under a Non-Lead Securitization.

 

“Non-Monetary
Default” shall have the meaning assigned to such term in Section 11(d).

 

“Non-Monetary
Default Cure Period” shall have the meaning assigned to such term in Section 11(d).

 

“Non-Monetary
Default Notice” shall have the meaning assigned to such term in Section 11(d).

 

“Note”
shall mean any of Note A-1, Note A-2 and Note B, as applicable.

 

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

 

“Note A-1 Default
Rate” shall mean a rate per annum equal to the Note A-1 Rate plus the Note Default Interest Spread.

 

      14

     

    

 

“Note A-1 Holder”
shall mean the Note A-1 Holder, or any subsequent holder of the Note A-1, together with its successors and assigns.

 

“Note A-1 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-1 Principal Balance
and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal
Balance.

 

“Note A-1 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Note A-1 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-1 Holder or reductions in
such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A-1 Rate”
shall mean the Note A-1 Rate set forth on the Mortgage Loan Schedule.

 

“Note A-1 Relative
Spread” shall mean the ratio of the Note A-1 Rate to the Mortgage Loan Rate.

 

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

 

“Note A-2 Default
Rate” shall mean a rate per annum equal to the Note A-2 Rate plus the Note Default Interest Spread.

 

“Note A-2 Holder”
shall mean the Note A-2 Holder, or any subsequent holder of Note A-2, together with its successors and assigns.

 

“Note A-2 Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note A-2 Principal Balance
and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal
Balance.

 

“Note A-2 Principal
Balance” shall mean, with respect to the Mortgage Loan, at any time of determination, the Note A-2 Principal Balance
set forth on the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-2 Holder or reductions in
such amount pursuant to Sections 3, 4 or 5, as applicable.

 

“Note A-2 Rate”
shall mean the Note A-2 Rate set forth on the Mortgage Loan Schedule.

 

“Note A-2 Relative
Spread” shall mean the ratio of the Note A-2 Rate to the Mortgage Loan Rate.

 

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

 

“Note B Default
Rate” shall mean a rate per annum equal to the Note B Rate plus the Note Default Interest Spread.

 

      15

     

    

 

“Note B Holder”
shall have the meaning assigned to such term in the recitals, and any successor in interest, or any subsequent holder of the Note
B.

 

“Note B Percentage
Interest” shall mean a fraction, expressed as a percentage, the numerator of which is the Note B Principal Balance and
the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal
Balance.

 

“Note B Principal
Balance” shall mean, at any time of determination, the Note B Principal Balance set forth on the Mortgage Loan Schedule,
less any payments of principal thereon or reductions in such amount pursuant to Section 3, 4 or 5, as applicable.

 

“Note B Rate”
shall mean the Note B Rate set forth on the Mortgage Loan Schedule.

 

“Note B Relative
Spread” shall mean the ratio of the Note B Rate to the Mortgage Loan Rate.

 

“Note Default
Interest Spread” shall mean a rate per annum equal to five percent (5%); provided, however, that if the
weighted average of the Note A-1 Default Rate, the Note A-2 Default Rate and the Note B Default Rate would exceed the maximum rate
permitted by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Note
A-1 Default Rate, the Note A-2 Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus
(ii) the Mortgage Loan Rate.

 

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

 

“Note Rate”
shall mean any of the Note A-1 Rate, the Note A-2 Rate and the Note B Rate, as applicable.

 

“Note Register”
shall have the meaning assigned to such term in Section 21.

 

“Noteholder”
shall mean any of the Note A-1 Holder, Note A-2 Holder and Note B Holder, as applicable.

 

“Noteholders”
shall mean, collectively, the Note A-1 Holder, the Note A-2 Holder and Note B Holder.

 

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

 

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

 

“Percentage
Interest” shall mean, with respect to the Note A-1 Holder, the Note A-1 Percentage Interest, with respect to the Note
A-2 Holder, the Note A-2 Percentage Interest, and with respect to the Note B Holder, the Note B Percentage Interest, as each may
be adjusted from time to time.

 

      16

     

    

 

“Permitted Fund
Manager” shall mean any Person that on the date of determination is (i) one of the entities on Exhibit C attached
hereto and made a part hereof or any other a nationally-recognized manager of investment funds investing in debt or equity interests
relating to commercial real estate, (ii) investing through a fund with committed capital of at least $500,000,000 and (iii) not
subject to a proceeding relating to the bankruptcy, insolvency, reorganization or relief of debtors.

 

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

 

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

 

“Prepayment
Premium” shall mean, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance
premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents,
including any exit fee.

 

“Principal Balance”
shall mean any of the Note A-1 Principal Balance, the Note A-2 Principal Balance and the Note B Principal Balance, as applicable.

 

“Pro Rata and
Pari Passu Basis” shall mean with respect to Note A-1 and Note A-2 and the related Noteholders, the allocation of any
particular payment, collection, cost, expense, liability or other amount between such Notes or such Noteholders, as the case may
be, without any priority of any such Note or any such Noteholder over another such Note or Noteholder, as the case may be, and
in any event such that each Note or Noteholder, as the case may be, is allocated its respective Percentage Interest of such particular
payment, collection, cost, expense, liability or other amount.

 

“Qualified Institutional
Lender” shall mean each of the Noteholders, CCRE, CPPIB and any other U.S. Person that is:

 

(a)       an
entity Controlled (as defined below) by, under common Control with or that Controls any of the Note A-1 Holder, Note A-2 Holder
or the Note B Holder, or

 

(b)       one
or more of the following:

 

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

 

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

 

      17

     

    

 

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

 

     (iv)       an
investment fund, limited liability company, limited partnership or general partnership having capital and/or capital commitments
of at least $250,000,000, in which (A) the Note A-1 Holder, Note A-2 Holder or the Note B Holder, as applicable, (B) a person that
is otherwise a Qualified Institutional Lender under clause (b)(i), (b)(ii) or (b)(v) (with respect to an institution substantially
similar to the entities referred to in clause (b)(i) or (b)(ii) above), or (C) a Permitted Fund Manager, acts as a general partner,
managing member, or the fund manager responsible for the day-to-day management and operation of such investment vehicle and provided
that at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities
that are otherwise Qualified Institutional Lenders (without regard to the capital surplus/equity and total asset requirements set
forth below in the definition), or

 

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

 

in the case of any entity referred to in
clause (b)(i), (ii), (iii)(A), (iv)(B) or (v) of this definition, (x) such entity has at least $200,000,000 in capital/statutory
surplus or shareholders’ equity (except with respect to a pension advisory firm, asset manager or similar fiduciary) and
at least $600,000,000 in total assets (in name or under management), and (y) is regularly engaged in the business of making or
owning commercial real estate loans (or interests therein) similar to the Mortgage Loan (or mezzanine loans with respect to commercial
real estate) or owning or

 

      18

     

    

 

operating commercial real estate properties; provided that, in the case of the entity described in clause
(b)(iv) (B) above, the requirements of this clause (y) may be satisfied by a general partner, managing member, or the fund manager
responsible for the day-to-day management and operation of such entity; or

 

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

 

For purposes of this
definition only, “Control” means the ownership, directly or indirectly, in the aggregate of more than fifty
percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract
or otherwise (“Controlled” and “Controlling” have the meaning correlative thereto).

 

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

 

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) KBRA and (f) Morningstar or, (g) if any of such entities
shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical
rating agency reasonably designated by the Depositor or Non-Lead Depositor to rate the securities issued in connection with the
Securitization of Note A-1 or Note A-2, as applicable; provided, however, that, at any time during which Note A-1 or Note A-2 is
an asset of one or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean with respect to
Note A-1 or Note A-2, only those rating agencies that are engaged by the Depositor or Non-Lead Depositor, as applicable, from time
to time to rate the securities issued in connection with the Securitization of such Note.

 

“Rating Agency
Confirmation”: shall mean, (i) prior to a Securitization, if the Mortgage Loan is not included in a Securitization within
90 days of the date hereof, reasonable consent of the Senior Noteholders or, if requested by any Senior Noteholder, with respect
to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action,
failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of
the then-current rating assigned to any Class of Certificates (if then rated by the Rating Agency); provided that a written waiver
or other acknowledgment from the Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation
is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from each Rating Agency with respect to
such matter, and (ii)

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after a Securitization, the meaning given thereto or any analogous term in the Servicing Agreement, including
any deemed Rating Agency Confirmation.

 

“Recovered Costs”
shall mean any amounts referred to in clauses (d) and/or (e) of the definition of “Defaulted Mortgage Loan Purchase Price”
that, at the time of determination, had been previously paid or reimbursed to any Servicer from sources other than collections
on or in respect of the Mortgage Loan or the Mortgaged Property (including, without limitation, from collections on or in respect
of loans other than the Mortgage Loan).

 

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

 

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

 

“Relative Spread”
shall mean Note A-1 Relative Spread or Note A-2 Relative Spread or Note B Relative Spread, as the context may require.

 

“REMIC”
shall mean a real estate mortgage investment conduit within the meaning of Section 860D(a) of the Code.

 

“REMIC Provisions”
shall mean provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections
860A through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed
regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

“REO Property”
shall, (i) prior to Securitization, mean a Mortgaged Property that is acquired by the Agent (on behalf of all of the Noteholders
subject to the terms of this Agreement), whether through foreclosure, deed-in-lieu of foreclosure or otherwise, and (ii) after
Securitization, have the meaning assigned to such term in the Securitization Servicing Agreement.

 

“Required Special
Servicer Rating” shall mean with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”,
(ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special
Servicer, (iii) in the case of Moody’s, such special servicer is acting as special servicer for one or more loans included
in a commercial mortgage loan securitization that was rated by Moody’s within the twelve (12) month period prior to the date
of determination, and Moody’s has not downgraded or withdrawn the then-current rating on any class of commercial mortgage
securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special
servicer of such commercial mortgage loans, (iv) in the case of Morningstar, either (a) the applicable replacement has a special
servicer ranking of at least “MOR CS3” by Morningstar (if ranked by Morningstar) or (b) if not ranked by Morningstar,
is currently acting as a special

 

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servicer on a deal or transaction-level basis for all or a significant portion of the related
mortgage loans in other CMBS transactions rated by any of S&P, Moody’s, Morningstar, Fitch, DBRS or KBRA and the trustee
does not have actual knowledge that Morningstar has, and the replacement special servicer certifies that Morningstar has not, with
respect to any such other CMBS transaction, qualified, downgraded or withdrawn its rating or ratings on one or more classes of
such CMBS transaction citing servicing concerns of the applicable replacement as the sole or material factor in such rating action,
(v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS,
such special servicer is currently acting as special servicer for one or more loans included in a commercial mortgage loan securitization
that is rated by DBRS, and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities
or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as the sole or
material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination.

 

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

 

“Securitization”
shall mean one or more sales by the Note A-1 Holder or Note A-2 Holder of all or a portion of such Note to a depositor, who will
in turn include such portion of such Note as part of a securitization of one or more mortgage loans.

 

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

 

“Securitization
Operating Advisor” shall mean the operating advisor under the Securitization Servicing Agreement, if any.

 

“Securitization
Servicing Agreement” shall mean a pooling and servicing agreement, substantially in the form of the Model PSA, to be
entered into in connection with the Lead Securitization, by and among (a) the Trustee, (b) the Person who serves as master
servicer from and after the Securitization Date, (c) the Person which serves as special servicer from and after the Securitization
Date, (d) the Person who services as operating advisor from and after the Securitization Date and (e) the Depositor, and any
other additional Persons that may be party to such pooling and servicing agreement; provided it is acknowledged that such agreement
is subject in all respects to changes (i) required by the Code relating to the tax elections of the related Lead Securitization
Trust, (ii) required by law or changes in any law, rule or regulation and (iii) requested by the Rating Agencies or any purchaser
of subordinate certificates. The Servicing Standard in the Securitization Servicing Agreement shall require, among other things,
that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Noteholder (taking into account
that the Note B is junior to Note A-1 and Note A-2).

 

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

 

“Senior Note(s)”
shall mean each of Note A-1 and Note A-2.

 

“Senior Noteholder(s)”
shall mean each of the Note A-1 Holder and the Note A-2 Holder.

 

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan, any
other Event of Default for which the Mortgage Loan is actually accelerated or any other Event of Default which causes the Mortgage
Loan to become a Specially Serviced Mortgage Loan, or any bankruptcy or insolvency event that constitutes an Event of Default;
provided, however, that unless the Servicer under the Servicing Agreement has notice or knowledge of such event at
least ten (10) Business Days prior to the applicable distribution date, distributions will be made sequentially beginning on the
subsequent distribution date; provided, further, that the aforementioned requirement of notice or knowledge will
not apply in the case of distribution of the final proceeds of a liquidation or final disposition of the Mortgage Loan. A Sequential
Pay Event (i) shall no longer exist to the extent it has been cured (including any cure payment made by the Controlling Noteholder
in accordance with Section 11) and (ii) shall be deemed not to exist so long as any Note B Holder is exercising its cure rights
under Section 11.

 

“Serviced AB
Whole Loan” shall mean the Mortgage Loan.

 

“Servicer”
shall mean (i) prior to the Securitization Date, Wells Fargo Bank, National Association and (ii) from and after the Securitization
Date, the Master Servicer or the Special Servicer, as the context may require.

 

“Servicing Agreement”
shall mean, with respect to the Mortgage Loan, prior to the Securitization Date, the Interim Servicing Agreement, and, from and
after the Securitization Date, the Securitization Servicing Agreement.

 

“Servicing Fee
Rate” shall have the meaning assigned to such term in the Servicing Agreement; provided that such rate shall not exceed
0.002500%.

 

“Servicing Standard”
shall have the meaning assigned to such term in the Servicing Agreement; provided that with respect to the Model PSA, the reference
to “Subordinate Companion Loan” in the definition of “Companion Loan” should refer to “AB Subordinate
Companion Loan”.

 

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

 

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

 

“Specially Serviced
Mortgage Loan” shall have the meaning assigned to the term “Specially Serviced Loan” in the Servicing Agreement.

 

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

 

“Threshold Event
Collateral” shall have the meaning assigned to such term in Section 5(g).

 

“Threshold Event
Cure” shall have the meaning assigned to such term in Section 5(g).

 

“Transfer”
shall mean any sale, assignment, transfer, pledge, syndication, participation, hypothecation, contribution, encumbrance or other
disposition (either (i) directly or (ii) indirectly through entering into a derivatives contract or any other similar
agreement, excluding a repurchase financing or a Pledge in accordance with Section 19(e)).

 

“Trustee”
shall mean the bank or trust company as may be selected by the Depositor and approved by the Rating Agencies to act as trustee
for the related Securitization, and shall include any fiscal agent and/or paying agent appointed for such Securitization.

 

“U.S. Person”
shall mean a citizen or resident of the United States, a corporation or partnership (except to the extent provided in applicable
Treasury Regulations) created or organized in or under the laws of the United States, any State thereof or the District of Columbia,
including any entity treated as a corporation or partnership for federal income tax purposes, or an estate whose income is subject
to United States federal income tax regardless of its source, or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, a trust in existence on August 20,
1996 that is eligible to elect to be treated as a U.S. Person).

 

“Workout”
shall mean any written modification, waiver, amendment, restructuring or workout of the Mortgage Loan or the Note entered into
with the Mortgage Loan Borrower in accordance with the Servicing Agreement.

 

Section 2.      Servicing.

 

(a)       Each
Noteholder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced prior to the
Securitization Date pursuant to the Interim Servicing Agreement and from and after the Securitization Date (except as otherwise
set forth in Section 2(f)), pursuant to the Securitization Servicing Agreement; provided that the Master Servicer shall
not be obligated to advance monthly payments of principal or interest in respect of the Notes other than the Note A-1 (and the
Non-Lead Master Servicer shall be required to advance monthly payments of principal and interest on Note A-2 pursuant to the terms
of the Non-Lead Securitization Servicing Agreement) if such principal or interest is not paid by the Mortgage Loan Borrower but
shall be obligated to advance delinquent real estate taxes, insurance premiums and other expenses related to the maintenance of
the Mortgaged Property and maintenance and enforcement of the lien of the Mortgage thereon, subject to the terms of the Securitization
Servicing Agreement. The Note B Holder acknowledges that each of the Note A-1 Holder and the Note A-2 Holder may elect, in its
sole discretion, to include Note

 

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A-1 and/or Note A-2 in a Securitization and agrees that, subject to Section 40 hereof,
it will reasonably cooperate with the Note A-1 Holder and the Note A-2 Holder, at the Note A-1 Holder’s and the Note A-2
Holder’s, as applicable, sole cost and expense, to effect such Securitization. Subject to the terms and conditions of this
Agreement, each Noteholder hereby irrevocably and unconditionally consents to the appointment of the Master Servicer, Special Servicer and
the Trustee under the Securitization Servicing Agreement by the Depositor and agrees to reasonably cooperate with and consent to
the Master Servicer and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Securitization
Servicing Agreement. Each Noteholder hereby appoints the Master Servicer and the Trustee in the Lead Securitization as such Noteholder’s
attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing of the Mortgage Loan
on its behalf under the Securitization Servicing Agreement (subject at all times to the rights of the Noteholders set forth herein
and in the Servicing Agreement). In no event shall the Servicing Agreement require the Servicer to enforce the rights of any Noteholder
or limit the Servicer in enforcing the rights of one Noteholder against any other Noteholder; however, this statement shall not
be construed to otherwise limit the rights of one Noteholder with respect to any other Noteholder.

 

(b)       The
Note B Holder shall be entitled to exercise any notice and consent rights of the “directing holder,” “directing
certificateholder,” “controlling class,” “controlling class representative” or any analogous class
or holder under the Securitization Servicing Agreement except to the extent the Note B Holder is expressly prohibited from exercising
such rights under the terms of this Agreement in its capacity as the Controlling Noteholder.

 

(c)       The
Securitization Servicing Agreement shall, unless otherwise agreed to by the Controlling Noteholder, contain (i) servicing
and reporting provisions (including the Asset Status Report for all Major Decisions) substantially similar in all material respects
to the servicing provisions of the Model PSA and (ii) a Servicing Standard substantially similar in all material respects
to the servicing standard in the Model PSA. In no event may the Securitization Servicing Agreement change the interest allocable
to, or the amount of any payments due to, the Controlling Noteholder or  increase the Controlling Noteholder’s obligations
or decrease the Controlling Noteholder’s rights, remedies or protections hereunder, in each case, except to a de minimis
extent, including by reason of changes made from the Model PSA..

 

(d)       The
Securitization Servicing Agreement shall contain provisions to the effect that:

 

        (i)       if
an event of default under the Securitization Servicing Agreement has occurred (A) with respect to the Master Servicer under the
Securitization Servicing Agreement that affects a Noteholder or any class of commercial mortgage securities backed by a Note or
a participation interest in a Note, and the Master Servicer is not otherwise terminated under the Securitization Servicing Agreement,
then the Note B Holder or its designees (if the Note B Holder is the Controlling Noteholder) shall be entitled to direct the Trustee
to appoint a sub-servicer solely with respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced, to
replace the current sub-servicer, but only if such original sub-servicer is in default under the related sub-servicing agreement);
and (B) the appointment (or replacement) of a sub-servicer with respect to

 

      24

     

    

 

the Mortgage Loan, as contemplated in clause (A) above,
will in any event be subject to written confirmation from each Rating Agency that such appointment would not, in and of itself,
cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued in connection with
any Securitization;

 

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

 

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

 

(iv)       in
the event the Special Servicer elects to offer to sell Note A-1 and Note A-2 or related REO Property pursuant to Section 3.17 of
the Securitization Servicing Agreement, then the Special Servicer shall provide notice to the Note B Holder of such election, together
with any bid package that the Special Servicer makes available in connection with such offer to sell;

 

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

 

(vi)       for
so long as the Note B Holder is the Controlling Noteholder, the Note B Holder shall be entitled to exercise all approval rights
of the “controlling class”, “controlling class representative”, “directing holder”, “directing
certificateholder” or any analogous class or holder under the Securitization Servicing Agreement regarding any Asset Status
Report in respect of the Mortgage Loan or related REO Property, without regard to the occurrence of any control termination event
or consultation termination event under the Securitization Servicing Agreement;

 

(vii)       the
liquidation fee rate with respect to the Mortgage Loan shall equal the lesser of (a) such rate as would result in a liquidation
fee of $1,000,000 and (b) 1.0%, provided that no liquidation fee will be less than $25,000;

 

(viii)       the
workout fee rate with respect to the Mortgage Loan shall equal the lesser of (a) such rate as would result in a workout fee of
$1,000,000 and (b) 1.0%, provided that no workout fee will be less than $25,000;

 

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(ix)       the
Securitization Servicing Agreement may not be amended without the consent of the Note B Holder if such amendment would adversely
affect its rights thereunder in any material respect; and

 

(x)       the
Special Servicer appointed by the Note B Holder shall be named as the Special Servicer for the Mortgage Loan under the Securitization
Servicing Agreement as of the closing of the Lead Securitization, as long as such Special Servicer satisfies the requirements of
the Securitization Servicing Agreement.

 

(e)       Notwithstanding
anything to the contrary contained in this Agreement, any obligation of the Servicer pursuant to the terms hereof shall be performed
by the Master Servicer or the Special Servicer, as applicable, as set forth in the Servicing Agreement.

 

(f)       At
any time after the Securitization Date that the Lead Securitization Note is no longer subject to the provisions of the Securitization
Servicing Agreement, Lead Securitization Noteholder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement
that contains servicing provisions which are the same as or more favorable to Note B Holder, in substance, to those in the Securitization
Servicing Agreement (including, without limitation, all applicable provisions relating to delivery of information and reports necessary
for any Non-Lead Securitization to comply with any applicable reporting requirements under the Securities Exchange Act of 1934,
as amended) and all references herein to the “Securitization Servicing Agreement” shall mean such subsequent servicing
agreement; provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a Rating Agency
Confirmation shall have been obtained from each Rating Agency with respect to such subsequent servicing agreement; provided,
further, however, that until a replacement servicing agreement has been entered into, the Lead Securitization Noteholder
shall cause the Mortgage Loan to be serviced in accordance with the servicing provisions set forth in the Securitization Servicing
Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan; provided, further, however,
that until a replacement servicing agreement is in place, the actual servicing of the Mortgage Loan may be performed by any nationally
recognized commercial mortgage loan servicer appointed by Lead Securitization Noteholder and does not have to be performed by the
service providers set forth under the Securitization Servicing Agreement.

 

(g)       The
Non-Lead Securitization Noteholder agrees that, if the related Non-Lead Securitization Note is included in a Securitization, it
shall cause the applicable Non-Lead Securitization Servicing Agreement to contain provisions to the effect that:

 

(i)       the
Non-Lead Securitization Noteholder shall be responsible for its pro rata share of any Servicing Advances (and advance interest
thereon) and any additional trust fund expenses, but only to the extent that they relate to servicing and administration of the
Notes and the Mortgaged Property, including without limitation, any unpaid Special Servicing Fees, Liquidation Fees and Workout
Fees relating to the Notes, and that in the event that the funds received with respect to each respective Note are insufficient
to cover such Servicing Advances or additional trust fund expenses, (A) the Non-Lead Master Servicer will be required to, promptly
following notice from the Master Servicer or the Special Servicer, pay or reimburse the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, or the Lead Securitization Trust, as applicable, out

 

      26

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

      (j)       Each
Non-Lead Securitization Noteholder shall give each of the parties to the Securitization Servicing Agreement and the Note B Holder
(that will not also be a party to the related Non-Lead Securitization Servicing Agreement) notice of the Non-Lead Securitization
in writing (which may be by e-mail) promptly after the related Non-Lead Securitization Date. Such notice shall contain contact
information for each of the parties to the related Non-Lead Securitization Servicing Agreement. In addition, after the related
Non-Lead Securitization Date, the related Non-Lead Securitization Noteholder shall send a copy of the related Non-Lead Securitization
Servicing Agreement to each of the parties to the Securitization Servicing Agreement and the Note B Holder.

 

Section 3.          Subordination
of Note B; Payments Prior to a Sequential Pay Event. The Note B and the right of the Note B Holder to receive payments of interest,
principal and other amounts with respect to its Note B shall at all times be junior, subject and subordinate to Note A-1 and Note
A-2 and the right of the Note A-1 Holder and the Note A-2 Holder to receive payments of interest, principal and other amounts with
respect to Note A-1 and Note A-2 as set forth herein. If no Sequential Pay Event, as determined by the applicable Servicer in accordance
with the Servicing Standard, shall have occurred and be continuing, all amounts tendered by the Mortgage Loan Borrower or otherwise
available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or REO Property or
amounts realized as proceeds thereof, whether received in the form of monthly payments, the Balloon Payment, Liquidation Proceeds,
proceeds under any guaranty, letter of credit or other collateral or instrument securing the Mortgage Loan or Insurance and Condemnation
Proceeds (other than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released
to the Mortgage Loan Borrower in accordance with the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC
Provisions), but excluding (x) all amounts for required reserves or escrows required by the Mortgage Loan Documents (to the extent,
in accordance with the terms of the Mortgage Loan Documents) to be held as reserves

 

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or escrows or received as reimbursements on
account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under the Servicing Agreement
and (y) all amounts that are then due, payable or reimbursable to any Servicer, Securitization Operating Advisor, Certificate Administrator
or Trustee with respect to the Mortgage Loan pursuant to the Servicing Agreement, shall be applied by the Note A-1 Holder (or its
designee) and distributed by the Servicer for payment in the following order of priority without duplication (and payments shall
be made at such times as are set forth in the Servicing Agreement):

 

(a)       first,
to the Note A-1 Holder and the Note A-2 Holder, pro rata, in an amount equal to the accrued and unpaid interest on the Note A-1
Principal Balance at the Net Note A-1 Rate and on the Note A-2 Principal Balance at the Net Note A-2 Rate, respectively;

 

(b)       second,
(i) to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis in an amount equal to their respective Percentage
Interests of principal payments received, if any, with respect to such Monthly Payment Date with respect to Note A-1 and Note A-2,
until their respective Principal Balances have been reduced to zero and (ii) with respect to any Insurance and Condemnation Proceeds
payable as principal to the Noteholders pursuant to this Section 3, 100% of such Insurance and Condemnation Proceeds shall be distributed
to the Note A-1 Holder and the Note A-2 Holder, on a Pro Rata and Pari Passu Basis until their Principal Balances have been reduced
to zero;

 

(c)       third,
to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis up to the amount of any unreimbursed costs and
expenses paid by such Note A-1 Holder and/or such Note A-2 Holder including any Recovered Costs not previously reimbursed to such
Noteholder (or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage
Loan pursuant to this Agreement or the Servicing Agreement;

 

(d)       fourth,
to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis in an amount equal to the product of (i) the
Percentage Interest of such Note multiplied by (ii) the Note A-1 Relative Spread or Note A-2 Relative Spread, as applicable, and
(iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(e)       fifth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout, the Principal Balance of Note A-1
and Note A-2 has been reduced, such excess amount shall be paid to the Note A-1 Holder and the Note A-2 Holder, on a Pro Rata and
Pari Passu Basis in an amount up to the reduction, if any of the Note A-1 and Note A-2 Principal Balance as a result of such Workout,
plus interest on such amount at the related Note A-1 Net Rate and Note A-2 Net Rate;

 

(f)       sixth,
to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the Net Note B Rate,

 

(g)       seventh,
(i) to the Note B Holder in an amount equal to the Note B Percentage Interest of principal payments received, if any, with respect
to such Monthly Payment Date with respect to Note B, until the Note B Principal Balance has been reduced to zero; and (ii) with

 

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respect to any Insurance and Condemnation Proceeds payable as principal to the Noteholders pursuant to this Section 3, the portion
of such Insurance and Condemnation Proceeds remaining after distribution to the Senior Noteholders pursuant to Section 3(b)(ii)
above shall be distributed to the Note B Holder until the Note B Principal Balance has been reduced to zero;

 

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

 

(i)       ninth,
to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse the Note
B Holder for all such cure payments;

 

(j)       tenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the Principal Balance of the Note
B has been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if any, of the Note
B Principal Balance as a result of such Workout, plus interest on such amount at the related Note B Rate;

 

(k)       eleventh,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be paid
to the Note A-1 Holder, the Note A-2 Holder and the Note B Holder, pro rata based on their respective Percentage Interests; and

 

(l)       twelfth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a)-(k), any remaining amount shall be paid pro rata to the Note A-1 Holder, the Note A-2 Holder and the
Note B Holder in accordance with their respective initial Percentage Interests.

 

Section 4.          Payments
Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in accordance with Section
3 of this Agreement; provided, if a Sequential Pay Event, as determined by the applicable Servicer in accordance with the
Servicing Standard and as set forth in the Servicing Agreement, shall have occurred and be continuing, all amounts tendered by
the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or
the Mortgaged Property or REO Property or amounts realized as proceeds thereof (including without limitation amounts received by
the Master Servicer or Special Servicer pursuant to the Servicing Agreement as reimbursements on account of recoveries in respect
of Advances), whether received in the form of monthly payments, any operating income from or any proceeds from the sale or distribution
of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral
or instrument securing the Mortgage Loan or Insurance and Condemnation Proceeds (other than proceeds, awards or settlements to
be

 

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applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with
the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required
reserves or escrows required by the Mortgage Loan Documents to continue to be held as reserves or escrows or received as reimbursements
on account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under Servicing Agreement
and (y) all amounts that are then due, payable or reimbursable to any Servicer, Lead Securitization Operating Advisor, Certificate
Administrator or Trustee with respect to this Mortgage Loan pursuant to the Servicing Agreement with respect to the Mortgage Loan,
shall be distributed by the Servicer in the following order of priority without duplication (and payments shall be made at such
times as are set forth in the Servicing Agreement):

 

(a)       first,
to the Note A-1 Holder and the Note A-2 Holder, pro rata, in an amount equal to the accrued and unpaid interest on the Note A-1
Principal Balance at the Net Note A-1 Rate and on the Note A-2 Principal Balance at the Net Note A-2 Rate, respectively,;

 

(b)       second,
to the Note A-1 Holder and the Note A-2 Holder, in an amount equal to all amounts allocated as principal on Note A-1 and Note A-2,
pro rata, based on their respective outstanding Principal Balances, until their respective Principal Balances have been reduced
to zero;

 

(c)       third,
to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis up to the amount of any unreimbursed costs and
expenses paid by such Note A-1 Holder and/or such Note A-2 Holder including any Recovered Costs not previously reimbursed to such
Noteholder (or paid or advanced by any Servicer on its behalf and not previously paid or reimbursed) with respect to the Mortgage
Loan pursuant to this Agreement or the Servicing Agreement;

 

(d)       fourth,
to the Note A-1 Holder and the Note A-2 Holder on a Pro Rata and Pari Passu Basis in an amount equal to the product of (i) the
Percentage Interest of such Note multiplied by (ii) the Note A-1 Relative Spread or Note A-2 Relative Spread, as applicable, and
(iii) any Prepayment Premium to the extent paid by the Mortgage Loan Borrower;

 

(e)       fifth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(d) and, as a result of a Workout, the Principal Balance of Note A-1
and Note A-2 has been reduced, such excess amount shall be paid to the Note A-1 Holder and the Note A-2 Holder, on a Pro Rata and
Pari Passu Basis in an amount up to the reduction, if any of the Note A-1 and Note A-2 Principal Balance as a result of such Workout,
plus interest on such amount at the related Note A-1 Rate and Note A-2 Rate;

 

(f)       sixth,
to the Note B Holder in an amount equal to the accrued and unpaid interest on the Note B Principal Balance at the Net Note B Rate;;

 

(g)       seventh,
to the Note B Holder in an amount equal to all amounts allocated as principal on Note B, the Note B Percentage Interest of principal
payments received, if any,

 

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with respect to such Monthly Payment Date with respect to Note B, until the Note B Principal Balance
has been reduced to zero;

 

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

 

(i)       ninth,
to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11, to reimburse the Note
B Holder for all such cure payments;

 

(j)       tenth,
if the proceeds of any foreclosure sale or any liquidation of a Mortgage Loan or Mortgaged Property exceed the amounts required
to be applied in accordance with the foregoing clauses (a)-(i) and, as a result of a Workout the Principal Balance of the Note
B has been reduced, such excess amount shall be paid to the Note B Holder in an amount up to the reduction, if any, of the Note
B Principal Balance as a result of such Workout, plus interest on such amount at the related Note B Rate;

 

(k)       eleventh,
to the extent assumption or transfer fees actually paid by the Mortgage Loan Borrower are not required to be otherwise applied
under the Servicing Agreement, including, without limitation, to provide reimbursement for interest on any Advances, to pay any
Additional Servicing Expenses or to compensate a Servicer (in each case provided that such reimbursements or payments relate to
the Mortgage Loan), any such assumption or transfer fees, to the extent actually paid by the Mortgage Loan Borrower, shall be paid
to the Note A-1 Holder, the Note A-2 Holder and the Note B Holder, pro rata, based on their respective Percentage Interests;
and

 

(l)       twelfth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance with
the foregoing clauses (a)-(k), any remaining amount shall be paid pro rata to the Note A-1 Holder, the Note A-2 Holder and
the Note B Holder in accordance with their respective Percentage Interests.

 

For clarification purposes, Penalty Charges
paid on the Senior Notes pursuant to Section 3 or Section 4 hereunder, shall be allocated to each Senior Noteholder on a Pro Rata
and Pari Passu Basis and applied first, to reduce, on a pro rata basis, the amounts payable on the Senior Notes by the amount necessary
to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and reimbursement
of any Servicing Advances in accordance with the terms of the Securitization Servicing Agreement, second, to reduce, on a pro rata
basis, the respective amounts payable on Senior Notes by the amount necessary to pay the Master Servicer, Trustee, Non-Lead Master
Servicer or Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Notes by such party (if
and as specified in the Securitization Servicing Agreement or any Non-Lead Servicing Agreement, as applicable), third, to reduce,
on a pro rata basis, the amounts payable on the Senior Notes by the amount necessary to pay additional trust fund expenses (other
than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified
in the Securitization Servicing Agreement) and finally, in the case of the remaining amount of Penalty Charges allocable pursuant
to Section 3 or Section 4 hereunder, be paid to the Master

 

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Servicer and/or the Special Servicer as additional servicing compensation
as provided in the Securitization Servicing Agreement.

 

Section 5.          Administration
of the Mortgage Loan.

 

(a)       Subject
to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement and consistent with the Servicing
Standard, the Lead Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization Noteholder) shall have
the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the
Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents
or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call
or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy and no Non-Lead
Securitization Noteholder shall have any voting, consent or other rights whatsoever with respect to the Lead Securitization Noteholder’s
administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the
Servicing Agreement (including, without limitation, Section 5(f) below), each of the Note A-2 Holder and the Note B Holder agrees
that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Lead Securitization Noteholder
(or the Servicer acting on behalf of the Lead Securitization Noteholder) the rights, if any, that the Note A-2 Holder or Note B
Holder has to, (i) call or cause the Lead Securitization Noteholder to call an Event of Default under the Mortgage Loan, or
(ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation,
filing or causing the Lead Securitization Noteholder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead
Securitization Noteholder (or the Servicer acting on behalf of the Lead Securitization Noteholder) shall not have any fiduciary
duty to the Note A-2 Holder or the Note B Holder in connection with the administration of the Mortgage Loan (but the foregoing
shall not relieve the Lead Securitization Noteholder from the obligation to make any disbursement of funds as set forth herein).

 

Subject to Section
11 and Section 12 hereof, upon the Mortgage Loan becoming a Defaulted Mortgage Loan, the Non-Lead Securitization Noteholder
hereby acknowledges the right and obligation of the Lead Securitization Noteholder (or the Special Servicer acting on behalf of
the Lead Securitization Noteholder) to sell the Non-Lead Securitization Note together with the Lead Securitization Note as notes
evidencing one whole A note in accordance with the terms of the Servicing Agreement. In connection with any such sale, the Special
Servicer shall be required to sell the Non-Lead Securitization Note(s) together with the Lead Securitization Note in the manner
set forth in the Servicing Agreement and shall be required to require that all offers be submitted to the Trustee in writing. Whether
any cash offer constitutes a fair price for the Note A-1 and Note A-2 shall be determined by the Trustee; provided, that
no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least
two bona fide other offers are received from independent third parties. In determining whether any offer received represents a
fair price for the Note A-1 and Note A-2, the Trustee shall be supplied with and shall rely on the most recent Appraisal or updated
Appraisal conducted in accordance with the Servicing Agreement within the preceding nine (9) month period or, in the absence of
any such Appraisal, on a new Appraisal. The Trustee shall select the appraiser conducting any such new Appraisal. In determining
whether any such offer constitutes

 

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a fair price for the Note A-1 and Note A-2, the Trustee shall instruct the appraiser to take
into account (in addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Servicing
Agreement), as applicable, among other factors, the period and amount of any delinquency on the affected Note A-1 and Note A-2,
the occupancy level and physical condition of the related Mortgaged Property and the state of the local economy. The Trustee may
conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the
Trustee at the expense of the Holders in connection with making such determination. Notwithstanding the foregoing, the Lead Securitization
Noteholder (or the Special Servicer acting on behalf of the Lead Securitization Noteholder) shall not be permitted to sell the
Note A-1 and Note A-2 if the Mortgage Loan has become a Defaulted Mortgage Loan without the written consent of the Non-Controlling
Pari Passu Noteholder (provided that such consent is not required if the Non-Controlling Pari Passu Noteholder is the Mortgage
Loan Borrower or an Affiliate of the Mortgage Loan Borrower) unless the Special Servicer has delivered to the Non-Controlling Pari
Passu Noteholder: (a) at least 15 Business Days’ prior written notice of any decision to attempt to sell the Note A-1 and
Note A-2; (b) at least 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 10 days prior to
the proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicing File reasonably
requested by the Non-Controlling Pari Passu Noteholder that are material to the price of the Note A-1 and Note A-2 and (d) until
the sale is completed, and a reasonable period of time (but no less time than is afforded to the other offerors and the Controlling
Class Representative) prior to the proposed sale date, all information and other documents being provided to other offerors and
all leases or other documents that are approved by the Special Servicer in connection with the proposed sale; provided,
that such Non-Controlling Pari Passu Noteholder may waive any of the delivery or timing requirements set forth in this sentence.
Subject to the terms of the Servicing Agreement, each of the Controlling Noteholder, the Controlling Class Representative, the
Note B Holder, the Non-Controlling Noteholder (or any controlling class representative or directing holder on its behalf under
the Non-Lead Securitization Servicing Agreement) shall be permitted to bid at any sale of Note A-1 and Note A-2 unless such Person
is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

 

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

 

The authority of the
Lead Securitization Noteholder to sell the Non-Lead Securitization Note, and the obligations of the Non-Lead Securitization Noteholder
to execute and deliver instruments or deliver the Non-Lead Securitization Note upon request of the Lead

 

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

 

(b)       The
administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder agrees to
be bound by the terms of the Servicing Agreement (except to the extent otherwise provided in this Agreement). The Lead Securitization
Noteholder (or the Servicer on its behalf) shall service the Mortgage Loan in accordance with the terms of this Agreement and the
Servicing Standard, including without limitation, the rights of the Note B Holder set forth in Section 5(f) below. Servicing of
the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan,
by the Special Servicer, in each case in accordance with the terms of this Agreement and the Servicing Agreement and subject to
the Servicing Standard. Notwithstanding anything to the contrary contained herein, in accordance with the Servicing Agreement,
the Lead Securitization Noteholder shall cause the Master Servicer and the Special Servicer to service and administer the Mortgage
Loan in accordance with the Servicing Standard, taking into account the interests of all of the Noteholders as a collective whole
(it being understood that the interest of the Note B Holder is a junior Note interest, subject to the terms and conditions of this
Agreement), and any Note A-2 Holder or Note B Holder who is not the Mortgage Loan Borrower or a Mortgage Loan Borrower Related
Party shall be deemed a third party beneficiary of such provisions of the Servicing Agreement. The foregoing provisions of this
Section 5(b) shall not limit or modify the rights of the Controlling Noteholder and/or the Junior Operating Advisor to exercise
their respective rights specifically set forth under this Agreement.

 

(c)       Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and this Agreement
(including, without limitation, Sections 5(f) and 6), if the Lead Securitization Noteholder in connection with a Workout of the
Mortgage Loan modifies the terms thereof in accordance with the terms of this Agreement and such that (i) the unpaid principal
balance of the Mortgage Loan is decreased, (ii) the Interest Rate or scheduled amortization payments on the Mortgage Loan
are reduced, (iii) payments of interest or principal on the Mortgage Loan are waived, reduced or deferred or (iv) any
other adjustment (other than an increase in the Interest Rate or increase in scheduled amortization payments) is made to any of
the terms of the Mortgage Loan, all payments to the Note A-1 Holder and the Note A-2 Holder pursuant to Section 3 and Section 4,
as applicable, shall be made as though such Workout did not occur, with the payment terms of Note A-1 and Note A-2 remaining the
same as they are on the date hereof, the Note B shall bear the full economic effect of all waivers, reductions or deferrals of
amounts due on the Mortgage Loan

 

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attributable to such Workout (up to the amount otherwise due on the Note B). Subject to the Servicing
Agreement and this Agreement (including without limitation Sections 5(f) and 6), in the case of any modification or amendment
described above, the Lead Securitization Noteholder will have the sole authority and ability to revise the payment provisions set
forth in Section 3 and Section 4 above in a manner that reflects the subordination of the Note B to Note A-1 and Note
A-2 with respect to the loss that is the result of such amendment or modification, including: (i) the ability to increase
the Note A-1 Percentage Interest and Note A-2 Percentage Interest and to reduce the Note B Percentage Interest in a manner that
reflects a loss in principal as a result of such amendment or modification and (ii) the ability to change the Note A-1 Rate,
the Note A-2 Rate and the Note B Rate, as applicable, in order to reflect a reduction in the Interest Rate of the Mortgage Loan
but shall not be permitted to change the order of the clauses set forth in Sections 3 and 4 hereof. Notwithstanding the foregoing,
if any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes
of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will
be deemed due on the extended maturity date of the Mortgage Loan.

 

(d)       All
rights and obligations of the Lead Securitization Noteholder described hereunder may be exercised by the Servicers on behalf of
the Lead Securitization Noteholder in accordance with the Servicing Agreement and this Agreement.

 

(e)       If
any Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage
Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage”
within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on
behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of
the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of the
Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent from
any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Noteholders may
have under the Mortgage Loan Documents, if any such action would constitute a “significant modification” of the Mortgage
Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more than three
months after the earliest startup day of any REMIC which includes the Lead Securitization Note (or any portion thereof). The Noteholders
agree that the provisions of this Section 5(e) shall be effected by compliance by the Lead Securitization Noteholder or its assignees
with this Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage Loan or
the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with this Section 5(e), to the
extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment
or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne solely by
the Note A-1 Holder and the Note A-2 Holder on a pro rata and pari passu basis, and Note B Holder shall bear no portion of such
costs or expenses.

 

Anything herein or in
the Securitization Servicing Agreement to the contrary notwithstanding, in the event that one of the A-1 Note or the A-2 Note is
included in a REMIC

 

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and the other is not, neither such other Noteholder nor the Note B Holder shall be required to reimburse such
Noteholder that deposited its respective Note in the REMIC or any other Person for payment of (i) any taxes imposed on such REMIC,
(ii) any costs or expenses relating to the administration of such REMIC or to any determination respecting the amount, payment
or avoidance of any tax under such REMIC or (iii) any advances for any of the foregoing or any interest thereon or for deficits
in other items of disbursement or income resulting from the use of funds for payment of any such taxes, costs or expenses or advances,
nor shall any disbursement or payment otherwise distributable to the other Noteholders be reduced to offset or make-up any such
payment or deficit.

 

(f)       If
any consent, modification, amendment, determination or waiver under or other action in respect of the Mortgage Loan (whether or
not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision has been requested or proposed
(a “Major Decision Request”), the Servicer shall send prompt notice to the Controlling Noteholder that it is
in receipt of a Major Decision Request, and at least ten (10) Business Days (or in the case of a determination of an Acceptable
Insurance Default, 20 days) prior to the Servicer taking action with respect to such Major Decision (or making a determination
not to take action with respect to such Major Decision), the Special Servicer shall receive the written consent of the Controlling
Noteholder (or its Junior Operating Advisor) before implementing a decision with respect to such Major Decision.

 

If the Lead Securitization
Noteholder (or the Special Servicer acting on its behalf) has not received a response from the Controlling Noteholder (or its Junior
Operating Advisor) with respect to such Major Decision within five (5) Business Days (or, in the case of an Acceptable Insurance
Default, ten (10) Business Days) after delivery of the notice of a proposed Major Decision, the Lead Securitization Noteholder
(or the Special Servicer acting on its behalf) shall deliver an additional copy of the notice of such proposed Major Decision in
all caps bold 14-point font: “This is a Second Notice. Failure to respond within
five (5) Business Days (OR, IN THE CASE OF AN ACCEPTABLE INSURANCE DEFAULT, TEN (10) BUSINESS DAYS) of
this Second Notice will result in a loss of your right to consent with respect to this decision” and if the Controlling
Noteholder (or its Junior Operating Advisor) fails to respond to the Lead Securitization Noteholder (or the Special Servicer acting
on its behalf) with respect to any such proposed action within five (5) Business Days (or, in the case of an Acceptable Insurance
Default, ten (10) Business Days) after receipt of such second notice, the Controlling Noteholder (or its Junior Operating Advisor),
as applicable, shall have no further consent rights with respect to the specific action proposed in such notice.

 

Notwithstanding the foregoing,
following the occurrence of an extraordinary event with respect to any Mortgaged Property, or if a failure to take any such action
at such time would be inconsistent with the Servicing Standard, the Lead Securitization Noteholder (or Servicer acting on its behalf)
may take actions with respect to such Mortgaged Property before obtaining the consent of the Controlling Noteholder (or its Junior
Operating Advisor) if the Lead Securitization Noteholder (or Servicer acting on its behalf) reasonably determines in accordance
with the Servicing Standard that failure to take such actions prior to such consent would materially and adversely affect the interest
of the Noteholders (as a collective whole, but taking into account that Note B is subordinate to the Senior Notes), and the Lead
Securitization

 

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Noteholder (or Servicer acting on its behalf) has made a reasonable effort to contact the Controlling Noteholder
(or its Junior Operating Advisor). The foregoing shall not relieve the Lead Securitization Noteholder (or Servicer acting on its
behalf) of its duties to comply with the Servicing Standard.

 

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

 

The Special Servicer
shall be required to provide copies to each Non-Controlling Noteholder of any notice, information and report that is required to
be provided to the Controlling Noteholder pursuant to the Securitization Servicing Agreement with respect to any Major Decisions
within the same time frame such notice, information and report is required to be provided to the Controlling Noteholder (for this
purpose, without regard to whether such items are actually required to be provided to the Controlling Noteholder under the Securitization
Servicing Agreement due to the occurrence of a Control Termination Event or a Consultation Termination Event (as each such term
is defined in the Securitization Servicing Agreement)), and (ii) the Special Servicer will be required to consult with each
Non-Controlling Noteholder on a strictly non-binding basis, to the extent having received such notices, information and reports,
each Non-Controlling Noteholder requests consultation with respect to any such Major Decisions or the implementation of any recommended
actions outlined in an Asset Status Report, and consider alternative actions recommended by each Non-Controlling Noteholder; provided
that after the expiration of a period of ten (10) Business Days from the delivery to each Non-Controlling Noteholder by the Special
Servicer of written notice of a proposed action, together with copies of the notice, information and reports, the Special Servicer
shall no longer be obligated to consult with such Non-Controlling Noteholders, whether or not such Non-Controlling Noteholders
have responded within such ten (10) Business Day period. The Controlling Noteholder shall be entitled to avoid (or terminate) each
applicable Control Appraisal Period caused by application of an Appraisal Reduction Amount upon satisfaction of the following (which
must be completed within thirty (30) days of the Special Servicer’s receipt of any third party Appraisal (or update thereof)
that indicates such Control Appraisal Period has occurred (which Appraisal the Special Servicer will be required to deliver to
the Controlling Noteholder within two (2) Business Days of receipt by the Special Servicer of such third party Appraisal, together
with the Special Servicer’s calculation of the Appraisal Reduction Amount applicable to Note B): (i) such Controlling Noteholder
shall have delivered as a supplement to the appraised value of the Mortgaged Property, in the amount specified in clause (ii) below,
to the Servicer, together with documentation acceptable to the Servicer in accordance with the Servicing Standard to create and
perfect a first priority security interest in favor of the Servicer on behalf of the Note A-1 Holder and the Note A-2 Holder in
such collateral (a) cash collateral for the benefit of, and acceptable to, the Servicer or (b) an unconditional and irrevocable
standby

 

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letter of credit with the Note A-1 Holder and Note A-2 Holder as the beneficiary, issued by a bank or other financial institutions
the long term unsecured debt obligations of which are rated at least “AA” by S&P, “A” by Fitch and
“Aa2” by Moody’s or the short term obligations of which are rated at least “A-1+” by S&P, “F-1”
by Fitch and “P-1” by Moody’s (either (a) or (b), the “Threshold Event Collateral”), and (ii)
the Threshold Event Collateral shall be in an amount which, when added to the appraised value of the Mortgaged Property as determined
pursuant to the Servicing Agreement, would cause the applicable Control Appraisal Period not to occur. If the requirements of this
paragraph are satisfied by the Controlling Noteholder (a “Threshold Event Cure”), no Control Appraisal Period
caused by application of an Appraisal Reduction Amount shall be deemed to have occurred. If a letter of credit is furnished as
Threshold Event Collateral, the applicable Controlling Noteholder shall be required to renew such letter of credit not later than
thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute letter of credit or other Threshold
Event Collateral with an expiration date that is greater than forty-five (45) days from the date of substitution; provided,
however, that, if a letter of credit is not renewed prior to thirty (30) days prior to the expiration date of such letter
of credit, the letter of credit shall provide that the Servicer may (and at the direction of the applicable Controlling Noteholder,
shall) draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter of credit is furnished
as Threshold Event Collateral, the applicable Controlling Noteholder shall be required to replace such letter of credit with other
Threshold Event Collateral within thirty (30) days if the credit ratings of the issuing entity are downgraded below the required
ratings; provided, however, that, if such Threshold Event Collateral is not so replaced, the Servicer shall draw
upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. The Threshold Event Cure shall continue
until (i) the appraised value of the Mortgaged Property plus the value of the Threshold Event Collateral would not be sufficient
to prevent a Control Appraisal Period from occurring; or (ii) the occurrence of a Final Recovery Determination. If the appraised
value of the Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control Appraisal
Period without taking into consideration any, or some portion of, Threshold Event Collateral previously delivered by the Controlling
Noteholder, any or such portion of Threshold Event Collateral held by the Servicer shall promptly be returned to such Controlling
Noteholder (at its sole expense). Upon a Final Recovery Determination with respect to the Mortgage Loan, such Threshold Event Collateral
shall be available to reimburse each Noteholder for any realized loss pursuant to Section 3 or 4, as applicable, with respect to
the Mortgage Loan after application of the net proceeds of liquidation, not in excess of the Note A-1 Principal Balance, the Note
A-2 Principal Balance and the Note B Principal Balance, as the case may be, plus accrued and unpaid interest thereon at the applicable
interest rate and all other Additional Servicing Expenses reimbursable under this Agreement and under the Servicing Agreement.
Any Threshold Event Collateral shall be treated as an “outside reserve fund” for purposes of the REMIC Provisions and
such property (and the right to reimbursement of any amounts with respect thereto from a REMIC) shall be beneficially owned by
the posting Noteholder who shall be taxed on all income with respect thereto. The entire amount of Threshold Event Collateral,
without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to
avoid a Control Appraisal Period.

 

(g)       The
Servicer or Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant to the terms
of, (1) prior to Securitization, the Model PSA and (2) after the Securitization, the Securitization Servicing Agreement.

 

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Section 6.           Appointment
of Junior Operating Advisor.

 

(a)       The
Controlling Noteholder shall have the right at any time to appoint a representative or advisor to exercise its rights hereunder
(the “Junior Operating Advisor”). The Controlling Noteholder shall have the right in its sole discretion at
any time and from time to time to remove and replace the Junior Operating Advisor. When exercising its various rights under Section
5 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through the Junior Operating
Advisor. The Junior Operating Advisor may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate
of the Mortgage Loan Borrower), including, without limitation, the Controlling Noteholder, any officer or employee of the Controlling
Noteholder, any Affiliate of the Controlling Noteholder or any other unrelated third party. No such Junior Operating Advisor shall
owe any fiduciary duty or other duty to any other Person (other than the Controlling Noteholder). All actions that are permitted
to be taken by the Controlling Noteholder under this Agreement may be taken by the Junior Operating Advisor acting on behalf of
the Controlling Noteholder and the Lead Securitization Noteholder (and any Servicer) will accept such actions of the Junior Operating
Advisor as actions of the Controlling Noteholder. Lead Securitization Noteholder (or any Servicer on its behalf) shall not be required
to recognize any Person as an Junior Operating Advisor until the Controlling Noteholder has notified the Lead Securitization Noteholder
(and any Servicer) of such appointment and, if the Junior Operating Advisor is not the same Person as the Controlling Noteholder,
the Junior Operating Advisor provides the Lead Securitization Noteholder (and any Servicer) with written confirmation of its acceptance
of such appointment, an address, any fax number and any email address for the delivery of notices and other correspondence and
a list of officers or employees of such person with whom the parties to this Agreement may deal (including their names, titles,
work addresses, telephone numbers, any fax numbers and any email addresses). Lead Securitization Noteholder shall promptly deliver
such information to any Servicer.

 

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

 

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

 

(c)       If
the Lead Securitization Noteholder is the Controlling Noteholder, the Note B Holder acknowledges and agrees all of the aforementioned
rights and obligations of the Controlling Noteholder and the Junior Operating Advisor set forth in Section 5(f) and 5(g) and this
Section 6 shall be exercisable by the Lead Securitization Noteholder (or the applicable Person specified in the Servicing
Agreement) to the extent set forth in the Servicing Agreement.

 

Section 7.             Special
Servicer. The Controlling Noteholder (or its Junior Operating Advisor), at its expense (including, without limitation, the
reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated Special Servicer), shall
have the right to appoint the Special Servicer with respect to the Mortgage Loan. The Controlling Noteholder (or its Junior Operating
Advisor) shall be entitled to terminate the rights and obligations of the Special Servicer under the Servicing Agreement, with
or without cause, upon at least ten (10) Business Days’ prior notice to the Special Servicer (provided, however, that the
Controlling Noteholder, Junior Operating Advisor and/or Note B Holder shall not be liable for any termination or similar fee in
connection with the removal of the Special Servicer in accordance with this Section 7); such termination not be effective unless
and until (A) each Rating Agency delivers Rating Agency Confirmation (to the extent any portion of the Mortgage Loan has been securitized
and such Rating Agency Confirmation is required under the Securitization Servicing Agreement); (B) the initial or successor Special
Servicer has assumed in writing (from and after the date such successor Special Servicer becomes the Special Servicer) all of the
responsibilities, duties and liabilities of the Special Servicer under the Servicing Agreement from and after the date it becomes
the Special Servicer as they relate to the Mortgage Loan pursuant to an assumption agreement reasonably satisfactory to the Trustee;
and (C) the Trustee shall have received an opinion of counsel reasonably satisfactory to the Trustee to the effect that (x) the
designation of such replacement to serve as Special Servicer is in compliance with the Servicing Agreement, (y) such replacement
will be bound by the terms of the Servicing Agreement with respect to the Mortgage Loan and (z) subject to customary qualifications
and exceptions, the applicable Servicing Agreement will be enforceable against such replacement in accordance with its terms. The
Lead Securitization Noteholder shall promptly provide copies to any terminated Special Servicer of the documents referred to in
the preceding sentence. Prior to the Securitization, if the Mortgage Loan becomes a Specially Serviced Mortgage Loan, and if not
later than thirty (30) days after the Mortgage Loan becomes a Specially Serviced Mortgage Loan the Controlling Noteholder (or its
Operating Advisor) elects to replace the Special Servicer, then, provided the Controlling Noteholder is the Note B Holder, each
Noteholder hereby agrees that no liquidation fees or workout fees shall be payable to the Special Servicer being replaced, unless
such Special Servicer shall have either successfully completed a workout or a liquidation, in which case such fees shall be payable
as provided herein.

 

Section 8.          Payment
Procedure.

 

(a)       The
Lead Securitization Noteholder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4,
as applicable, and subject to the terms of the Servicing Agreement, will deposit or cause to be deposited all payments allocable
to the Notes to the Collection Account or the account established for each Serviced AB Whole Loan

 

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pursuant to the Servicing Agreement.
The Lead Securitization Noteholder (or the Servicer on its behalf) shall establish a segregated sub-account for amounts due to
the each Noteholder. The Lead Securitization Noteholder (or the Servicer acting on its behalf) shall deposit such amounts to the
applicable account within two (2) Business Days following the Lead Securitization Noteholder’s (or the Servicer’s acting
on its behalf) receipt of properly identified and available funds from or on behalf of the Mortgage Loan Borrower.

 

(b)       If
the Lead Securitization Noteholder (or the Servicer on its behalf) determines, or a court of competent jurisdiction orders, at
any time that any amount received or collected in respect of a Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance,
preference or similar law, be returned to the Mortgage Loan Borrower or paid to such Noteholder or any Servicer or paid to any
other Person, then, notwithstanding any other provision of this Agreement, a Lead Securitization Noteholder (or the Servicer on
its behalf) shall not be required to distribute any portion thereof to such Noteholder and such Noteholder will promptly on demand
by the Lead Securitization Noteholder (or the Servicer on its behalf) repay to the Lead Securitization Noteholder (or the Servicer
on its behalf) any portion thereof that the Lead Securitization Noteholder (or the Servicer on its behalf) shall have theretofore
distributed to such Noteholder, together with interest thereon at such rate, if any, as the Lead Securitization Noteholder shall
have been required to pay to any Mortgage Loan Borrower, the Note A-1 Holder, Master Servicer, Special Servicer or such other Person
with respect thereto.

 

(c)       If,
for any reason, the Lead Securitization Noteholder (or the Servicer on its behalf) makes any payment to the Note B Holder before
the Lead Securitization Holder (or the Servicer on its behalf) has received the corresponding payment (it being understood that
the Lead Securitization Noteholder (or the Servicer on its behalf) is under no obligation to do so), and the Lead Securitization
Noteholder (or the Servicer on its behalf) does not receive the corresponding payment within three (3) Business Days of its payment
to such Note B Holder, such Note B Holder will, at the Lead Securitization Holder’s (or the Servicer’s on its behalf)
request, promptly return that payment to the Lead Securitization Noteholder (or the Servicer on its behalf).

 

(d)       Each
Noteholder agrees that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan
in excess of its distributable share thereof, it will promptly remit such excess to the Lead Securitization Holder (or the Servicer
on its behalf) subject to this Agreement and the Servicing Agreement and to be distributed pursuant to the terms of this Agreement.
The Lead Securitization Noteholder (or the Servicer on its behalf) shall have the right to offset any amounts due hereunder from
a Non-Lead Securitization Noteholder with respect to the Mortgage Loan against any future payments due to a Non-Lead Securitization
Noteholder under the Mortgage Loan, provided, that the each Noteholder’s obligations under this Section 8 are separate
and distinct obligations from one another and in no event shall the Lead Securitization Noteholder (or the Servicer on its behalf)
enforce the obligations of one Noteholder against another Noteholder. Each Noteholder’s obligations under this Section 8
constitute absolute, unconditional and continuing obligations.

 

Section 9.          Limitation
on Liability of the Noteholders. No Noteholder (including any Servicer on a Noteholder’s behalf) shall have any liability
to any other Noteholder

 

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except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach
of this Agreement on the part of such Noteholder.

 

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

 

The Note B Holder acknowledges
that, subject to the terms and conditions hereof and the obligation of the Note A-2 Holder (including any Non-Lead Servicer) to
comply with, and except as otherwise required by, the Servicing Standard (as if such standard was applicable to the Note A-2 Holder
as a “servicer” thereunder), the Note A-2 Holder (including any Non-Lead Servicer) may exercise, or omit to exercise,
any rights that the Note A-2 Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to
the interests of the Note B Holder and that the Note A-2 Holder (including any Non-Lead Servicer) shall have no liability whatsoever
to the Note B Holder in connection with the Note A-2 Holder’s exercise of rights or any omission by the Note A-2 Holder to
exercise such rights other than as described above; provided, however, that the Non-Lead Servicer must act in accordance
with the servicing standard under the Non-Lead Securitization Servicing Agreement.

 

The Note A-1 Holder and
the Note A-2 Holder acknowledge that, subject to the terms and conditions hereof, the Note B Holder may exercise, or omit to exercise,
any rights that such Note B Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse to
the interests of the Note A-1 Holder or the Note A-2 Holder and that the Note B Holder shall have no liability whatsoever to the
Note A-1 Holder and the Note A-2 Holder in connection with such Note B Holder’s exercise of rights or any omission by such
Note B Holder to exercise such rights; provided, however, that the Note B Holder shall not be protected against any liability to
the Note A-1 Holder and the Note A-2 Holder that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence.

 

Section 10.          Bankruptcy.
Subject to the provisions of Section 5(f) hereof, each Noteholder hereby covenants and agrees that only the Lead Securitization
Noteholder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code
Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency
Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property
or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Subject to the provisions of
Section 5(f) hereof, each Noteholder further agrees that only the Lead Securitization Noteholder, as a creditor, can make any election,

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give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in
any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Noteholders
hereby appoint the Lead Securitization Noteholder as their agent, and grant to the Lead Securitization Noteholder an irrevocable
power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and
all actions available to each of the Note A-2 Holder and the Note B Holder in connection with any case by or against the Mortgage
Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file
and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code
with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage
Loan. The Noteholders, hereby agree that, upon the request of the Lead Securitization Noteholder but subject to the provisions
of Section 5(f), such Noteholder shall execute, acknowledge and deliver to the Lead Securitization Noteholder all and every such
further deeds, conveyances and instruments as the Lead Securitization Noteholder may reasonably request for the better assuring
and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding
are subject to and must be in accordance with the Servicing Standard.

 

Section 11.          Cure
Rights of Controlling Noteholder.

 

(a)       Subject
to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any monetary payment on the Mortgage Loan by
the end of the any grace period (the “Grace Period”), if applicable, for such payment permitted under the applicable
Mortgage Loan Documents (a “Monetary Default”), the Lead Securitization Noteholder shall provide written notice
to the Controlling Noteholder and the Junior Operating Advisor of such default (the “Monetary Default Notice”).
The Controlling Noteholder shall have the right, but not the obligation, to cure such Monetary Default within five (5) Business
Days after receiving the Monetary Default Notice (the “Cure Period”) and at no other times. The Monetary Default
Notice shall contain a statement in boldface font that the Controlling Noteholder’s or the Junior Operating Advisor’s
failure to cure such Monetary Default within five (5) Business Days after receiving such notice will result in the termination
of the right to cure such Monetary Default. At the time a payment is made to cure a Monetary Default, the Note B Holder shall pay
or reimburse the Lead Securitization Noteholder for all unreimbursed Advances (whether or not recoverable with respect to Note
A-1 and Note A-2, including principal and interest advances made with respect to Note A-2 under the Non-Lead Securitization Servicing
Agreement), Advance Interest Amounts, any unpaid fees to any Servicer and any Additional Servicing Expenses. The Controlling Noteholder
shall not be required, in order to effect a cure hereunder, to pay any default interest or late charges under the Mortgage Loan
Documents. So long as a Monetary Default exists for which a cure payment permitted hereunder is made, such Monetary Default shall
not be treated as an Event of Default by the Lead Securitization Noteholder or the Non-Lead Securitization Noteholder (including
for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage Loan, modifying,
amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or the taking of title
by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property; or (iii) treating the
Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent the Lead Securitization
Noteholder from

 

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collecting Default Interest or late charges from the Mortgage Loan Borrower. Any amounts advanced by the Controlling
Noteholder on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3
or Section 4, as applicable.

 

(b)       Notwithstanding
anything to the contrary contained in Section 11(a), the Note B Holder shall be limited to a combined total of six (6) cures of
Monetary Defaults, no more than four (4) of which may be consecutive, or Non-Monetary Defaults over the term of the Mortgage Loan.
Additional Cure Periods shall only be permitted with the consent of the Lead Securitization Noteholder.

 

(c)       No
action taken by the Note B Holder in accordance with this Agreement shall excuse performance by the Mortgage Loan Borrower of its
obligations under the Mortgage Loan Documents and the Note A-1 Holder’s and the Note A-2 Holder’s rights under the
Mortgage Loan Documents shall not be waived or prejudiced by virtue of the Note B Holder’s actions under this Agreement.
Subject to the terms of this Agreement, the Note B Holder shall be subrogated to the Note A-1 Holder’s and the Note A-2 Holder’s
rights to any payment owing to the Note A-1 Holder and the Note A-2 Holder for which the Note B Holder makes a cure payment as
permitted under this Section 11 but such subrogation rights may not be exercised against the Mortgage Loan Borrower until ninety-one
(91) days after the Note is paid in full.

 

(d)       If
an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Lead Securitization Noteholder shall provide notice of such Non-Monetary Default to the Controlling Noteholder
and the Junior Operating Advisor of such Non-Monetary Default (the “Non-Monetary Default Notice”) and the Controlling
Noteholder shall have the right, but not the obligation, to cure such Non-Monetary Default until the later of (a) the same period
of time as the Mortgage Loan Borrower under the Mortgage Loan Documents, without regard for the date of receipt by the Controlling
Noteholder of the Non-Monetary Default Notice, and (b) at least thirty (30) days from the date of such Non-Monetary Default, to
cure such Non-Monetary Default; provided, however, if such Non-Monetary Default is susceptible of cure but cannot
reasonably be cured within such period and if curative action was promptly commenced and is being diligently pursued by the Controlling
Noteholder, the Controlling Noteholder shall be given an additional period of time as is reasonably necessary to enable the Controlling
Noteholder in the exercise of due diligence to cure such Non-Monetary Default for so long as (i) the Controlling Noteholder diligently
and expeditiously proceeds to cure such Non-Monetary Default, (ii) the Controlling Noteholder makes all cure payments that it is
permitted to make in accordance with the terms and provisions of Section 11(a) hereof, (iii) such additional period of time does
not exceed ninety (90) days , (iv) such Non-Monetary Default is not caused by an Insolvency Proceeding or during such period of
time that the Controlling Noteholder has to cure a Non-Monetary Default in accordance with this Section 11(d) (the “Non-Monetary
Default Cure Period”), an Insolvency Proceeding does not occur and (v) during such Non-Monetary Default Cure Period,
there is no material adverse effect on the Mortgage Loan Borrower or the Mortgaged Property or the value of the Mortgage Loan as
a result of such Non-Monetary Default or the attempted cure. The Non-Monetary Default Notice shall contain a statement in boldface
font that the Controlling Noteholder’s or the Junior Operating Advisor’s failure to cure such Non-Monetary Default
within the applicable Non-Monetary Default Cure Period after receiving such notice will result in the termination of the right
to cure such Non-Monetary Default. The

 

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Controlling Noteholder shall not contact the Mortgage Loan Borrower in order to effect any
cures under Sections 11(a) or this 11(d) without the prior written consent of the Lead Securitization Noteholder.

 

Section 12.          Purchase
of Note A-1 and Note A-2 By Note B Holder. The Note B Holder shall have the right, by written notice to the Note A-1 Holder
and the Note A-2 Holder (a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the
Mortgage Loan has occurred and is continuing, to purchase, in immediately available funds, Note A-1 and Note A-2 in whole but not
in part at the applicable Defaulted Mortgage Loan Purchase Price. For avoidance of doubt, if the Note B Holder elects to exercise
its right to purchase a Note pursuant to this Section 12, it must purchase both Note A-1 and Note A-2. Upon the delivery of the
Noteholder Purchase Notice to the Note A-1 Holder and the Note A-2 Holder, the Note A-1 Holder and Note A-2 Holder shall sell (and
the Note B Holder shall purchase) Note A-1 and Note A-2 at the applicable Defaulted Mortgage Loan Purchase Price, on a date (the
“Defaulted Note Purchase Date”) selected by the Note B Holder that is reasonably acceptable to the Note A-1
Holder and the Note A-2 Holder (it being agreed that Note B Holder may not select a date earlier than seven (7) Business Days after
or later than forty-five (45) days after the date of the Noteholder Purchase Notice). If the Note B Holder fails to consummate
such purchase on the Defaulted Note Purchase Date (other than be reason of the default of the Note A-1 Holder or Note A-2 Holder)
the Note B Holder’s right to purchase Note A-1 and Note A-2 shall terminate. The Note B Holder agrees that all out of pocket
costs and expenses related to the purchase of the Senior Notes shall be paid by the Note B Holder. The Defaulted Mortgage Loan
Purchase Price shall be calculated by the Lead Securitization Noteholder (or the Servicer on its behalf) five (5) Business Days
prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included in the
Defaulted Mortgage Loan Purchase Price), and shall, absent manifest error, be binding upon the Noteholders. Concurrently with the
payment to the Note A-1 Holder and the Note A-2 Holder in immediately available funds of its respective portion of the applicable
Defaulted Mortgage Loan Purchase Price, the Note A-1 Holder and the Note A-2 Holder will execute at the sole cost and expense of
the Note B Holder in favor of the Note B Holder assignment documentation which will assign Note A-1 and Note A-2, as applicable,
and the Mortgage Loan Documents without recourse, representations or warranties (except the Note A-1 Holder and the Note A-2 Holder,
as applicable, will represent and warrant that it has good and marketable title to, was the sole owner and holder of, and had power
and authority to deliver the Mortgage Loan or Note, as applicable, free and clear of all liens and encumbrances (other than the
interest created by Note B)). The right of the Note B Holder to purchase Note A-1 and Note A-2 shall automatically terminate upon
a foreclosure sale, sale by power of sale or, delivery of a deed in lieu of foreclosure with respect to the Mortgaged Property
(and the Lead Securitization Noteholder shall give the Note B Holder fifteen (15) days’ prior written notice of its intent
to consummate any such foreclosure, sale by power of sale or deed in lieu of foreclosure). In connection with any sale pursuant
to this Section 12, the Note A-1 Holder and Note A-2 Holder shall (i) execute and deliver assignment documentation and endorsements
in customary form, which shall be consistent with the provisions of this Section 12 and (ii) deliver to Note B Holder all original
Mortgage Loan Documents and related materials in their possession (or the possession of the Servicer). Any sale pursuant to this
Section 12 shall be on a “servicing released” basis.

 

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Section 13.          Representations
and Understandings of Note B Holder.

 

The Note B Holder represents,
and specifically understands and agrees, that it is acquiring its Note B for its own account in the ordinary course of its business
and that the Note A-1 Holder and Note A-2 Holder shall otherwise have no liability or responsibility to the Note B Holder except
as expressly provided herein or for actions that are taken or omitted to be taken by the Note A-1 Holder or Note A-2 Holder that
constitute gross negligence or willful misconduct or that constitute a breach of this Agreement. The Note B Holder represents and
warrants that the execution, delivery and performance of this Agreement is within its corporate powers, has been duly authorized
by all necessary corporate action, and does not contravene its charter or any law or contractual restriction binding upon the Note
B Holder, and that this Agreement is the legal, valid and binding obligation of the Note B Holder enforceable against the Note
B Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with
respect to indemnification and contribution obligations may be limited by applicable law. The Note B Holder represents and warrants
that it is duly organized, validly existing, in good standing and possesses of all licenses and authorizations necessary to carry
on its business. The Note B Holder represents and warrants that (a) this Agreement has been duly executed and delivered by the
Note B Holder, (b) to the Note B Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings of or with
any court or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement by the
Note B Holder have been obtained or made and (c) to the Note B Holder’s actual knowledge, there is no pending action, suit or proceeding,
arbitration or governmental investigation against the Note B Holder, an adverse outcome of which would materially and adversely
affect its performance under this Agreement. The Note B Holder acknowledges that the Note A-1 Holder and Note A-2 Holder do not
owe the Note B Holder any fiduciary duty with respect to any action taken under the Mortgage Loan Documents and, except as provided
herein, need not consult with the Note B Holder with respect to any action taken by the Note A-1 Holder and Note A-2 Holder in
connection with the Mortgage Loan.

 

The Note B Holder expressly
and irrevocably waives for itself and any Person claiming through or under the Note B Holder any and all rights that it may have
under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of any similar law which purports
to give a junior loan Noteholder the right to initiate any loan enforcement or foreclosure proceedings.

 

Section 14.          Representations
of the Note A-1 Holder and Note A-2 Holder.

 

Each of the Note A-1
Holder and Note A-2 Holder represents and warrants that the execution, delivery and performance of this Agreement is within its
respective corporate powers, has been duly authorized by all necessary corporate action, and does not contravene the Note A-1 Holder’s
or Note A-2 Holder’s charter or any law or contractual restriction binding upon the Note A-1 Holder and Note A-2 Holder,
and that this Agreement is the legal, valid and binding obligation of each of the Note A-1 Holder and Note A-2 Holder enforceable
against it in accordance with its terms. Each of the Note A-1 Holder and Note A-2 Holder represents and warrants that it is duly
organized, validly existing, in good standing and possession of all licenses and authorizations necessary to carry on its respective
business. Each of the Note A-1 Holder and

 

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Note A-2 Holder represents and warrants that (a) this Agreement has been duly executed
and delivered by each of the Note A-1 Holder and Note A-2 Holder, (b) to each of the Note A-1 Holder’s and Note A-2 Holder’s
actual knowledge, all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body,
if any, required for the execution, delivery and performance of this Agreement by each of the Note A-1 Holder and Note A-2 Holder
have been obtained or made and (c) to each of the Note A-1 Holder’s and Note A-2 Holder’s actual knowledge, there is
no pending action, suit or proceeding, arbitration or governmental investigation against the Note A-1 Holder or the Note A-2 Holder,
an adverse outcome of which would materially and adversely affect its performance under this Agreement.

 

Section 15.          Independent
Analysis of the Note B Holder.

 

The Note B Holder acknowledges
that it has, independently and without reliance upon the Note A-1 Holder or Note A-2 Holder, except with respect to the representations
and warranties provided by the Note A-1 Holder and Note A-2 Holder herein, and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to purchase Note B and the Note B Holder accepts responsibility therefor.
The Note B Holder hereby acknowledges that, other than the representations and warranties provided herein, the Note A-1 Holder
and Note A-2 Holder have made no representations or warranties with respect to the Mortgage Loan, subject to such representations
and warranties as provided by the Note A-1 Holder and Note A-2 Holder herein, and that the Note A-1 Holder and Note A-2 Holder
shall have no responsibility for (i) the collectibility of the Mortgage Loan, (ii) the validity, enforceability or legal effect
of any of the Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished to the
Note A-1 Holder or Note A-2 Holder in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or
effectiveness of the lien created or to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage
Loan Borrower. Each Noteholder assumes all risk of loss in connection with its Note except as specifically set forth herein.

 

Section 16.          No
Creation of a Partnership or Exclusive Purchase Right.

 

Nothing contained in
this Agreement, and no action taken pursuant hereto shall be deemed to constitute the relationship created hereby among any of
the Noteholders as a partnership, association, joint venture or other entity. No Noteholder shall have any obligation whatsoever
to offer any other Noteholder the opportunity to purchase an interest in any future loans originated by such Noteholder or its
Affiliates and if any Noteholder chooses to offer to any other Noteholder the opportunity to purchase an interest in any future
loans originated by such Noteholder or its Affiliates, such offer shall be at such purchase price and interest rate as such Noteholder
chooses, in its sole and absolute discretion. No Noteholder shall have any obligation whatsoever to purchase from any other Noteholder
any interest in any future loans originated by such Noteholder or its Affiliates.

 

Section 17.          Not
a Security. Note B shall not be deemed to be a security within the meaning of the Securities Act of 1933, as amended, or the
Securities Exchange Act of 1934, as amended.

 

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Section 18.          Other
Business Activities of the Noteholders. Each Noteholder acknowledges that each other Noteholder or its Affiliates may make
loans or otherwise extend credit to, and generally engage in any kind of business with, the Mortgage Loan Borrower or any direct
or indirect parent or Affiliate thereof, any entity that is a holder of debt secured by direct or indirect ownership interests
in the Mortgage Loan Borrower or any Affiliate thereof or any entity that is a holder of a preferred equity interest in the
Mortgage Loan Borrower or any Affiliate thereof (each, a “Mortgage Loan Borrower Related Party”),
and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related Parties and otherwise act with
respect thereto freely and without accountability in the same manner as if this Agreement and the transactions contemplated hereby
were not in effect.

 

Section 19.          Sale
of the Notes.

 

(a)       The
Note B Holder agrees that it will not Transfer all or any portion of Note B except that the Note B Holder shall have the right
to Transfer its respective Note, or any portion thereof (i) to a Qualified Institutional Lender, provided, that promptly after
the Transfer, the Note A-1 Holder and the Note A-2 Holder are provided with (x) a representation from the transferee or such Note
B Holder certifying that such transferee is a Qualified Institutional Lender, (y) a copy of the assignment and assumption agreement
referred to in Section 20 and (z) such transfer would not cause Note B to be held by more than five persons nor cause there to
be no one person owning a majority of Note B or (ii) to an entity that is not a Qualified Institutional Lender; provided that with
respect to the foregoing subclause (ii), the Note B Holder obtains (1) prior to a Securitization, the consent of the Lead Securitization
Noteholder and (2) after a Securitization, Rating Agency Confirmation (and for avoidance of doubt, no consent of the Lead Securitization
Noteholder shall be required after a Securitization); provided that in each of case (1) and (2), (x) promptly after the Transfer
the Lead Securitization Noteholder is provided with a copy of the assignment and assumption agreement referred to in Section 20
and (y) such transfer would not cause Note B to be held by more than five persons nor cause there to be no one person owning a
majority of Note B. If Note B is held by more than one Note B Holder at any time, the holders of a majority of the Note B Principal
Balance shall immediately appoint a representative to exercise all rights of the Note B Holder hereunder. Notwithstanding the foregoing,
without the Note A-1 Holder’s and the Note A-2 Holder’s prior consent, which may be withheld in the sole discretion
of the Senior Noteholders, the Note B Holder shall not Transfer all or any portion of Note B to the Mortgage Loan Borrower or a
Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall vest no rights in the purported
transferee. The Note B Holder agrees it will pay the expenses of the Lead Securitization Noteholder (including all expenses of
the Master Servicer and the Special Servicer) in connection with any such Transfer.

 

(b)       Notwithstanding
the foregoing, the Note B Holder shall have the right, without the need to obtain the consent of the Senior Noteholders or any
other Person and without the need to obtain Rating Agency Confirmation, to Transfer 49% or less (in the aggregate) of its interest
in Note B to any Person provided that any such Transfer shall be made in accordance with this Section 19; provided further, that
the Note B Holder shall not Transfer all or any portion of Note B to the Mortgage Loan Borrower or to a Mortgage Loan Borrower
Related Party without the consent of the Senior Noteholders (which consent may require Rating Agency Confirmation) and any Transfer
without such consent shall be void ab initio, absolutely null and

 

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void, and shall vest no rights in the purported transferee. All
Transfers under Section 19(a) and (b) shall be made upon written notice to the Senior Noteholders not later than the date of such
Transfer and each transferee shall (i) assume all or a ratable portion, as the case may be, of the obligations of the Note B Holder
hereunder with respect to Note B from and after the date of such assignment (or, in the case, of a pledge, collateral assignment
or other encumbrance made in accordance with Section 19(e) by the Note B Holder of Note B solely as security for a loan to the
Note B Holder made by a third-party lender whereby the Note B Holder remains fully liable under this Agreement, on or before the
date on which such third-party lender succeeds to the rights of the Note B Holder by foreclosure or otherwise, such third-party
lender executes an agreement that such lender shall be bound by the terms and provisions of this Agreement and the obligations
of the Note B Holder hereunder) and (ii) agree in writing to be bound by the Servicing Agreement. Upon the consummation of
a Transfer of all or any portion of Note B in accordance with this Agreement, the transferring Person shall be released from all
liability arising under this Agreement with respect to Note B (or the portion thereof that was the subject of such Transfer), for
the period after the effective date of such Transfer (it being understood and agreed that the foregoing release shall not apply
in the case of a sale, assignment, transfer or other disposition of a participation interest in Note B as described in clause (c)
below). In connection with any such permitted Transfer of all or any portion of Note B and for all purposes of this Agreement,
the Senior Noteholders need only recognize the majority holder of Note B for purposes of notices, consents and other communications
between the Note A-1 Holder and/or the Note A-2 Holder and such majority holder of Note B shall be the only Person authorized hereunder
to exercise any rights of Note B Holder under this Agreement; provided, however, the majority holder of Note B may
from time to time designate any other Person as an additional party entitled to receive notices, consents and other communications
and/or to exercise rights on behalf of the Note B Holder hereunder by delivering written notice thereof to the Note A-1 Holder
and the Note A-2 Holder, and, from and after delivery of such notice, such designee shall be so authorized hereunder and shall
be the only party entitled to receive such notices, consents and such other communications and/or to exercise such rights.

 

(c)       In
the case of any sale, assignment, transfer or other disposition of a participation interest in a Note, (i) such Noteholder’s
obligations under this Agreement shall remain unchanged, (ii) such Noteholder shall remain solely responsible for the performance
of such obligations, (iii) the other Noteholder and any Persons acting on its behalf shall continue to deal solely and directly
with such Noteholder in connection with such Noteholder’s rights and obligations under this Agreement and the Servicing Agreement,
and (iv) all amounts payable hereunder shall be determined as if such Noteholder had not sold such participation interest; provided,
however, that if the applicable participant is a Qualified Institutional Lender (and delivers to the other Noteholders a
certification from an authorized officer confirming its status as a Qualified Institutional Lender), such Noteholder, by written
notice to the other Noteholders, may delegate to such participant such Noteholder’s right to exercise the rights of the Controlling
Noteholder hereunder and under the Servicing Agreement; provided, further, however, that upon the occurrence
of a Control Appraisal Period with respect to Note B, the aforesaid delegation of rights shall terminate and be of no further force
and effect.

 

(d)       
Each Senior Noteholder, shall have the right to Transfer all or any portion of Note A-1 or Note A-2, as applicable without the
prior consent of the Note B Holder (i) prior to an Event of Default, to any party other than the Mortgage Loan Borrower or any
Mortgage Loan

 

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Borrower Related Party and (ii) after an Event of Default, provided the Note B Holder is not the Controlling Noteholder,
to any party, including the Mortgage Loan Borrower and any Mortgage Loan Borrower Related Party, provided that any such sale to
the Mortgage Loan Borrower or any Mortgage Loan Borrower Related Party is in accordance with the terms and conditions in the Lead
Securitization Servicing Agreement; provided, further, that following any Transfer of Note A-1 or Note A-2, the Mortgage
Loan continues to be serviced in its entirety pursuant to the Servicing Agreement by a Servicer unaffiliated with Mortgage Loan
Borrower. For the avoidance of doubt, neither the Note A-1 Holder nor the Note A-2 Holder (nor any Servicer on their behalf) shall
have any right to Transfer or cause the Transfer of Note B. Each Senior Noteholder shall not Transfer more than 49% (in the aggregate)
of its beneficial interest in its Note unless (1) prior to a Securitization of any Senior Note, the other Holders have consented
to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Institutional Lender”
for all purposes under this Agreement, (2) after a Securitization of any Senior Note, a Rating Agency Confirmation has been received
with respect to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Institutional
Lender” for all purposes under this Agreement, (3) such Transfer is to a Qualified Institutional Lender or (4) such Transfer
of a Senior Note is in connection with a sale by a securitization trust; provided that if such Transfer is a Transfer of the Lead
Securitization Note, such Transfer is to a Qualified Institutional Lender. Any such transferee (except in the case of Transfers
that are made in connection with a Securitization) hereby assumes the obligations of the transferring Holder hereunder and agrees
to be bound by the terms and provisions of this Agreement and the Servicing Agreement and remakes each of the representations and
warranties contained herein for the benefit of the other Holders. Notwithstanding anything to the contrary contained above or elsewhere
in this Agreement, without each non transferring Holder’s prior consent and, if such non transferring Holder’s Note
is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that has been engaged by the Depositor to
rate the securities issued in connection with such Securitization, no Holder shall Transfer all or any portion of its Note to the
Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall
vest no rights in the purported transferee. None of the provisions of this Section 19(d) shall apply in the case of a sale
of Note A-1 together with Note A-2, in accordance with the terms and conditions of the Lead Securitization PSA.

 

(e)       Notwithstanding
any other provision hereof, any Noteholder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage
Loan Borrower or any Affiliate thereof) which has extended a credit or repurchase facility to such Noteholder and that is either
a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or
the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this
Section 19(e), it being further agreed that a financing provided by a Note Pledgee to a Noteholder or any Person which Controls
such Noteholder that is secured by such Noteholder’s interest in the applicable Note and is structured as a repurchase arrangement,
shall qualify as a “Pledge” hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender
may not take title to the pledged Note without (a) prior to Securitization, the consent of each other Noteholder and (b) after
Securitization, Rating Agency Confirmation. Upon written notice by the applicable Noteholder to the other Noteholders and any Servicer
that a Pledge has been effected (including the name and address of the applicable Note Pledgee), each of the other Noteholders
agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default
by the pledging Noteholder in respect of its

 

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obligations under this Agreement of which default such Noteholder has actual knowledge;
(ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Noteholder in respect of
its obligations to the other Noteholder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that
no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other
Noteholder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving
of same to the pledging Noteholder and accept any cure thereof by such Note Pledgee which such pledging Noteholder has the right
(but not the obligation) to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that such other Noteholder
shall deliver to Note Pledgee such estoppel certificate(s) as Note Pledgee shall reasonably request, provided that any such
certificate(s) shall be in a form reasonably satisfactory to such other Noteholder; and (vi) that, upon written notice (a
“Redirection Notice”) to the other Noteholders and any Servicer by such Note Pledgee that the pledging Noteholder
is in default, beyond any applicable cure periods, under the pledging Noteholder’s obligations to such Note Pledgee pursuant
to the applicable credit agreement between the pledging Noteholder and such Note Pledgee (which notice need not be joined in or
confirmed by the pledging Noteholder), and until such Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee
shall be entitled to receive any payments that any Noteholder or Servicer would otherwise be obligated to pay to the pledging Noteholder
from time to time pursuant to this Agreement or any Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely
releases the other Noteholders and any Servicer from any liability to the pledging Noteholder on account of any Noteholder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or any such other Noteholder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Noteholder to
such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and
this Agreement. In such event, the Noteholders and any Servicer shall recognize such Note Pledgee (and any transferee other than
the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of foreclosure), and its successor and assigns, as the successor to the
pledging Noteholder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Institutional
Lender shall assume in writing the obligations of the pledging Noteholder hereunder accruing from and after such Transfer (i.e.,
realization upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The
rights of a Note Pledgee under this Section 19(e) shall remain effective as to any Noteholder (and any Servicer) unless and
until such Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest
in the pledged Note has terminated.

 

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

 

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

 

(ii)       The
Conduit Credit Enhancer and conduit manager (if Moody’s rates the Securitization) will be a Qualified Institutional Lender;

 

(iii)       Such
Noteholder will pledge (or sell, transfer or assign as part of a repurchase facility) its interest in the applicable Note to the
Conduit as collateral for the Conduit Inventory Loan;

 

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

 

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

 

Section 20.          Registration
of Transfer. In connection with any Transfer of a Note (or any portion thereof) but, excluding any transfer to a Pledgee unless
and until it realizes on its Pledge), a transferee shall (unless this Agreement is amended and restated and the transferee executes
an amended and restated agreement) execute an assignment and assumption agreement whereby such transferee assumes all of the obligations
of the applicable Noteholder hereunder with respect to such Note thereafter accruing and agrees to be bound by the terms of this
Agreement, including the restriction on Transfers set forth in Section 19, from and after the date of such assignment. Notwithstanding
the preceding sentence, a Trustee shall not be required to execute an assignment and assumption agreement in connection with any
Transfer of a Note if the obligations are assumed pursuant to the Securitization Servicing Agreement. No transfer of a Note may
be made unless it is registered on the Note Register, and the Agent shall not recognize any attempted or purported transfer of
any Note in violation of the provisions of Section 19 and this Section 20. Any such purported transfer shall be absolutely
null and void and shall vest no rights in the purported transferee. Each Noteholder desiring to effect such transfer shall, and
does hereby agree to, indemnify the Agent and any other Noteholder against any liability that may result if the transfer is not
made in accordance with the provisions of this Agreement. Upon a Securitization of the Lead Securitization Note, the Certificate
Administrator shall automatically become and be the Agent.

 

Section 21.          Registration
of the Notes. The Agent shall keep or cause to be kept at the Agent Office books (the “Note Register”) for
the registration and transfer of the Notes. The Agent shall serve as the initial Note registrar and the Agent hereby accepts such
appointment. The names and addresses of the holders of the Notes and the names and addresses

 

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of any transferee of any Note of which
the Agent has received notice, in the form of a copy of the assignment and assumption agreement referred to in Section 20, shall
be registered in the Note Register. The Person in whose name a Note is so registered shall be deemed and treated as the sole owner
and holder thereof for all purposes of this Agreement, except in the case of the Noteholders who may hold their Notes through a
nominee. Upon request of a Noteholder, the Agent shall provide such party with the names and addresses of the Noteholders. To the
extent another party is appointed as Agent hereunder, the Noteholders hereby designate such person as its agent under this Section
21 solely for purposes of maintaining the Note Register.

 

Section 22.          Statement
of Intent. The Agent and each Noteholder intend that the Notes be classified and maintained as a grantor trust under subpart
E, part I of subchapter J of chapter 1 of the Code that is a fixed investment trust within the meaning of Treasury Regulation
§301.7701-4(c), and the parties will not take any action inconsistent with such classification. It is neither the purpose
nor the intent of this Agreement to create a partnership, joint venture, “taxable mortgage pool” or association taxable
as a corporation among the parties.

 

Section 23.          No
Pledge. This Agreement shall not be deemed to represent a pledge of any interest in any Mortgage Loan by the Noteholders. Except
as otherwise provided in this Agreement and the Servicing Agreement, the Note B Holder shall not have any interest in any property
taken as security for any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale,
lease or other disposition thereof shall be received, then the Note B Holder shall be entitled to receive its share of such application
in accordance with the terms of this Agreement and/or the Servicing Agreement.

 

Section 24.          Governing
Law; Waiver of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT,
THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

Section 25.          Submission
To Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

Section 26.     Modifications;
Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by each
Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders shall not amend or modify
this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation from the Rating
Agencies shall be required in connection with a modification or amendment (i) to cure any ambiguity, to correct or supplement any
provisions herein that may be defective or inconsistent with any other provisions herein or with the Securitization Servicing Agreement,
(ii) entered into pursuant to Section 38 of this Agreement or (iii) to correct or supplement any provision herein that may
be defective or inconsistent with any other provisions of this Agreement.

 

Section 27.     Successors
and Assigns; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns. Except as provided herein, none of the provisions of this Agreement shall
be for the benefit of or enforceable by any Person not a party hereto. Subject to Section 19, each Noteholder may assign or delegate
its rights or obligations under this Agreement. Upon any such assignment, the assignee shall be entitled to all rights and benefits
of the applicable Noteholder hereunder, including, without limitation, the right to make further assignments and grant additional
Notes.

 

Section 28.     Counterparts.
This Agreement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the
same instrument. Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF) or
by facsimile transmission shall be effective as delivery of a manually executed original counterpart of this Agreement.

 

Section 29.     Captions.
The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended
to summarize or otherwise describe the subject matter of the paragraphs and shall not be given any consideration in the construction
of this Agreement.

 

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Section 30.     Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable laws, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

Section 31.     Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter contained
in this Agreement and supersedes all prior agreements, understandings and negotiations between the parties.

 

Section 32.     Withholding
Taxes.

 

(a)       If
the Note A-1 Holder, the Note A-2 Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from
interest, fees or other amounts payable to the Note B Holder with respect to the Mortgage Loan as a result of the Note B Holder
constituting a Non-Exempt Person, the Note A-1 Holder, in its capacity as servicer, shall be entitled to do so with respect to
the Note B Holder’s interest in such payment (all withheld amounts being deemed paid to the Note B Holder), provided
that the Lead Securitization Noteholder shall furnish such Note B Holder with a statement setting forth the amount of Taxes withheld,
the applicable rate and other information which may reasonably be requested for purposes of assisting such Note B Holder to seek
any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which the Note B Holder is subject to tax.

 

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

 

(c)       The Note B
Holder represents to the Note A-1 Holder and the Note A-2 Holder (for the benefit of the Mortgage Loan Borrower) that as of the
date hereof it is not (and, if Note B is transferred, the transferee represents that as of the date of such transfer it is not)
a Non-Exempt Person and that neither the Lead Securitization Noteholder nor the Mortgage Loan Borrower is obligated under applicable
law to withhold Taxes on sums paid to it with respect to

 

      56

     

    

 

the Mortgage Loan or otherwise pursuant to this Agreement. If Note B Holder
hereafter becomes a Non-Exempt Person, it shall give prompt written notice thereof to the Lead Securitization Noteholder or Servicer,
as applicable. Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of this
Agreement, such Note B Holder shall deliver to the Lead Securitization Noteholder or Servicer, as applicable, evidence reasonably
satisfactory to the Lead Securitization Noteholder substantiating whether such Note B Holder is a Non-Exempt Person and whether
the Lead Securitization Noteholder is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage
Loan or otherwise under this Agreement. Without limiting the effect of the foregoing, (i) if the Note B Holder (or, if the Note
B Holder is disregarded for U.S. federal income tax purposes, the owner of the Note B Holder) is created or organized under the
laws of the United States, any state thereof or the District of Columbia, it shall satisfy the requirements of the preceding sentence
by furnishing to the Lead Securitization Noteholder an Internal Revenue Service Form W-9 and (ii) if the Note B Holder is not created
or organized under the laws of the United States, any state thereof or the District of Columbia, and if the payment of interest
or other amounts by the Mortgage Loan Borrower is treated for U.S. federal income tax purposes as derived in whole or part from
sources within the United States, the Note B Holder shall satisfy the requirements of the preceding sentence by furnishing to the
Lead Securitization Noteholder Internal Revenue Service Form W-8ECI, Form W-8IMY (with appropriate attachments), Form W-8BEN, or
Form W-8BEN-E, or applicable successor forms, as may be required from time to time, duly executed by the Note B Holder, as evidence
of the Note B Holder’s exemption from the withholding of United States tax with respect thereto. The Lead Securitization
Noteholder shall not be obligated to make any payment hereunder to any Note B Holder in respect of its Note B or otherwise until
such Note B Holder shall have furnished to the Lead Securitization Noteholder requested forms, certificates, statements or documents
as provided herein.

 

Section 33.     Custody
of Mortgage Loan Documents. Prior to the Securitization Date, the originals of all of the Mortgage Loan Documents (including
Note A-2 and Note B, until such time that Note B is transferred to a party unaffiliated with the Initial Agent) will be held by
the Initial Agent (or an agent of the Initial Agent) on behalf of the registered holders of the Notes. After the Securitization,
the originals of all of the Mortgage Loan Documents (other than Note A-2 and Note B) will be transferred to the Lead Securitization
Noteholder (or a custodian acting on behalf of the Lead Securitization Noteholder).

 

Section 34.     Notices.
All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall be in writing and personally
delivered, (ii) sent by facsimile transmission (during business hours) if a party has provided a facsimile number, (iii) reputable
overnight delivery service (charges prepaid), (iv) sent by electronic mail containing language requesting the recipient to confirm
receipt thereof if a party has provided an electronic mail address or (iv) certified United States mail, postage prepaid return
receipt requested, and addressed to the respective parties at their addresses set forth on Exhibit B hereto, or at such
other address as any party shall hereafter inform the other party by written notice given as aforesaid. All written notices so
given shall be deemed effective upon receipt.

 

All notices and reports
(including, without limitation, Asset Status Reports) required to be delivered hereunder by the Lead Securitization Noteholder
(or the Servicer on its behalf) to the Controlling Noteholder (or its Junior Operating Advisor), or by the Controlling 

 

      57

     

    

 

Noteholder
(or its Junior Operating Advisor) to the Lead Securitization Noteholder (or the Servicer on its behalf), shall also be delivered
by the applicable party to each Non-Lead Securitization Noteholder and, at any time that the Note B Holder is not the Controlling
Holder, to the Note B Holder.

 

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

 

Section 36.     Certain
Matters Affecting the Agent.

 

(a)       The
Noteholders hereby appoint the Agent to act on their behalf under the Mortgage Loan Documents, and the Agent hereby agrees to so
act on behalf of the Noteholders, subject to the terms and conditions of this Agreement;

 

(b)       The
Agent may request and/or rely upon and shall be protected in acting or refraining from acting upon any assignment and assumption
agreement delivered to the Agent pursuant to Section 20;

 

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

 

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

 

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

 

(f)       The
Agent shall not be bound to make any investigation into the facts or matters stated in any assignment and assumption agreement
delivered to the Agent pursuant to Section 20; and

 

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

 

Section 37.     Termination
of Agent. The Agent may be terminated at any time upon ten (10) days prior written notice from the Lead Securitization Noteholder.
In the event that the Agent is terminated pursuant to this Section 37, all of its rights and obligations under this Agreement shall
be terminated, other than any rights or obligations that accrued prior to the date of such termination.

 

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this
Agreement and

 

      58

     

    

 

perform the duties of the Agent hereunder. CCRE, as Initial Agent, may transfer its rights and obligations to the
Servicer, as successor Agent, at any time without the consent of any Noteholder. CCRE, as Initial Agent, shall promptly and diligently
attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act in such capacity, shall promptly
and diligently attempt to cause a similar servicer to act as successor Agent. The termination or resignation of such Servicer,
as Servicer under the Servicing Agreement, shall be deemed a termination or resignation of such Servicer as Agent under this Agreement.
Notwithstanding the to the contrary in this Agreement, upon a Securitization of the Lead Securitization Note, the Certificate Administrator
shall automatically become and be the Agent.

 

Section 38.     Resizing.
The Note B Holder agrees that if, in connection with a Securitization, the Note A-1 Holder or Note A-2 Holder determines that it
is advantageous to resize Note A-1 or Note A-2 by causing the Mortgage Loan Borrower to execute amended and restated notes or additional
notes (in either case, “New Notes”) reallocating the principal of such Note A-1 or Note A-2 to such New Notes,
the Note B Holder shall cooperate with Note A-1 Holder and Note A-2 Holder, as applicable, to effect such resizing at such Note
A-1 Holder’s or Note A-2 Holder’s expense, as applicable; provided that (i) the aggregate principal balance
of all outstanding New Notes following the creation thereof is no greater than the principal balance of such Note immediately prior
to the creation of the New Notes, (ii) such New Notes are pari passu with each other, (iii) the weighted average interest rate
of all outstanding New Notes following the creation thereof is the same as the interest rate of the related Note immediately prior
to the creation of the New Notes, and (iv) no such resizing shall (a) change the interest allocable to, or the amount
of any payments due to, the Note B Holder, or priority of such payments, or (b)  increase the Note B Holder’s obligations
or decrease the Note B Holder’s rights, remedies or protections. In connection with the resizing of Note A-1 or Note A-2,
the related Noteholder may allocate its rights hereunder among the New Notes in any manner in its sole discretion. Any cap on the
Note A-1 Holder’s or Note A-2 Holder’s obligation to pay the Note B Holder’s expenses pursuant to Section 40
of this Agreement shall not apply to the Note B Holder’s expenses in connection with a resizing pursuant to this Section 38
or any Securitization of a resized Note A-1 or Note A-2.

 

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

 

Section 40.     Cooperation
in Securitization.

 

(a)       Each
Noteholder acknowledges that any Noteholder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization and subject to the terms of the preceding sentence, at the request of the Note A-1 Holder or the Note A-2
Holder, the Note B Holder shall use reasonable efforts, at the Note A-1 Holder’s or Note A-2 Holder’s expense, to satisfy,
and to cooperate with the Note A-1 Holder and Note A-2 Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the
market standards to which the Note A-1 Holder and Note A-2 Holder customarily adhere or which may be reasonably required in the
marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable)
any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Note A-1 Holder and Note A-2 Holder
in

 

      59

     

    

 

attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case,
as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however, that either
in connection with the Securitization or otherwise at any time prior to the Securitization the Note B Holder shall not be required
to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection
therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments due to or
priority of such payments, the Note B Holder or (ii) increase the Note B Holder’s obligations or decrease the Note B Holder’s
rights, remedies or protections. In connection with the Securitization, the Note B Holder agrees to provide the identity of the
Note B Holder and the Junior Operating Advisor for inclusion in any disclosure document relating to the related Securitization
as the Note A-1 Holder and the Note A-2 Holder reasonably determine to be necessary or appropriate. The Note B Holder covenants
and agrees that (at the Note A-1 Holder’s or Note A-2 Holder’s expense, as applicable) it shall use reasonable efforts
to cooperate with the requests of each Rating Agency and the Note A-1 Holder and Note A-2 Holder in connection with the Securitization,
as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond
reasonably promptly with respect to any information relating to it in any Securitization document. The Note B Holder acknowledges
that the information provided by it to the Note A-1 Holder and Note A-2 Holder may be incorporated into the offering documents
for a Securitization. The Note A-1 Holder and Note A-2 Holder and each Rating Agency shall be entitled to rely on the information
supplied by, or on behalf of, the Note B Holder.

 

(b)       The
Senior Noteholders may, at its election (and, in the case of the Securitization Servicing Agreement, shall) deliver to the Note
B Holder drafts of the preliminary and final Securitization offering memoranda, prospectus, preliminary prospectus and any other
disclosure documents and the Securitization Servicing Agreement simultaneously with distributions of any such documents to the
general working group of the related Securitization. The Note B Holder may, at its election, review and comment thereon insofar
as it relates to the Note B, the Note B Holder, and/or this Agreement, and, if the Note B Holder elects to review and comment,
the Note B Holder shall review and comment thereon as soon as possible (but in no event later than (i) in the case of the first
draft thereof, three (3) Business Days after receipt thereof and (ii) in the case of each subsequent draft thereof, the deadline
provided to the general working group of the related Securitization for review and comment), and if the Note B Holder fails to
respond within such time, the Note B Holder shall be deemed to have elected to not comment thereon. In the event of any disagreement
between the Note B Holder with respect to the preliminary and final offering memoranda, prospectus supplement, free writing prospectus
or any other disclosure documents the Senior Noteholder’s determination shall control. Note B Holder has no obligation and
shall have no liability with respect to any such offering documents other than the accuracy of any comments it elects to make regarding
itself.

 

(c)       Notwithstanding
anything herein to the contrary, the Senior Noteholders acknowledge and agree that (i) the Note B Holder shall not be required
to incur any out-of-pocket expenses in connection with a Securitization of a Senior Note and (ii) the Note B Holder shall not be
required to disclose any confidential or proprietary information or any of the beneficial owners of the managed account on behalf
of which it is holding the Note B; provided that the Note B Holder acknowledges that the identity of the Note B Holder and
the Junior Operating Advisor is not considered confidential or proprietary information.

 

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[SIGNATURE PAGE FOLLOWS]

 

      61

     

    

 

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

	 	 	 
	 	CANTOR
    COMMERCIAL REAL ESTATE LENDING, L.P.,  as Note A-1 Holder and Initial Agent
	 	 	 
	 	By:	/s/ Gary
    Stellato
	 	 	Name: Gary Stellato
	 	 	Title:    Secretary
	 	 	 
	 	CANTOR
    COMMERCIAL REAL ESTATE LENDING, L.P.,, as Note A-2 Holder
	 	 	 
	 	By:	/s/ Gary
    Stellato
	 	 	Name: Gary Stellato
	 	 	Title:    Secretary
	 	

          
	 

	 	CPPIB CREDIT INVESTMENTS II INC.,
    as     Note B Holder
	 	 	 
	 	By:	 /s/ Umang Patel
	 	 	Name: Umang Patel
	 	 	Title:   Authorized Signatory
	 	 	 
	 	By:	 /s/
    Geoffrey Souter
	 	 	Name: Geoffrey
    Souter
	 	 	Title:   Authorized Signatory

 

[Westside Portfolio – Agreement
Among Noteholders]

 

     

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

A.       Description of
Mortgage Loan:

 

	Mortgage Loan:	Loan Agreement, dated as of June 5, 2018 between CCRE, as senior lender, CCRE, as senior lender and CCRE, as junior lender (together with their respective successors and assigns “Lender”), the borrowers identified below (each, a “Borrower” and collectively and together with permitted successors and assigns, the “Borrowers”), as borrower.
	Borrowers:	
        1.         308 W 49
LLC, a New York limited liability company 

        2.         310 W 49 LLC, a
        New York limited liability company

        

        3.         318 W 49 LLC, a
        New York limited liability company

        

        4.         320 W 49 LLC, a
        New York limited liability company

        

        5.         322 W 49 LLC, a
        New York limited liability company

        

        6.         324 W 49 LLC, a
        New York limited liability company

        

        7.         326 W 49 LLC, a
        New York limited liability company

        

        8.         328 W 49 LLC, a
        New York limited liability company

        

        9.         330 W 49 LLC, a
        New York limited liability company

        

        10.       332 W 49 LLC, a
        New York limited liability company

        

        11.       334 W 49 LLC, a
        New York limited liability company

        

        12.       336 W 49 LLC, a
        New York limited liability company

        

        13.       338 W 49 LLC, a
        New York limited liability company

        

        14.       340
        W 49 LLC, a New York limited liability company

         

	Date of the Mortgage Loan:	June 5, 2018
	Date of Note A-1:	June 5, 2018
	Date of Note A-2:	June 5, 2018
	Date of Note B:	June 5, 2018

 

      A-1

     

    

 

	Principal Amount of Mortgage Loan:	$95,000,000
	Location of Mortgaged Properties:	
        1.         308 W 49th
        Street, NY, NY

        2.         310
W 49th Street, NY, NY

        3.         318
W 49th Street, NY, NY

        4.         320 W 49th
Street, NY, NY 

        5.         322 W 49th
Street, NY, NY 

        6.         324 W 49th
Street, NY, NY 

        7.         326 W 49th
Street, NY, NY 

        8.         328 W 49th
Street, NY, NY 

        9.         330 W 49th
Street, NY, NY 

        10.       332 W
49th Street, NY, NY 

        11.       334 W
49th Street, NY, NY 

        12.       336 W
49th Street, NY, NY 

        13.       338 W
49th Street, NY, NY 

        14.       340 W 49th Street,
        NY, NY

         

	Maturity Date:	Monthly Payment Date in June 2028

 

B.       Description of
Note Interests:

 

	Note A-1 Principal Balance:	$25,000,000
	Note A-2 Principal Balance:	$17,000,000
	Note B Principal Balance:	$53,000,000
	Note A-1 Percentage Interest:	26.315%
	Note A-2 Percentage Interest:	17.894%
	Note B Percentage Interest:	55.789%
	Note A-1 Rate:	3.90119%

 

      A-2

     

    

 

	Note A-2 Rate:	3.90119%
	Note B Rate:	6.05%

 

      A-3

     

    

 

EXHIBIT B

 

Note A-1 Holder and Note A-2 Holder:

Cantor Commercial Real Estate Lending, L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-3623

E-Mail: legal@ccre.com

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

Attention: Lisa Pauquette

Facsimile No: (212) 504-6666

lisa.pauquette@cwt.com

 

Note B Holder:

 

CPPIB CREDIT INVESTMENTS II INC.

One Queen Street East, Suite 250

Toronto, Ontario M5C 2W5

Attention: Geoff Souter

Facsimile No.: (416) 868-5046

gsouter@cppib.com

Attention: Umang Patel

Facsimile No.: (416) 868-5046

upatel@cppib.com

 

With a copy to:

 

Arnold & Porter

250 West 55th Street

New York, New York 10019

Attention: Steven Gliatta, Esq.

Facsimile No.: (212) 836-6448

steve.gliatta@arnoldporter.com

Attention: Louis J. Hait, Esq.

Facsimile No.: (212) 836-6770

louis.hait@arnoldporter.com

 

     B-1

     

    

 

With a copy to:

Situs

4665 Southwest Freeway

Houston TX 77027

Attention: Robert Elson

Robert.elson@situs.com

 

     B-2

     

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

		1.	Westbrook Partners

		2.	iStar Financial Inc.

		3.	Capital Trust

		4.	Archon Capital, L.P.

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

		6.	The Blackstone Group

		7.	Normandy Real Estate Partners

		8.	Dune Real Estate Partners

		9.	AllianceBernstein

		10.	Rockwood

		11.	RREEF Funds

		12.	Hudson Advisors

		13.	Artemis Real Estate Partners

		14.	Apollo Real Estate Advisors

		15.	Colony Capital, Inc.

		16.	Praedium Group

		17.	Fortress Investment Group, LLC

		18.	Lonestar Opportunity Funds

		19.	Clarion Partners

		20.	Walton Street Capital, LLC

		21.	Starwood Financial Trust

		22.	BlackRock, Inc.

		23.	Eightfold Real Estate Capital, L.P.

		24.	KKR Real Estate Manager Finance LLC

		25.	Rialto Capital Management, LLC

		26.	Rialto Capital Advisors, LLC

 

     C-1

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