Document:

Exhibit 10.7

 

LOANCORE REALTY TRUST, INC.

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT (this “Agreement”)
is made as of this 22nd day of June, 2015, by and among LoanCore Realty Trust, Inc., a Maryland corporation (the “Company”),
DivCore Subordinate Debt Club I, LP, Series A (“Series A DivCore Fund”), DivCore Subordinate Debt Club I, LP,
Series B (“Series B DivCore Fund”) and DivCore Subordinate Debt Club I, LP, Series C (“Series C DivCore
Fund”). For purposes of this Agreement, each of Series A DivCore Fund, Series B DivCore Fund and Series C DivCore Fund
shall be referred to individually as a “Seller” and collectively as the “Sellers.”

 

WHEREAS, as part of a series of transactions
(the “Formation Transactions”) through which the Company intends to consolidate the ownership of its assets
and effectuate the initial public offering (the “IPO”) of shares of its common stock, par value $0.01 per share
(the “Common Stock”), and its concurrent private placements of shares of Common Stock to certain investors,
DivCore Subordinate Debt Club I REIT Holdings, LLC (the “Merging Entity”) will merge with and into the Company,
with the Company as the surviving entity (the “Merger”), on the terms and conditions set forth in an agreement
and plan of merger to be entered into on or around the date of the pricing of the IPO, a form of which is attached hereto as Exhibit
A (the “Merger Agreement”);

 

WHEREAS, pursuant to the terms of the Merger
Agreement, each of the Sellers, in its capacity as a common equity holder of the Merging Entity, will receive, upon the effectiveness
of the Merger, a number of shares of Common Stock determined in accordance with the terms specified on Schedule A hereto
as its merger consideration (as to each Seller, the “Merger Consideration Shares”);

 

WHEREAS, by virtue of the Merger, the Company
shall succeed to the $106,666,000 aggregate principal amount of 12% subordinate debt (the “Subordinate Debt”)
previously issued by the Merging Entity pursuant to a Loan Agreement, dated as of December 6, 2013, among the Merging Entity and
the Sellers, as the lenders with regard to such Subordinate Debt, and the related promissory notes, representing 100% of the principal
amount of the outstanding Subordinate Debt;

 

WHEREAS, the Company has filed a registration
statement on Form S-11 (No. 333-204154) (as amended, the “Registration Statement”) under the Securities
Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission in connection with
the IPO; and

 

WHEREAS, following the effectiveness of the
Merger and upon the completion of the IPO, the Company wishes to purchase from each Seller, and each Seller wishes to sell to the
Company, (i) its Merger Consideration Shares and (ii) the aggregate principal amount of the Subordinate Debt held by such Seller,
as such aggregate principal amount held by such Seller is reflected on Schedule B hereto (as to each Seller, the “Subordinate
Debt Tranche”).

 

    	 

    	 

    

 

NOW, THEREFORE, for and in consideration of
the premises and the mutual covenants hereinafter set forth, the receipt and adequacy of which are hereby acknowledged, the parties
hereto do hereby agree as follows:

 

1.                 
Sale and Purchase of Merger Consideration Shares. Subject to, and upon the completion of, the Merger and the IPO
as disclosed in the Registration Statement, the Company agrees to purchase from each Seller, and each Seller, severally and not
jointly, hereby agrees to sell to the Company, its Merger Consideration Shares as specified on Schedule A hereto at a price
per share equal to the initial public offering price per share set forth on the cover page of the final prospectus for the IPO
(such price per share, the “IPO Price”), assuming that the Closing (as defined below) occurs on July 7, 2015
(the “Scheduled IPO Completion Date”), which is the date on which the IPO is currently scheduled to be completed
(collectively, in the aggregate as to each Seller, the “Shares Purchase Price”); provided, that if the
Closing occurs prior to or after the Scheduled IPO Completion Date, the Shares Purchase Price shall be decreased or increased,
as the case may be, by an amount equal to the difference between (i) the interest earned on the loans held by the Merging Entity
through DivCore CLO 2013-1, Ltd. (together with DivCore CLO 2013-1, LLC, the “LoanCore CLO”) less (ii) the interest
accrued on the Class A Notes and Class B Notes issued by the LoanCore CLO during the period between the Scheduled IPO Completion
Date and the actual date of the Closing less (iii) the interest accrued on the Subordinate Debt during the period between the Scheduled IPO Completion Date and the actual date of the Closing; and provided, further, that in the event an amendment to either of the loans
held by the Merging Entity relating to (i) 211 East 43rd Street in New York (the “43rd Street Loan”)
or (ii) Telephone Building in California (the “Telephone Building Loan”) to increase the principal balance thereof
becomes effective and is funded following the date of this Agreement and prior to the Closing, the Shares Purchase Price shall
be increased to take into account any fees and the additional interest that accrues on the increased principal balance(s) of such
loan(s) between the respective dates on which such funding occurs and the Closing in an amount equal to $820.83 per day (in the
case of the 43rd Street Loan) and $710.90 per day (in the case of the Telephone Building Loan), as such amounts may be
adjusted as a result of any changes to the anticipated terms of the amendment of such loan(s).

 

2.                 
Sale and Purchase of Subordinate Debt. Subject to, and upon the completion of, the Merger and the IPO as disclosed
in the Registration Statement, the Company agrees to purchase from each Seller, and each Seller, severally and not jointly, hereby
agrees to sell to the Company such Seller’s Subordinate Debt Tranche at a price equal to the aggregate principal amount
of such Subordinate Debt Tranche as reflected on Schedule B hereto plus an amount equal to any and all accrued and unpaid
interest thereon through the date of the Closing (collectively, in the aggregate as to each Seller, the “Subordinate
Debt Tranche Purchase Price”); provided, that if the Closing occurs prior to or after the Scheduled IPO Completion
Date, the Subordinate Debt Tranche Purchase Price shall be decreased or increased, as the case may be, by an amount equal to the
interest accrued on such Subordinate Debt Tranche.

 

3.                 
Closing. Upon satisfaction of the covenants and conditions set forth herein, the closing of the purchase and sale
of each Seller’s Merger Consideration Shares and Subordinate Debt Tranche hereunder will take place at the offices of the
Company’s legal counsel immediately upon the completion of the IPO (the “Closing”). At the Closing, (i)
each Seller shall surrender its certificates representing the applicable Merger Consideration Shares to the Company, upon the payment
by the Company of the applicable Shares Purchase Price as provided for in Section 1 above in immediately available funds by wire
transfer to an account designated by such Seller and (ii) each Seller shall assign, convey and transfer all of its right, title
and interest, if any, in and to the applicable Subordinate Debt Tranche to the Company upon the payment by the Company of the applicable
Subordinate Debt Tranche Purchase Price as provided for in Section 2 above in immediately available funds by wire transfer to an
account designated by such Seller.

 

    	2

    	 

    

 

4.                 
Representations and Warranties of the Company. In connection with the purchase of each Seller’s Merger Consideration
Shares and Subordinate Debt Tranche, the Company hereby represents and warrants to each Seller the following:

 

4.1             
The Company (a) has been duly organized and is validly existing as a corporation in good standing with the State Department
of Assessments and Taxation of Maryland and (b) has the corporate power and authority to enter into this Agreement, to consummate
the transactions contemplated hereby and in the Registration Statement and to own or lease and operate its assets and carry on
its business as described in the Registration Statement.

 

4.2             
All corporate action necessary to be taken by the Company to authorize the execution, delivery and performance of this Agreement
and to consummate the IPO and all other agreements and instruments delivered by the Company in connection with the transactions
contemplated hereby has been duly and validly taken by the Company, subject to any further actions required to be taken in connection
with the pricing and closing of the IPO and related transactions as described in the Registration Statement, all of which actions
shall have been taken prior to the pricing of the IPO. This Agreement has been duly executed and delivered by the Company. This
Agreement constitutes, upon the execution and delivery by all parties hereto other than the Company, the legal, valid and binding
obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of
equity.

 

4.3             
The Company is not in violation of or in default under any provision of its charter or bylaws. The execution and delivery
of this Agreement by the Company and the performance of its obligations hereunder will not result, whether with or without giving
of notice or lapse of time or both, in the imposition of any lien, charge or encumbrance upon any property or asset of the Company.
Neither the purchase by the Company of the Merger Consideration Shares or the Subordinate Debt nor the consummation of the IPO
will conflict with the charter or bylaws of the Company or any material contract to which the Company is a party or any law or
any order, judgment or decree of any court applicable to the Company or its property.

 

4.4             
No consent, approval, authorization or order of, or registration, qualification or filing with, any governmental entity
or any other third party is required to be obtained or made by the Company for the execution, delivery or performance by the Company
of this Agreement or the consummation by the Company of the transactions contemplated hereby or of the IPO as described in the
Registration Statement, except such as have been already obtained or as may be required under the Securities Act of 1933 or the
rules thereunder or state or non-U.S. securities or blue sky laws or as may be required by the Financial Industry Regulatory Authority,
Inc.

 

    	3

    	 

    

 

5.                 
Representations and Warranties of each Seller. Each Seller, severally and not jointly, hereby represents and warrants
to the Company that:

 

5.1             
Such Seller has been duly organized or formed, and is validly existing and in good standing, under the laws of its jurisdiction
of organization or formation and has all necessary power and authority to execute and deliver this Agreement and to consummate
the transactions contemplated hereby.

 

5.2             
All action necessary to be taken by such Seller to authorize the execution, delivery and performance of this Agreement and
all other agreements and instruments delivered by such Seller in connection with the transactions contemplated hereby has been
duly and validly taken by such Seller. This Agreement has been duly executed and delivered by such Seller, and, upon the execution
and delivery by all parties hereto other than such Seller, will constitute the valid and binding obligation of such Seller, enforceable
in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors’ rights generally and by general principles of equity. The sale by such Seller of the
applicable Merger Consideration Shares and the applicable Subordinate Debt Tranche under this Agreement does not conflict with
the organizational documents of such Seller (if an entity) or with any material contract to which such Seller is a party or any
laws or regulations or any order, judgment or decree of any court applicable to such Seller or its property.

 

5.3             
Upon the consummation of the transactions contemplated by this Agreement, the Company will receive good and valid title
to such Seller’s Merger Consideration Shares, free and clear of any lien, liability or encumbrance.

 

5.4             
Upon the consummation of the transactions contemplated by this Agreement, such Seller’s Subordinate Debt Tranche will
not have been pledged or assigned to another party or otherwise encumbered.

 

5.5             
Such Seller is sufficiently experienced in financial and business matters to be capable of evaluating the merits and risks
involved in selling the applicable Merger Consideration Shares and Subordinate Debt and to make an informed decision relating thereto.

 

5.6             
Such Seller has not incurred any liability for any finder’s fees or similar payments in connection with the transactions
herein contemplated.

 

    	4

    	 

    

 

6.                 
Conditions of Closing. The respective obligations of the Company, on the one hand, and each Seller, on the other
hand, at the Closing are subject to the fulfillment to each such party’s reasonable satisfaction on or prior to the Closing
of each of the following conditions:

 

6.1             
The representations and warranties made in Section 4 or 5 above, as the case may be, shall be true and correct on and as
of the date of this Agreement and as of the Closing as though made on the Closing.

 

6.2             
All covenants and agreements contained in this Agreement to be performed or complied with by each such party on or prior
to the Closing shall have been performed or complied with by such party.

 

6.3             
(x) The Merger Agreement shall have been executed on or around the date of the pricing of the IPO, (y) the Merger shall
have become effective on the business day immediately preceding the date of the Closing and (z) the Company shall have consummated
the IPO as described in the Registration Statement immediately prior to the Closing.

 

7.                 
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in
this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of
the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may
not assign this Agreement or their obligations hereunder.

 

8.                 
Amendments. This Agreement may not be amended, modified or waived, in whole or in part, except by an agreement in
writing signed by each of the parties hereto.

 

9.                 
Default By A Seller; Specific Performance. A default by a Seller of its obligations to sell the applicable Merger
Consideration Shares and Subordinate Debt Tranche under this Agreement shall not affect the obligation of any other Seller to sell
their respective Merger Consideration Shares and Subordinate Debt Tranche under this Agreement. The parties hereto agree that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their respective
terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition
to any other remedy they are entitled to pursuant to this Agreement.

 

10.             
Counterparts; Facsimile; Pdf. This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This Agreement
or any counterpart may be executed via facsimile transmission or pdf, and any such executed facsimile or pdf copy shall be treated
as an original.

 

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11.             
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties hereby waive any objection
to such exclusive jurisdiction and agree not to plead or claim that such courts represent an inconvenient forum.

 

12.             
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

13.             
Severability. In case any provision of this Agreement shall be found by a court of law to be invalid, illegal, or
unenforceable, the validity, legality, and enforceability of the remaining provisions of this Agreement shall not in any way be
affected or impaired thereby.

 

14.             
Entire Agreement. This Agreement and the other documents delivered pursuant hereto constitute the full and entire
understanding and agreement among the parties with regard to the subject matter hereof and thereof and they supersede, merge, and
render void every other prior written and/or oral understanding or agreement among or between the parties hereto.

 

    	6

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above.

 

 

 

 

 

	 	COMPANY:
	 	 	 	 
	 	LOANCORE REALTY TRUST, INC.
	 	 	 	 
	 	By:	/s/ Christopher McCormack
	 	 	Name:	Christopher McCormack
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	SELLERS:
	 	 	 	 
	 	 	 	 
	 	DivCore Subordinate Debt Club I, LP, Series A
	 	 	 	 
	 	By:	DivCore Subordinate Debt Club I GP, LLC
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Michael Carp
	 	 	Name:	Michael Carp
	 	 	Title:	Authorized Person
	 	 	 	 
	 	 	 	 
	 	DivCore Subordinate Debt Club I, LP, Series B
	 	 	 	 
	 	By:	DivCore Subordinate Debt Club I GP, LLC
	 	 	 	 
	 	By:	/s/ Michael Carp
	 	 	Name:	Michael Carp
	 	 	Title:	Authorized Person
	 	 	 	 
	 	 
	 	DivCore Subordinate Debt Club I, LP, Series C
	 	 	 	 
	 	By:	DivCore Subordinate Debt Club I GP, LLC
	 	 	 	 
	 	By:	/s/ Michael Carp
	 	 	Name:	Michael Carp
	 	 	Title:	Authorized Person

 

 

[Signature
Page to Purchase Agreement (Stock and Debt)]

 

    	 

    	 

    

 

Schedule A

 

	
        Seller 
	
        Number
of Merger Consideration 

Shares Received in Merger and to be 

Sold to the Company1 

	DivCore Subordinate Debt Club I, LP, Series A	
        $24,958,119.66 / the
IPO Price

	DivCore Subordinate Debt Club I, LP, Series B	$12,479,059.83 / the IPO Price
	DivCore Subordinate Debt Club I, LP, Series C	$16,638,746.44 / the IPO Price

 

 

1
Subject to adjustment as provided in Section 1 hereof.

 

 

    	 

    	 

    

 

Schedule B

 

	
        Seller 
	
        

Principal Amount of 

Subordinate Debt Held 

and to be Sold by Seller 
	
        Subordinate
        Debt 

        Tranche Purchase 

        Price (includes accrued 

        interest to but 

        excluding July 7, 2015)2

	DivCore Subordinate Debt Club I, LP, Series A	$49,230,461.54	$49,591,484.92
	DivCore Subordinate Debt Club I, LP, Series B	$24,615,230.77	$24,795,742.46
	DivCore Subordinate Debt Club I, LP, Series C	$32,820,307.69	$33,060,989.95

 

 

2
Subject to adjustment as provided in Section 2  hereof.

 

 

    	 

    	 

    

  

EXHIBIT A

 

AGREEMENT AND PLAN OF MERGER

 

[See Exhibit 2.1 to the Registration Statement]Exhibit 10.8

MORTGAGE LOAN PURCHASE AGREEMENT

This MORTGAGE LOAN
PURCHASE AGREEMENT (this “Agreement”) is made as of June 22, 2015 (the “Effective Date”)
by and between Jefferies LoanCore LLC, a Delaware limited liability company (the “Seller”), and LCRT Holdings
LLC, a Delaware limited liability company (the “Purchaser”).

W I T N E S S E T H:

WHEREAS, the Purchaser
desires to purchase from the Seller and the Seller desires to sell to the Purchaser the Mortgage Loans (defined below);

WHEREAS, in connection
with the sale of such Mortgage Loans to the Purchaser, the Seller desires to release any interest it may have in the Mortgage Loans
and desires to make certain representations and warranties regarding the Mortgage Loans as more particularly set forth herein;

NOW, THEREFORE,
the parties hereto agree as follows:

1.Defined Terms.

For the purposes of
this Agreement, the following capitalized terms, shall have the respective meanings set forth below.

“Assignment
of Leases, Rents and Profits”: With respect to any Mortgage, an assignment of leases thereunder, notice of transfer or
equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the Mortgaged Property is located
to reflect the assignment of leases to the Mortgagee.

“Assignment
of Mortgage”: With respect to any Mortgage, an assignment of the Mortgage, notice of transfer or equivalent instrument
in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect
the assignment of the Mortgage to the Mortgagee.

“B Note Loan”:
A “B” note interest in a Whole Loan subject to a Co-Lender Agreement.

“Borrower”:
The Borrower under a Mortgage Loan.

“Business
Day”: A day other than (i) a Saturday or Sunday, or (ii) a day in which the New York Stock Exchange or banks in the State
of New York are authorized or obligated by law or executive order to be closed.

“Closing”:
The day upon which the closing of the sale of the Mortgage Loans to Purchaser actually occurs.

    	 

    	 

    

“Closing
Conditions”: The conditions precedent for the benefit of Purchaser or Seller, as applicable, pursuant to Section 3.

“Closing
Date Stated Principal Balance”: With respect to the Mortgage Loans, the outstanding principal balance of the Underlying
Note as of the Closing Date.

“Co-Lender
Agreement”: The co-lender or similar agreement governing the relationship of each lender and the administration of a
Whole Loan in which such B Note Loan represents an interest.

“Custodian”
shall mean any custodian appointed by Purchaser to accept custody of the Mortgage File.

“Excluded
Mortgage Loan”: Any Mortgage Loan for which the Closing Conditions have not been satisfied or waived by Purchaser in
its sole discretion and that has been designated by Purchaser as an Excluded Mortgage Loan.

“Lead Lender”:
The senior note holder in any Whole Loan in which a B Note Loan represents an interest.

“Loan Documents”:
The documents evidencing a Mortgage Loan.

“Mortgage”:
With respect to a Mortgage Loan, the mortgage, deed of trust, deed to secure debt or similar instrument that secures the Underlying
Note and creates a lien on the fee or leasehold interest in the related Mortgaged Property.

“Mortgage
File”: The file containing the following Loan Documents for each Mortgage Loan:

(i)The original
Underlying Note bearing all intervening endorsements, endorsed “Pay to the order of [PURCHASER], without recourse,”
and signed in the name of the last endorsee by an authorized Person;

(ii)Reserved;

(iii)An
original of any Co-Lender Agreement for any B Note Loan;

(iv) An
original blanket assignment of all unrecorded documents with respect to such Mortgage Loan in favor of the Purchaser (other than
for a B Note Loan), in each case in form and substance reasonably acceptable to Purchaser;

(v)The original
(or in the case of a B Note Loan, a copy) of any guarantee executed in connection with the promissory note;

(vi)The
original (or in the case of a B Note Loan, a copy) Mortgage with evidence of recording thereon, or a copy thereof together
with an Officer’s Certificate of the Seller certifying that such represents a true and correct copy of the original and that
such original has been submitted or delivered to an escrow agent for recordation in the appropriate governmental recording office
of the jurisdiction where the Mortgaged Property is located, in which case, recordation information shall not be required;

    	-2-

    	 

    

(vii)The
originals (or in the case of a B Note Loan, a copy) of all assumption, modification, consolidation or extension agreements
with evidence of recording thereon (or a copy thereof together with an Officer’s Certificate of the Seller certifying that
such represents a true and correct copy of the original and that such original has been submitted or delivered to an escrow agent
for recordation in the appropriate governmental recording office of the jurisdiction where the Mortgaged Property is located, in
which case, recordation information shall not be required), together with any other recorded document relating to the Mortgage
Loan otherwise included in the Mortgage File;

(viii)The
original (or in the case of a B Note Loan, a copy) Assignment of Mortgage in blank or in favor of the Purchaser, in form and
substance acceptable for recording and signed in the name of the last endorsee;

(ix)The
originals (or in the case of a B Note Loan, a copy) of all intervening assignments of mortgage, if any, with evidence of recording
thereon, showing an unbroken chain of title from the Originator thereof to the last endorsee, or copies thereof together with an
Officer’s Certificate of the Seller certifying that such represent true and correct copies of the originals and that such
originals have each been submitted or delivered to an escrow agent for recordation in the appropriate governmental recording office
of the jurisdiction where the Mortgaged Property is located, in which case, recordation information shall not be required;

(x)An original
(or in the case of a B Note Loan, a copy) mortgagee policy of title insurance or a conformed version of the mortgagee’s
title insurance commitment either marked as binding for insurance or attached to an escrow closing letter, countersigned by the
title company or its authorized agent if the original mortgagee’s title insurance policy has not yet been issued;

(xi)The
original (or, in the case of a B Note Loan, a copy) of any security agreement, chattel mortgage or equivalent document executed
in connection with the Mortgage Loan;

(xii)The
original (or in the case of a B Note Loan, a copy) Assignment of Leases, Rents and Profits, if any, with evidence of recording
thereon, or a copy thereof together with an Officer’s Certificate of the Seller certifying that such copy represents a true
and correct copy of the original that has been submitted or delivered to an escrow agent for recordation in the appropriate governmental
recording office of the jurisdiction where the Mortgaged Property is located, in which case, recordation information shall not
be required;

    	-3-

    	 

    

(xiii)The
original (or in the case of a B Note Loan, a copy) assignment of any Assignment of Leases, Rents and Profits in blank or in
favor of the Purchaser, in form and substance acceptable for recording;

(xiv)A filed
copy of the UCC-1 financing statements with evidence of filing thereon, and UCC-3 assignments in favor of the Purchaser, which
UCC-3 assignments shall be in form and substance acceptable for filing;

(xv)The
original (or, in the case of a B Note Loan, a copy) of any environmental indemnity agreement;

(xvi)The
original (or, in the case of a B Note Loan, a copy) of any general collateral assignment of all other documents held by the Seller
(or, in the case of a B Note Loan, by the lead lender) in connection with the Mortgage Loan;

(xvii)An
original (or, in the case of a B Note Loan, a copy) of any disbursement letter from the Borrower to the Originator;

(xviii)An
original of the survey of the Mortgaged Property (or, in the case of a B Note Loan, a copy thereof provided same has been furnished
to the Seller by the related lead lender); and

(xix)A copy
of any opinion of counsel.

With respect to any
documents which have been delivered or are being delivered to recording offices for recording and have not been returned to the
Seller in time to permit their delivery hereunder at the time required, the Seller shall deliver such original recorded documents
to the Custodian promptly when received by the Seller from the applicable recording office.

“Mortgage
Loan”: With respect to (1) a Mortgage Loan that is a Whole Loan, such Whole Loan and (2) with respect to a Mortgage Loan
that is a B Note Loan, the underlying Whole Loan in which such B Note Loan represents an interest, in each case as identified on
Exhibit A hereto; provided that references to “Mortgage Loan” shall specifically exclude each Excluded Mortgage Loan.

“Mortgage
Rate”: The stated rate of interest on a Mortgage Loan.

“Mortgaged
Property”: With respect to a Mortgage Loan, the real property securing such Mortgage Loan.

“Mortgagee”:
With respect to a Mortgage Loan, the party secured by the related Mortgage.

“Originator”:
The original mortgagee originating the related Mortgage Loan.

“Person”:
Any corporation, partnership, limited liability company, joint venture, individual, trust, real estate investment trust, statutory
trust, banking association, federal or state savings and loan institution and any other legal entity, whether or not a party hereto.

    	-4-

    	 

    

“Repurchase
Price”: A price equal to the sum of the following (in each case, without duplication) as of the date of such repurchase:
(i) the then outstanding principal balance of the Mortgage Loan, discounted based on the percentage amount of any discount that
was applied when such Mortgage Loan was purchased by the Purchaser, plus (ii) accrued and unpaid interest on such Mortgage Loan,
plus (iii) any unreimbursed advances, plus (iv) accrued and unpaid interest on advances on the Mortgage Loan, plus (v) any reasonable
costs and expenses (including, but not limited to, the cost of any enforcement action, incurred by the Purchaser in connection
with any such repurchase by the Seller), in all cases using the currency denominated in the Loan Documents for the related Mortgage
Loan.

“Servicing
File”: The file maintained by the servicer with respect to a Mortgage Loan.

“Stated Principal
Balance”: The outstanding principal balance of a Mortgage Loan as of the date in question, in each case using the currency
denominated in the Loan Documents for the related Mortgage Loan.

“Transaction
Documents”: As specified in Section 4.

“Underlying
Note” or Note”: With respect to a Mortgage Loan, the promissory note evidencing the indebtedness of the related
Underlying Obligor, together with any rider, addendum or amendment thereto, or any renewal, substitution or replacement of such
note.

“Underlying
Obligor”: With respect to any Mortgage Loan, the related Borrower or other obligor thereunder.

“Whole Loan”:
A mortgage loan secured by a first mortgage lien on a commercial property, multi-family property or manufactured housing community
property.

2.Purchase
and Sale of the Mortgage Loan.

(a)Set forth in
Exhibit A hereto is a description of the Mortgage Loans and certain other information with respect to the Mortgage Loans. The Seller
agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, the Mortgage Loans for the aggregate purchase
price (in the currency denominated in the Loan Documents for the related Mortgage Loan) equal to (i) the Closing Date Stated Principal
Balance specified for each Mortgage Loan on Exhibit A, plus (ii) any accrued and unpaid fees and interest on the Mortgage Loans
through and including the date immediately preceding the Closing Date (the “Purchase Price”). If the Closing
Date Stated Principal Balance of a Mortgage Loan is zero, such Mortgage Loan shall be deemed an Excluded Mortgage Loan for all
intents and purposes under this Agreement and shall not be included in the sale contemplated herein. Immediately prior to such
sale, the Seller hereby conveys and assigns all right, title and interest it may have in such Mortgage Loans to the Purchaser.
The records of Seller shall reflect the transfer of the Mortgage Loans to Purchaser as a sale.

    	-5-

    	 

    

(b)Delivery or
transfer of the Mortgage Loans shall be made on or about July 7, 2015 (the “Closing Date”) at the time and in
the manner agreed upon by the parties. The Closing shall take place at the offices of Sidley Austin LLP, 787 Seventh Avenue, New
York, New York 10019 at 10:00 a.m. on the Closing Date, or such other place and/or time as the parties shall agree. Upon receipt
of evidence of the delivery or transfer of the Mortgage File to the Purchaser or its designee (which may be the Custodian), the
Purchaser shall pay or cause to be paid to the Seller the Purchase Price in immediately available funds in the manner agreed upon
by the Seller and the Purchaser on the Closing Date. Upon Closing, Seller hereby authorizes (if not filed directly by Seller) the
filing of such UCC-3 assignments in respect of the Mortgage Loans as Purchaser deems appropriate or necessary.

Within 15 days after
the Closing Date, the Seller shall, or shall at the expense of the Seller cause a third party vendor to, (1) complete (to the extent
necessary) and submit for recording (in favor of the Purchaser) in the appropriate public recording office (a) each Assignment
of Mortgage referred to in clause (viii) of the definition of “Mortgage File” which has not yet been submitted
for recording and (b) each assignment of Assignment of Leases, Rents and Profits referred to in clause (xiii) of the
definition of “Mortgage File” (if not otherwise included in the related Assignment of Mortgage) which has not yet been
submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate public filing office each
UCC assignment of financing statement referred to in clause (xiv) of the definition of “Mortgage File” which has
not yet been submitted for filing or recording. In the event that any such document or instrument is lost or returned unrecorded
or unfiled, as the case may be, the Seller shall promptly prepare or cause the preparation of a substitute therefor or cure or
cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document to or at
the direction of the Purchaser (or any subsequent owner of the affected Mortgage Loan) for recording or filing, as appropriate,
at the Seller’s expense. In the event that the Seller receives the original recorded or filed copy, the Seller shall, or
shall cause a third party vendor or any other party under its control to, promptly upon receipt of the original recorded or filed
copy (and in no event later than 5 Business Days following such receipt) deliver such original to the Custodian, with evidence
of filing or recording thereon. Notwithstanding anything to the contrary contained in this Section 2, in those instances where
the public recording office retains the original Mortgage, assignment of mortgage, Assignment of Leases, Rents and Profits or assignment
of assignment of leases and rents, if applicable, after any has been recorded, the obligations hereunder of the Seller shall be
deemed to have been satisfied upon delivery to the Purchaser (or the Custodian) of a copy of the recorded original of such Mortgage,
assignment of mortgage, Assignment of Leases, Rents and Profits or assignment of assignment of leases and rents. Within 15 days
after Closing, Seller shall deliver all Servicing Files to or as directed by Purchaser.

3.Closing Conditions.

(a)The obligation
of Purchaser to purchase the Mortgage Loans on the Closing Date shall be subject to satisfaction of each of the following conditions
(unless waived in writing by Purchaser in its sole discretion):

(i)All
of the representations and warranties of Seller specified in Section 4 of this Agreement, shall be true and correct as of the Closing
Date as if made on and as of the Closing Date.

    	-6-

    	 

    

(ii)Seller
shall have executed and acknowledged (as applicable) and delivered to Purchaser the documents constituting the Transaction Documents
requiring Seller’s signature (two (2) originals of each other than any allonges of which only one (1) shall be required)
and the balance of the Loan File.

(iii)Seller
shall have executed and delivered to Purchaser two (2) original counterparts of any affidavits necessary or desirable for the recording
of any of the applicable Transaction Documents, each in form and substance reasonably acceptable to the parties.

(iv)Seller
shall have delivered to Purchaser UCC-3 assignments of each UCC-1 Financing Statement filed or recorded in connection with each
of the Mortgage Loans, listing Seller, as assignor, and Purchaser, as assignee.

(v)Seller
shall have executed and delivered to Purchaser two (2) original counterparts of notices to each of the Borrowers for each of the
Mortgage Loans, each in form reasonably acceptable to Purchaser, dated as of the Closing Date, informing each of the Borrowers
of the assignment of the respective Mortgage Loans and related Loan Documents to Purchaser.

(vi)Seller
shall produce a servicing tape from Seller’s servicer reflecting the current escrow and reserve funds actually held be such
servicer on the Closing Date for each Mortgage Loan. Seller shall transfer, or cause to be transferred, to Purchaser, or shall
credit against the Purchase Price due from Purchaser at Closing, an amount equal to any and all escrow and reserve funds held by
or on behalf of Seller in connection with the Mortgage Loans.

(vii)The
Purchaser shall have received a certificate from the Custodian to the effect that the Custodian is holding the Loan Files for the
Mortgage Loans, substantially in the form required by the related custodial agreement.

(viii)Seller
shall have executed and delivered such other documents as shall be reasonably necessary or appropriate to consummate the transactions
contemplated by this Agreement, each in form and substance reasonably acceptable to Seller, including, without limitation, a counterpart
settlement statement delineating the Purchase Price, and other amounts owed.

(ix)As
of the Closing, (1) no material part of any Mortgaged Property shall have been destroyed or damaged or become subject to any actual
or threatened taking by eminent domain or condemnation as determined by Purchaser in its sole discretion, (2) no event shall have
occurred or condition shall exist with respect to the underlying Borrower or the Mortgage Loan (whether or not such event arises
to an event of default under the related Loan Documents) which has an adverse effect on the value or credit quality of the Mortgage
Loan or the Mortgaged Property or the creditworthiness of the underlying Borrower as determined by Purchaser in its sole discretion,
and (3) if applicable, neither Deutsche Bank AG, Cayman Islands Branch nor Morgan Stanley Bank, N.A., as buyer under one or more
master repurchase facilities, has refused to accept such Mortgage Loan as an acceptable loan for purchase under a master repurchase
facility related to Mortgage Loans that are anticipated to go on each respective master repurchase facility at Closing.

    	-7-

    	 

    

(x)All
other terms and conditions of this Agreement required to be complied with by Seller on or before the Closing Date shall have been
complied with in all material respects.

(xi)On
the Closing Date, counsel for the Purchaser shall have been furnished with all such documents and certificates as such counsel
may reasonably request in order to evidence the accuracy and completeness of any of the representations, warranties or statements
of the Seller, the performance of any of the obligations of the Seller hereunder or the fulfillment of any of the conditions herein
contained.

(b)The obligations
of Seller to sell the Mortgage Loans on the Closing Date shall be subject to satisfaction of each of the following conditions (unless
waived in writing by Seller):

(i)Purchaser’s
payment in full of the Purchase Price on the Closing Date.

(ii)Purchaser
shall have executed and delivered to Seller two (2) original counterparts of each of the Transaction Documents requiring Purchaser’s
signature.

(iii)Purchaser
shall have executed and delivered such other documents as shall be reasonably necessary or appropriate to consummate the transactions
contemplated by this Agreement, each in form and substance reasonably acceptable to Purchaser, including, without limitation, a
counterpart settlement statement delineating the Purchase Price, and other amounts owed.

 

Each of the parties agrees to use commercially reasonable efforts
to perform its respective obligations hereunder in a manner that will cause the closing conditions to be satisfied.

(c)If the Closing
Conditions for a particular Mortgage Loan are not satisfied as a result of a casualty, condemnation, default or other condition,
Purchaser may, upon not less than 10 days written notice to Seller, elect to treat such Mortgage Loan as an Excluded Mortgage Loan
for all intents and purposes hereunder and such Excluded Mortgage Loan shall not be included in the sale contemplated herein.

4.Covenants,
Representations and Warranties.

(a)Seller represents
and warrants to Purchaser that as of the date hereof, and as of the Closing Date and at all times while this Agreement is in effect:

(i)Seller
is duly formed, validly existing and in good standing under the laws and regulations of the state of Seller’s formation and
is duly licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for the transaction
of Seller’s business. Seller has the power to own and hold the assets it purports to own and hold, to carry on its business
as now being conducted and proposed to be conducted, and to execute, deliver, and perform its obligations under this Agreement
and the other documents contemplated herein (collectively, the “Transaction Documents”).

    	-8-

    	 

    

(ii)the
Agreement has been duly executed and delivered by Seller, for good and valuable consideration. This Agreement and, upon execution,
each other Transaction Document constitutes the legal, valid and binding obligations of Seller, enforceable against Seller in accordance
with their respective terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to
equitable principles.

(iii)none
of the execution and delivery of the Transaction Documents, the consummation by Seller of the transactions contemplated by the
Transaction Documents (or any of them), nor compliance by Seller with the terms, conditions and provisions of the Transaction Documents
(or any of them) will conflict with or result in a breach of any of the terms, conditions or provisions of (1) the organizational
documents of Seller, (2) any contractual obligation to which Seller is now a party or by which it is otherwise bound or to which
the assets of Seller are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any
lien upon any of the assets of Seller, other than pursuant to the Transaction Documents, (3) any judgment or order, writ, injunction,
decree or demand of any court applicable to Seller, or (4) any applicable requirement of law, in the case of clauses (1)-(4) above,
to the extent that such conflict or breach would have a material adverse effect upon Seller’s ability to perform its obligations
hereunder. Seller has all necessary licenses, permits and other consents from governmental authorities necessary to acquire, own
and sell the Mortgage Loans and for the performance of its obligations under the Transaction Documents.

(iv)there
is no action, suit, proceeding, investigation, or arbitration pending or, to the best knowledge of Seller, threatened against Seller
or any of its assets which may have an adverse effect on the validity of the Transaction Documents or the Mortgage Loans or any
action taken or to be taken in connection with the obligations of Seller under any of the Transaction Documents. Seller is in compliance
in all material respects with all requirements of law applicable to Seller.

(v)Seller
has not dealt with any broker, investment banker, agent, or other Person who may be entitled to any commission or compensation
in connection with the sale of Mortgage Loans pursuant to any of the Transaction Documents.

(vi)Neither
Seller nor any Person owning more than a 10% direct or indirect ownership interest in Seller is a “Prohibited Person”
(as such term is defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism) or a Person currently identified on the Specially Designated Nationals and
Blocked Persons List maintained by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”)
and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation and Seller
and each Person owning a direct or indirect ownership interest in Seller is in full compliance with all applicable orders, rules,
regulations and recommendations of OFAC.

    	-9-

    	 

    

(vii)immediately
prior to the sale of the Mortgage Loans to the Purchaser, the Seller shall own the Mortgage Loans, shall have good and marketable
title thereto, free and clear of any pledge, lien, security interest, charge, claim, equity, or encumbrance of any kind, and upon
the delivery or transfer of the Mortgage Loans to the Purchaser as contemplated herein, the Purchaser shall receive good and marketable
title to the Mortgage Loans, free and clear of any pledge, lien, security interest, charge, claim, equity or encumbrance of any
kind;

(viii)the
Seller acquired its ownership in the Mortgage Loans in good faith without notice of any adverse claim, and upon the delivery or
transfer of the Mortgage Loans to the Purchaser as contemplated herein, the Purchaser shall acquire ownership in the Mortgage Loans
in good faith without notice of any adverse claim; and

(ix)the
Seller has not assigned, pledged or otherwise encumbered any interest in the Mortgage Loans (or, if any such interest has been
assigned, pledged or otherwise encumbered, it has been released).

(b)the Seller
further represents and warrants to the Purchaser that:

(i)the
Loan Documents do not prohibit the Seller from transferring the Mortgage Loans to Purchaser;

(ii)the
information set forth with respect to each Mortgage Loan in Exhibit A hereto is true and correct in all material respects;

(iii)ownership
of the Mortgage Loans will not cause the Purchaser to have payments subject to foreign or United States withholding tax;

(iv)with
respect to each Mortgage Loan, the representations and warranties set forth in Schedule 1(a) are true and correct in all material
respects; and

(v)the
Seller has delivered to the Purchaser or its designee (A) the original of any Underlying Note (or, for any Underlying Note which
is lost, a copy of such Note together with a lost note affidavit and indemnity), certificate or other instrument, if any, constituting
or evidencing each Mortgage Loan together with an assignment in blank and all other assignment documents reasonably necessary to
evidence the transfer of such Mortgage Loan including, where applicable, UCC assignments and any other Loan Document and copies
of any other documents related to such Mortgage Loan in the Seller’s possession and (B) copies of the Loan Documents.

(c)For purposes
of the representations and warranties set forth in Schedule 1(a), the phrases “to the knowledge of the Seller” or “to
the Seller’s knowledge” shall mean, except where otherwise expressly set forth in a particular representation and warranty,
the actual state of knowledge of the Seller or any servicer acting on its behalf regarding the matters referred to, in each case:
(i) at the time of the Seller’s origination or acquisition of the Mortgage Loan, after the Seller having conducted such
inquiry and due diligence into such matters as would be customarily performed by a prudent institutional commercial or multifamily,
as applicable, mortgage lender; and (ii) subsequent to such origination, the Seller having utilized monitoring practices that
would be utilized by a prudent commercial or multifamily, as applicable, mortgage lender and having made prudent inquiry as to
the knowledge of the servicer servicing such Mortgage Loans on its behalf. Also, for purposes of such representations and warranties,
the phrases “to the actual knowledge of the Seller” or “to the Seller’s actual knowledge” shall mean,
except where otherwise expressly set forth below, the actual state of knowledge of the Seller or any servicer acting on its behalf
without any express or implied obligation to make inquiry. All information contained in documents which are part of or required
to be part of a Loan File shall be deemed to be within the knowledge and the actual knowledge of the Seller. Wherever there is
a reference to receipt by, or possession of, the Seller of any information or documents, or to any action taken by the Seller or
not taken by the Seller, such reference shall include the receipt or possession of such information or documents by, or the taking
of such action or the failure to take such action by, the Seller or any servicer acting on its behalf.

    	-10-

    	 

    

(d)If the Seller
receives written notice of a breach of a representation or a warranty pursuant to this Agreement relating to any Mortgage Loan,
then the Seller shall (1) not later than 90 days from receipt of such notice cure such breach, or (2) if such breach cannot be
cured within such 90-day period, repurchase the related Mortgage Loan not later than the end of such 90-day period at the Repurchase
Price.

(e)On or prior
to the Closing Date, the Seller shall deliver the Loan Documents to the Purchaser or, at the direction of the Purchaser, to the
Custodian.

5.Sale.

It is the intention
of the parties hereto that the transfer and assignment contemplated by this Agreement shall constitute a sale of the Mortgage Loans
from the Seller to the Purchaser and the beneficial interest in and title to the Mortgage Loans shall not be part of the Seller’s
estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event that,
notwithstanding the intent of the parties hereto, the transfer and assignment contemplated hereby is held not to be a sale (for
non-tax purposes), this Agreement shall constitute a security agreement under applicable law, and, in such event, the Seller shall
be deemed to have granted, and the Seller hereby grants, to the Purchaser a security interest in the Mortgage Loans as security
for the Seller’s obligations hereunder.

6.Non-Petition.

The Seller agrees
not to institute against, or join any other Person in instituting against the Purchaser any bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation proceedings or other proceedings under U.S. federal or state bankruptcy or similar laws in
any jurisdiction until at least one year and one day. This Section 6 shall survive the termination of this Agreement for any reason
whatsoever.

7.Amendments.

This Agreement may
not be modified, amended, altered or supplemented, except upon the execution and delivery of a written agreement by the parties
hereto.

    	-11-

    	 

    

8.Communications.

Except as may be otherwise
agreed between the parties, all communications hereunder shall be made in writing to the relevant party by personal delivery or
by courier or first-class registered mail, or the closest local equivalent thereto, or by facsimile transmission confirmed by personal
delivery or by courier or first-class registered mail as follows:

	To the Seller: 	Jefferies LoanCore LLC	 
	 	55 Railroad Avenue, Suite 100 	 
	 	Greenwich, CT 06830	 
	 	Attention:  Tyler Shea	 
	 	Telephone Number:	(203) 861-6031
	 	Facsimile Number:	(203) 861-6006
	 	 	 
	To the Purchaser: 	c/o LoanCore Realty Trust, Inc. 	 
	 	55 Railroad Avenue, Suite 100 	 
	 	Greenwich, CT 06830	 
	 	Attention:  Jordan Bock	 
	 	Telephone Number:	(203) 861-6065
	 	Facsimile Number:  	(203) 861-6006
	 	 	 

or
to such other address, telephone number or facsimile number as either party may notify to the other in accordance with the terms
hereof from time to time. Any communications hereunder shall be effective upon receipt.

9.Governing
Law and Consent to Jurisdiction.

(a)THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW
PROVISIONS THEREOF (OTHER THAN TITLE 14 OF ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

(b)The parties
hereto hereby irrevocably submit to the non-exclusive jurisdiction of the United States District Court for the Southern District
of New York and any court in the State of New York located in the City and County of New York, and any appellate court hearing
appeals from the Courts mentioned above, in any action, suit or proceeding brought against it and to or in connection with this
Agreement or the transaction contemplated hereunder or for recognition or enforcement of any judgment, and the parties hereto hereby
irrevocably and unconditionally agree that all claims in respect of any such action or proceeding may be heard or determined in
such New York State court or, to the extent permitted by law, in such federal court. The parties hereto agree that a final judgment
in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. To the extent permitted by applicable law, the parties hereto hereby waive and agree not to
assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in any inconvenient forum, that the
venue of the suit, action or proceeding is improper or that the subject matter thereof may not be litigated in or by such courts.

    	-12-

    	 

    

(c)To the extent
permitted by applicable law, the parties hereto shall not seek and hereby waive the right to any review of the judgment of any
such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment.

(d)The Seller
irrevocably consents to the service of any and all process in any action or proceeding by the mailing by certified mail, return
receipt requested, or delivery requiring proof of delivery of copies of such process to it at the address set forth in paragraph
8 hereof.

(e)Each party
hereby waives trial by jury in any litigation brought by the other party in connection with any matter arising from or related
to this Agreement or the relationship of the parties hereunder. The terms and provisions of this Section shall survive the Closing
or earlier termination of this Agreement for any reason whatsoever.

10.Counterparts.

This Agreement may
be executed in any number of counterparts (including by portable document format (.pdf) or similar electronic format), each of
which shall be an original, but all of which together shall constitute one and the same agreement.

11.Termination.

If the Closing has
not occurred on or before December 31, 2015, either party may terminate this Agreement upon ten (10) days notice to all parties
hereto, after which no party shall have any further obligations hereunder other than those obligations specifically provided to
survive termination of this Agreement; provided, however, that, if the failure to consummate the Closing is the direct
result of Seller’s prior breach or misrepresentation, then Buyer shall be entitled to pursue specific performance of its
rights hereunder.

12.Costs.

Each party hereto
shall pay all of its own costs and expenses including, without limitation, attorneys’ fees and disbursements, incurred in
connection with the transactions contemplated hereunder. Notwithstanding the foregoing, (i) Seller shall be solely responsible
for payment of recording taxes, recording costs and filing fees payable in connection with the recordation and filing of the assignments
of Mortgage, UCC-3 assignments and any other closing documents delivered hereunder and the assignment and transfer of the Mortgage
Loans and the Loan Documents to Purchaser and (ii) Purchaser shall be solely responsible for the costs of any title insurance premiums
and costs payable in connection with any assignments of the lender’s title policies with respect to each of the Mortgage
Loans to Purchaser or amendments, endorsements or updates obtained by Purchaser with respect thereto.

    	-13-

    	 

    

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Mortgage Loan Purchase Agreement as of the day and year first above written.

SELLER:

JEFFERIES LOANCORE LLC, a Delaware
limited liability company

By: __________________________

Name:

Title:

PURCHASER:

LCRT HOLDINGS LLC, a Delaware
limited liability company

By: __________________________

Name:

Title:

[Signature Page
to MLPA]

    	 

    	 

    

Exhibit A

MORTGAGE LOANS

	 	Property/Loan Type	
        Lien 

Position
	Performing/NPL 

Indicator	Location	Future Funding 

Loan	Stated Principal 

Balance
	Aspen Portfolio	Retail	
        First
	Performing	CO	 No	$83,450,000
	
        101 West 23rd St
	Mixed Use (Retail/Other)	
        First
	Performing	NY	 No	$70,000,000
	
        428 Broadway Soho Floating
	Mixed Use (Office/Retail)	
        First
	Performing	NY	 Yes - $5,000,000	$65,500,000
	
        Harbourside Place
	Mixed Use (Retail/Office/Other)	
        First
	Performing	FL	 No	$63,200,000
	
        Nickelodeon Suites
	Hospitality	
        First
	Performing	FL	 Yes - $20,000,000	$54,000,000
	
        Hawaii Retail Portfolio
	Retail	
        First
	Performing	HI	 No	$46,500,000
	
        Colony Realty Portfolio
	Industrial	
        First
	Performing	Various	 No	$41,000,000
	Matrix Office Portfolio	Office	
        First
	Performing	Various	 No	$31,000,000
	One11 Tower	Office	
        First
	Performing	AZ	 No	$20,000,000
	Las Vegas MHC	Manufactured Housing	First	Performing	NV	 No	$18,800,000
	Doubletree Orlando Downtown	Hospitality	First	Performing	FL	 No	$17,000,000

    	 

    	 

    

SCHEDULE 1(a)

REPRESENTATIONS AND WARRANTIES RE:

MORTGAGE LOANS1

(1)Whole
Loan; Ownership of Mortgage Loan. A Mortgage Loan that is a B Note Loan is a junior portion (or a pari passu interest in a
senior portion) of a whole mortgage loan. At the time of the sale, transfer and assignment to Purchaser, no Note, Mortgage or B
Note Loan was subject to any assignment (other than assignments to the Seller), participation or pledge, and the Seller had good
title to, and was the sole owner of, the Mortgage Loan free and clear of any and all liens, charges, pledges, encumbrances, participations,
any other ownership interests on, in or to such Mortgage Loan other than any servicing rights appointment or similar agreement.
Seller has full right and authority to sell, assign and transfer the Mortgage Loan, and the assignment to Purchaser constitutes
a legal, valid and binding assignment of such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests
of any nature encumbering such Mortgage Loan.

(2)Loan
Document Status. Each related Note, Mortgage, Assignment of Leases, Rents and Profits (if a separate instrument), guaranty
and other agreement executed by or on behalf of the related Borrower, guarantor or other obligor in connection with such Mortgage
Loan is the legal, valid and binding obligation of the related Borrower, guarantor or other obligor (subject to any non-recourse
provisions contained in any of the foregoing agreements and any applicable state anti-deficiency, one-action or market value limit
deficiency legislation), as applicable, and is enforceable in accordance with its terms, except (i) as such enforcement may
be limited by (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law) and (ii) that certain provisions in such Loan Documents (including,
without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance or prepayment
fees, charges and/or premiums) are, or may be, further limited or rendered unenforceable by or under applicable law, but (subject
to the limitations set forth in clause (i) above) such limitations or unenforceability will not render such Loan Documents invalid
as a whole or materially interfere with the mortgagee’s realization of the principal benefits and/or security provided thereby
(clauses (i) and (ii) collectively, the “Standard Qualifications”).

Except as set forth in the immediately
preceding sentences, there is no valid offset, defense, counterclaim or right of rescission available to the related Borrower with
respect to any of the related Notes, Mortgages or other Loan Documents, including, without limitation, any such valid offset, defense,
counterclaim or right based on intentional fraud by Seller in connection with the origination of the Mortgage Loans, that would
deny the mortgagee the principal benefits intended to be provided by the Note, Mortgage or other Loan Documents.

 

 

1
References are to United States Dollars ($).

    	 

    	 

    

(3)Mortgage
Provisions. The Loan Documents for the Mortgage Loans contain provisions that render the rights and remedies of the holder
thereof adequate for the practical realization against the Mortgaged Property of the principal benefits of the security intended
to be provided thereby, including realization by judicial or, if applicable, non-judicial foreclosure subject to the limitations
set forth in the Standard Qualifications.

(4)Mortgage
Status; Waivers and Modifications. Since origination and except by written instruments set forth in the related Mortgage File
or as otherwise provided in the related Loan Documents (a) the material terms of such Mortgage, Note, Mortgage Loan guaranty, Co-Lender
Agreement, if applicable, and related Loan Documents have not been waived, impaired, modified, altered, satisfied, canceled, subordinated
or rescinded in any respect that could have a material adverse effect on the Mortgage Loan; (b) no related Mortgaged Property or
any portion thereof has been released from the lien of the related Mortgage in any manner which materially interferes with the
security intended to be provided by such Mortgage or the use or operation of the remaining portion of such Mortgaged Property;
and (c) neither the related Borrower nor the related guarantor nor the related Lead Lender has been released from its material
obligations under the Mortgage Loan or Co-Lender Agreement, if applicable. With respect to the Mortgage Loan, except as contained
in a written document included in the Mortgage File, there have been no modifications, amendments or waivers, that could be reasonably
expected to have a material adverse effect on such Mortgage Loan.

(5)Lien;
Valid Assignment. The Assignment of Mortgage and assignment of Assignment of Leases, Rents and Profits to the Purchaser constitutes
a legal, valid and binding assignment to the Purchaser. Each related Mortgage and Assignment of Leases, Rents and Profits is freely
assignable without the consent of the related Borrower. The related Mortgage is a legal, valid and enforceable first lien on the
related Borrower’s fee or leasehold interest in the Mortgaged Property in the principal amount of such Mortgage Loan or allocated
loan amount (subject only to Permitted Encumbrances (as defined below) and the exceptions to paragraph (5) set forth in Schedule
1(a) (each such exception, a “Title Exception”)), except as the enforcement thereof may be limited by the
Standard Qualifications. Such Mortgaged Property (subject to and excepting Permitted Encumbrances and the Title Exceptions) as
of origination was, and, to Seller’s knowledge, as of the Closing Date, is free and clear of any recorded mechanics’
liens, recorded materialmen’s liens and other recorded encumbrances which are prior to or equal with the lien of the related
Mortgage, except those which are bonded over, escrowed for or insured against by a lender’s title insurance policy (as described
below), and, to the Seller’s knowledge and subject to the rights of tenants (as tenants only) (subject to and excepting Permitted
Encumbrances and the Title Exceptions), no rights exist which under law could give rise to any such lien or encumbrance that would
be prior to or equal with the lien of the related Mortgage, except those which are bonded over, escrowed for or insured against
by a lender’s title insurance policy (as described below). Notwithstanding anything herein to the contrary, no representation
is made as to the perfection of any security interest in rents or other personal property to the extent that possession or control
of such items or actions other than the filing of Uniform Commercial Code (“UCC”) financing statements is required
in order to effect such perfection.

    	 

    	 

    

(6)Permitted
Liens; Title Insurance. The Mortgaged Property securing the Mortgage Loan is covered by an American Land Title Association
loan title insurance policy or a comparable form of loan title insurance policy approved for use in the applicable jurisdiction
(or, if such policy is yet to be issued, by a pro forma policy, a preliminary title policy with escrow instructions or a “marked
up” commitment, in each case binding on the title insurer) (the “Title Policy”) in the original principal
amount of such Mortgage Loan (or with respect to a Mortgage Loan secured by multiple properties, an amount equal to at least the
allocated loan amount with respect to the Title Policy for each such property) after all advances of principal (including any advances
held in escrow or reserves), that insures for the benefit of the owner of the indebtedness secured by the Mortgage, the first priority
lien of the Mortgage, which lien is subject only to: (a) the lien of current real property taxes, water charges, sewer rents
and assessments not yet due and payable; (b) covenants, conditions and restrictions, rights of way, easements and other matters
of public record; (c) the exceptions (general and specific) and exclusions set forth in such Title Policy or appearing of record;
(d) other matters to which like properties are commonly subject; (e) the rights of tenants (as tenants only) under leases (including
subleases) pertaining to the related Mortgaged Property and condominium declarations; and (f) if the related Mortgage Loan
is cross-collateralized and cross-defaulted with another Mortgage Loan (each a “Crossed Mortgage Loan”), the
lien of the Mortgage for another Mortgage Loan that is cross-collateralized and cross-defaulted with such Crossed Mortgage Loan,
provided that none of which items (a) through (f), individually or in the aggregate, materially and adversely interferes with the
current use of the Mortgaged Property or the security intended to be provided by such Mortgage or the Borrower’s ability
to pay its obligations when they become due (collectively, the “Permitted Encumbrances”). Except as contemplated
by clause (f) of the preceding sentence, none of the Permitted Encumbrances are mortgage liens that are senior to or coordinate
and co-equal with the lien of the related Mortgage. Such Title Policy (or, if it has yet to be issued, the coverage to be provided
thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by the Seller thereunder
and no claims have been paid thereunder. Neither the Seller, nor to the Seller’s knowledge, any other holder of the Mortgage
Loan, has done, by act or omission, anything that would materially impair the coverage under such Title Policy.

(7)Junior
Liens. There are, as of origination, and to the Seller’s knowledge, as of the Closing Date, no subordinate mortgages
or junior liens securing the payment of money encumbering the related Mortgaged Property (other than Permitted Encumbrances and
the Title Exceptions, taxes and assessments, mechanics and materialmen’s liens (which are the subject of the representation
in paragraph (6) above), and equipment and other personal property financing). The Seller has no knowledge of any mezzanine debt
secured directly by interests in the related Borrower.

    	 

    	 

    

(8)Assignment
of Leases, Rents and Profits. There exists as part of the related Mortgage File an Assignment of Leases, Rents and Profits
(either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title
Exceptions, each related Assignment of Leases, Rents and Profits creates a valid first-priority collateral assignment of, or a
valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to
a license granted to the related Borrower to exercise certain rights and to perform certain obligations of the lessor under such
lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by
the Standard Qualifications. The related Mortgage or related Assignment of Leases, Rents and Profits, subject to applicable law,
provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of
rents or for the related mortgagee to enter into possession to collect the rents or for rents to be paid directly to the mortgagee.

(9)UCC
Filings. If the related Mortgaged Property is operated as a hospitality property, the Seller has filed and/or recorded or caused
to be filed and/or recorded (or, if not filed and/or recorded, have been submitted in proper form for filing and/or recording),
UCC financing statements in the appropriate public filing and/or recording offices necessary at the time of the origination of
the Mortgage Loan to perfect a valid security interest in all items of physical personal property reasonably necessary to operate
such Mortgaged Property owned by such Borrower and located on the related Mortgaged Property (other than any non-material personal
property, any personal property subject to a purchase money security interest, a sale and leaseback financing arrangement as permitted
under the terms of the related Loan Documents or any other personal property leases applicable to such personal property), to the
extent perfection may be effected pursuant to applicable law by recording or filing, as the case may be. Subject to the Standard
Qualifications, the related Mortgage (or equivalent document) creates a valid and enforceable lien and security interest on the
items of personalty described above. No representation is made as to the perfection of any security interest in rents or other
personal property to the extent that possession or control of such items or actions other than the filing of UCC financing statements
are required in order to effect such perfection.

(10)Condition
of Property. Seller or the Originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property
within six months of origination of the Mortgage Loan and within twelve months of the Closing Date.

An engineering report or property
condition assessment was prepared in connection with the origination of the Mortgage Loan no more than twelve months prior to the
Closing Date. To the Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination
of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage
(other than (i) any damage or deficiency that is estimated to cost less than $50,000 to repair, (ii) any deferred maintenance
for which escrows were established at origination and (iii) any damage fully covered by insurance) that would affect materially
and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

    	 

    	 

    

(11)Taxes
and Assessments. All real estate taxes, governmental assessments and other similar outstanding governmental charges (including,
without limitation, water and sewage charges), or installments thereof, that could be a lien on the related Mortgaged Property
that would be of equal or superior priority to the lien of the Mortgage and that prior to the Closing Date have become delinquent
in respect of each related Mortgaged Property have been paid, or an escrow of funds has been established in an amount sufficient
to cover such payments and reasonably estimated interest and penalties, if any, thereon. For purposes of this representation and
warranty, real estate taxes and governmental assessments and other outstanding governmental charges and installments thereof shall
not be considered delinquent until the earlier of (a) the date on which interest and/or penalties would first be payable thereon
and (b) the date on which enforcement action is entitled to be taken by the related taxing authority.

(12)Condemnation.
As of the date of origination and to the Seller’s knowledge as of the Closing Date, there is no proceeding pending, and,
to the Seller’s knowledge as of the date of origination and as of the Closing Date, there is no proceeding threatened, for
the total or partial condemnation of such Mortgaged Property that would have a material adverse effect on the value, use or operation
of the Mortgaged Property.

(13)Actions
Concerning Mortgage Loan. To the Seller’s knowledge, based on evaluation of the Title Policy (as defined in paragraph
6), an engineering report or property condition assessment as described in paragraph 10, applicable local law compliance materials
as described in paragraph 23, reasonable and customary bankruptcy, civil records, UCC-1, and judgment searches of the Borrowers
and guarantors, and the ESA (as defined in paragraph 37), on and as of the date of origination and as of the Closing Date, there
was no pending or filed action, suit or proceeding, involving any Borrower, guarantor, or Borrower’s interest in the Mortgaged
Property, an adverse outcome of which would reasonably be expected to materially and adversely affect (a) such Borrower’s
title to the Mortgaged Property, (b) the validity or enforceability of the Mortgage, (c) such Borrower’s ability to perform
under the related Mortgage Loan, (d) such guarantor’s ability to perform under the related guaranty, (e) the principal
benefit of the security intended to be provided by the Loan Documents or (f) the current principal use of the Mortgaged Property.

(14)Escrow
Deposits. All escrow deposits and payments required to be escrowed with lender pursuant to the Mortgage Loan are in the possession,
or under the control, of the Seller or its servicer, and there are no deficiencies (subject to any applicable grace or cure periods)
in connection therewith, and all such escrows and deposits (or the right thereto) that are required to be escrowed with lender
under the related Loan Documents are being conveyed by the Seller to Purchaser or its servicer.

(15)No
Holdbacks. Except for Mortgage Loans designated as Future Advance Loans on Exhibit A, the Stated Principal Balance as of the
Closing Date of the Mortgage Loan set forth on Exhibit A hereto has been fully disbursed as of the Closing Date and there is no
requirement for future advances thereunder (except in those cases where the full amount of the Mortgage Loan has been disbursed
but a portion thereof is being held in escrow or reserve accounts pending the satisfaction of certain conditions relating to leasing,
repairs or other matters with respect to the related Mortgaged Property, the Borrower or other considerations determined by Seller
to merit such holdback). For Mortgage Loans designated as Future Advance Loans on Exhibit A, the maximum amount of required future
advances is set forth on Exhibit A hereto.

    	 

    	 

    

(16)Insurance.
Each related Mortgaged Property is, and is required pursuant to the related Mortgage to be, insured by a property insurance policy
providing coverage for loss in accordance with coverage found under a “special cause of loss form” or “all risk
form” that includes replacement cost valuation issued by an insurer meeting the requirements of the related Loan Documents
and having a claims-paying or financial strength rating of any one of the following: (i) at least “A-:VII” from
A.M. Best Company, (ii) at least “A3” (or the equivalent) from Moody’s Investors Service, Inc. or (iii) at
least “A-” from Standard & Poor’s Ratings Service (collectively the “Insurance Rating Requirements”),
in an amount (subject to a customary deductible) not less than the lesser of (1) the original principal balance of the Mortgage
Loan and (2) the full insurable value on a replacement cost basis of the improvements, furniture, furnishings, fixtures and equipment
owned by the Borrower and included in the Mortgaged Property (with no deduction for physical depreciation), but, in any event,
not less than the amount necessary or containing such endorsements as are necessary to avoid the operation of any coinsurance provisions
with respect to the related Mortgaged Property.

Each related Mortgaged Property
is also covered, and required to be covered pursuant to the related Loan Documents, by business interruption or rental loss insurance
which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to a Mortgage Loan on a single
asset with a principal balance of $50 million or more, 18 months).

If any material part of the improvements,
exclusive of a parking lot, located on a Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency
Management Agency as having special flood hazards, the related Borrower is required to maintain insurance in the maximum amount
available under the National Flood Insurance Program.

If the Mortgaged Property is located
within 25 miles of the coast of the Gulf of Mexico or the Atlantic coast of Florida, Georgia, South Carolina or North Carolina,
the related Borrower is required to maintain coverage for windstorm and/or windstorm related perils and/or “named storms”
issued by an insurer meeting the Insurance Rating Requirements or endorsement covering damage from windstorm and/or windstorm related
perils and/or named storms.

The Mortgaged Property is covered,
and required to be covered pursuant to the related Loan Documents, by a commercial general liability insurance policy issued by
an insurer meeting the Insurance Rating Requirements including coverage for property damage, contractual damage and personal injury
(including bodily injury and death) in amounts as are generally required by the Seller for loans originated for securitization,
and in any event not less than $1 million per occurrence and $1 million in the aggregate.

    	 

    	 

    

An architectural or engineering
consultant has performed an analysis of each of the Mortgaged Properties located in seismic zones 3 or 4 in order to evaluate the
structural and seismic condition of such property, for the sole purpose of assessing either the scenario expected limit (“SEL”)
or the probable maximum loss (“PML”) for the Mortgaged Property in the event of an earthquake. In such instance,
the SEL or PML, as applicable, was based on a 475-year return period, an exposure period of 50 years and a 10% probability of exceedance.
If the resulting report concluded that the SEL or PML, as applicable, would exceed 20% of the amount of the replacement costs of
the improvements, earthquake insurance on such Mortgaged Property was obtained by an insurer rated at least “A:VII”
by A.M. Best Company or “A3” (or the equivalent) from Moody’s Investors Service, Inc. or “A-” by
Standard & Poor’s Ratings Service in an amount not less than 100% of the SEL or PML, as applicable.

The Loan Documents require insurance
proceeds in respect of a property loss to be applied either (a) to the repair or restoration of all or part of the related Mortgaged
Property, with respect to all property losses in excess of 5% of the then outstanding principal amount of the related Mortgage
Loan, the lender (or a trustee appointed by it) having the right to hold and disburse such proceeds as the repair or restoration
progresses, or (b) to the reduction of the outstanding principal balance of such Mortgage Loan together with any accrued interest
thereon.

All premiums on all insurance
policies referred to in this section required to be paid as of the Closing Date have been paid, and such insurance policies name
the lender under the Mortgage Loan and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the
case of the general liability insurance policy, as named or additional insured. Such insurance policies will inure to the benefit
of the Purchaser. The Mortgage Loan obligates the related Borrower to maintain all such insurance and, at such Borrower’s
failure to do so, authorizes the lender to maintain such insurance at the Borrower’s cost and expense and to charge such
Borrower for related premiums. All such insurance policies (other than commercial liability policies) require at least 10 days’
prior notice to the lender of termination or cancellation arising because of nonpayment of a premium and at least 30 days prior
notice to the lender of termination or cancellation (or such lesser period, not less than 10 days, as may be required by applicable
law) arising for any reason other than non-payment of a premium and no such notice has been received by Seller.

(17)Access;
Utilities; Separate Tax Lots. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access
to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public
road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required
utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate
tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under
the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the
applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires the Borrower to escrow
an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax
lots are created or the non-recourse carveout guarantor under the Mortgage Loan has indemnified the mortgagee for any loss suffered
in connection therewith.

    	 

    	 

    

(18)No
Encroachments. To Seller’s knowledge based solely on surveys obtained in connection with origination (which may have
been a previously existing “as built” survey) and the lender’s Title Policy (or, if such policy is not yet issued,
a pro forma title policy, a preliminary title policy with escrow instructions or a “marked up” commitment) obtained
in connection with the origination of the Mortgage Loan, all material improvements that were included for the purpose of determining
the appraised value of the related Mortgaged Property at the time of the origination of such Mortgage Loan are within the boundaries
of the related Mortgaged Property, except encroachments that do not materially and adversely affect the value or current use of
such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No improvements on adjoining
parcels encroach onto the related Mortgaged Property except for encroachments that do not materially and adversely affect the value
or current use of such Mortgaged Property or for which insurance or endorsements were obtained under the Title Policy. No material
improvements encroach upon any easements except for encroachments the removal of which would not materially and adversely affect
the value or current use of such Mortgaged Property or for which insurance or endorsements have been obtained under the Title Policy.

(19)No
Contingent Interest or Equity Participation. The Mortgage Loan does not have a shared appreciation feature, any other contingent
interest feature or a negative amortization feature (except that an ARD Loan may provide for the accrual of the portion of interest
in excess of the rate in effect prior to the Anticipated Repayment Date) or an equity participation by Seller.

(20)Compliance
with Usury Laws. The Mortgage Rate (exclusive of any default interest, late charges, yield maintenance charges, exit fees,
or prepayment premiums) of such Mortgage Loan complied as of the date of origination with, or was exempt from, applicable state
or federal laws, regulations and other requirements pertaining to usury.

(21)Authorized
to do Business. To the extent required under applicable law, as of the Closing Date and as of each date that Seller held the
Note, Seller was authorized to transact and do business in the jurisdiction in which each related Mortgaged Property is located,
or the failure to be so authorized does not materially and adversely affect the enforceability of such Mortgage Loan.

(22)Trustee
under Deed of Trust. With respect to each Mortgage which is a deed of trust, as of the date of origination and, to the Seller’s
knowledge, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is
named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in
accordance with the Mortgage and applicable law by the related mortgagee.

    	 

    	 

    

(23)Local
Law Compliance. To the Seller’s knowledge, based upon any of a letter from any governmental authorities, a legal opinion,
an architect’s letter, a zoning consultant’s report, an endorsement to the related Title Policy, or other affirmative
investigation of local law compliance consistent with the investigation conducted by the Seller for similar commercial, multifamily
and manufactured housing community mortgage loans intended for securitization, with respect to the improvements located on or forming
part of each Mortgaged Property securing a Mortgage Loan as of the date of origination of such Mortgage Loan and as of the Closing
Date, there are no material violations of applicable zoning ordinances, building codes and land laws (collectively “Zoning
Regulations”) other than those which (i) constitute a legal non-conforming use or structure, as to which the Mortgaged
Property may be restored or repaired to the full extent necessary to maintain the use of the structure immediately prior to a casualty
or the inability to restore or repair to the full extent necessary to maintain the use or structure immediately prior to the casualty
would not materially and adversely affect the use or operation of the Mortgaged Property, (ii) are insured by the Title Policy
or other insurance policy, (iii) are insured by law and ordinance insurance coverage in amounts customarily required by the Seller
for loans originated for securitization that provides coverage for additional costs to rebuild and/or repair the property to current
Zoning Regulations or (iv) would not have a material adverse effect on the Mortgage Loan. The terms of the Loan Documents require
the Borrower to comply in all material respects with all applicable governmental regulations, zoning and building laws.

(24)Licenses
and Permits. Each Borrower covenants in the Loan Documents that it shall keep all material licenses, permits and applicable
governmental authorizations necessary for its operation of the Mortgaged Property in full force and effect, and to the Seller’s
knowledge based upon a letter from any government authorities or other affirmative investigation of local law compliance consistent
with the investigation conducted by the Seller for similar commercial, multifamily and manufactured housing community mortgage
loans intended for securitization, all such material licenses, permits and applicable governmental authorizations are in effect.
The Mortgage Loan requires the related Borrower to be qualified to do business in the jurisdiction in which the related Mortgaged
Property is located.

(25)Recourse
Obligations. The Loan Documents for the Mortgage Loan provide that such Mortgage Loan is non-recourse to the related parties
thereto except that: (a) the related Borrower and at least one individual or entity shall be fully liable for actual losses, liabilities,
costs and damages arising from certain acts of the related Borrower and/or its principals specified in the related Loan Documents,
which acts generally include the following: (i) acts of fraud or intentional material misrepresentation, (ii) misappropriation
of rents (following an event of default), insurance proceeds or condemnation awards, (iii) intentional material physical waste
of the Mortgaged Property, and (iv) any breach of the environmental covenants contained in the related Loan Documents, and (b)
the Mortgage Loan shall become full recourse to the related Borrower and at least one individual or entity, if the related Borrower
files a voluntary petition under federal or state bankruptcy or insolvency law.

    	 

    	 

    

(26)Mortgage
Releases. The terms of the related Mortgage or related Loan Documents do not provide for release of any material portion of
the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment of not less
than a specified percentage at least equal to the lesser of (i) 110% of the related allocated loan amount of such portion
of the Mortgaged Property and (ii) the outstanding principal balance of the Mortgage Loan, (b) upon payment in full of
such Mortgage Loan, (c) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not
have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any material value
in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property
or compliance with zoning requirements, or (d) as required pursuant to an order of condemnation.

(27)Financial
Reporting and Rent Rolls. The Loan Documents for the Mortgage Loan require the Borrower to provide the owner or holder of the
Mortgage with quarterly (other than for single-tenant properties) and annual operating statements, and quarterly (other than for
single-tenant properties) rent rolls for properties that have leases contributing more than 5% of the in-place base rent and annual
financial statements, which annual financial statements with respect to the Mortgage Loan with more than one Borrower are in the
form of an annual combined balance sheet of the Borrower entities (and no other entities), together with the related combined statements
of operations, members’ capital and cash flows, including a combining balance sheet and statement of income for the Mortgaged
Properties on a combined basis.

(28)Acts
of Terrorism Exclusion. With respect to a Mortgage Loan over $20 million, the related special-form all-risk insurance
policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) do not specifically exclude
Acts of Terrorism, as defined in the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization
Act of 2007 (collectively referred to as “TRIA”), from coverage, or if such coverage is excluded, it is covered
by a separate terrorism insurance policy. With respect to each other Mortgage Loan, the related special-form all-risk insurance
policy and business interruption policy (issued by an insurer meeting the Insurance Rating Requirements) did not, as of the date
of origination of the Mortgage Loan, and, to Seller’s knowledge, do not, as of the Closing Date, specifically exclude Acts
of Terrorism, as defined in TRIA, from coverage, or if such coverage is excluded, it is covered by a separate terrorism insurance
policy. The related Loan Documents do not expressly waive or prohibit the mortgagee from requiring coverage for Acts of Terrorism,
as defined in TRIA, or damages related thereto except to the extent that any right to require such coverage may be limited by commercial
availability on commercially reasonable terms; provided, however, that if TRIA or a similar or subsequent statute
is not in effect, then, provided that terrorism insurance is commercially available, the Borrower under the Mortgage Loan is required
to carry terrorism insurance, but in such event the Borrower shall not be required to spend on terrorism insurance coverage more
than two times the amount of the insurance premium that is payable in respect of the property and business interruption/rental
loss insurance required under the related Loan Documents (without giving effect to the cost of terrorism and earthquake components
of such casualty and business interruption/rental loss insurance) at the time of the origination of the Mortgage Loan, and if the
cost of terrorism insurance exceeds such amount, the Borrower is required to purchase the maximum amount of terrorism insurance
available with funds equal to such amount.

    	 

    	 

    

(29)Due
on Sale or Encumbrance. Subject to specific exceptions set forth below, the Mortgage Loan contains a “due on sale”
or other such provision for the acceleration of the payment of the unpaid principal balance of such Mortgage Loan if, without the
consent of the holder of the Mortgage (which consent, in some cases, may not be unreasonably withheld) and/or complying with the
requirements of the related Loan Documents (which provide for transfers without the consent of the lender which are customarily
acceptable to the Seller lending on the security of property comparable to the related Mortgaged Property, including, without limitation,
transfers of worn-out or obsolete furnishings, fixtures, or equipment promptly replaced with property of equivalent value and functionality
and transfers by leases entered into in accordance with the Loan Documents), (a) the related Mortgaged Property, or any equity
interest of greater than 50% in the related Borrower, is directly or indirectly pledged, transferred or sold, other than as related
to (i) family and estate planning transfers or transfers upon death or legal incapacity, (ii) transfers to certain affiliates as
defined in the related Loan Documents, (iii) transfers that do not result in a change of Control of the related Borrower or transfers
of passive interests so long as the guarantor retains Control, (iv) transfers to another holder of direct or indirect equity in
the Borrower, a specific Person designated in the related Loan Documents or a Person satisfying specific criteria identified in
the related Loan Documents, such as a qualified equity holder, (v) transfers of stock or similar equity units in publicly
traded companies or (b) the related Mortgaged Property is encumbered with a subordinate lien or security interest against the related
Mortgaged Property, other than (i) any Non-Acquired Participation or any subordinate debt that existed at origination and
is permitted under the related Loan Documents, (ii) purchase money security interests, (iii) any Crossed Mortgage Loan as
set forth in Schedule 1(d) or (iv) Permitted Encumbrances. The Mortgage or other Loan Documents provide that to the extent
any Rating Agency fees are incurred in connection with the review of and consent to any transfer or encumbrance, the Borrower is
responsible for such payment along with all other reasonable fees and expenses incurred by the Mortgagee relative to such transfer
or encumbrance. For purposes of the foregoing representation, “Control” means the power to direct the management and
policies of an entity, directly or indirectly, whether through the ownership of voting securities or other beneficial interests,
by contract or otherwise.

(30)Single-Purpose
Entity. The Mortgage Loan requires the Borrower to be a Single-Purpose Entity for at least as long as the Mortgage Loan is
outstanding. Both the Loan Documents and the organizational documents of the Borrower with respect to a Mortgage Loan with a Closing
Date Stated Principal Balance in excess of $5 million provide that the Borrower is a Single-Purpose Entity, and a Mortgage Loan
with a Closing Date Stated Principal Balance of $20 million or more has a counsel’s opinion regarding non-consolidation of
the Borrower. For this purpose, a “Single-Purpose Entity” shall mean an entity, other than an individual, whose
organizational documents (or if the Mortgage Loan has a Closing Date Stated Principal Balance equal to $5 million or less, its
organizational documents or the related Loan Documents) provide substantially to the effect that it was formed or organized solely
for the purpose of owning and operating one or more of the Mortgaged Properties securing the Mortgage Loan and prohibit it from
engaging in any business unrelated to such Mortgaged Property or Properties, and whose organizational documents further provide,
or which entity represented in the related Loan Documents, substantially to the effect that it does not have any assets other than
those related to its interest in and operation of such Mortgaged Property or Properties, or any indebtedness other than as permitted
by the related Mortgage(s) or the other related Loan Documents, that it has its own books and records and accounts separate and
apart from those of any other person (other than a Borrower for a Crossed Mortgage Loan), and that it holds itself out as a legal
entity, separate and apart from any other person or entity.

    	 

    	 

    

(31)Ground
Leases. For purposes hereof, a “Ground Lease” shall mean a lease creating a leasehold estate in real property
where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and
other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances,
own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner and does
not include industrial development agency (IDA) or similar leases for purposes of conferring a tax abatement or other benefit.

With respect to any Mortgage Loan
where the Mortgage Loan is secured by a leasehold estate under a Ground Lease in whole or in part, and the related Mortgage does
not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease
and any estoppel or other agreement received from the ground lessor in favor of Seller, its successors and assigns, Seller represents
and warrants that:

		(a)	The Ground Lease or a memorandum regarding such Ground Lease has been duly recorded or submitted
for recordation in a form that is acceptable for recording in the applicable jurisdiction. The Ground Lease or an estoppel or other
agreement received from the ground lessor permits the interest of the lessee to be encumbered by the related Mortgage and does
not restrict the use of the related Mortgaged Property by such lessee, its successors or assigns in a manner that would materially
adversely affect the security provided by the related Mortgage;

		(b)	The lessor under such Ground Lease has agreed in a writing included in the related Mortgage File
(or in such Ground Lease) that the Ground Lease may not be amended or modified, or canceled or terminated by agreement of lessor
and lessee, without the prior written consent of the lender (except termination or cancellation if (i) notice of a default under
the Ground Lease is provided to lender and (ii) such default is curable by lender as provided in the Ground Lease but remains uncured
beyond the applicable cure period), and no such consent has been granted by the Seller since the origination of the Mortgage Loan
except as reflected in any written instruments which are included in the related Mortgage File;

    	 

    	 

    
		(c)	The Ground Lease has an original term (or an original term plus one or more optional renewal terms,
which, under all circumstances, may be exercised, and will be enforceable, by either Borrower or the mortgagee) that extends not
less than 20 years beyond the stated maturity of the related Mortgage Loan, or 10 years past the stated maturity if such Mortgage
Loan fully amortizes by the stated maturity (or with respect to a Mortgage Loan that accrues on an actual 360 basis, substantially
amortizes);

		(d)	The Ground Lease either (i) is not subject to any liens or encumbrances superior to, or of equal
priority with, the Mortgage, except for the related fee interest of the ground lessor and the Permitted Encumbrances, or (ii)  is
subject to a subordination, non-disturbance and attornment agreement to which the mortgagee on the lessor’s fee interest
in the Mortgaged Property is subject;

		(e)	The Ground Lease does not place commercially unreasonable restrictions on the identity of the Mortgagee
and the Ground Lease is assignable to the holder of the Mortgage Loan and its successors and assigns without the consent of the
lessor thereunder, and in the event it is so assigned, it is further assignable by the holder of the Mortgage Loan and its successors
and assigns without the consent of the lessor;

		(f)	The Seller has not received any written notice of material default under or notice of termination
of such Ground Lease. To the Seller’s knowledge, there is no material default under such Ground Lease and no condition that,
but for the passage of time or giving of notice, would result in a material default under the terms of such Ground Lease and to
the Seller’s knowledge, such Ground Lease is in full force and effect as of the Closing Date;

		(g)	The Ground Lease or ancillary agreement between the lessor and the lessee requires the lessor to
give to the lender written notice of any default, and provides that no notice of default or termination is effective against the
lender unless such notice is given to the lender;

		(h)	A lender is permitted a reasonable opportunity (including, where necessary, sufficient time to
gain possession of the interest of the lessee under the Ground Lease through legal proceedings) to cure any default under the Ground
Lease which is curable after the lender’s receipt of notice of any default before the lessor may terminate the Ground Lease;

    	 

    	 

    
		(i)	The Ground Lease does not impose any restrictions on subletting that would be viewed as commercially
unreasonable by the Seller in connection with loans originated for securitization;

		(j)	Under the terms of the Ground Lease, an estoppel or other agreement received from the ground lessor
and the related Mortgage (taken together), any related insurance proceeds or the portion of the condemnation award allocable to
the ground lessee’s interest (other than (i) de minimis amounts for minor casualties or (ii) in respect of a total or substantially
total loss or taking as addressed in clause (k) below) will be applied either to the repair or to restoration of all or part of
the related Mortgaged Property with (so long as such proceeds are in excess of the threshold amount specified in the related Loan
Documents) the lender or a trustee appointed by it having the right to hold and disburse such proceeds as repair or restoration
progresses, or to the payment of the outstanding principal balance of the Mortgage Loan, together with any accrued interest;

		(k)	In the case of a total or substantially total taking or loss, under the terms of the Ground Lease,
an estoppel or other agreement and the related Mortgage (taken together), any related insurance proceeds, or portion of the condemnation
award allocable to ground lessee’s interest in respect of a total or substantially total loss or taking of the related Mortgaged
Property to the extent not applied to restoration, will be applied first to the payment of the outstanding principal balance of
the Mortgage Loan, together with any accrued interest; and

		(l)	Provided that the lender cures any defaults which are susceptible to being cured, the ground lessor
has agreed to enter into a new lease with the lender upon termination of the Ground Lease for any reason, including rejection of
the Ground Lease in a bankruptcy proceeding.

(32)Servicing.
The servicing and collection practices used by the Seller with respect to the Mortgage Loan have been, in all material respects,
legal and have met customary industry standards for servicing of similar commercial loans.

(33)Origination
and Underwriting. The origination practices of the Seller (or the related Originator if the Seller was not the Originator)
with respect to the Mortgage Loan have been, in all material respects, legal and as of the date of its origination, such Mortgage
Loan and the origination thereof complied in all material respects with, or was exempt from, all requirements of federal, state
or local law relating to the origination of such Mortgage Loan; provided that such representation and warranty does not address
or otherwise cover any matters with respect to federal, state or local law otherwise covered in this Schedule 1(a).

    	 

    	 

    

(34)No
Material Default; Payment Record. The Mortgage Loan has not been more than 30 days delinquent, without giving effect to any
grace or cure period, in making required payments since origination, and as of the date hereof, the Mortgage Loan is not more than
30 days delinquent (beyond any applicable grace or cure period) in making required payments as of the Closing Date. To the Seller’s
knowledge, there is (a) no material default, breach, violation or event of acceleration existing under the related Mortgage Loan
or Co-Lender Agreement, if applicable, or (b) no event (other than payments due but not yet delinquent) which, with the passage
of time or with notice and the expiration of any grace or cure period, would constitute a material default, breach, violation or
event of acceleration, which default, breach, violation or event of acceleration, in the case of either clause (a) or clause (b),
materially and adversely affects the value of the Mortgage Loan or B Note Loan, if applicable, or the value, use or operation of
the related Mortgaged Property. No person other than the holder of such Mortgage Loan may declare any event of default under the
Mortgage Loan or accelerate any indebtedness under the Loan Documents.

(35)Bankruptcy.
As of the date of origination of the related Mortgage Loan and to the Seller’s knowledge as of the Closing Date, no Borrower,
guarantor or tenant occupying a single-tenant property is a debtor in state or federal bankruptcy, insolvency or similar proceeding.

(36)Organization
of Borrower. With respect to the Mortgage Loan, in reliance on certified copies of the organizational documents of the Borrower
delivered by the Borrower in connection with the origination of such Mortgage Loan, the Borrower is an entity organized under the
laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. Except with respect
to any Crossed Mortgage Loan, no Mortgage Loan has a Borrower that is an Affiliate of another Borrower. (An “Affiliate”
for purposes of this paragraph (36) means, a Borrower that is under direct or indirect common ownership and control with another
Borrower.)

(37)Environmental
Conditions. A Phase I environmental site assessment (or update of a previous Phase I and or Phase II site assessment) and,
with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting
ASTM requirements was conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months
prior to its origination date (or an update of a previous ESA was prepared), and such ESA either (i) did not identify the existence
of recognized environmental conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental
Condition”) at the related Mortgaged Property or the need for further investigation with respect to any Environmental
Condition that was identified, or (ii) if the existence of an Environmental Condition or need for further investigation was
indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a
reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable
environmental laws or the Environmental Condition has been escrowed by the related Borrower and is held or controlled by the related
lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air,
lead based paint or lead in drinking water, and the only recommended action in the ESA is the institution of such a plan, an operations
or maintenance plan has been required to be instituted by the related Borrower that can reasonably be expected to mitigate the
identified risk; (C) the Environmental Condition identified in the related environmental report was remediated or abated in
all material respects prior to the date hereof, and, if and as appropriate, a no further action or closure letter was obtained
from the applicable governmental regulatory authority (or the Environmental Condition affecting the related Mortgaged Property
was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded
that no further action is required); (D) a secured creditor environmental policy or a pollution legal liability insurance
policy that covers liability for the Environmental Condition was obtained from an insurer rated no less than A- (or the equivalent)
by Moody’s, S&P and/or Fitch; (E) a party not related to the Borrower was identified as the responsible party for
such Environmental Condition and such responsible party has financial resources reasonably estimated to be adequate to address
the situation; or (F) a party related to the Borrower having financial resources reasonably estimated to be adequate to address
the situation is required to take action. To Seller’s knowledge, except as set forth in the ESA, there is no Environmental
Condition (as such term is defined in ASTM E1527-05 or its successor) at the related Mortgaged Property.

    	 

    	 

    

(38)Appraisal.
The Servicing File contains an appraisal of the related Mortgaged Property with an appraisal date within six months of the Mortgage
Loan origination date, and within 12 months of the Closing Date. The appraisal is signed by an appraiser who is either a Member
of the Appraisal Institute (“MAI”) and/or has been licensed and certified to prepare appraisals in the state
where the Mortgaged Property is located. Each appraiser has represented in such appraisal or in a supplemental letter that the
appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the
Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest, direct or indirect,
in the Mortgaged Property or the Borrower or in any loan made on the security thereof, and its compensation is not affected by
the approval or disapproval of the Mortgage Loan.

(39)Mortgage
Loan Schedule. The information pertaining to the Mortgage Loan which is set forth in the schedule attached as Exhibit A
is true and correct in all material respects as of the Closing Date and contains all information required by the Mortgage Loan
Purchase Agreement to be contained therein.

(40)Cross-Collateralization.
No Mortgage Loan is cross-collateralized or cross-defaulted with any mortgage loan that is outside the Mortgage Loans to be purchased
under this Agreement.

(41)Advance
of Funds by the Seller. After origination, no advance of funds has been made by Seller to the related Borrower other than in
accordance with the Loan Documents, and, to Seller’s knowledge, no funds have been received from any person other than the
related Borrower or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Loan
Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a lender-controlled
lockbox if required or contemplated under the related lease or Loan Documents). Neither Seller nor any affiliate thereof has any
obligation to make any capital contribution to any Borrower under the Mortgage Loan, other than contributions made on or prior
to the date hereof.

    	 

    	 

    

(42)Compliance
with Anti-Money Laundering Laws. Seller has complied in all material respects with all applicable anti-money laundering laws
and regulations, including without limitation the USA Patriot Act of 2001 with respect to the origination of the Mortgage Loan,
the failure to comply with which would have a material adverse effect on the Mortgage Loan.

(43)Floating
Interest Rates. The Mortgage Loan bears interest at a floating rate of interest that is based on LIBOR plus a margin (which
interest rate may be subject to a minimum or “floor” rate).

(44)B
Note Loans. With respect to a Mortgage Loan that is a B Note Loan:

(i)To
the actual knowledge of the Seller, as of the Closing Date, the related Lead Lender was not a debtor in any outstanding proceeding
pursuant to the federal bankruptcy code; and

(ii)The
Seller has not received written notice of any outstanding liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind for which the holder of such B Note Loan is or may become obligated.

For purposes of these
representations and warranties, the phrases “the Seller’s knowledge” or “the Seller’s belief”
and other words and phrases of like import shall mean, except where otherwise expressly set forth herein, the actual state of knowledge
or belief of the Seller, its officers and employees directly responsible for the underwriting, origination, servicing or sale of
the Mortgage Loan regarding the matters expressly set forth herein.

    	 

    	 

    

SCHEDULE 1(d)

Crossed Mortgage Loan

None

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