Document:

Exhibit 4.14

 

EXECUTION VERSION

 

AGREEMENT BETWEEN NOTE HOLDERS

 

Dated as of April 13, 2016

by and between

 

Société
Générale

(Initial Note A-1 Holder)

 

and

 

Société
Générale

(Initial Note A-2 Holder)

 

GFH BRENNAN INDUSTRIAL PORTFOLIO

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1	Definitions	2
	Section 2	Servicing of the Mortgage Loan	15
	Section 3	Priority of Payments	21
	Section 4	Workout	23
	Section 5	Administration of the Mortgage Loan	23
	Section 6	Rights of the Controlling Note Holder	27
	Section 7	Appointment of Special Servicer	30
	Section 8	Payment Procedure	31
	Section 9	Limitation on Liability of the Note Holders	32
	Section 10	Bankruptcy	32
	Section 11	Representations of the Note Holders	33
	Section 12	No Creation of a Partnership or Exclusive Purchase Right	33
	Section 13	Other Business Activities of the Note Holders	34
	Section 14	Sale of the Notes	34
	Section 15	Registration of the Notes and Each Note Holder	37
	Section 16	Governing Law; Waiver of Jury Trial	37
	Section 17	Submission To Jurisdiction; Waivers	38
	Section 18	Modifications	38
	Section 19	Successors and Assigns; Third Party Beneficiaries	38
	Section 20	Counterparts	39
	Section 21	Captions	39
	Section 22	Severability	39
	Section 23	Entire Agreement	39
	Section 24	Withholding Taxes	39
	Section 25	Custody of Mortgage Loan Documents	40
	Section 26	Cooperation in Securitization	41
	Section 27	Notices	42
	Section 28	Broker	42
	Section 29	Certain Matters Affecting the Agent	42
	Section 30	Agency	43
	Section 31	Resignation of Agent	43
	Section 32	Resizing	43

 

    	-i-

    	 

    

 

THIS AGREEMENT BETWEEN
NOTE HOLDERS (“Agreement”), dated as of April 13, 2016 by and between Société
Générale (“SG” and together with its successors and
assigns in interest, in its capacity as initial owner of the Note A-1, the “Initial Note A-1 Holder”,
and in its capacity as the initial agent, the “Initial Agent”) and SG (together with its successors and assigns
in interest, in its capacity as initial owner of the Note A-2, the “Initial Note A-2 Holder” and,
together with the Initial Note A-1 Holder, the “Initial Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), SG originated a certain loan (the “Mortgage Loan”) described
on the schedule attached hereto as Exhibit A (the “Mortgage Loan Schedule”) to the mortgage loan borrower described
on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced, inter alia,
by (i) one promissory note in the original principal amount of $40,000,000 (as amended, modified or supplemented, “Note A-1”)
made by the Mortgage Loan Borrower in favor of the Initial Note A-1 Holder and (ii) one promissory note in the original principal
amount of $28,512,500 (as amended, modified or supplemented, “Note A-2” and together with Note A-1,
the “Notes”) made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder and secured by
a first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real property located as
described on the Mortgage Loan Schedule and commonly known as “GFH Brennan Industrial Portfolio” (the “Mortgaged
Property”);

 

WHEREAS, the Initial
Note A-1 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Citigroup Commercial
Mortgage Securities Inc. (“Depositor”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as
of April 1, 2016, by and between Depositor, as purchaser, and Initial Note A-1 Holder, as seller, and Depositor intends
to transfer its right, title and interest in and to Note A-1 to Wilmington Trust, National Association, as trustee for Citigroup
Commercial Mortgage Trust 2016-P3 under a pooling and servicing agreement, dated as of April 1, 2016 (the “Note A-1
PSA”), among Depositor, as depositor, Wells Fargo Bank, National Association, as master servicer, C-III Asset Management
LLC, as special servicer, Wilmington Trust, National Association, as trustee, Citibank, N.A., as certificate administrator , and
Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer;

 

WHEREAS, Initial Note A-2
Holder intends, but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-2
to a depositor who will in turn transfer the same to a trust as part of the securitization of one or more mortgage loans; and

 

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

 

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

 

    	 

    	 

    

 

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

 

“Acceptable
Insurance Default” shall have the meaning set forth in the Lead Securitization Servicing Agreement.

 

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

 

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

 

“Agent Office”
shall mean the designated office of the Agent, which office at the date of this Agreement is located at Société Générale,
245 Park Avenue, New York, New York 10167, Attention: Jim Barnard, Facsimile number: (212)
278-2074, Email address: Jim.Barnard@sgcib.com, and which is the address to which notices to and correspondence with the Agent
should be directed. The Agent may change the address of its designated office by notice to the Note Holders.

 

“Agreement”
shall mean this Agreement between Note Holders, any exhibits and schedules hereto and all amendments hereof and thereof and supplements
hereto and thereto.

 

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

 

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

 

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

 

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

 

“Certificate
Administrator” shall mean the certificate administrator appointed as provided in the Lead Securitization Servicing Agreement
and any successor thereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, Citigroup Commercial Mortgage Securities Inc. and (ii) with respect
to the Note A-2 Securitization, the depositor under the Note A-2 PSA.

 

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

 

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

 

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

 

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

 

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

 

    	-3-

    	 

    

 

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

 

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

 

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

 

“Interested
Person” shall mean the Depositor, any Non-Lead Depositor, the Master Servicer, any Non-Lead Master Servicer, the Special
Servicer, any Non-Lead Special Servicer, the Trustee, any Non-Lead Trustee, any Mortgage Loan Borrower, any manager of any Mortgaged
Property, any independent contractor engaged by any of the foregoing parties, the Controlling Note Holder, the Controlling Note
Holder Representative, any Non-Controlling Note Holder, any Non-Controlling Note Holder Representative, any holder of a related
mezzanine loan, or any known Affiliate of any such party described above.

 

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

 

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

 

“Lead Asset
Representations Reviewer” shall mean the “asset representations reviewer” under any Lead Securitization Servicing
Agreement.

 

“Lead Securitization”
shall mean during the period from and after the Note A-1 Securitization Date, the Note A-1 Securitization.

 

“Lead Securitization
Controlling Class Representative” shall mean the “Controlling Class Representative” as defined in the Lead
Securitization Servicing Agreement.

 

    	-4-

    	 

    

 

“Lead Securitization
Note” shall mean during the period from and after the Note A-1 Securitization Date, Note A-1.

 

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

 

“Lead Securitization
Servicing Agreement” shall mean (a) during the period from and after the Note A-1 Securitization Date, the Note A-1
PSA, and (b) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the Lead Securitization
Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance with the second
paragraph of Section 2(a).

 

“Lead Securitization
Trust” shall mean during the period from and after the Note A-1 Securitization Date, the trust established under
the Note A-1 PSA in connection with the Note A-1 Securitization.

 

“Loan Combination
Custodial Account” shall mean the “Loan Combination Custodial Account” or similar term for such account as
defined in the Lead Securitization Servicing Agreement.

 

“Major Decisions”
shall have the meaning given to such term or one or more analogous terms in the Lead Securitization Servicing Agreement; provided
that at any time none of the Notes are included in a Securitization, “Major Decision” shall mean:

 

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

 

(ii)         any modification, consent to a modification or waiver of any monetary term (other than late fees and default interest)
or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of
the Mortgage Loan or any extension of the maturity date of the Mortgage Loan;

 

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

 

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

 

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

 

    	-5-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xiii)      any determination of an Acceptable Insurance Default;

 

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

 

(xv)       any modification, waiver or amendment of any lease, the execution of any new lease or the granting of a subordination and
nondisturbance or attornment agreement in connection with any lease, at the Mortgaged Property if (a) the lease involves a ground
lease or lease of an outparcel or affects an area greater than or equal to the lesser of (1) 30% of the net rentable area of the
improvements at the Mortgaged Property and (2) 30,000 square feet of the improvements at the Mortgaged Property and (b) either
approval of such

 

    	-6-

    	 

    

 

transaction
by the Master Servicer is not expressly permitted under the Lead Securitization Servicing Agreement or the Mortgage Loan is a
Specially Serviced Mortgage Loan.

 

“Master Servicer”
shall mean the master servicer appointed as provided in the Lead Securitization Servicing Agreement and any successor thereunder.

 

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

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of February 9, 2016, between GFG NC 1 LLC, as Borrower, and SG, as
Lender, as may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms hereof).

 

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

 

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

 

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

 

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

 

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

 

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

 

“New Notes”
shall have the meaning assigned to such term in Section 32.

 

“Non-Controlling
Note Holder” shall mean the Note A-2 Holder; provided that at any time Note A-2 is included in a Securitization,
references to the “Non-Controlling Note Holder” herein shall mean the Controlling Class Representative under the Non-Lead

 

    	-7-

    	 

    

 

Securitization
Servicing Agreement or any other party assigned the rights to exercise the rights of the “Non-Controlling Note Holder”
hereunder, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement and as to the identity of
which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written notice. The
Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at
any time to deal with more than one party exercising the rights of the “Non-Controlling Note Holder” herein or under
the Lead Securitization Servicing Agreement and, (x) to the extent that the related Non-Lead Securitization Servicing Agreement
assigns such rights to more than one party or (y) to the extent Note A-2 is split into two or more New Notes pursuant to
Section 32, for purposes of this Agreement, the Non-Lead Securitization Servicing Agreement or the holders of such New Notes
shall designate one party to deal with Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) and provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer
and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the
last party as to which it has received written notice as having been designated as the Non-Controlling Note Holder, as the Non-Controlling
Note Holder for all purposes of this Agreement. As of the date hereof and until further notice from the Non-Lead Securitization
Note Holder (or the Non-Lead Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder is the Non-Controlling
Note Holder.

 

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

 

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

 

“Non-Lead Asset
Representations Reviewer” shall mean the “Asset Representations Reviewer” as defined in the Lead Securitization
Servicing Agreement.

 

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

 

“Non-Lead Master
Servicer” shall mean the “master servicer” under any Non-Lead Securitization Servicing Agreement.

 

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

 

“Non-Lead Securitization
Note” shall mean during the period from and after the Note A-1 Securitization Date, Note A-2.

 

    	-8-

    	 

    

 

“Non-Lead Securitization
Note Holder” shall mean the holders of the Non-Lead Securitization Note.

 

“Non-Lead Securitization
Servicing Agreement” shall mean, after the Note A-1 Securitization Date, the Note A-2 PSA.

 

“Non-Lead Special
Servicer” shall mean the “special servicer” under any Non-Lead Securitization Servicing Agreement.

 

“Non-Lead Trustee”
shall mean the “trustee” under any Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-9-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note Holder
Representative” shall mean a Controlling Note Holder Representative or a Non-Controlling Note Holder Representative.

 

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

 

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

 

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

 

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

 

“Operating Advisor”
shall mean the “trust advisor”, “operating advisor” or other analogous term and its successor in interest,
or any successor appointed as provided in the Lead Securitization Servicing Agreement.

 

“P&I Advance”
shall mean an advance made by a party to any Securitization Servicing Agreement, in respect of a delinquent monthly debt service
payment on the Note securitized pursuant to such Securitization Servicing Agreement.

 

“Percentage
Interest” shall mean, (a) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator
of which is the Note A-1 Principal Balance

 

    	-10-

    	 

    

 

and
the denominator of which is the sum of the Note A-1 Principal Balance and the Note A-2 Principal Balance, and (b) with
respect to the Note A-2 Holder, a fraction, expressed as a percentage, the numerator of which is the Note A-2 Principal
Balance and the denominator of which is the sum of the Note A-1 Principal Balance and the Note A-2 Principal Balance.

 

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

 

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

 

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

 

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

 

(a)         
an entity Controlled (as defined below) by any of the Initial Note Holders, or

 

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

 

(c)         
one or more of the following:

 

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

 

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

 

    	-11-

    	 

    

 

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

 

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

 

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

 

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

 

    	-12-

    	 

    

 

requirements
of this clause (y) may be satisfied by a general partner, managing member, or the fund manager responsible for the day-to-day
management and operation of such entity; or

 

(d)           any entity Controlled by any of the entities described in clause (b) above or approved by the Rating Agencies hereunder
as a Qualified Institutional Lender for purposes of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	-13-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Securitization”
shall mean the Note A-1 Securitization or the Note A-2 Securitization, as applicable.

 

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

 

    	-14-

    	 

    

 

“Securitization
Servicing Agreement” shall mean the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing
Agreement.

 

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

 

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

 

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

 

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

 

“Servicing Standard”
shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing
Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the
Mortgage Loan, must take into account the interests of each Note Holder.

 

“Special Servicer”
shall mean the special servicer or its successor in interest, or any successor appointed as provided in the Lead Securitization
Servicing Agreement.

 

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

 

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

 

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

 

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

 

    	-15-

    	 

    

 

Section 2.           
Servicing of the Mortgage Loan.

 

(a)       Each Note Holder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced
from and after the Note A-1 Securitization Date by the Note A-1 Master Servicer and the Note A-1 Special Servicer
pursuant to the terms of this Agreement and the terms of the Note A-1 PSA, provided that the Master Servicer shall
not be obligated to advance monthly payments of principal or interest in respect of any Note other than the Lead Securitization
Note if such principal or interest is not paid by the Mortgage Loan Borrower but shall be obligated to advance delinquent real
estate taxes, insurance premiums and other expenses related to the maintenance of the Mortgaged Property and maintenance and enforcement
of the lien of the Mortgage thereon, subject to the terms of the Lead Securitization Servicing Agreement. Each Note Holder acknowledges
that any other Note Holder may elect, in its sole discretion, to include its Note in a Securitization and agrees that it will,
subject to Section 26, reasonably cooperate with such other Note Holder, at such other Note Holder’s expense, to effect
such Securitization. Subject to the terms and conditions of this Agreement, each Note Holder hereby irrevocably and unconditionally
consents to the appointment of the Master Servicer and the Trustee under the Lead Securitization Servicing Agreement by the Depositor
and the appointment of the Special Servicer by the Controlling Note Holder and agrees to reasonably cooperate with the Master Servicer
and the Special Servicer with respect to the servicing of the Mortgage Loan in accordance with the Lead Securitization Servicing
Agreement. Each Note Holder hereby appoints the Master Servicer, the Special Servicer and the Trustee in the Lead Securitization
as such Note Holder’s attorney-in-fact to sign any documents reasonably required with respect to the administration and servicing
of the Mortgage Loan on its behalf under the Lead Securitization Servicing Agreement (subject at all times to the rights of the
Note Holder set forth herein and in the Lead Securitization Servicing Agreement). In no event shall the Lead Securitization Servicing
Agreement require the Servicer to enforce the rights of any Note Holder or limit the Servicer in enforcing the rights of one Note
Holder against any other Note Holder; however, this statement shall not be construed to otherwise limit the rights of one Note
Holder with respect to any other Note Holder. Each Servicer shall be required pursuant to the Lead Securitization Servicing Agreement
to service the Mortgage Loan in accordance with the Servicing Standard, the terms of the Mortgage Loan Documents, the Lead Securitization
Servicing Agreement and applicable law, and shall not take any action or refrain from taking any action or follow any direction
inconsistent with the foregoing.

 

If, at any time that
the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree
to cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders, pursuant
to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, however, that if a Non-Lead Securitization Note is in a Securitization, then a written confirmation shall
have been obtained from each Rating Agency that the appointment of the servicer(s) pursuant to such servicing agreement would not,
in and of itself, cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued
in connection with such Securitization; provided, further, however, that until a replacement servicing agreement
has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced

 

    	-16-

    	 

    

 

pursuant
to the provisions of the Lead Securitization Servicing Agreement as if such agreement were still in full force and effect with
respect to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization
Note Holder that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement.

 

(b)       The Master Servicer shall be the lead master servicer on the Mortgage Loan, and from time to time it (or the Trustee, to
the extent provided in the Lead Securitization Servicing Agreement) shall make the following advances, subject to the terms of
the Lead Securitization Servicing Agreement and this Agreement: (i) Servicing Advances on the Mortgage Loan and (ii) P&I Advances
on the Lead Securitization Note. The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to
reimbursement for a Servicing Advance, first from funds on deposit in the Collection Account (as defined in the Lead Securitization
Servicing Agreement) and/or the Loan Combination Custodial Account for the Mortgage Loan that (in any case) represent amounts received
on or in respect of the Mortgage Loan, and then, in the case of Nonrecoverable Servicing Advances, if such funds on deposit
in the Loan Combination Custodial Account are insufficient, from general collections of the Lead Securitization as provided in
the Lead Securitization Servicing Agreement and from general collections of the Non-Lead Securitization as provided below. The
Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for advance interest on
a Servicing Advance or a Nonrecoverable Servicing Advance, in the manner and from the sources provided in the Lead Securitization
Servicing Agreement, including from general collections of the Lead Securitization and, in the case of Servicing Advances, from
general collections of the Non-Lead Securitization as provided below. Notwithstanding the foregoing, to the extent the Master Servicer,
the Special Servicer or the Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a reimbursement
for a Nonrecoverable Servicing Advance or any advance interest on a Servicing Advance or a Nonrecoverable Servicing Advance, the
Non-Lead Securitization Note Holder (including any Securitization Trust into which the Non-Lead Securitization Note is deposited)
shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization for its pro rata
share of such Nonrecoverable Servicing Advance or advance interest.

 

In addition,
the Non-Lead Securitization Note Holder (including, but not limited to, any Securitization Trust into which such Non-Lead Securitization
Note is deposited) shall be required to, promptly following notice from the Master Servicer, reimburse the Lead Securitization
for such Non-Lead Securitization Note Holder’s pro rata share of any fees, costs or expenses incurred in connection
with the servicing and administration of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor or the Depositor, as applicable, is entitled to be reimbursed pursuant to the
Lead Securitization Servicing Agreement, to the extent amounts on deposit in the “Loan Combination Custodial Account”
that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts and to the extent that
funds from general collections in the Lead Securitization are applied towards the Lead Securitization Note Holder’s pro
rata share of the insufficiency. The Non-Lead Securitization Note Holder agrees to indemnify (as and to the same extent the
Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the Lead
Securitization Trust pursuant to the terms of the Lead Securitization Servicing Agreement) each of the Depositor

 

    	-17-

    	 

    

 

under
the Lead Securitization Servicing Agreement, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee (and any director, officer, employee or agent of any of the foregoing,
to the extent such parties are identified as indemnified parties in the Lead Securitization Servicing Agreement in respect of
other mortgage loans) (the “Indemnified Parties”) against any claims, losses, penalties, fines, forfeitures,
legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing
and administration of the Mortgage Loan (or, with respect to the Operating Advisor, incurred in connection with the provision
of services for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified
Items”) to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in
the “Loan Combination Custodial Account” are insufficient for reimbursement of such amounts, the Non-Lead Securitization
Note Holder shall be required to, promptly following notice from the Master Servicer, reimburse each of the applicable Indemnified
Parties for its pro rata share of the insufficiency; provided, however, that the Non-Lead Securitization
Note Holder’s duty to pay Indemnified Items to the Operating Advisor shall be subject to any limitations and conditions
(including limitations and conditions with respect to the timing of such payments and the sources of funds for such payments)
as may be set forth from time to time in the Non-Lead Securitization Servicing Agreement.

 

Any Non-Lead
Master Servicer may be required to make P&I Advances on the respective Non-Lead Securitization Note, from time to time, subject
to the terms of the related Non-Lead Securitization Servicing Agreement, the Lead Securitization Servicing Agreement and this Agreement.
The Master Servicer, the Special Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determinations
with respect to a P&I Advance to be made on the Lead Securitization Note based on the information that they have on hand and
in accordance with the Lead Securitization Servicing Agreement. Any Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead
Trustee under any Non-Lead Securitization Servicing Agreement, as applicable, shall be entitled to make its own recoverability
determination with respect to a P&I Advance to be made on the related Non-Lead Securitization Note based on the information
that they have on hand and in accordance with the Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee,
as applicable, and any Non-Lead Master Servicer or the Non-Lead Trustee, as applicable, shall be required to notify the other of
the amount of its P&I Advance within two Business Days of making such advance. If the Master Servicer, the Special Servicer
or the Trustee, as applicable (with respect to the Lead Securitization Note) or a Non-Lead Master Servicer, Non-Lead Special Servicer
or the Non-Lead Trustee, as applicable (with respect to the Non-Lead Securitization Note), determines that a proposed P&I Advance,
if made, would be non-recoverable or an outstanding P&I Advance is or would be non-recoverable, or if the Master Servicer,
the Special Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be non-recoverable
or an outstanding Servicing Advance is or would be non-recoverable, then the Master Servicer or the Trustee (as provided in the
Lead Securitization Servicing Agreement, in the case of a determination of non-recoverability by the Master Servicer, the Special
Servicer or the Trustee) or such Non-Lead Master Servicer or Non-Lead Trustee (as provided in the related Non-Lead Securitization
Servicing Agreement, in the case of the a determination of non-recoverability by a Non-Lead Master Servicer, a Non-Lead Special
Servicer or a Non-Lead Trustee) shall notify the Master Servicer and the Trustee, or the

 

    	-18-

    	 

    

 

related
Non-Lead Master Servicer and the related Non-Lead Trustee, as the case may be, of such other Securitization within one business
day of making such determination. Each of the Master Servicer and the Trustee, any Non-Lead Master Servicer and any Non-Lead Trustee,
as applicable, shall only be entitled to reimbursement for a P&I Advance and advance interest thereon that becomes non-recoverable
first from the Loan Combination Custodial Account from amounts allocable to the Note for which such P&I Advance was
made, and then, if funds are insufficient, (i) in the case of the Lead Securitization Note, from general collections of
the Lead Securitization Trust, pursuant to the terms of the Lead Securitization Servicing Agreement and (ii) in the case of the
Non-Lead Securitization Note, from general collections of the related Securitization Trust, as and to the extent provided in the
related Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

(ii)           each of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required
to indemnify each of such Indemnified

 

    	-19-

    	 

    

 

Parties
in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead Securitization Servicing Agreement)
by the Securitization Trust holding such Non-Lead Securitization Note, against any of the Indemnified Items to the extent of its
pro rata share of such Indemnified Items, and to the extent amounts on deposit in the “Loan Combination Custodial
Account” that are allocated to the Non-Lead Securitization Note are insufficient for reimbursement of such amounts, the
related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata
share of the insufficiency out of general funds in the collection account (or equivalent account) established under such Non-Lead
Securitization Servicing Agreement; provided, however, that the Non-Lead Securitization Servicing Agreement may
include limitations and conditions on the payment or reimbursement of Indemnified Items to the Operating Advisor (including limitations
and conditions with respect to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements).

 

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

 

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

 

(d)           Prior to the Securitization of any Note (including any New Note), all notices, reports, information or other deliverables
required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing Agreement by the Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) only need to be delivered to the
related Note Holder (or its Note Holder Representative) and, when so delivered to such Note Holder (or Note Holder Representative,
as applicable), the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the Lead Securitization Servicing
Agreement. Following the Securitization of any Note (including any New Note), as applicable, all notices, reports, information
or other deliverables required to be delivered to a Note Holder pursuant to this Agreement or the Lead Securitization Servicing
Agreement by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be
delivered to the master servicer and the special servicer with respect to such Securitization (who then may forward such items
to the party entitled to receive such items as and to the extent provided in the related Securitization Servicing Agreement or
with respect to a Note that has not been securitized, the

 

    	-20-

    	 

    

 

related
Note Holder) and, when so delivered to such master servicer and the special servicer, the Lead Securitization Note Holder (or
the Master Servicer or the Special Servicer acting on its behalf) shall be deemed to have satisfied its delivery obligations with
respect to such items hereunder or under the Lead Securitization Servicing Agreement.

 

(e)          
The Note A-1 PSA shall contain terms and conditions that are customary for securitization transactions involving assets
similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax elections of the Note A-1
Trust Fund, (ii) required by law or changes in any law, rule or regulation or (iii) requested by the Rating Agencies rating the
Note A-1 Securitization. The Note A-1 Holder shall have the right to designate the Note A-1 Master Servicer and
Note A-1 Special Servicer for the Note A-1 Securitization as long as each such party satisfies the conditions for such
Servicer set forth in the Note A-2 PSA.

 

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

 

(g)           The Note A-1 Holder shall give each of the parties to the Note A-2 PSA, (that will not also be a party to the
Note A-1 PSA), as applicable, notice of the Note A-1 Securitization in writing (which may be by e-mail) not less than
five (5) Business Days prior to the Note A-1 Securitization Date. Such notice shall contain contact information for each of
the parties to the Note A-1 PSA. In addition, after the Note A-1 Securitization Date, the Note A-1 Holder shall
send a copy of the Note A-1 PSA to each of the parties to the Note A-2 PSA.

 

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

 

(i)           
The Lead Securitization Servicing Agreement shall provide that (i) customary CREFC® reports related to the Mortgage
Loan and Mortgaged Property are required to be made available to the Non-Lead Securitization Note Holder in order to permit the
Non-Lead Master Servicer, Non-Lead Special Servicer or Non-Lead Trustee to comply in a timely manner with their respective reporting
obligations under the Non-Lead Securitization Servicing Agreement, (ii) in connection with (x) any amendment of the Lead Securitization
Servicing Agreement, a party to the Lead Securitization Servicing Agreement is required to provide a copy of the executed amendment
to the Non-Lead Depositor and one or more parties to the Non-Lead Securitization Servicing Agreement (which may be by email), together
with a copy of such amendment in EDGAR compatible format, no later than the effective date of such amendment, and (y) the termination,
resignation and/or replacement of the Master Servicer or Special Servicer, such replacement Master Servicer or Special Servicer,
as applicable, is

 

    	-21-

    	 

    

 

required
to provide all disclosure about itself that is required to be included in Form 8-K no later than the date of effectiveness thereof,
(iii) the Non-Lead Securitization Note Holder is an intended third-party beneficiary of the rights under the Lead Securitization
Servicing Agreement to the extent such rights affect the related Non-Lead Securitization Note or the Non-Lead Securitization Note
Holder, (iv) it shall not be amended in any manner that materially and adversely (or words of similar import) affects the Non-Lead
Securitization Note Holder without the consent of such party, (v) if the Non-Lead Securitization Note becomes the subject of an
“Asset Review” (or such similar term, as defined in the Non-Lead Securitization Servicing Agreement), the applicable
parties to the Lead Securitization Servicing Agreement are required to reasonably cooperate with the Non-Lead Asset Representations
Reviewer or other applicable party to the Non-Lead Securitization Servicing Agreement in connection with such Asset Review (or
a substantially similar provision), including with respect to providing access to related underlying documents.

 

Section 3.          
Priority of Payments. Each Note shall be of equal priority, and no portion of any Note shall have priority or preference
over any portion of any other Note or security therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available
for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds
thereof, whether received in the form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty,
letter of credit or other collateral or instrument securing the Mortgage Loan, Condemnation Proceeds, or Insurance Proceeds (other
than proceeds, awards or settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage
Loan Borrower in accordance with the terms of the Mortgage Loan Documents), but excluding (x) all amounts for required reserves
or escrows required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents)
to be held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection expenses
or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead Securitization Servicing
Agreement and (y) all amounts that are then due, payable or reimbursable (except for (i) any P&I Advances (and interest
thereon) made with respect to Note A-1 or Note A-2 which may only be reimbursed out of payments and collections allocable to Note
A-1 or Note A-2, as applicable, on the Lead Securitization Note and (ii) any Servicing Fees due to the Master Servicer in excess
of the Non-Lead Securitization Note’s pro rata share of that portion of such Servicing Fees calculated at the “primary
servicing fee rate” applicable to the Mortgage Loan as set forth in the Lead Securitization Servicing Agreement) to any Servicer,
with respect to the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement (including without limitation, any Additional
Trust Fund Expenses relating to the Mortgage Loan (but subject to second paragraph of Section 5(d) hereof) reimbursable to,
or payable by, such parties and any Special Servicing Fees, Liquidation Fees, Workout Fees, Default Charges (to the extent provided
in the immediately following paragraph) and any other additional compensation payable pursuant to the Lead Securitization Servicing
Agreement), shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu
Basis.

 

For clarification purposes,
Default Charges (as defined in the Lead Securitization Servicing Agreement) paid on each Note shall be allocated to the Notes on
a Pro Rata and Pari Passu Basis and applied first, be used to reduce, on a pro rata basis, the amounts payable on
each Note by the amount necessary to pay the Master Servicer, the Trustee or the Special Servicer for

 

    	-22-

    	 

    

 

any
interest accrued on any Servicing Advances and reimbursement of any Servicing Advances in accordance with the terms of the Lead
Securitization Servicing Agreement, second, be used to reduce the respective amounts payable on each Note by the
amount necessary to pay the Master Servicer, Trustee, any Non-Lead Master Servicer or any Non-Lead Trustee, as applicable, for
any interest accrued on any P&I Advance made with respect to such Note by such party (if and as specified in the Lead Securitization
Servicing Agreement or applicable Non-Lead Securitization Servicing Agreement, as applicable), third, be used to reduce,
on a pro rata basis, the amounts payable on each Note by the amount necessary to pay Additional Trust Fund Expenses (other
than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the Mortgage Loan (as specified
in the Lead Securitization Servicing Agreement) and finally, (i) in the case of the remaining amount of Default Charges
allocable to the Lead Securitization Note, be paid to the Master Servicer and/or the Special Servicer as additional servicing
compensation as provided in the Lead Securitization Servicing Agreement and (ii) in the case of the remaining amount of Default
Charges allocable to the Non-Lead Securitization Note, be paid, (x) prior to the securitization of such Note, to the related Note
Holder and (y) following the securitization of such Note, to the Master Servicer and/or the Special Servicer as additional servicing
compensation as provided in the Lead Securitization Servicing Agreement.

 

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

 

Section 5.          
Administration of the Mortgage Loan.

 

(a)          
Subject to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement
and subject to the rights and consents, where required, of the Controlling Note Holder Representative, the Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect
to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan
Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents,
call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and the Non-Lead
Securitization Note Holder shall have no voting, consent or other rights whatsoever except as explicitly set forth herein with
respect to the Lead Securitization Note Holder’s administration of, or exercise of its rights and remedies with respect to,
the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing Agreement, the Non-Lead Securitization Note
Holder agrees that it shall have no right to, and the Note A-2 Holder

 

    	-23-

    	 

    

 

hereby
presently and irrevocably assigns and conveys to the Note A-1 Holder (or the Master Servicer, the Special Servicer or the
Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has prior to the Note A-2
Securitization Date to, and the Note A-2 Holder hereby presently and irrevocably assigns and conveys to the Note A-1 Holder (or
the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder from and after
the Note A-1 Securitization Date) the rights, if any, that such Note Holder has from and after the Note A-2 Securitization Date
to, (i) call or cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise
any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing
the Lead Securitization Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization
Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder)
shall not have any fiduciary duty to the Non-Lead Securitization Note Holder in connection with the administration of the Mortgage
Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of
funds as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special
Servicer) or any liability for failure to do so).

 

Each Note Holder
hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of
the Lead Securitization Note Holder) upon the Mortgage Loan becoming a Defaulted Mortgage Loan, to sell the Notes together as notes
evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement. In connection with any such
sale, the Special Servicer shall be required to sell the Notes together as notes evidencing one whole loan and shall require that
all offers be submitted to the Certificate Administrator or Special Servicer, as applicable, in accordance with the terms of the
Lead Securitization Servicing Agreement in writing and be accompanied by a refundable deposit of cash in an amount equal to 5%
of the offer amount (subject to a cap of $2,500,000). Whether any cash offer constitutes a fair price for the Mortgage Loan shall
be determined by the Trustee or Special Servicer, as applicable, in accordance with the terms of the Lead Securitization Servicing
Agreement; provided, that no offer from an Interested Person shall constitute a fair price unless (i) it is the highest
offer received and (ii) at least two bona fide other offers are received from independent third parties. In determining whether
any offer received represents a fair price for the Mortgage Loan, the Trustee shall be supplied with and shall rely on the most
recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization Servicing Agreement within the preceding
nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. The Trustee shall select the Appraiser conducting
any such new Appraisal. In determining whether any such offer constitutes a fair price for the Mortgage Loan, the Trustee shall
instruct the Appraiser to take into account (in addition to the results of any Appraisal or updated Appraisal that it may have
obtained pursuant to the Lead Securitization Servicing Agreement), as applicable, among other factors, the period and amount of
any delinquency on the affected Mortgage Loan, the occupancy level and physical condition of the related Mortgaged Property and
the state of the local economy. The Trustee may conclusively rely on the opinion of an Independent appraiser or other Independent
expert in real estate matters retained by the Trustee at the expense of the Holders in connection with making such determination.
Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization
Note Holder) shall not be permitted to sell the Mortgage Loan without

 

    	-24-

    	 

    

 

the
written consent of the Non-Lead Securitization Note Holder unless the Special Servicer has delivered to such Non- Lead Securitization
Note Holder: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell the Mortgage Loan;
(b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid
packages) received by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the
proposed sale date, a copy of the most recent Appraisal for the Mortgage Loan, and any documents in the Servicing File requested
by such Non-Lead Securitization Note Holder and (d) until the sale is completed, and a reasonable period of time (but no less
time than is afforded to other offerors and the related “Controlling Class Representative” (or other similar term))
prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other
documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided that
any majority holder of the Non-Lead Securitization Note or the related Subordinate Class Representative may waive any of the delivery
or timing requirements set forth in this sentence. Subject to the foregoing, each of the Controlling Note Holder, the Controlling
Note Holder Representative, the Non-Controlling Note Holder and any Non-Controlling Note Holder Representative shall be permitted
to bid at any sale of the Mortgage Loan.

 

Each Note Holder
(to the extent it is not the same entity as the Lead Securitization Note Holder) hereby appoints the Lead Securitization Note Holder
as its agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and
its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of its Note. Each Note Holder (to the
extent it is not the same entity as the Lead Securitization Note Holder) further agrees that, upon the request of the Lead Securitization
Note Holder, such Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of
attorney or other instruments as the Lead Securitization Note Holder may reasonably request to better assure and evidence the foregoing
appointment and grant, in each case promptly following request, and shall deliver its original Note, endorsed in blank, to or at
the direction of the Lead Securitization Note Holder in connection with the consummation of any such sale.

 

The authority
of the Lead Securitization Note Holder to sell the Non-Lead Securitization Note, and the obligations of any other Note Holder to
execute and deliver instruments or deliver the related Note upon request of the Lead Securitization Note Holder, shall terminate
and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by
the holder of such Lead Securitization Note that sold such Lead Securitization Note into such Securitization from the trust fund
established under the Lead Securitization Agreement in connection with a material breach of a representation or warranty made by
such Person with respect to the Lead Securitization Note or a material document defect with respect to the documents delivered
by such Person with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence
shall not be construed to grant to the Non-Lead Securitization Note Holder the benefit of any representation or warranty made by
the holder of the Lead Securitization Note that sold such Lead Securitization Note into the Lead Securitization or any document
delivery obligation imposed on such Person under any mortgage loan purchase and sale

 

    	-25-

    	 

    

 

agreement,
instrument of transfer or other document or instrument that may be executed or delivered by such Person in connection with the
Lead Securitization.

 

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

 

(c)          
Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) shall be required (i) to provide copies of any notice, information and report that it is required to provide to
the Lead Securitization Controlling Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to
any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage
Loan, to the Non-Lead Securitization Note Holder (or its related Note Holder Representative), within the same time frame it is
required to provide to the Lead Securitization Controlling Class Representative (for this purpose, without regard to whether such
items are actually required to be provided to the Lead Securitization Controlling Class Representative under the Lead Securitization
Servicing Agreement due to the expiration of the Subordinate Control Period or the Collective Consultation Period) and (ii) to
consult with the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) on a strictly non-binding basis,
to the extent having received such notices, information and reports, such Non-Controlling Note Holder (or its Non-Controlling Note
Holder Representative) requests consultation with respect to any such Major Decisions or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by such
Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative); provided that after the expiration of a
period of ten (10) Business Days from the delivery to such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
by the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) of written notice
of a proposed action, together with copies of the notice, information and report required to be provided to the Lead Securitization
Controlling Class Representative, the

 

    	-26-

    	 

    

 

Lead
Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall no longer be obligated
to consult with such Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) has responded within such ten (10) Business Day period (unless,
the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) proposes a new course
of action that is materially different from the action previously proposed, in which case such ten (10) Business Day period shall
be deemed to begin anew from the date of such proposal and delivery of all information relating thereto). Notwithstanding the
consultation rights of the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately
preceding sentence, the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) may take
any Major Decision or any action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business
Day period if the Lead Securitization Note Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate
action with respect thereto is necessary to protect the interests of the Note Holders. In no event shall the Lead Securitization
Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative
actions recommended by the Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative).

 

In addition to the consultation
rights provided in the immediately preceding paragraph, the Non-Controlling Note Holder shall have the right to annual meetings
(which may be held telephonically) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf), upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special Servicer, as applicable,
in which servicing issues related to the Mortgage Loan are discussed.

 

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

 

    	-27-

    	 

    

 

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

 

Section 6.          
Rights of the Controlling Note Holder.

 

(a)          
The Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”).
The Controlling Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace
the Controlling Note Holder Representative. When exercising its various rights under Section 5 and elsewhere in this Agreement,
the Controlling Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative. The Controlling
Note Holder Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate of the Mortgage
Loan Borrower), including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling Note Holder,
any affiliate of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder Representative
shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions that are permitted
to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder Representative acting
on behalf of the Controlling Note Holder. Any Servicer acting on behalf of the Lead Securitization Note Holder shall not be required
to recognize any Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified the Servicer
or Trustee of such appointment and, if the Controlling Note Holder Representative is not the same Person as the Controlling Note
Holder, the Controlling Note Holder Representative provides any Servicer or Trustee with written confirmation of its acceptance
of such appointment, an address and telecopy number for the delivery of notices and other correspondence and a list of officers
or employees of such person with whom the parties to this Agreement may deal (including their names, titles, work addresses and
telecopy numbers). The Controlling Note Holder shall promptly deliver such information to any Servicer. None of the Servicers,
Operating Advisor and Trustee shall be required to recognize any person as a Controlling Note Holder Representative until they
receive such information from the Controlling Note Holder. The Controlling Note Holder agrees to inform each such Servicer, Operating
Advisor or Trustee of the then-current Controlling Note Holder Representative. Neither the Controlling Note Holder Representative
nor the Controlling Note Holder will have any liability to any other Note Holder or any other Person for any action taken, or for
refraining from the taking of any action or the giving of any consent or the failure to give any consent pursuant to this Agreement
or the Lead Securitization Servicing Agreement, or errors in judgment, absent any loss, liability or expense incurred by reason
of its willful misfeasance, bad faith or gross negligence. The Note Holders agree that the Controlling Note Holder

 

    	-28-

    	 

    

 

Representative
and the Controlling Note Holder (whether acting in place of the Controlling Note Holder Representative when no Controlling Note
Holder Representative shall have been appointed hereunder or otherwise exercising any right, power or privilege granted to the
Controlling Note Holder hereunder) may take or refrain from taking actions, or give or refrain from giving consents, that favor
the interests of one Note Holder over any other Note Holder, and that the Controlling Note Holder Representative may have special
relationships and interests that conflict with the interests of a Note Holder and, absent willful misfeasance, bad faith or gross
negligence on the part of the Controlling Note Holder Representative or the Controlling Note Holder, as the case may be, agree
to take no action against the Controlling Note Holder Representative, the Controlling Note Holder or any of their respective officers,
directors, employees, principals or agents as a result of such special relationships or interests, and that neither the Controlling
Note Holder Representative nor the Controlling Note Holder will be deemed to have been grossly negligent or reckless, or to have
acted in bad faith or engaged in willful misfeasance or to have recklessly disregarded any exercise of its rights by reason of
its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests
of any Note Holder.

 

(b)           The Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise
of its rights and obligations with respect to the Mortgage Loan (with respect to such Note Holder, the “Non-Controlling
Note Holder Representative”). All of the provisions relating to Controlling Note Holder and the Controlling Note Holder
Representative set forth in the first paragraph of this Section 6(a) (except those contained in the last sentence thereof)
and the second paragraph of this Section 6(a) shall apply to the Non-Controlling Note Holder and its Non-Controlling Note
Holder Representative mutatis mutandis.

 

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

 

    	-29-

    	 

    

 

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

 

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

 

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

 

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

 

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Section 7.          
Appointment of Special Servicer. The Controlling Note Holder (or its Controlling Note Holder Representative) shall
have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect
to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by the Controlling Note Holder
(or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by delivering to each other
Note Holder, the Master Servicer, the then existing Special Servicer and other parties to the Lead Securitization Servicing Agreement
a written notice stating such designation and satisfying the other conditions to such replacement as set forth in the Lead Securitization
Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Lead Securitization
Servicing Agreement), if any. The Controlling Note Holder shall be solely responsible for any expenses incurred in connection with
any such replacement without cause. The Controlling Note Holder shall notify the other parties hereto of its termination of the
then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 7.
If the Controlling Note Holder has not appointed a Special Servicer with respect to the Mortgage Loan as of the consummation of
the securitization under the Lead Securitization Servicing Agreement, then the initial Special Servicer designated in the Lead
Securitization Servicing Agreement shall serve as the initial Special Servicer but this shall not limit the right of the Controlling
Note Holder (or its Controlling Note Holder Representative) to designate a replacement Special Servicer for the Mortgage Loan as
aforesaid. If a Servicer Termination Event on the part of the Special Servicer has occurred that affects the Non-Controlling Note
Holder, such Non-Controlling Note Holder shall have the right to direct the Trustee (or at any time that the Mortgage Loan is no
longer included in a Securitization Trust, the Controlling Note Holder) to terminate the Special Servicer under the Lead Securitization
Servicing Agreement solely with respect to the Mortgage Loan pursuant to and in accordance with the terms of the Lead Securitization
Servicing Agreement. Each Note Holder acknowledges and agrees that any successor special servicer appointed to replace the Special
Servicer with respect to the Mortgage Loan that was terminated for cause at the Non-Controlling Note Holder’s direction cannot
at any time be the person (or an Affiliate thereof) that was so terminated without the prior written consent of such Non-Controlling
Note Holder. The Non-Controlling Note Holder shall be solely responsible for reimbursing the Trustee’s or the Controlling
Note Holder’s, as applicable, costs and expenses, if not paid within a reasonable time by the terminated special servicer
and, in the case of the Trustee, that would otherwise be reimbursed to the Trustee from amounts on deposit in the Lead Securitization’s
“collection account”.

 

Section 8.          
Payment Procedure.

 

(a)          
The Lead Securitization Note Holder, in accordance with the priorities set forth in Section 3 and subject to the terms
of the Lead Securitization Servicing Agreement, will deposit or cause to be deposited all payments allocable to the Notes to the
Collection Account and/or Loan Combination Custodial Account (each as defined in the Lead Securitization Servicing Agreement) pursuant
to and in accordance with the Lead Securitization Servicing Agreement. The Lead Securitization Note Holder (or the Master Servicer
acting on its behalf) shall deposit such amounts to the applicable account within one Business Day after receipt of properly identified
funds by the Lead Securitization Note Holder (or the Master Servicer acting on its behalf) from or on behalf of the Mortgage Loan
Borrower (provided, however, that, to the extent any such amounts are received after 2:00 p.m. Eastern

 

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time
on any given Business Day, the Lead Securitization Note Holder (or Master Servicer acting on its behalf) shall use commercially
reasonable efforts to deposit such amounts into the applicable account within one (1) Business Day of receipt thereof but, in
any event, the Lead Securitization Note Holder (or Master Servicer acting on its behalf) shall deposit such amounts into the applicable
account within two (2) Business Days of receipt thereof) and shall remit payments due on the Non-Lead Securitization Note to the
Non-Lead Securitization Note Holder (or the Non-Lead Master Servicer on its behalf) no later than one Business Day following the
“Determination Date” under the Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

Section 9.          
Limitation on Liability of the Note Holders. Each Note Holder shall have no liability to any other Note Holder with
respect to its Note except with respect to losses actually suffered due to the gross negligence, willful misconduct or breach of
this Agreement on the part of such Note Holder.

 

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

 

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

 

Section 11.           
Representations of the Note Holders. Each Note Holder represents and warrants that the execution, delivery and performance
of this Agreement is within its corporate powers, has been duly authorized by all necessary corporate action, and does not contravene
such Note Holder’s charter or any law or contractual restriction binding upon such Note Holder, and that this Agreement is
the legal, valid and binding obligation of such Note Holder enforceable against such Note Holder in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other

 

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similar
laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law), and except that the enforcement of rights with respect
to indemnification and contribution obligations may be limited by applicable law. Each Note Holder represents and warrants that
it is duly organized, validly existing, in good standing and in possession of all licenses and authorizations necessary to carry
on its business. Each Note Holder represents and warrants that (a) this Agreement has been duly executed and delivered by
such Note Holder, (b) to such Note Holder’s actual knowledge, all consents, approvals, authorizations, orders or filings
of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of this Agreement
by such Note Holder have been obtained or made and (c) to such Note Holder’s actual knowledge, there is no pending
action, suit or proceeding, arbitration or governmental investigation against such Note Holder, an adverse outcome of which would
materially and adversely affect its performance under this Agreement.

 

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

 

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

 

Section 14.            
Sale of the Notes.

 

Each Note Holder
agrees that it will not sell, assign, transfer, pledge, syndicate, hypothecate, contribute, encumber or otherwise dispose of all
or any portion of its respective Note (a “Transfer”) except to a Qualified Institutional Lender. Promptly after
the Transfer, the non-transferring Note Holder shall be provided with (x) a representation from a transferee or the applicable
Note Holder certifying that such transferee is a Qualified Institutional Lender (except in the case of a Transfer (and the related
pooling and servicing or similar agreement requires the parties thereto to comply with this Agreement) in accordance with the immediately

 

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following
sentence) and (y) a copy of the assignment and assumption agreement referred to in Section 15. If a Note Holder intends
to Transfer its respective Note, or any portion thereof, to an entity that is not a Qualified Institutional Lender, it must first
obtain (1) prior to a Securitization, the consent of the related non-transferring Note Holder or, (2) after a Securitization of
such non-transferring Note Holder’s Note, Rating Agency Confirmation. Notwithstanding the foregoing, without each non-transferring
Note Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Note Holder’s
Note is held in a Securitization Trust, without a confirmation in writing from each Rating Agency that such Transfer will not
result in a qualification, downgrade or withdrawal of its then current rating of the securities issued pursuant to the related
Securitization, no Note Holder shall Transfer all or any portion of its Note (or a participation interest in such Note) to the
Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party and any such Transfer shall be absolutely null and void and shall
vest no rights in the purported transferee. The transferring Note Holder agrees that it will pay the expenses of each non-transferring
Note Holder (including all expenses of the Master Servicer, the Special Servicer and the Trustee) and all expenses relating to
the confirmation from the Rating Agencies in connection with any such Transfer. Notwithstanding the foregoing, each Note Holder
shall have the right, without the need to obtain the consent of any other Note Holder, the Rating Agencies or any other Person,
to Transfer 49% or less (in the aggregate) of its Note or any beneficial interest in a Note. None of the provisions of this Section 14(a)
shall apply in the case of (1) a sale of Note A-1 together with Note A-2, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement or (2) a transfer by the Special Servicer, in accordance with the terms and conditions
of the Lead Securitization Servicing Agreement, of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming
a Defaulted Loan, to a single member limited liability or limited partnership, 100% of the equity interest in which is owned directly
or indirectly, through one or more single member limited liability companies or limited partnerships, by the Lead Securitization
Trust.

 

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

 

(a)          
In the case of any Transfer of a participation interest in any of the Notes, (i) the respective Note Holders’
obligations under this Agreement shall remain unchanged, (ii) such Note Holders shall remain solely responsible for the performance
of such obligations, and (iii) the Lead Securitization Note Holder and any Persons acting on its behalf shall continue to
deal solely and directly with such Note Holder in connection with such Note

 

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Holder’s
rights and obligations under this Agreement and the Lead Securitization Servicing Agreement, and all amounts payable hereunder
shall be determined as if such Note Holder had not sold such participation interest.

 

(b)           Notwithstanding any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity
(other than the Mortgage Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that
is either a Qualified Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A”
(or the equivalent) or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in
this Section 14(c), it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which
Controls such Note that is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge”
hereunder, provided that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged
Note without a Rating Agency Confirmation. Upon written notice by the applicable Note Holder to each other Note Holder and any
Servicer that a Pledge has been effected (including the name and address of the applicable Note Pledgee), each other Note Holder
agrees to acknowledge receipt of such notice and thereafter agrees: (i) to give Note Pledgee written notice of any default
by the pledging Note Holder in respect of its obligations under this Agreement of which default such Note Holder has actual knowledge;
(ii) to allow such Note Pledgee a period of ten (10) days to cure a default by the pledging Note Holder in respect of
its obligations to each other Note Holder hereunder, but such Note Pledgee shall not be obligated to cure any such default; (iii) that
no amendment, modification, waiver or termination of this Agreement shall be effective against such Note Pledgee without the written
consent of such Note Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed; (iv) that such other
Note Holder shall give to such Note Pledgee copies of any notice of default under this Agreement simultaneously with the giving
of same to the pledging Note Holder; (v) that such other Note Holder shall deliver to Note Pledgee such estoppel certificate(s)
as Note Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory
to such other Note Holder; and (vi) that, upon written notice (a “Redirection Notice”) to each other Note
Holder and any Servicer by such Note Pledgee that the pledging Note Holder is in default, beyond any applicable cure periods, under
the pledging Note Holder’s obligations to such Note Pledgee pursuant to the applicable credit agreement between the pledging
Note Holder and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Note Holder), and until such
Redirection Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee shall be entitled to receive any payments that
any Note Holder or Servicer would otherwise be obligated to pay to the pledging Note Holder from time to time pursuant to this
Agreement or the Lead Securitization Servicing Agreement. Any pledging Note Holder hereby unconditionally and absolutely releases
each other Note Holder and any Servicer from any liability to the pledging Note Holder on account of such other Note Holder’s
or Servicer’s compliance with any Redirection Notice believed by any Servicer or such other Note Holder to have been delivered
by a Note Pledgee. Note Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Note Holder to
such Note Pledgee (and accept an assignment in lieu of foreclosure as to such collateral), in accordance with applicable law and
this Agreement. In such event, the Note Holders and any Servicer shall recognize such Note Pledgee (and any transferee other than
the Mortgage Loan Borrower or any Affiliate thereof which is also a Qualified Institutional Lender at any foreclosure or similar
sale held by such Note Pledgee or any transfer in lieu of

 

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foreclosure),
and its successor and assigns, as the successor to the pledging Note Holder’s rights, remedies and obligations under this
Agreement, and any such Note Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the pledging
Note Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Note Pledgee)
and agrees to be bound by the terms and provisions of this Agreement. The rights of a Note Pledgee under this Section 14(c)
shall remain effective as to any Note Holder (and any Servicer) unless and until such Note Pledgee shall have notified any such
Note Holder (and any Servicer, as applicable) in writing that its interest in the pledged Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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hereunder,
each Note Holder hereby designates such person as its agent under this Section 15 solely for purposes of maintaining the
Note Register.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 18.           
Modifications. This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed
by each Note Holder. Additionally, for as long as any Note is contained in a Securitization Trust, the Note Holders shall not amend
or modify this Agreement without first receiving a written confirmation from each Rating Agency that such amendment or modification
will not result in a qualification, withdrawal or downgrade of its then current ratings of the securities issued in connection
with a Securitization; provided that no such confirmation from the Rating Agencies shall be required in connection with
a modification (i) to cure any ambiguity, to correct or supplement any provisions herein that may be defective or inconsistent
with any other provisions herein or with the Lead Securitization Servicing Agreement, or (ii) to make other provisions with respect
to matters or questions arising under this Agreement, which shall not be inconsistent with the provisions of this Agreement, and
(iii) if and to the extent that it would be deemed given or not required pursuant to the definition of Rating Agency Confirmation
in the Lead Securitization Servicing Agreement and/or Non-Lead Securitization Servicing Agreement.

 

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

 

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

 

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

 

    	-39-

    	 

    

 

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

 

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

 

Section 24.           
Withholding Taxes. (a)  If the Lead Securitization Note Holder or the Mortgage Loan Borrower shall be required
by law to deduct and withhold Taxes from interest, fees or other amounts payable to the Non-Lead Securitization Note Holder with
respect to the Mortgage Loan as a result of such Non-Lead Securitization Note Holder constituting a Non-Exempt Person, such Lead
Securitization Note Holder, in its capacity as servicer, shall be entitled to do so with respect to such Non-Lead Securitization
Note Holder’s interest in such payment (all withheld amounts being deemed paid to such Note Holder), provided that
the Lead Securitization Note Holder shall furnish such Non-Lead Securitization Note Holder with a statement setting forth the amount
of Taxes withheld, the applicable rate and other information which may reasonably be requested for purposes of assisting such Note
Holder to seek any allowable credits or deductions for the Taxes so withheld in each jurisdiction in which such Note Holder is
subject to tax.

 

(b)           Each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) shall and hereby agrees
to indemnify the Lead Securitization Note Holder against and hold the Lead Securitization Note Holder harmless from and against
any Taxes, interest, penalties and attorneys’ fees and disbursements arising or resulting from any failure of the Lead Securitization
Note Holder to withhold Taxes from payment made to such Note Holder in reliance upon any representation, certificate, statement,
document or instrument made or provided by such Note Holder to the Lead Securitization Note Holder in connection with the obligation
of the Lead Securitization Note Holder to withhold Taxes from payments made to such Note Holder, it being expressly understood
and agreed that (i) the Lead Securitization Note Holder shall be absolutely and unconditionally entitled to accept any such
representation, certificate, statement, document or instrument as being true and correct in all respects and to fully rely thereon
without any obligation or responsibility to investigate or to make any inquiries with respect to the accuracy, veracity, correctness
or validity of the same and (ii) such Note Holder, upon request of the Lead Securitization Note Holder and at its sole cost
and expense, shall defend any claim or action relating to the foregoing indemnification using counsel selected by the Lead Securitization
Note Holder.

 

(c)          
Each Note Holder (to the extent it is not the same entity as the Lead Securitization Note Holder) represents (for the benefit
of the Mortgage Loan Borrower) that it is not a Non-Exempt Person and that neither the Lead Securitization Note Holder nor the
Mortgage Loan Borrower is obligated under applicable law to withhold Taxes on sums paid to it with respect to the Mortgage Loan
or otherwise pursuant to this Agreement. Contemporaneously with the execution of this Agreement and from time to time as necessary

 

    	-40-

    	 

    

 

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

 

Section 25.           
Custody of Mortgage Loan Documents. Prior to the Note A-1 Securitization Date, the originals of all of the Mortgage
Loan Documents (other than Note A-2) will be held by the Initial Agent on behalf of the registered holders of the Notes. On
and after the Note A-2 Securitization Date, the originals of all of the Mortgage Loan Documents (other than Note A-1)
will be transferred to and held in the name of the trustee (and held by a duly appointed custodian therefor) under the Note A-1
PSA, on behalf of the registered holders of the Notes.

 

Section 26.           
Cooperation in Securitization.

 

(a)          
Each Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization.
In connection with a Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization
Note Holder, each Non-Lead Securitization Note Holder shall use reasonable efforts, at the Lead Securitization Note Holder’s
expense, to satisfy, and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower
to satisfy, the market standards to which the Lead Securitization Note Holder customarily adheres or that may be reasonably required
in the marketplace or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to,
as applicable) any modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization
Note Holder in attempting to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in
any such case, as may be reasonably requested by the Rating Agencies to effect the Securitization; provided, however,
that either in connection with the Lead Securitization or otherwise at any time prior to the Lead Securitization, no Non-Lead Securitization
Note Holder shall be required to modify or amend

 

    	-41-

    	 

    

 

this
Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable) in connection therewith, if such modification
or amendment would (i) change the interest allocable to, or the amount of any payments due to or priority of such payments
to, such Non-Lead Securitization Note Holder or (ii) materially increase such Non-Lead Securitization Note Holder’s
obligations or materially decrease such Non-Lead Securitization Note Holder’s rights, remedies or protections. In connection
with the Lead Securitization, the Non-Lead Securitization Note Holder shall provide for inclusion in any disclosure document relating
to the Lead Securitization such information concerning such Non-Lead Securitization Note Holder and its Non-Lead Securitization
Note as the Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and such Non-Lead Securitization
Note Holder shall, at the Lead Securitization Note Holder’s expense, cooperate with the reasonable requests of each Rating
Agency and Lead Securitization Note Holder in connection with the Lead Securitization (including, without limitation, reasonably
cooperating with the Lead Securitization Note Holder (without any obligation to make additional representations and warranties)
to enable the Lead Securitization Note Holder to make all necessary certifications and deliver all necessary opinions (including
customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization), as well as in connection
with all other matters and the preparation of any offering documents thereof and to review and respond reasonably promptly with
respect to any information relating to such Non-Lead Securitization Note Holder and its Non-Lead Securitization Note in any Securitization
document. Each Note Holder acknowledges that the information provided by it to the Lead Securitization Note Holder may be incorporated
into the offering documents for the Lead Securitization. The Lead Securitization Note Holder and each Rating Agency shall be entitled
to rely on the information supplied by, or on behalf of, any Note Holder. The Lead Securitization Note Holder will reasonably
cooperate with the Non-Lead Securitization Note Holder by providing all information reasonably requested that is in the Lead Securitization
Note Holder’s possession in connection with such Non-Lead Securitization Note Holder’s preparation of disclosure materials
in connection with a Securitization.

 

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

 

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

 

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

 

    	-42-

    	 

    

 

Section 29.           
Certain Matters Affecting the Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 30.            
Agency. RESERVED.

 

Section 31.           
Resignation of Agent. The Agent may resign at any time on ten (10) days’ prior notice, so long as a successor
Agent, reasonably satisfactory to the Note Holders (it being agreed that a Servicer, the Certificate Administrator or the Trustee
in a Securitization is satisfactory to the Note Holders), has agreed to be bound by this Agreement and perform the duties of the
Agent hereunder. SG, as Initial Agent, may transfer its rights and obligations to a Servicer, the Certificate Administrator or
the Trustee, as successor Agent, at any time without the consent of any Note Holder. Notwithstanding the foregoing, Note Holders
hereby agree that, simultaneously with the closing of the Lead Securitization, the Master Servicer shall be deemed to have been
automatically appointed as the successor Agent under this Agreement in place of SG without any further notice or other action.
The termination or resignation of such Master Servicer, as Master Servicer under the Lead Securitization Servicing Agreement, shall
be deemed a termination or resignation of such Master Servicer as Agent under this Agreement.

 

Section 32.           
Resizing. Notwithstanding any other provision of this Agreement, for so long as SG or an affiliate thereof (a “SG
Entity”) is the owner of the Non-Lead

 

    	-43-

    	 

    

 

Securitization
Note (the “Owned Note”), such SG Entity shall have the right, subject to the terms of the Mortgage Loan Documents,
to cause the Mortgage Loan Borrower to execute amended and restated notes or additional notes (in either case “New Notes”)
reallocating the principal of the Owned Note to such New Notes; or severing the Owned Note into one or more further “component”
notes in the aggregate principal amount equal to the then outstanding principal balance of the Owned Note provided that (i) the
aggregate principal balance of all outstanding New Notes following such amendments is no greater than the aggregate principal
of the Owned Note prior to such amendments, (ii) all Notes continue to have the same weighted average interest rate as the Notes
prior to such amendments, (iii) all Notes pay pro rata and on a pari passu basis and such reallocated or component notes
shall be automatically subject to the terms of this Agreement, (iv) the SG Entity holding the New Notes shall notify the Lead
Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing
of such modified allocations and principal amounts, and (v) the execution of such amendments and New Notes does not violate the
Servicing Standard. To the extent that the Owned Note is Note A-2, the SG Entity shall be entitled to designate one of the New
Notes to be treated as Note A-2 for purposes of the determining the Controlling Note Holder, Lead Securitization, Lead Securitization
Note, Note A-2 PSA, Note A-2 Securitization and Note A-2 Securitization Date hereunder. If the Lead Securitization Note Holder
so requests, the SG Entity holding the New Notes (and any subsequent holder of such Notes) shall execute a confirmation of the
continuing applicability of this Agreement to the New Notes, as so modified. Except for the foregoing reallocation and for modifications
pursuant to the Lead Securitization Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without
the consent of its holder and the consent of the holder of the other Note. In connection with the foregoing (provided the conditions
set forth in (i) through (v) above are satisfied, with respect to (i) through (iv), as certified by the SG Entity, on which certification
the Master Servicer can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan
Documents and this Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting
such reallocation of principal. If more than one New Note is created hereunder, for purposes of exercising the rights of the Non-Controlling
Note Holder hereunder, the Non-Controlling Note Holder of such New Notes shall be as provided in the definition of such term in
this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	-44-

    	 

    

 

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

	 	 	 
	 	SOCIÉTÉ GÉNÉRALE, as Initial Note A-1
	 	 	Holder
	 	 	 
	 	By:	/s/ Jim Barnard
	 	 	Name: Jim Barnard
	 	 	Title: Director
	 	 	 
	 	SOCIÉTÉ GÉNÉRALE, as Initial Note A-2
	 	 	Holder
	 	 	 
	 	By:	/s/ Jim Barnard
	 	 	Name: Jim Barnard
	 	 	Title: Director

 

(Agreement
Between Note Holders – GFH BRENNAN INDUSTRIAL PORTFOLIO)

 

    	 

    	 

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE 

 

Description of Mortgage Loan

 

	Mortgage Loan Borrower:	GFG NC 1 LLC
	Date of Mortgage Loan:	February 9, 2016
	Date of Notes:	February 9, 2016
	Original Principal Amount of Mortgage Loan:	$68,512,500
	Principal Amount of Mortgage Loan as of the date hereof:	$68,512,500
	Initial Note A-1 Principal Balance:	$40,000,000
	Initial Note A-2 Principal Balance:	$28,512,500
	Location of Mortgaged Property:	Various
	Initial Maturity Date:	March 1, 2026

 

    	A-1

    	 

    

 

EXHIBIT B

 

1.     Initial Note A-1 Holder:

 

(Prior to Securitization of Note A-1):

 

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Société Générale

245 Park Avenue

New York, New York 10167

Attention: General Counsel

 

(Following Securitization of Note A-1):

 

(i)    Depositor:

 

    	B-1

    	 

    

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

 

with a copy to

 

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

 

with a copy to

 

Citigroup Commercial Mortgage Securities Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

 

with an electronic copy e-mailed to Richard Simpson
at richard.simpson@citi.com and to Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

    	B-2

    	 

    

 

(ii)       Master Servicer:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing, MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: CGCMT 2016-P3 Asset Manager

 

with a copy to

 

Wells Fargo Bank, National Association

Legal Department

301 South College Street, TW-30, D1053-300

Charlotte, North Carolina 28202-6000

Attention: Commercial Mortgage Servicing Legal Support

 

(iii)     Special Servicer:

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Attention: Lindsey Wright

 

with a copy to

 

C-III Asset Management LLC

5221 N. O’Connor Blvd., Suite 600

Irving, Texas 75039

Attention: Jenna Unell

 

(vi)     Certificate Administrator

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Global Transaction Services – CGCMT 2016-P3

 

(v)      Trustee:

 

    	B-3

    	 

    

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CGCMT 2016-P3

 

(vi)     Operating Advisor:

 

Park Bridge Lender Services LLC

560 Lexington Avenue, 17th floor

New York, New York 10022

Attention: CGCMT 2016-P3 – Surveillance Manager

 

(vii)    Asset Representations Reviewer:

Park Bridge Lender Services LLC

560 Lexington Avenue, 17th floor

New York, New York 10022

Attention: CGCMT 2016-P3 – Surveillance Manager

 

    	B-4

    	 

    

 

 

2.     Initial Note A-2 Holder:

 

(Prior to Securitization of Note A-2):

 

Société Générale

245 Park Avenue

New York, New York 10167

Attention: Jim Barnard

with a copy to:

Société Générale

245 Park Avenue

New York, New York 10167

Attention: General Counsel

 

(Following Securitization of Note A-2):

 

(i)    Depositor:

 

To be provided following the securitization of Note
A-2.

 

(ii)   Master Servicer:

 

To be provided following the securitization
of Note A-2.

 

(iii)  Special Servicer:

 

To be provided following the securitization of Note
A-2.

 

		(iv)	Trustee:

To be provided following the securitization of Note A-2.

 

(v)   Certificate Administrator:

 

To be provided following the securitization of Note
A-2.

 

(vi)  Operating Advisor:

 

To be provided following the securitization of Note
A-2.

 

(vii)  Asset Representations Reviewer:

 

To be provided following the securitization
of Note A-2.

 

    	B-5

    	 

    

 

EXHIBIT C

PERMITTED FUND MANAGERS

 

		1.	Westbrook Partners

		2.	DLJ Real Estate Capital Partners

		3.	iStar Financial Inc.

		4.	Capital Trust, Inc.

		5.	Lend-Lease Real Estate Investments

		6.	Archon Capital, L.P.

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

		8.	The Blackstone Group International Ltd.

		9.	Apollo Real Estate Advisors

		10.	Colony Capital, Inc.

		11.	Praedium Group

		12.	J.E. Roberts Companies

		13.	Fortress Investment Group, LLC

		14.	Lonestar Opportunity Fund

		15.	Clarion Partners

		16.	Walton Street Capital, LLC

		17.	Starwood Financial Trust

		18.	BlackRock, Inc.

		19.	Raith Capital Partners, LLC

		20.	Rialto Capital Management LLC

		21.	Rialto Capital Partners LLC

 

    	C-1Exhibit 4.15

 

 

EXECUTION VERSION

	 

 

NMS Multifamily Portfolio II

 

CO-LENDER AGREEMENT

 

Dated as of October 29, 2015

 

between

 

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-1 Holder)

and

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-2 Holder)

and

CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.

(Note A-3 Holder) 

	 

    	 

    	 

    

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	Definitions; Conflicts	 	2
	2.	Servicing of the Mortgage Loan	 	13
	3.	Priority of Notes	 	15
	4.	Workout	 	15
	5.	Accounts; Payment Procedure	 	15
	6.	Limitation on Liability	 	16
	7.	Representations of the Holders	 	17
	8.	Independent Analyses of each Holder	 	17
	9.	No Creation of a Partnership or Exclusive Purchase Right	 	18
	10.	Not a Security	 	18
	11.	Other Business Activities of the Holders	 	18
	12.	Transfer of Notes	 	18
	13.	Exercise of Remedies by the Servicer	 	21
	14.	Rights of the Directing Holder	 	23
	15.	Appointment of Special Servicer	 	24
	16.	Rights of the Non-Directing Holders	 	24
	17.	Advances; Reimbursement of Advances	 	25
	18.	Provisions Relating to Securitization	 	26
	19.	Governing Law; Waiver of Jury Trial	 	30
	20.	Modifications	 	30
	21.	Successors and Assigns; Third Party Beneficiaries	 	31
	22.	Counterparts	 	31
	23.	Captions	 	31
	24.	Notices	 	31
	25.	Custody of Mortgage Loan Documents	 	31

 

    	-i-

    	 

    

 

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of October 29, 2015, is between CANTOR COMMERCIAL REAL ESTATE LENDING, L.P.,
a Delaware limited partnership (“CCRE”), having an address at 110 East 59th Street, New York, New York 10022,
as the holder of Note A-1, CCRE, as the holder of Note A-2 and CCRE, as the holder of Note A-3.

W I T N E
S S E T H:

WHEREAS, Cantor
Commercial Real Estate Lending, L.P. has made a mortgage loan in the original principal amount of $120,000,000 (the “Mortgage
Loan”) to those certain Delaware limited liability companies listed on Exhibit A hereto (collectively referred to as
the “Borrower”) pursuant to a loan agreement between the Borrower, as borrower, and CCRE, as lender, dated as
of August 21, 2015 (the “Loan Agreement”);

WHEREAS, the Mortgage
Loan is evidenced by three notes, Promissory Note A-1 in the original principal amount of $65,000,000, Promissory Note A-2 in the
original principal amount of $30,000,000 and Promissory Note A-3 in the original principal amount of $25,000,000 (“Note
A-1,” “Note A-2” and “Note A-3” respectively and individually, each, a “Note”
and collectively the “Notes”);

 

WHEREAS, the Mortgage Loan
is secured by a first mortgage lien (the “Mortgage”) on the portfolio of real properties known as NMS Multifamily
Portfolio II (the “Mortgaged Properties” and each, a “Mortgaged Property”);

WHEREAS, the Note
A-1 Holder intends to sell, transfer and assign its right, title and interest in and to Note A-1 to Deutsche Mortgage and Asset
Receiving Corporation (“DMARC”), as depositor, pursuant to a Mortgage Loan Purchase Agreement to be dated as
of October 29, 2015, by and between DMARC, as purchaser, and Note A-1 Holder as seller, and DMARC intends to transfer its right,
title and interest in and to Note A-1 to Wilmington Trust, National Association, as trustee for the COMM 2015-CCRE27 Mortgage Trust
under a pooling and servicing agreement, dated as of October 1, 2015 (the “Note A-1 PSA”), between DMARC,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC, as special servicer, Wells Fargo Bank, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator, paying agent and custodian, and Park Bridge Lender Servicers LLC, as operating advisor (the “Note A-1 Securitization”);

WHEREAS,
the Note A-2 Holder or its Affiliate may Pledge (as defined in Section 12(d)) Note A-2 to Metropolitan Life Insurance Company
(“MetLife”) and/or sell, transfer and assign all or a portion of its right, title and interest in and to Note
A-2 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization of one or
more mortgage loans;

WHEREAS,
the Note A-3 Holder or its Affiliate may Pledge (as defined in Section 12(d)) Note A-3 to MetLife and/or sell, transfer and assign
all or a portion of its right,

    	 

    	 

    

 

title
and interest in and to Note A-3 to one or more depositors who will in turn transfer the same to one or more trusts as part of
the securitization of one or more mortgage loans;

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

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

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

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

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

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

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

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

 

    	-2-

    	 

    

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

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

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

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

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

“Certificates”
shall mean any securities issued in connection with the Note A-1 Securitization, the Note A-2 Securitization or the Note A-3 Securitization.

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

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

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

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

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

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

“Depositor”
shall mean (i) with respect to the Note A-1 Securitization, DMARC, (ii) with respect to the Note A-2 Securitization, the depositor
under the Note A-2 PSA and (iii) with respect to the Note A-3 Securitization, the depositor under the Note A-3 PSA.

 

    	-3-

    	 

    

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

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

“Excluded
Amounts” shall mean:

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

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

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

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

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

“Hazardous
Materials” shall mean any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without
limitation, those so identified pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C.
§ 9601 et seq., or any other environmental laws now existing, and specifically including, without limitation,
asbestos and asbestos-containing materials, polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum
products, urea formaldehyde and any substances classified as being “in inventory,” “usable work in process”
or similar classification which would, if classified as unusable, be included in the foregoing definition.

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

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

 

    	-4-

    	 

    

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

“Lead Note”
shall mean Note A-1.

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

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

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

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

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

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

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

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

“Master Servicer
Remittance Date” shall mean:

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

(ii)         with
respect to Note A-2, (a) prior to the Note A-2 Securitization, the Business Day after each Determination Date, and (b) from and
after the Note A-2 Securitization, the first Business Day after the “determination date,” as such term or a similar
term is defined in the Note A-2 PSA (as long as such date is at least two Business Days after receipt of the Monthly Payment);
and

(iii)        with
respect to Note A-3, (a) prior to the Note A-3 Securitization, the Business Day after each Determination Date, and (b) from and
after the Note A-3 Securitization, the first Business Day after the “determination date,” as such term or a similar
term is defined in the Note A-3 PSA (as long as such date is at least two Business Days after receipt of the Monthly Payment).

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

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

 

    	-5-

    	 

    

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

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

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

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

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

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

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

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

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

“Non-Directing
Holders” shall mean the holders of Certificates representing the specified interest in the class of Certificates designated
as the “controlling class” or the duly appointed representative of the holders of such Certificates or such other party
otherwise entitled under the Note A-2 PSA and the Note A-3 PSA to exercise the rights granted to the Non-Directing Holders in this
Agreement. If Note A-2 or Note A-3 has not been included in a Securitization, the Non-Directing Holder with respect to such Note
will be the then-current Holder of such Note.

“Non-Lead
Master Servicer” shall mean, (i) with respect to Note A-2 and the Note A-2 PSA, the master servicer designated under
the Note A-2 PSA and (ii) with respect to Note A-3 and the Note A-3 PSA, the master servicer designated under the Note A-3 PSA.

“Non-Lead
Note” shall mean Note A-2 and Note A-3.

“Non-Lead
Note Holders” shall mean the holders of the Non-Lead Notes.

“Non-Lead
Servicing Agreements” shall mean the Note A-2 PSA and the Note A-3 PSA.

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

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

 

    	-6-

    	 

    

“Note A-1
Holder” shall mean Cantor Commercial Real Estate Lending, L.P. or any subsequent holder of Note A-1.

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

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

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

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

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

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

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

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

“Note A-2
Holder” shall mean Cantor Commercial Real Estate Lending, L.P. or any subsequent holder of Note A-2.

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

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

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

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

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

 

    	-7-

    	 

    

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

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

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

“Note A-3
Holder” shall mean Cantor Commercial Real Estate Lending, L.P. or any subsequent holder of Note A-3.

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

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

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

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

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

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

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

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

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

“Property
Advance” shall mean an advance made in respect of property protection expenses or expenses incurred to protect, preserve
and enforce the security for the Mortgage

 

    	-8-

    	 

    

 

Loan
or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

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

“Qualified
Servicer” shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of
PNC Bank, National Association, (iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage
loan servicer (1) rated at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in
the case of a master servicer, by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer
or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as to which neither Moody’s nor KBRA has cited servicing
concerns of such servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement
on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated
by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the time of determination, (4) a servicer that
(i) during the 12-month period prior to the date of determination, acted as master servicer or special servicer, as applicable,
in a commercial mortgage loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn
the then-current rating or ratings of one or more classes of such certificates citing servicing concerns with the servicer or special
servicer, as applicable, as the sole or material factor in such rating action and (5) that is then currently acting as servicer
in a CMBS transaction rated by DBRS and as to which DBRS has not cited servicing concerns of such servicer as the sole or material
factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation
of a ratings downgrade or withdrawal) of any securities issued in such transaction that are rated by DBRS. For purposes of this
definition, for so long as any Note is included in a Securitization, the ratings or actions of any Rating Agency that is not rating
any such Securitization(s) shall not be considered.

“Qualified
Transferee” shall mean an Affiliate of Note A-1 Holder, Note A-2 Holder or Note A-3 Holder or one or more of the following
(other than the Borrower or any entity which is an Affiliate of the Borrower):

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

 

    	-9-

    	 

    

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

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

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

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

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

which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has at least $650,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory firm or similar fiduciary) at least $250,000,000 in capital/statutory surplus or shareholders’ equity,
and is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to the Mortgage
Loan.

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

 

    	-10-

    	 

    

 

unsecured
debt is then rated in one of the top two rating categories of each of the Rating Agencies.

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

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

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

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

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

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

 

    	-11-

    	 

    

“Securitization”
shall mean the Note A-1 Securitization, the Note A-2 Securitization and the Note A-3 Securitization, as applicable.

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

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

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

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

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

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

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

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

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

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

“Trustee”
shall mean the trustee under Note A-1 PSA, the Note A-2 PSA or the Note A-3 PSA, as the context requires.

 

    	-12-

    	 

    

“Trustee
Fee” shall have the meaning given to such term in the Note A-2 PSA or an analogous term in the Note A-1 PSA and the Note
A-3 PSA, as the context requires.

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

(b)          [Reserved.]

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

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

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

 

    	-13-

    	 

    

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

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

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

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

The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances and reimbursement of Property Advances, (ii) to
pay the parties to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred
with respect to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing
compensation, except

 

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that,
for so long as Note A-2 or Note A-3 is not included in a Securitization, any Penalty Charges allocated to Note A-2 or Note A-3,,
respectively, that are not applied pursuant to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not
be paid to the Master Servicer and/or the Special Servicer without the express consent of such Holder.

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

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

If any Servicer holding
or having distributed any amount received or collected in respect of Note A-1, Note A-2 Note A-3 determines, or a court of competent
jurisdiction orders, at any time that any amount received or collected in respect of Note A-1, Note A-2 or Note A-3 must, pursuant
to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower or paid to the Note
A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, or any Servicer or paid to any other Person, then, notwithstanding any other
provision of this Agreement, no Servicer shall be required to distribute any portion thereof to the Note A-1 Holder, the Note A-2
Holder or the Note A-3 Holder, as applicable, and the Note A-1 Holder, the Note A-2 Holder or the Note A-3 Holder, as applicable,
shall promptly on demand repay to such Servicer the portion thereof which shall have been theretofore distributed to the Note A-1
Holder, the Note A-2 Holder or the Note A-3 Holder, as applicable, together with interest thereon at such rate, if any, as such
Servicer shall have been required to pay to the Borrower, the Note A-1 Holder, the Note A-2 Holder, the Note A-3 Holder, any Servicer
or such other person or entity with respect thereto. Each of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 Holder agrees
that if at any time it shall receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable
share thereof, it will promptly

 

    	-15-

    	 

    

 

remit
such excess to the Master Servicer. The Master Servicer shall have the right to offset any amounts due hereunder from the Note
A-1 Holder, the Note A-2 Holder or the Note A-3 Holder, as applicable, with respect to the Mortgage Loan against any future payments
due to the Note A-1 Holder, the Note A-2 Holder or the Note A-3 Holder, as applicable, under the Mortgage Loan, provided,
that the obligations of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 Holder under this Section 5 are
separate and distinct obligations from one another and in no event shall any Servicer enforce the obligations of any Holder against
any other Holder. The obligations of the Note A-1 Holder, the Note A-2 Holder and the Note A-3 Holder under this Section 5
constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party beneficiary
of these provisions.

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

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

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

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

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

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

 

    	-16-

    	 

    

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

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

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

(viii)      It
is a Qualified Transferee.

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

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

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

11.          Other
Business Activities of the Holders. Each Holder acknowledges that the other Holders may make loans or otherwise extend credit
to, and generally engage in any kind of business with, any Affiliate of the Borrower, and receive payments on such other loans
or

 

    	-17-

    	 

    

 

extensions
of credit to any Affiliate of the Borrower and otherwise act with respect thereto freely and without accountability, but only
if none of the foregoing violate the Mortgage Loan Documents, in the same manner as if this Agreement and the transactions contemplated
hereby were not in effect.

12.          Transfer
of Notes. (a)  Each Holder may Transfer up to 49% of its beneficial interest in its Note whether or not the related
transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more than 49% of its
beneficial interest in its Note unless (i) prior to a Securitization of any Note, the other Holder has consented to such
Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes
under this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation has been received with respect
to such Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for
all purposes under this Agreement, or (iii) such Transfer is to a Qualified Transferee. Any such transferee must assume in
writing the obligations of the transferring Holder hereunder and agree to be bound by the terms and provisions of this Agreement
and the Servicing Agreement. Such proposed transferee (except in the case of Transfers that are made in connection with a Securitization)
shall also remake each of the representations and warranties contained herein for the benefit of the other Holder. Notwithstanding
the foregoing, without the non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such
non-transferring Holder’s Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that
has been engaged by the Depositor to rate the securities issued in connection with such Securitization, no Holder shall Transfer
all or any portion of its Note to the Borrower or an Affiliate of a Borrower and any such Transfer shall be absolutely null and
void and shall vest no rights in the purported transferee.

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

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

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

 

    	-18-

    	 

    

 

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

 

    	-19-

    	 

    

 

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

(e)          The
parties hereto acknowledge that (i) the contemplated sale of Note A-1 and Note A-3 under the terms of the Master Repurchase Agreement,
dated as of November 18, 2010, between CCRE LifeCo Loan Seller, L.P., as seller, and MetLife, as buyer, qualifies as a “Pledge”
hereunder and MetLife is a Qualified Transferee, (ii) all of the terms of this Section 12 have been satisfied with respect
to such Pledge, and (iii) MetLife qualifies as a “Note Pledgee” and is entitled to all of the rights, privileges and
benefits afforded to a Note Pledgee hereunder. In addition, while the Pledge to MetLife of Note A-1 and/or Note A-3 (as applicable)
is in effect, MetLife shall have all rights as Note A-1 Holder and Note A-3 Holder (as applicable) under all applicable documentation
and the Note A-1 Holder, Note A-2 Holder, Note A-3 Holder and the Master Servicer and the Special Servicer under the Servicing
Agreement shall recognize MetLife as Note A-1 Holder and/or Note A-3 Holder, as applicable. Notwithstanding the foregoing, no notice
shall be required pursuant to Section 12(b) in connection with the Pledge to MetLife.

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

(b)          The
Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration
of the Mortgage Loan

 

    	-20-

    	 

    

 

(but
the foregoing shall not relieve the Lead Servicer and the related Trustee from their respective obligation under the Servicing
Agreement to make any disbursement of funds as set forth herein).

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

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

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

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

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

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

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

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

The Non-Lead Note
Holders hereby appoint the Lead Note Holder as their agent, and grant to the Lead Note Holder an irrevocable power of attorney
coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the
Non-Lead Notes. Each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder
shall execute and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note

 

    	-21-

    	 

    

 

Holder
may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request,
and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection
with the consummation of any such sale.

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

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

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

In the event that
the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Servicing Agreement to
take such action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter
requiring consent of the Directing Holder is necessary to protect the interests of the Holders (as a

 

    	-22-

    	 

    

 

collective
whole) and the Special Servicer has made a reasonable effort to contact the Directing Holder, the Master Servicer or the Special
Servicer, as the case may be, may take any such action without waiting for the Directing Holder’s response.

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

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

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

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

(i)           to
provide the same notices, information and reports that it is required to provide to the Directing Holder pursuant to the Servicing
Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset Status Report
relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder actually
has lost any rights to receive such

 

    	-23-

    	 

    

 

information
as a result of a Consultation Termination Event), within the same time frame as specified with respect to the Directing Holder
(but without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result
of a Consultation Termination Event), provided, however, that if Note A-1 or Note A-3 has been included in a Securitization
transaction, then for any information for which the Special Servicer would be required to provide to such Non-Directing Holder,
the Special Servicer shall provide such notice to the master servicer of the other Securitization transaction, who shall forward
such notice as and when required under the terms of the related Securitization documents; and

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

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

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

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

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

17.          Advances;
Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead
Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the
Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the

 

    	-24-

    	 

    

 

terms
of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I
Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any P&I
Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not be required
to make any P&I Advance with respect to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer,
each Non-Lead Master Servicer and any Trustee will be entitled to interest on any Advance made in the manner and from the sources
provided in the Note A-1 PSA, the Note A-2 PSA or the Note A-3 PSA, as applicable.

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

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

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

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

18.          Provisions
Relating to Securitization. (a)  For so long as CCRE or an Affiliate of CCRE (the “Initial Note A-1 Holder”)
is the owner of Note A-2, the Initial Note A-2 Holder shall have the right, subject to the terms of the Mortgage Loan Documents,
to cause the Borrower to execute amended and restated notes or additional notes (in either case “New A-2 Notes”)
reallocating the principal of Note A-2 among other New A-2 Notes; reducing the Interest Rates of such New A-2 Notes or severing
the Note A-2 into one or more further “component”

 

    	-25-

    	 

    

 

notes
in the aggregate principal amount equal to the then outstanding principal balance of Note A-2, provided that (i) the
aggregate principal balance of the New A-2 Notes following such amendments is no greater than the principal balance of Note A-2
prior to such amendments, (ii) all New A-2 Notes continue to have the same or a lower interest rate as the Note A-2 prior
to such amendments, (iii) all New A-2 Notes pay pro rata and on a pari passu basis and such reallocated or
component notes shall be automatically subject to the terms of this Agreement and (iv) the Initial Note A-2 Holder holding
the New A-2 Notes shall notify the parties to the Note A-1 PSA and the Note A-2 PSA in writing of such modified allocations and
principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the
Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the
Holders solely for the purpose of reflecting such reallocation of principal, reduction of Interest Rates or such severing of Note
A-2, (2) if Note A-2 is severed into “component” notes, such component notes shall each have their same rights as
the respective original Note and (3) the definition of the term “Securitization” and all of the related defined terms
may be amended (and new terms added, as necessary) to reflect the New A-2 Notes. Rating Agency Confirmation shall not be required
for any amendments to this Agreement required to facilitate the terms of this paragraph 18(a).

(b)          For
so long as CCRE or an Affiliate of CCRE (the “Initial Note A-3 Holder”) is the owner of Note A-3, the Initial
Note A-3 Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended
and restated notes or additional notes (in either case “New A-3 Notes”) reallocating the principal of Note A-3
among other New A-3 Notes; reducing the Interest Rates of such New A-3 Notes or severing the Note A-3 into one or more further
“component” notes in the aggregate principal amount equal to the then outstanding principal balance of Note A-3, provided
that (i) the aggregate principal balance of the New A-3 Notes following such amendments is no greater than the principal balance
of Note A-3 prior to such amendments, (ii) all New A-3 Notes continue to have the same or a lower interest rate as the Note
A-3 prior to such amendments, (iii) all New A-3 Notes pay pro rata and on a pari passu basis and such reallocated
or component notes shall be automatically subject to the terms of this Agreement and (iv) the Initial Note A-3 Holder holding
the New A-3 Notes shall notify the parties to the Note A-1 PSA and the Note A-3 PSA in writing of such modified allocations and
principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the
Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the
Holders solely for the purpose of reflecting such reallocation of principal, reduction of Interest Rates or such severing of Note
A-3, (2) if Note A-3 is severed into “component” notes, such component notes shall each have their same rights as the
respective original Note and (3) the definition of the term “Securitization” and all of the related defined terms may
be amended (and new terms added, as necessary) to reflect the New A-3 Notes. Rating Agency Confirmation shall not be required for
any amendments to this Agreement required to facilitate the terms of this paragraph 18(b).

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

(i)           the
applicable master servicer or Trustee for such Securitization shall be required to notify the master servicer, special servicer
and Trustee of each other

 

    	-26-

    	 

    

 

Securitization
of the amount of any P&I Advance it has made with respect to the Note included in such Securitization within two Business
Days of making such advance;

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

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

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

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

 

    	-27-

    	 

    

 

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

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

(d)          (1)          The
Note A-2 Holder shall give the Depositor, the Servicer, and the Special Servicer under the Note A-1 PSA (provided that party is
not also a party to the Note A-2 PSA) notice of the Note A-2 Securitization in writing (which may be by email) prior to or promptly
following the Note A-2 Securitization Date. Such notice shall contain contact information for each of the parties of the Note A-2
PSA and the identity of the Controlling Class Representative under such Note A-2 PSA. In addition, after the Note A-2 Securitization
Date, the Note A-2 Holder shall send a copy of the Note A-2 PSA to the Depositor, the Servicer, and the Special Servicer under
the Note A-1 PSA.

(2)           The
Note A-3 Holder shall give the Depositor, the Servicer, and the Special Servicer under the Note A-1 PSA (provided that party is
not also a party to the Note A-3 PSA) notice of the Note A-3 Securitization in writing (which may be by email) prior to or promptly
following the Note A-3 Securitization Date. Such notice shall contain contact information for each of the parties of the Note A-3
PSA and the identity of the Controlling Class Representative under such Note A-3 PSA. In addition, after the Note A-3 Securitization
Date, the Note A-3 Holder shall send a copy of the Note A-3 PSA to the Depositor, the Servicer, and the Special Servicer under
the Note A-1 PSA.

(e)          The
Note A-1 PSA shall provide that:

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

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

(iii)         the
Master Servicer shall remit all payments received (or advanced) with respect to any Non-Lead Note, net of its Servicing Fee and
any other applicable fees and reimbursements payable to the Master Servicer, the Special Servicer and the Trustee, to the Non-Lead
Holder on the applicable Master Servicer Remittance Date;

(iv)         the
Master Servicer agrees to deliver to each master servicer under a Non-Lead Servicing Agreement CREFC® Investor Reporting
Package® pursuant to the terms of the Servicing Agreement on a monthly basis;

 

    	-28-

    	 

    

(v)          the
Master Servicer, any primary servicer, the Special Servicer and the Lead Trustee, certificate administrator or other party acting
as custodian for the Lead Securitization shall be required to deliver (and shall be required to cause each other servicer and servicing
function participant (within the meaning of Items 1123 and 1122, respectively, of Regulation AB) retained or engaged by it to deliver),
to the parties to any Non-Lead Servicing Agreement, at its own expense, in a timely manner, the reports, certifications, compliance
statements, accountants’ assessments and attestations, information to be included in reports (including, without limitation,
Form 15G, Form 10K, Form 10D, Form 8K), and other materials specified in each of the other Servicing Agreements as the parties
to each Non-Lead Securitization may require in order to comply with their obligations under the Securities Act of 1933, as amended,
Securities Exchange Act of 1934 (including Rule 15Ga-1), as amended, and Regulation AB, and any other applicable law. Without limiting
the generality of the foregoing, each Lead Note Holder for a Lead Securitization shall provide in a timely manner to the depositor
and the Trustee for any prior Securitization a copy of the Lead Securitization Servicing Agreement and each Lead Servicer (at the
expense of the Lead Note Holder) will be required, upon prior written request, to provide to the depositor and the Trustee for
any prior Securitization any other information required to comply in a timely manner with applicable filing requirements under
Items 1.01 and 6.02 of Form 8-K any other disclosure information required pursuant to Regulation AB in a timely manner for inclusion
in any disclosure document (and, with respect to the Servicing Agreement, for filing under Form 8-K), and, in the case of clauses
(x) and (y) and with respect to the Lead Servicers, upon prior written request, market indemnification agreements, opinions and
Regulation AB compliance letters as were or are being delivered with respect to the Lead Securitization. As used in this Agreement,
“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§  229.1100-229.1123,
as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the United
States Securities and Exchange Commission (the “Commission”) in the adopting release (Asset-Backed Securities,
Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506,1,631 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided
by the Commission or its staff time to time. The Master Servicer, any primary servicer and the Special Servicer, upon prior written
request, shall each be required to provide certification and indemnification to each Certifying Person with respect to the Sarbanes-Oxley
Certification (or analogous terms) as such terms are defined in the related Non-Lead Servicing Agreements;

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

(vii)        any
late collections received by the Master Servicer from the Borrower for which a P&I Advance has already been paid by a master
servicer or trustee under a Non-Lead Servicing Agreement shall be remitted by the Master Servicer to such master servicer or Trustee
under a Non-Lead Servicing Agreement, as applicable, within one Business Day of receipt thereof;

 

    	-29-

    	 

    

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

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

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

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

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

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

23.          Captions.
The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended
to summarize or

 

    	-30-

    	 

    

 

otherwise
describe the subject matter of the paragraphs and shall not be given any consideration in the construction of this Agreement.

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

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

[NO FURTHER TEXT ON THIS PAGE]

 

    	-31-

    	 

    

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

 

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

 

NMS
Multifamily Portfolio II Co-Lender Agreement

 

    	 

    	 

    

 

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

 

NMS
Multifamily Portfolio II Co-Lender Agreement

 

    	 

    	 

    

 

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

 

NMS
Multifamily Portfolio II Co-Lender Agreement 

 

    	 

    	 

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

A.          Description
of Mortgage Loan

	Borrowers:	
        NMS 1539, LLC

        NMS 1548, LLC

        NMS 1759, LLC

        NMS Superior Apartments, LLC

        NMS Warner Center, LLC

        NMS Northridge, LLC

	Mortgage Loan Origination Date:  	August 21, 2015
	Initial Principal Amount of Mortgage Loan:	$120,000,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$120,000,000
	Location of Mortgaged Properties:	Los Angeles
	Current Use of Mortgaged Property:	Multifamily
	Mortgage Interest Rate:	
        Note A-1:          4.938%

        Note A-2:          4.938%

        Note A-3:          4.938%

	Maturity Date:	September 6, 2025

 

    	A-1

    	 

    

 

B.          Description
of Notes

 

	Mortgage Loan Origination Date:	August 21, 2015
	Initial Note A-1 Principal Balance:	$65,000,000
	Initial Note A-2 Principal Balance:	$30,000,000
	Initial Note A-3 Principal Balance:	$25,000,000
	Initial Note A-1 Percentage Interest:	54.17%
	Initial Note A-2 Percentage Interest:	25.00%
	Initial Note A-3 Percentage Interest:	20.83%
	Note A-1 Interest Rate:	4.938%
	Note A-2 Interest Rate:	4.938%
	Note A-3 Interest Rate:	4.938%
	Note A-1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2 Interest Rate
	Note A-2 Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2 Interest Rate
	Note A-3 Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Note A-2 Interest Rate

 

    	A-2

    	 

    

 

EXHIBIT
B

Note A-1 Holder, Note A-2 Holder and Note A-3 Holder:

Cantor Commercial Real Estate Lending,
L.P.

110 East 59th Street, 6th Floor

New York, New York 10022

Attention: Legal Department

Facsimile No.: (212) 610-362

E-Mail: legal@ccre.com

with a copy to:

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette, Esq.

Facsimile No.: (212) 504-6666

with a copy to:

Berkeley Point Capital LLC

One Beacon Street, 14th Floor

Boston, Massachusetts 02108

Attention: Nancy Navarro, Vice President, Servicing Department

Facsimile No.: (617) 275-7574

 

    	B-1

    	 

    

 

EXHIBIT
C

PERMITTED FUND MANAGERS

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

 

    	C-1

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