Document:

Exhibit
4.21

 

EXECUTION
COPY

 

CO-LENDER AGREEMENT

 

Dated as of December 20, 2019

 

by and between

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note A Holder)

 

and

 

NATIXIS REAL ESTATE CAPITAL LLC

(Note B Holder)

 

7105 – 7115 37th Avenue,
Jackson Heights, NY

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Section 1.	Definitions; Conflicts	1
	Section 2.	Servicing	15
	Section 3.	Payments Prior to a Sequential Pay Event	17
	Section 4.	Payments Following a Sequential Pay Event	19
	Section 5.	Administration of the Mortgage Loan	21
	Section 6.	Appointment of the Controlling Noteholder Representative	27
	Section 7.	Special Servicer	28
	Section 8.	Payment Procedure	29
	Section 9.	Limitation on Liability of the Noteholders	30
	Section 10.	Bankruptcy	31
	Section 11.	Cure Rights of the Note B Holder	31
	Section 12.	Purchase of Note A by the Note B Holder	33
	Section 13.	Representations of the Note B Holder	34
	Section 14.	Representations of the Initial Note A Holder	34
	Section 15.	Independent Analysis of the Note B Holder	35
	Section 16.	No Creation of a Partnership or Exclusive Purchase Right	35
	Section 17.	Not a Security	35
	Section 18.	Other Business Activities of the Noteholders	35
	Section 19.	Sale of Note A and Note B	36
	Section 20.	Registration of Transfer	39
	Section 21.	Registration of Note A and Note B	40
	Section 22.	Statement of Intent	40
	Section 23.	No Pledge	40
	Section 24.	Governing Law; Waiver of Jury Trial	40
	Section 25.	Submission To Jurisdiction; Waivers	41
	Section 26.	Modifications; Amendment	41
	Section 27.	Successors and Assigns; Third Party Beneficiaries	41
	Section 28.	Counterparts	42
	Section 29.	Captions	42
	Section 30.	Severability	42
	Section 31.	Entire Agreement	42
	Section 32.	Withholding Taxes	42
	Section 33.	Custody of Mortgage Loan Documents	43
	Section 34.	Notices	43
	Section 35.	Broker	44
	Section 36.	Certain Matters Affecting the Agent	44
	Section 37.	Termination of Agent	44
	Section 38.	Servicing of the Loan	45
	Section 39.	Conflict	45
	Section 40.	Resizing	45

 

     -i-

     

    

 

THIS CO-LENDER AGREEMENT (the “Agreement”),
dated as of December 20, 2019, by and between NATIXIS REAL ESTATE CAPITAL LLC, a Delaware limited liability company (“Natixis”),
having an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of Note A, the
“Initial Note A Holder”, and in its capacity as the initial agent, the “Initial Agent”),
and Natixis, having an address at 1251 Avenue of the Americas, New York, New York 10020 (in its capacity as the initial owner of
Note B, the “Initial Note B Holder”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Loan Agreement (as defined herein) Natixis 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 is evidenced by that certain Promissory
Note in the principal amount of $16,500,000.00 dated as of August 9, 2019 (the “Original Note”), and secured
by a certain first deed of trust lien (as amended, modified or supplemented, the “Mortgage”) on one or more
parcels of, or estates in, real property located as described on the Mortgage Loan Schedule (collectively, the “Mortgaged
Property”);

 

WHEREAS, Natixis has
elected to amend and restate the Original Note and split the Original Note into the following two (2) promissory notes: the Replacement
Promissory Note A in the original principal amount of $14,500,000.00 (as amended, modified or supplemented, “Note A”)
made by the Mortgage Loan Borrower in favor of the Initial Note A Holder, and the Replacement Promissory Note B in the original
principal amount of $2,000,000.00 (as amended, modified or supplemented, “Note B”) made by the Mortgage Loan
Borrower in favor of the Initial Note B Holder (Note A and Note B, respectively and individually, each, a “Note”
and collectively the “Notes”); and

 

WHEREAS, the Initial
Note A Holder and the Initial Note B Holder desire to enter into this Agreement to memorialize the terms under which they and their
successors and assigns shall hold Note A and Note B, 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:

 

Section 1.          Definitions; Conflicts. References to a “Section”, “preamble” or the “recitals”
are, unless otherwise specified, to a Section, preamble or the recitals of this Agreement. Capitalized terms used but not otherwise
defined herein shall have the meaning assigned to such term or an analogous term 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.

 

     

     

    

 

“Acquiring Korean
Trust” shall have the meaning assigned to such term in the definition of “Qualified Transferee.”

 

“Additional
Servicing Expenses” shall mean (a) all property protection advances, fees and/or expenses incurred by and reimbursable
to any Servicer, Trustee, Operating Advisor or Certificate Administrator pursuant to the Servicing Agreement, and (b) all interest
accrued on Advances made by any Servicer or Trustee in accordance with the terms of the Servicing Agreement.

 

“Advance Interest
Amount” shall mean interest payable on Advances, as specified in the Servicing Agreement.

 

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

 

“Affiliate”
shall mean, with respect to any specified Person, any other Person Controlling, Controlled by or under common Control with such
specified Person.

 

“Agent”
shall mean the Initial Agent or such Person to whom the Initial Agent shall delegate its duties hereunder, and from and after the
Securitization Date shall mean the Master Servicer in its role as “Companion Paying Agent” (or equivalent term) under
the Servicing Agreement.

 

“Agent Office”
shall mean the designated office of the Agent in the State of New York, which office as of the date of this Agreement is located
at Natixis Real Estate Capital LLC, 1251 Avenue of the Americas, New York, New York 10020, and which is the address to which notices
to and correspondence with the Agent should be directed. The Agent may change the address of its designated office by notice to
the Noteholders sent in accordance with this Agreement.

 

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

 

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

 

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

 

“Appraisal Review
Period” shall have the meaning assigned to such term in Section 5(h)(ii).

 

“Appraised-Out
Holder” shall have the meaning assigned to such term in Section 5(h)(i).

 

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

 

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

 

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

 

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

 

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

 

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

 

“CLO”
shall have the meaning assigned to such term in the definition of “Qualified Transferee.”

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Control”
shall mean 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, and the terms “Controlling”
and “Controlled” have meanings correlative to the foregoing.

 

     -3-

     

    

 

“Control Appraisal
Period” means any period, with respect to the Mortgage Loan, if and for so long as:

 

(a)   
(1) the initial Note B Principal Balance minus (2) the sum (without duplication) of (x) any payments of principal
(whether as principal prepayments or otherwise) allocated to, and received on, Note B after the date of creation of Note B, (y) any
Appraisal Reduction Amount for the Mortgage Loan that is allocated to Note B and (z) any losses realized with respect to any Mortgaged
Property or the Mortgage Loan that are allocated to Note B, plus (3) the Threshold Event Collateral then held by the Servicer,
is less than

 

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

 

“Controlling
Noteholder” shall mean as of any date of determination (i) the Note B Holder, unless a Control Appraisal Period has occurred
and is continuing or (ii) if a Control Appraisal Period has occurred and is continuing, the Note A Holder; provided that,
if the Note B Holder would be the Controlling Noteholder pursuant to the terms hereof, but any interest in the Note of the Note
B Holder is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, or the Mortgage Loan Borrower or Mortgage
Loan Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Noteholder, a Control Appraisal
Period shall be deemed to have occurred with respect to the Note B Holder. As of the date of this Agreement, the Controlling Noteholder
will be the Note B Holder. At any time that the Note A Holder is the Controlling Noteholder and Note A is included in a Securitization,
the rights of the “Controlling Noteholder” may be exercised by 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 Noteholder” hereunder, as and to the extent provided in the Servicing
Agreement (and the applicable Servicing Agreement shall contain limitations on the rights of the Controlling Noteholder that can
be exercised by a certificate holder that is the Mortgage Loan Borrower or has certain relationships with the Mortgage Loan Borrower).

 

“Controlling
Noteholder Representative” shall mean, with respect to the Mortgage Loan, the advisor appointed pursuant to Section 6(a).

 

“Credit Risk
Retention Rule” shall mean Section 15G of the Exchange Act as added by Section 941 of the Dodd-Frank Act and implemented
by Regulation RR (15 U.S.C. §78o-11).

 

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

 

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

 

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

 

     -4-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Event of Default”
shall have the meaning assigned to such term in the Loan Agreement.

 

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

 

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

 

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

 

     -5-

     

    

 

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

 

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

 

“Initial Noteholders”
shall mean, collectively, the Initial Note A Holder and the Initial Note B Holder.

 

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

 

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

 

“Interest Rate”
shall have the meaning assigned to such term or an analogous term in the Mortgage Loan Documents.

 

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

 

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

 

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

 

“Loan Agreement”
shall mean that certain Loan Agreement, dated as of August 9, 2019, between Natixis, as lender, and 590-600 One Realty Corp., as
borrower, as the same may be further amended, restated, renewed, extended, modified or supplemented from time to time, subject
to the terms hereof.

 

     -6-

     

    

 

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

 

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

 

“Master Servicer
Remittance Date” shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

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

 

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

 

“Monthly Debt
Service Payment Amount” shall have the meaning assigned to such term or an analogous term in the Loan Agreement.

 

“Monthly Payment”
shall have the meaning assigned to such term or an analogous term in the Loan Agreement.

 

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

 

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

 

“Morningstar”
shall mean Morningstar Credit Ratings, LLC, or any of 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
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 or an analogous term in the Servicing Agreement.

 

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

 

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

 

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

 

     -7-

     

    

 

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

 

“Natixis”
shall mean Natixis Real Estate Capital LLC, and its successors in interest.

 

“Net Note A
Rate” shall mean the Note A Rate minus the Servicing Fee Rate.

 

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

 

“New Notes”
shall have the meaning assigned to such term in Section 41.

 

“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 Note A Holder
to make such payments free of any obligation or liability for withholding.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -8-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note Default
Interest Spread” shall mean the Note Default Interest Spread set forth on the Mortgage Loan Schedule.

 

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

 

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

 

“Noteholder”
shall mean either of the Note A Holder and the Note B Holder, as applicable.

 

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

 

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

 

“Original Entity”
shall have the meaning assigned to such term in Section 41.

 

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

 

“Owned Note”
shall have the meaning assigned to such term in Section 41.

 

“P&I Advance”
shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

 

     -9-

     

    

 

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

 

“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 $100,000,000 and (iii) not
subject to a proceeding 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.

 

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

 

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

 

“Principal Balance”
shall mean either of the Note A Principal Balance and/or the Note B Principal Balance, as applicable.

 

“Qualified Transferee”
shall mean each of:

 

(a)   
the Initial Noteholders;

 

(b)  
any other Person that is an entity Controlled (as defined below) by, under common Control with or Controlling of any of
the Initial Noteholders; or

 

(c)    one
or more of the following:

 

(i)        a real estate investment bank, 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

 

(iii)      a Qualified Trustee (or in the case of a CLO, a single purpose bankruptcy remote entity that contemporaneously assigns or
pledges the Note, or a participation interest therein (or any portion thereof) to a Qualified Trustee) in

 

     -10-

     

    

 

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, 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 two nationally recognized credit rating agencies; (2) 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 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, are
each a Qualified Transferee 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 $100,000,000, in which (A) any Initial Noteholder, (B) a person that is otherwise a Qualified Transferee
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 clause (d) below (with respect to an entity Controlled by an entity referred to in 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, or

 

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

 

(vi)      any Person that is otherwise a Qualified Transferee but is acting in an agency capacity in connection with a lending syndicate,
so long as more than fifty percent (50%) of the lenders in the lending syndicate (by loan balance or committed loan amounts) are
Qualified Transferees, or

 

(vii)     a private trust established and authorized under the laws of the Republic of Korea (an “Acquiring Korean Trust”),
so long as the beneficiaries and owners of not less than 51% of the equity interest in the Acquiring Korean Trust are, directly
or indirectly, Persons that are otherwise Qualified Transferees and satisfy the capital surplus/equity and total asset requirements
set forth below, and

 

in the case of any entity referred to in
clause (c)(i), (ii), (iv)(B) or (v) of this definition, (x) such entity or parent has at least $200,000,000 in capital/statutory
surplus or shareholders’ equity including uncalled capital commitments (except with respect to a pension advisory firm, asset
manager or similar fiduciary) and at least $600,000,000 in total assets including uncalled capital

 

     -11-

     

    

 

commitments (in name or under
management), and (y) is regularly engaged in the business of making or owning commercial real estate loans (or interests therein)
(or in the case of a pension advisory firm, asset manager or similar fiduciary, is regularly engaged in managing investments in
commercial real estate loans) 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 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 (c) above or approved by the Rating Agencies hereunder
as a Qualified Transferee for purposes of this Agreement, or as to which the Rating Agencies have stated they would not review
such entity in connection with the subject transfer; and

 

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

 

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

 

“Rating Agencies”
shall mean any of (a) S&P, (b) Moody’s, (c) Fitch, (d) DBRS, (e) Kroll and (f) Morningstar 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 designated by the Note A Holder; provided, however, that at any time during which Note A is an asset
of a Securitization, “Rating Agencies” or “Rating Agency” shall have the meaning assigned to such term
in the Servicing Agreement.

 

“Rating Agency
Confirmation” shall have the meaning given thereto or any analogous term in the Servicing Agreement, including any deemed
Rating Agency Confirmation.

 

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

 

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

 

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

 

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

 

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

 

“REO Property”
shall mean any Mortgaged Property, title to which has been acquired by the Servicer on behalf of the Noteholders through foreclosure,
deed in lieu of foreclosure or otherwise.

 

“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, within the twelve (12) month period prior to the date of determination, such special
servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated
by Moody’s 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 as a material reason for such downgrade or withdrawal, (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 Kroll 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 Kroll, Kroll 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, within the twelve (12) month period prior to the date of determination,
such special servicer has acted as special servicer for one or more loans included in a commercial mortgage loan securitization
that was 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 status” citing the continuation of such special servicer
as special servicer of such commercial mortgage loans as a material reason for such downgrade or withdrawal (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal).

 

     -13-

     

    

 

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

 

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

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization in which Note A is held.

 

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

 

“Sequential
Pay Event” shall mean any Event of Default with respect to an obligation to pay money due under the Mortgage Loan or
any other Event of Default that causes the Mortgage Loan to become a Specially Serviced Mortgage Loan (other than as a result of
a foreseeable event), or any bankruptcy or insolvency event that constitutes an Event of Default. A Sequential Pay Event shall
no longer exist to the extent it has been cured (including any cure payment made in accordance with Section 11) and shall not be
deemed to exist to the extent the Note B Holder is exercising its cure rights under Section 11.

 

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

 

“Servicing Agreement”
shall mean the pooling and servicing agreement entered into in connection with the Securitization.

 

“Servicing Fee
Rate” shall have the meaning assigned to such term in 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 have the meaning assigned to such term or an analogous term in the Servicing Agreement, except that, as
provided in Section 11(a)(iii), a Servicing Transfer Event shall be deemed not to have occurred for so long as the Note B Holder
is exercising its cure rights hereunder.

 

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

 

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

 

     -14-

     

    

 

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

 

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

 

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

 

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

 

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

 

“Unliquidated
Advances” shall have the meaning assigned to such term or an analogous term in the 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 that is eligible to elect to be treated as a U.S. Person).

 

“Workout”
shall mean any written modification, waiver, amendment or restructuring relating to a workout of the Mortgage Loan or the Note
in connection with a Mortgage Loan default or a likely default.

 

Section 2.          Servicing.

 

(a)         Each Noteholder acknowledges and agrees that, subject in each case to this Agreement, the Mortgage Loan shall be serviced
pursuant to the Servicing Agreement and in accordance with this Agreement; provided that the Master Servicer shall not be
obligated to advance monthly payments of principal or interest in respect of the Notes other than Note A 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 Servicing Agreement. The Note B Holder acknowledges that the Note A Holder may elect, in its
sole discretion, to include Note A in a

 

     -15-

     

    

 

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

 

(b)        The Controlling Noteholder (or any Controlling Noteholder Representative appointed by it acting on its behalf) shall exercise
the rights and powers granted to the “Controlling Holder”, “Directing Certificateholder” or “Directing
Holder” (or similar term) under the Servicing Agreement with respect to the Mortgage Loan.

 

(c)         The Servicing Agreement shall contain the Servicing Standard (which shall require, among other things, that each Servicer,
in servicing the Mortgage Loan, must take into account the interests of each Noteholder, taking into account that Note B is junior
to Note A). In no event may the Servicing Agreement change the interest or principal allocable to, or the amount of any payments
due to, the Note B Holder or materially increase the Note B Holder’s obligations or materially decrease the Note B Holder’s
rights, remedies or protections hereunder.

 

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

 

(i)          any payments received on the Mortgage Loan shall be paid by the Master Servicer to each of the Noteholders in accordance
with Sections 3 and 4 hereof on the Master Servicer Remittance Date;

 

(ii)         the Note B Holder shall be entitled to receive, and the Master Servicer and the Special Servicer shall provide, any information
relating to the Mortgage Loan, the Mortgage Loan Borrower or the Mortgaged Property as the Note B Holder may reasonably request
and would be customarily in the possession of, or collected or known by, the Master Servicer or Special Servicer of mortgage loans
similar to the Mortgage Loan and, in any event, all information that is required to be provided to holders of the securities issued
by the Securitization Trust that includes other Notes including but not limited to standard CREFC® reports, subject
to limitations or information that may be made available to a Note B Holder that is a Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party;

 

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

 

     -16-

     

    

 

(iv)       the Servicing Agreement may not be amended without the consent of the Note B Holder (not to be unreasonably withheld) if
such amendment would materially and adversely affect the Mortgage Loan or the rights of the Note B Holder with respect thereto;

 

(v)        provide that any inconsistency between the Servicing Agreement and this Agreement shall be governed by and determined in
accordance with the terms of this Agreement; and

 

(vi)       recognize the respective rights and obligations of the Noteholders hereunder, including with respect to the making of payment
to the Noteholders and the rights of the Noteholders to approve matters and make decisions hereunder.

 

(e)         Any obligation of the Servicer pursuant to the terms hereof shall be performed by the Master Servicer or the Special Servicer,
as applicable, as set forth in the Servicing Agreement.

 

(f)         At
any time after the Securitization Date that Note A is no longer subject to the provisions of the Servicing Agreement, the
Note A Holder shall cause the Mortgage Loan to be serviced pursuant to a servicing agreement mutually agreeable to the Note A
Holder and the Note B Holder that contains servicing provisions which are the same as or more favorable to Note B Holder,
in substance, to those in the Servicing Agreement 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, (x) the Note A Holder shall cause the Mortgage Loan to be serviced in accordance with the servicing provisions set
forth in the Servicing Agreement as if such agreement was still in full force and effect with respect to the Mortgage Loan,
and (y) the actual servicing of the Mortgage Loan may be performed by any nationally recognized commercial mortgage loan
servicer appointed by the Note A Holder with the consent of the Note B Holder and does not have to be performed by the
service providers set forth under the Servicing Agreement.

 

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

 

     -17-

     

    

 

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

 

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

 

(b)         second,
to the Note A Holder in an amount equal to all principal payments (including prepayment proceeds relating to casualty or
condemnation) received, if any, with respect to such Monthly Payment Date, until its Principal Balance has been reduced to
zero;

 

(c)        
third, to the Note A Holder up to the amount of any unreimbursed costs and expenses paid by the Note A Holder
with respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

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

 

(e)         fifth, to the extent the Note B Holder has made any payments or advances to cure defaults pursuant to Section 11
of this Agreement, to reimburse the Note B Holder for all such cure payments;

 

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

 

(g)        seventh,
to the Note B Holder in an amount equal to all remaining principal payments (including all prepayment proceeds relating to
casualty or condemnation) received, if any, with respect to such Monthly Payment Date, until its Principal Balance has been
reduced to zero;

 

(h)        eighth, to the Note B Holder up to the amount of any unreimbursed costs and expenses paid by the Note B Holder with
respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

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

 

     -18-

     

    

 

(j)         tenth, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note A Holder
in an amount up to its pro rata interest therein, based on the product of the Note A Percentage Interest multiplied by the
Note A Relative Spread;

 

(k)         eleventh, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B Holder
in an amount up to its pro rata interest therein, based on the product of the Note B Percentage Interest multiplied by the
Note B Relative Spread;

 

(l)         twelfth, to the extent default interest, late fees, assumption or transfer fees actually paid by the Mortgage Loan
Borrower are not required to be otherwise applied under the Servicing Agreement, including, without limitation, to compensate a
Servicer under the Servicing Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually
paid by the Mortgage Loan Borrower, shall be paid to the Noteholders, pro rata, based on their respective Percentage Interests;
and

 

(m)        thirteenth,
if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise applied in accordance
with the foregoing clauses (a) to (l), any remaining amount shall be paid pro rata to each Noteholder in accordance
with their respective initial Percentage Interests.

 

Section 4.         Payments Following a Sequential Pay Event. Payments of interest and principal shall be made to the Noteholders in
accordance with Section 3 of this Agreement; except, if a Sequential Pay Event, as determined by the applicable Servicer in accordance
with this Agreement and the Servicing Agreement, shall have occurred and be continuing, all amounts tendered by the Mortgage Loan
Borrower or otherwise available for payment on or with respect to or in connection with the Mortgage Loan or the Mortgaged Property
or amounts realized as proceeds thereof, whether received in the form of Monthly Payments, any proceeds from the sale or distribution
of any REO Property, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other collateral
or instrument securing the Mortgage Loan or Insurance Proceeds or Condemnation Proceeds (other than proceeds, awards or settlements
to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in accordance with
the terms of the Mortgage Loan Documents, to the extent permitted by the REMIC Provisions), but excluding (x) all amounts for required
reserves or escrows required by the Mortgage Loan Documents to continue to be held as reserves or escrows or received as reimbursements
on account of recoveries in respect of Advances then due and payable or reimbursable to the Servicer under the Servicing Agreement
and (y) all amounts that are then due, payable or reimbursable to any Servicer, Operating Advisor, Certificate Administrator or
Trustee with respect to the Mortgage Loan pursuant to the Servicing Agreement with respect to the Mortgage Loan, shall be distributed
by the Servicer in the following order of priority without duplication (and payments shall be made at such times as are set forth
in the Servicing Agreement):

 

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

 

     -19-

     

    

 

(b)         
second, to the Note A Holder until the Note A Principal Balance has been reduced to zero;

 

(c)         
third, to the Note A Holder up to the amount of any unreimbursed costs and expenses paid by the Note A Holder with
respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

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

 

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

 

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

 

(g)         
seventh, to the Note B Holder in an amount equal all remaining amounts received with respect to the related Monthly
Payment Date, until the Note B Principal Balance has been reduced to zero;

 

(h)         
eighth, to the Note B Holder up to the amount of any unreimbursed costs and expenses paid by the Note B Holder with
respect to the Mortgage Loan pursuant to this Agreement or the Servicing Agreement, including any Recovered Costs;

 

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

 

(j)           
tenth, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note A Holder
in an amount up to its pro rata interest therein, based on the product of the Note A Percentage Interest multiplied by the
Note A Relative Spread;

 

(k)         
eleventh, any Prepayment Premium, to the extent paid by the Mortgage Loan Borrower, shall be paid to the Note B Holder
in an amount up to its pro rata interest therein, based on the product of the Note B Percentage Interest multiplied by the
Note B Relative Spread;

 

(l)           
twelfth, to the extent default interest, late fees, assumption or transfer fees actually paid by the Mortgage Loan
Borrower are not required to be otherwise applied under the

 

    -20-

     

    

 

Servicing Agreement, including, without limitation, to compensate a
Servicer under the Servicing Agreement, any such default interest, late fees, assumption or transfer fees, to the extent actually
paid by the Mortgage Loan Borrower, shall be paid to the Noteholders, pro rata, based on their respective Percentage Interests;
and

 

(m)        
thirteenth, if any excess amount is available to be distributed in respect of the Mortgage Loan, and not otherwise
applied in accordance with the foregoing clauses (a) to (l), any remaining amount shall be paid pro rata to each Noteholder
in accordance with their respective initial Percentage Interests.

 

Section 5.          
Administration of the Mortgage Loan.

 

(a)          
Subject to this Agreement (including, without limitation, Section 5(f) below) and the Servicing Agreement, the Note
A Holder (or the Servicer acting on behalf of the Note A 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 Note B Holder shall not have any voting, consent or other rights
whatsoever with respect to the Note A Holder’s administration of, or exercise of its rights and remedies with respect to,
the Mortgage Loan. Subject to this Agreement and the Servicing Agreement (including, without limitation, Section 5(f) below),
the Note B Holder agrees that it shall have no right to, and hereby presently and irrevocably assigns and conveys to the Note A
Holder (or the Servicer acting on behalf of the Note A Holder) the rights, if any, that the Note B Holder has to, (i) call or cause
the Note A 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 Note A Holder to file any bankruptcy petition
against the Mortgage Loan Borrower. The Note A Holder (or the Servicer acting on behalf of the Note A Holder) shall not have any
fiduciary duty to the Note B Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve
the Note A Holder from the obligation to make any disbursement of funds as set forth herein).

 

(b)         
The administration of the Mortgage Loan shall be governed by this Agreement and the Servicing Agreement. Each Noteholder
agrees to be bound by the terms of the Servicing Agreement and this Agreement. Servicing of the Mortgage Loan shall be carried
out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Mortgage Loan by the Special Servicer, in each case
pursuant to the Servicing Agreement and this Agreement. Notwithstanding anything to the contrary contained herein, in accordance
with the Servicing Agreement, the Note A 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 the Note A Holder and the Note
B Holder (it being understood that the interest of the Note B Holder is a junior Note interest, subject to the terms and conditions
of this Agreement), and so long as the Note B Holder is not the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party,
it shall be deemed a third party beneficiary of such provisions of the Servicing Agreement. The foregoing provisions of this Section 5(b)
shall not limit or modify

 

    -21-

     

    

 

the rights of the Controlling Noteholder and/or the Controlling Noteholder Representative to exercise
their respective rights specifically set forth under this Agreement.

 

(c)          
Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement
and this Agreement (including, without limitation, Section 5(f) below), if the Note A Holder in connection with a Workout
of the Mortgage Loan modifies the terms thereof such that (i) the unpaid principal balance of the Mortgage Loan is decreased,
(ii) the Interest Rate or scheduled amortization payments on the Mortgage Loan are reduced, (iii) payments of interest
or principal on the Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment (other than an increase in
the Interest Rate or increase in scheduled amortization payments) is made to any of the terms of the Mortgage Loan (other than
an extension of the Mortgage Loan maturity date), all payments to the Note A Holder pursuant to Section 3 and Section 4,
as applicable, shall be made as though such Workout did not occur, with the payment terms of Note A remaining the same as they
are on the date hereof, Note B shall bear the full economic effect of all waivers, reductions or deferrals of amounts due on the
Mortgage Loan attributable to such Workout (up to the amount otherwise due on Note B). Subject to the Servicing Agreement and this
Agreement (including without limitation Section 5(f) below), in the case of any modification or amendment described above,
the Note A Holder will have the sole authority and ability to revise the payment provisions set forth in Section 3 and Section 4
above in a manner that reflects the subordination of Note B to Note A with respect to the loss that is the result of such amendment
or modification, including: (i) the ability to increase the Note A Percentage Interest and to reduce the Note B Percentage
Interest in a manner that reflects a loss in principal as a result of such amendment or modification and (ii) the ability
to change the Note A Rate and the Note B Rate, as applicable, in order to reflect a reduction in the Interest Rate of the Mortgage
Loan but shall not be permitted to change the order of the clauses set forth in Sections 3 and 4 hereof. Notwithstanding the foregoing,
if any Workout, modification or amendment of the Mortgage Loan extends the original maturity date of the Mortgage Loan, for purposes
of this paragraph, the Balloon Payment will be deemed not to be due on the original maturity date of the Mortgage Loan but will
be deemed due on the extended maturity date of the Mortgage Loan.

 

(d)         
All rights and obligations of the Note A Holder described hereunder may be exercised by the Servicer on behalf of the Note
A Holder in accordance with the Servicing Agreement and this Agreement.

 

(e)          
For so long as Note A is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding:
(i) the Mortgage Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified
mortgage” within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired
by or on behalf of the Note A Holder pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure
of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of
the Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent
from any action of the Mortgage Loan Borrower, or exercise or refrain from exercising any powers or rights which the Noteholders
may have under the Mortgage Loan Documents, if any such action would constitute

 

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a “significant modification” of the
Mortgage Loan, within the meaning of Section 1.860G 2(b) of the regulations of the United States Department of the Treasury, more
than three months after the earliest startup day of any REMIC which includes Note A (or any portion thereof). The Noteholders agree
that the provisions of this Section 5(e) shall be effected by compliance by the Note A Holder or its assignees with this Agreement
or the Servicing Agreement or any other agreement which governs the administration of the Mortgage Loan or the Note A Holder’s
interests therein. All costs and expenses of compliance with this Section 5(e), to the extent that such costs and expenses relate
to administration of a REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions
or the actual payment of any REMIC tax or expense, shall be borne by the Note A Holder without reimbursement under Sections 3 or
4 hereof.

 

(f)          
If any consent, modification, amendment or waiver under or other action in respect of the Mortgage Loan or the Mortgage
Loan Documents (whether or not a Servicing Transfer Event has occurred and is continuing) that would constitute a Major Decision
has been requested or proposed, at least ten (10) Business Days prior to taking action with respect to such Major Decision (or
making a determination not to take action with respect to such Major Decision), the Note A Holder (or Servicer acting on its behalf)
shall request the written consent of the Controlling Noteholder (or its Controlling Noteholder Representative) before implementing
a decision with respect to such Major Decision.

 

If the Controlling Noteholder
(or its Controlling Noteholder Representative) fails to respond to the Note A Holder (or Servicer acting on its behalf) with respect
to any such proposed action within ten (10) Business Days after receipt of such notice, the Controlling Noteholder (or its Controlling
Noteholder Representative), as applicable, shall have no further consent rights with respect to such action.

 

The Controlling Noteholder
(or its Controlling Noteholder Representative) acknowledges that, if the “retaining sponsor” in the Securitization
has sold an “eligible horizontal interest” to a “third party purchaser” in accordance with Section _.7
of the Credit Risk Retention Rule, then following the occurrence of an “Operating Advisor Consultation Event” (or similar
term) under the Servicing Agreement the Operating Advisor may have the right to consult with the Special Servicer with respect
to Major Decisions.

 

Notwithstanding the foregoing,
following the occurrence of an extraordinary event with respect to any Mortgaged Property, or if a failure to take any such action
at such time would be inconsistent with the Servicing Standard, the Note A Holder (or Servicer acting on its behalf) may take actions
with respect to such Mortgaged Property before obtaining the consent of the Controlling Noteholder (or its Controlling Noteholder
Representative) if the Note A Holder (or Servicer acting on its behalf) reasonably determines in accordance with the Servicing
Standard that failure to take such actions prior to such consent would materially and adversely affect the interest of the Noteholders
as a whole, and the Note A Holder (or Servicer acting on its behalf) has made a reasonable effort to contact the Controlling Noteholder
(or its Controlling Noteholder Representative). The foregoing shall not relieve the Note A Holder (or Servicer acting on its behalf)
of its duties to comply with the Servicing Standard.

 

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

 

(g)         
The Controlling Noteholder shall be entitled to approve the Asset Status Report in accordance with the time frame provided
in the Servicing Agreement.

 

(h)         
(i) The Note B Holder, if it is determined at any time of determination to no longer be the Controlling Noteholder (the
“Appraised-Out Holder”) as a result of the application of an Appraisal Reduction Amount, shall have the right,
at its sole expense, to require the Special Servicer to order a second Appraisal with respect to the Mortgage Loan. The Special
Servicer shall use its reasonable efforts consistent with the Servicing Standard to ensure that such second Appraisal is delivered
within thirty (30) days from receipt of the Appraised-Out Holder’s written request and shall ensure that such Appraisal is
prepared on an “as-is” basis by an MAI appraiser (provided that such MAI appraiser may not be the same MAI appraiser
that provided the Appraisal in respect of which the Appraised-Out Holder is requesting the Special Servicer to obtain an additional
Appraisal).

 

(ii) Upon receipt of
any supplemental Appraisal pursuant to clause (i) above, the Special Servicer shall determine, in accordance with the Servicing
Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal Reduction Amount
is warranted, and if so warranted, the Special Servicer shall recalculate the Appraisal Reduction Amount based on such supplemental
Appraisal and any information received from the Master Servicer. If required by such recalculation, the Appraised-Out Holder shall
be reinstated as the Controlling Noteholder and, if applicable, shall have the Note B Principal Balance notionally restored to
the extent required by such recalculation of the Appraisal Reduction Amount. The Appraised-Out Holder requesting any supplemental
Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control, consent and/or similar rights of the
Controlling Noteholder until such time, if any, as the Appraised-Out Holder is reinstated as the Controlling Noteholder (such period
beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant to clause (i) above to
but excluding the date on which either (A) the Special Servicer determines that no recalculation of the Appraisal Reduction Amount
is warranted or (B) the Special Servicer recalculates the Appraisal Reduction Amount based on the supplemental Appraisal, the “Appraisal
Review Period”). The rights of the Controlling Noteholder during each Appraisal Review Period shall be exercised by the
Note A Holder.

 

(i)           
The Note B Holder shall be entitled to avoid a Control Appraisal Period caused by application of an Appraisal Reduction
Amount upon satisfaction of the following (which must be completed within thirty (30) days of the receipt of a third party Appraisal
that indicates such Control Appraisal Period has occurred): (i) the Note B Holder shall have

 

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delivered as a supplement to the appraised
value of the Mortgaged Property, in the amount specified in clause (ii) below, to the Servicer, together with documentation
acceptable to the Servicer in accordance with the Servicing Standard to create and perfect a first priority security interest in
favor of the Note A Holder in such collateral (a) cash collateral for the benefit of Note A, and acceptable to, the Servicer
or (b) an unconditional and irrevocable standby letter of credit with the Note A Holder as the beneficiary, issued by a bank or
other financial institutions the long term unsecured debt obligations of which are at all times rated at least “AA”
by S&P, “A” by Fitch and “Aa2” by Moody’s or the short term obligations of which are rated at
least “A-1+” by S&P, “F-1” by Fitch and “P-1” by Moody’s (either (a) or (b),
the “Threshold Event Collateral”), and (ii) the Threshold Event Collateral shall be in an amount which, when
added to the appraised value of the Mortgaged Property as determined pursuant to the Servicing Agreement, would cause the applicable
Control Appraisal Period not to occur. If the requirements of this paragraph are satisfied by the Note B Holder (a “Threshold
Event Cure”), no Control Appraisal Period caused by application of an Appraisal Reduction Amount shall be deemed to have
occurred. If a letter of credit is furnished as Threshold Event Collateral, the Note B Holder shall be required to renew such letter
of credit not later than thirty (30) days prior to expiration thereof or to replace such letter of credit with a substitute letter
of credit or other Threshold Event Collateral with an expiration date that is greater than forty-five (45) days from the date of
substitution; provided, however, that, if a letter of credit is not renewed prior to thirty (30) days prior to the
expiration date of such letter of credit, the letter of credit shall provide that the Servicer may (and at the direction of the
Note B Holder, shall) draw upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. If a letter
of credit is furnished as Threshold Event Collateral, the Note B Holder shall be required to replace such letter of credit with
other Threshold Event Collateral within thirty (30) days if the credit ratings of the issuing entity are downgraded below the required
ratings; provided, however, that, if such Threshold Event Collateral is not so replaced, the Servicer shall draw
upon such letter of credit and hold the proceeds thereof as Threshold Event Collateral. The Threshold Event Cure shall continue
until (i) the appraised value of the Mortgaged Property plus the value of the Threshold Event Collateral would not be sufficient
to prevent a Control Appraisal Period from occurring; or (ii) final liquidation of the Mortgage Loan or REO Property. If the
appraised value of the Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control
Appraisal Period without taking into consideration any, or some portion of, Threshold Event Collateral previously delivered by
the Note B Holder, any or such portion of Threshold Event Collateral held by the Servicer shall promptly be returned to the Note
B Holder (at its sole expense). Upon final liquidation or repayment of the Mortgage Loan or REO Property with respect to the Mortgage
Loan, such Threshold Event Collateral shall be available to reimburse each Noteholder for any realized loss pursuant to the priorities
provided in Section 3 or 4, as applicable, with respect to the Mortgage Loan after application of the net proceeds
of liquidation, not in excess of the Note A Principal Balance and the Note B Principal Balance, as the case may be, plus accrued
and unpaid interest thereon at the applicable interest rate and all other Additional Servicing Expenses reimbursable under this
Agreement and under the Servicing Agreement and any Threshold Event Collateral remaining after such reimbursement and payments
shall be returned to the Note B Holder. The entire amount of Threshold Event Collateral, without a haircut or other reduction,
shall be considered in determining the sufficiency of such Threshold Event Collateral to avoid a Control Appraisal Period.

 

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(j)           
The Servicer or Special Servicer shall obtain appraisals that meet the requirements of, and at the times required pursuant
to, the terms of the Servicing Agreement.

 

(k)         
If the Mortgaged Property becomes an REO Property, the same shall be acquired, managed and operated in the manner provided
in the Servicing Agreement.

 

(l)           
Prior to a Control Appraisal Period, the Note A Holder shall not be permitted to transfer all or any portion of Note B without
the prior consent of the Note B Holder. If a Control Appraisal Period has occurred and is continuing and the Mortgage Loan is a
Defaulted Mortgage Loan, the Note A Holder (or the Special Servicer acting on its behalf) shall have the right to sell Note B together
with Note A, without the Note B Holder’s consent, subject to satisfaction of the following conditions:

 

(A)       the Special Servicer has delivered to the Note B 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 material amendments to such bid packages) received by the Special Servicer in connection with any
such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for the Mortgage
Loan, and any documents in the servicing file reasonably requested by the Note B Holder that are material to the sale price of
the Mortgage Loan and (d) until the sale is completed and a reasonable period of time (but no less time than is afforded to other
offerors and the Controlling Class Representative (as such term is defined in the Servicing Agreement)) 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 any Servicer in connection with the proposed sale;

 

(B)        all offers are to be submitted to the Trustee in writing;

 

(C)        whether any cash offer constitutes a fair price for the Notes shall be determined by the Trustee; provided that no
offer from an Interested Person (as defined in the Servicing Agreement) shall constitute a fair price unless (a) it is the highest
offer received and (b) at least two bona fide other offers are received from independent third parties;

 

(D)        in determining whether any offer received represents a fair price for the Notes, the Trustee shall be supplied with and
shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Servicing Agreement within the preceding
nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal;

 

(E)         the Trustee may conclusively rely on the opinion of an Independent (as defined in the Servicing Agreement) appraiser or
other Independent expert in real estate matters retained by the Trustee at the

 

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expense of the Noteholders in connection with making
such determination; and

 

(F)         the Note B Holder shall be permitted to submit an offer at any sale of the Mortgage Loan unless such Person is the Mortgage
Loan Borrower or a Mortgage Loan Borrower Related Party.

 

The Note B Holder hereby
appoints the Note A Holder (or the Servicer acting on its behalf) as its agent, and grants to the Note A 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. The Note B Holder further agrees that, upon the request of the Note A Holder, it shall execute and deliver
to or at the direction of the Note A Holder (or the Servicer acting on its behalf) such powers of attorney or other instruments
as the Note A Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly
following request, and shall deliver originals of Note B, endorsed in blank, to or at the direction of the Note A Holder (or the
Servicer acting on its behalf) in connection with the consummation of any such sale.

 

The authority of the
Note A Holder to sell Note B and the obligations of the Note B Holder to execute and deliver instruments or deliver Note B,
upon request of the Note A Holder, shall terminate and cease to be of any further force or effect upon the date, if any, upon
which the Securitization is terminated in accordance with its terms.

 

Section 6.          
Appointment of the Controlling Noteholder Representative.

 

(a)          
The Controlling Noteholder shall have the right at any time to appoint a representative (the “Controlling Noteholder
Representative”) to exercise its rights hereunder. The Controlling Noteholder shall have the right in its sole discretion
at any time and from time to time to remove and replace the Controlling Noteholder Representative. When exercising its various
rights under Section 5 and elsewhere in this Agreement, the Controlling Noteholder may, at its option, in each case, act through
the Controlling Noteholder Representative. The Controlling Noteholder 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 Noteholder,
any officer or employee of the Controlling Noteholder, any Affiliate of the Controlling Noteholder or any other unrelated third
party. No such Controlling Noteholder Representative shall owe any fiduciary duty or other duty to any other Person (other than
the Controlling Noteholder). All actions that are permitted to be taken by the Controlling Noteholder under this Agreement may
be taken by the Controlling Noteholder Representative acting on behalf of the Controlling Noteholder and the Note A Holder will
accept such actions of the Controlling Noteholder Representative as actions of the Controlling Noteholder. The Note A Holder (or
any Servicer on its behalf) shall not be required to recognize any Person as an Controlling Noteholder Representative until the
Controlling Noteholder has notified the Note A Holder (and any Servicer) of such appointment and, if the Controlling Noteholder
Representative is not the same Person as the Controlling Noteholder, the Controlling Noteholder Representative provides the Note
A Holder (and any Servicer) with written confirmation of its acceptance of such appointment, an address (including e-mail) and
telecopy number for the delivery of notices and other correspondence and a list of officers or employees

 

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of such person with whom
the parties to this Agreement may deal (including their names, titles, work addresses (including e-mail) and telecopy numbers).
The Note A Holder shall promptly deliver such information to any Servicer.

 

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

 

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

 

Section 7.          
Special Servicer. Subject to the terms of the Servicing Agreement, the Note A Holder (or the holders of the majority
of the class of securities issued in a Securitization that is entitled to exercise such rights), at its expense (including, without
limitation, the reasonable costs and expenses of counsel to any third parties and costs and expenses of the terminated Special
Servicer), shall have the right to appoint a replacement Special Servicer under the Servicing Agreement, with or without cause.

 

Section 8.          
Payment Procedure.

 

(a)          
The Note A Holder (or the Servicer on its behalf), in accordance with the priorities set forth in Section 3 or 4, as applicable,
and subject to the terms of the Servicing Agreement, shall deposit or cause to be deposited all payments and collections on the
Mortgage Loan allocable to the Notes to the Collection Account for the Notes established pursuant to the Servicing Agreement. The
Note A Holder (or the Servicer on its behalf) shall establish a segregated sub-account for amounts due to the Note A Holder and
the Note B Holder. The Note A Holder (or the Servicer acting on its behalf) shall deposit such amounts to the applicable

 

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account
within two (2) Business Days of receipt of properly identified payments and collections by the Note A Holder (or the Servicer acting
on its behalf) from or on behalf of the Mortgage Loan Borrower.

 

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

 

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

 

(d)         
Each of the Note A Holder and the Note B 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 remit such excess to
the Note A Holder (or the Servicer on its behalf) subject to this Agreement and the Servicing Agreement. The Note A Holder (or
the Servicer on its behalf) shall have the right to offset any amounts due hereunder from the Note B Holder with respect to the
Mortgage Loan against any future payments due to the Note B Holder under the Mortgage Loan; provided that the Note A Holder’s
and the Note B Holder’s obligations under this Section 8 are separate and distinct obligations from one another and in no
event shall the Note A Holder (or the Servicer on its behalf) enforce the obligations of one Noteholder against another Noteholder.
Each Noteholder’s obligations under this Section 8 constitute absolute, unconditional and continuing obligations.

 

Section 9.          
Limitation on Liability of the Noteholders. Each Noteholder (including any Servicer, except as otherwise provided
in the Servicing Agreement) shall have no liability to the other Noteholder 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 Noteholder (or
Servicer).

 

The Note B Holder acknowledges
that, subject to the terms and conditions hereof and the obligation of the Note A Holder (including any Servicer) to comply with,
and except as

 

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otherwise required by, the Servicing Standard, the Note A Holder (including any Servicer) may exercise, or omit to
exercise, any rights that the Note A Holder may have under this Agreement and the Servicing Agreement in a manner that may be adverse
to the interests of the Note B Holder and that the Note A Holder (including any Servicer) shall have no liability whatsoever to
the Note B Holder in connection with the Note A Holder’s exercise of rights or any omission by the Note A Holder to exercise
such rights other than as described above; provided, however, that the Servicer must act in accordance with the Servicing
Standard, this Agreement and the Servicing Agreement and the Note A Holder shall not be protected against any liability to the
Note B Holder that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence.

 

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

 

Section 10.           
Bankruptcy. Subject to the provisions of Section 5(f) hereof, the Note B Holder hereby covenants and agrees that
only the Note A Holder (or the Servicer on its behalf) has the right to institute, file, commence, acquiesce, petition under Bankruptcy
Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an
Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its
property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Subject to the provisions
of Section 5(f) hereof, the Note B Holder further agrees that only the Note A Holder, as a creditor, 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 B Holder hereby
appoints the Note A Holder as its agent, and grants to the Note A Holder an irrevocable power of attorney coupled with an interest,
and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to the Note B Holder in
connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding,
including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election
under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate
the automatic stay with respect to the Mortgage Loan. The Note B Holder hereby agrees that, upon the request of the Note A Holder,
the Note B Holder shall execute, acknowledge and deliver to the Note A Holder all and every such further deeds, conveyances and
instruments as the Note A 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 and this Agreement.

 

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Section 11.           
Cure Rights of the Note B Holder.

 

(a)          
Subject to Section 11(b) below, in the event that the Mortgage Loan Borrower fails to make any payment of principal or interest
on the Mortgage Loan by the end of the applicable grace period for such payment permitted under the applicable Mortgage Loan Documents
(a “Monetary Default”), the Note A Holder shall promptly provide notice to the Note B Holder and the Controlling
Noteholder Representative of such default (the “Monetary Default Notice”). The Note B Holder shall have the
right, but not the obligation, to cure such Monetary Default within ten (10) Business Days after receiving the Monetary Default
Notice (the “Cure Period”). At the time a payment is made to cure a Monetary Default, the Note B Holder shall
pay or reimburse the Note A Holder for all unreimbursed Advances (whether or not recoverable), Advance Interest Amounts, any unpaid
fees to any Servicer and any Additional Servicing Expenses. The Note B Holder shall not be required, in order to effect a cure
hereunder, to pay any default interest or late charges under the Mortgage Loan Documents. So long as a Monetary Default exists
for which a cure payment permitted hereunder is made, such Monetary Default shall not be treated as an Event of Default by the
Note A Holder (including for purposes of (i) the definition of “Sequential Pay Event,” (ii) accelerating the Mortgage
Loan, modifying, amending or waiving any provisions of the Mortgage Loan Documents or commencing proceedings for foreclosure or
the taking of title by deed-in-lieu of foreclosure or other similar legal proceedings with respect to the Mortgaged Property, or
(iii) treating the Mortgage Loan as a Specially Serviced Mortgage Loan); provided that such limitation shall not prevent
the Note A Holder from collecting default interest or late charges from the Mortgage Loan Borrower. Any amounts advanced by a Noteholder
on behalf of the Mortgage Loan Borrower to effect any cure shall be reimbursable to such Noteholder under Section 3 or Section 4,
as applicable.

 

(b)         
Notwithstanding anything to the contrary contained in Section 11(a), the Note B Holder shall be limited to six (6) cures
of Monetary Defaults in any 12 month period, but in no event more than twelve (12) cures of Monetary Defaults over the term of
the Mortgage Loan, and six (6) cures of Non-Monetary Defaults over the term of the Mortgage Loan, it being understood that a Non-Monetary
Default Cure Period that may extend longer than one month in accordance with Section 11(d) shall be considered to be a single cure.
Additional Cure Periods shall only be permitted with the consent of the Note A Holder.

 

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

 

(d)         
If an Event of Default (other than a Monetary Default) occurs and is continuing under the Mortgage Loan Documents (a “Non-Monetary
Default”), the Note A Holder (or the Servicer on its behalf) shall promptly provide notice to the Note B Holder and the
Controlling Noteholder Representative of such failure (the “Non-Monetary Default Notice”) and

 

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the Note B Holder
shall have the right, but not the obligation, to cure such Non-Monetary Default within ten (10) days from the later of (i) the
expiration of the cure period of the Mortgage Loan Borrower under the Mortgage Loan Documents and (ii) receipt of the Non-Monetary
Default Notice; provided, however, if such Non-Monetary Default is susceptible of cure but cannot reasonably be cured
within such period and if curative action was promptly commenced and is being diligently pursued by the Note B Holder, the Note
B Holder shall be given an additional period of time as is reasonably necessary to enable the Note B Holder in the exercise of
due diligence to cure such Non-Monetary Default for so long as (i) the Note B Holder diligently and expeditiously proceeds to cure
such Non-Monetary Default, (ii) the Note B Holder makes all cure payments that it is permitted to make in accordance with the terms
and provisions of Section 11(a) hereof, (iii) such additional period of time does not exceed sixty (60) days, (iv) such Non-Monetary
Default is not caused by an Insolvency Proceeding or during such period of time that the Note B Holder has to cure a Non-Monetary
Default in accordance with this Section 11(d) (the “Non-Monetary Default Cure Period”), an Insolvency Proceeding
does not occur and (v) during such Non-Monetary Default Cure Period, there is no material adverse effect on the Mortgage Loan Borrower
or the Mortgaged Property or the value of the Mortgage Loan as a result of such Non-Monetary Default or the attempted cure.

 

Section 12.           
Purchase of Note A by the Note B Holder. The Note B Holder shall have the right, by written notice to the Note A
Holder (a “Noteholder Purchase Notice”), delivered at any time an Event of Default under the Mortgage Loan has
occurred and is continuing, to purchase, in immediately available funds, Note A in whole but not in part at the applicable Defaulted
Mortgage Loan Purchase Price. Upon the delivery of the Noteholder Purchase Notice to the Note A Holder, the Note A Holder shall
sell (and the Note B Holder shall purchase) Note A (including, without limitation, any Notes therein) at the applicable Defaulted
Mortgage Loan Purchase Price, on a date (the “Defaulted Note Purchase Date”) (i) not more than ten (10) Business
Days after the written exercise by the Note B Holder to purchase Note A or (ii) not more than thirty (30) days after the written
exercise by the Note B Holder to purchase Note A if the Note B Holder deposits 10% of the Defaulted Mortgage Loan Purchase Price
with the Note A Holder within ten (10) Business Days after the written exercise of the Note B Holder to purchase Note A. The Noteholder
Purchase Notice shall contain a statement that the Note B Holder’s failure to purchase Note A on a Defaulted Note Purchase
Date will result in the termination of such right. The Note B Holder agrees that the sale of Note A shall comply with all requirements
of the Servicing Agreement and that all costs and expenses related thereto shall be paid by the Note B Holder. The Defaulted Mortgage
Loan Purchase Price shall be calculated by the Note A Holder (or the Servicer on its behalf) three (3) Business Days prior to the
Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included in the Defaulted Mortgage
Loan Purchase Price), and shall, absent manifest error, be binding upon the Note B Holder. Concurrently with the payment to the
Note A Holder in immediately available funds of its respective portion of the applicable Defaulted Mortgage Loan Purchase Price,
the Note A Holder shall execute at the sole cost and expense of the Note B Holder in favor of the Note B Holder assignment documentation
that will assign Note A and the Mortgage Loan Documents without recourse, representations or warranties (except the Note A Holder,
and the Note B Holder, as applicable, will represent and warrant that it had good and marketable title to, was the sole owner and
holder of, and had power and authority to deliver the Mortgage Loan or Note, as applicable, free and clear of all liens and encumbrances).
The right of the Note B Holder to purchase Note A shall automatically terminate upon a foreclosure sale,

 

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sale by power of sale
or acceptance of a deed in lieu of foreclosure with respect to the Mortgaged Property (and the Note A Holder shall give the Note
B Holder fifteen (15) days notice of its intent with respect to any such action). Notwithstanding the foregoing sentence, if title
to the Mortgaged Property is transferred to the Note A Holder (or a designee on its behalf) less than fifteen (15) days after
the acceleration of the Mortgage Loan, the Note A Holder shall notify the Note B Holder of such transfer and the Note B Holder
shall have a fifteen (15) day period from the date of such notice from the Note A Holder to deliver the Noteholder Purchase
Notice to the Note A Holder, in which case the Note B Holder will be obligated to purchase the Mortgaged Property, in immediately
available funds, within such fifteen (15) day period at the applicable Defaulted Mortgage Loan Purchase Price.

 

Section 13.           
Representations of the Note B Holder. The Note B Holder represents, and it is specifically understood and agreed,
that it is acquiring Note B for its own account in the ordinary course of its business and the Note A Holder shall otherwise have
no liability or responsibility to the Note B Holder except as expressly provided herein or for actions that are taken or omitted
to be taken by the Note A Holder that constitute gross negligence or willful misconduct or that constitute a breach of this Agreement.
The Note B Holder represents and warrants that the execution, delivery and performance of this Agreement is within its corporate
powers, has been duly authorized by all necessary corporate action, and does not contravene its charter or any law or contractual
restriction binding upon the Note B Holder, and that this Agreement is the legal, valid and binding obligation of the Note B Holder
enforceable against the Note B Holder in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and except
that the enforcement of rights with respect to indemnification and contribution obligations may be limited by applicable law. The
Note B Holder represents and warrants that it is duly organized, validly existing, in good standing and possesses of all licenses
and authorizations necessary to carry on its business. The Note B Holder represents and warrants that (a) this Agreement has been
duly executed and delivered by the Note B Holder, (b) to the Note B Holder’s actual knowledge, all consents, approvals, authorizations,
orders or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance
of this Agreement by the Note B Holder have been obtained or made, (c) to the Note B Holder’s actual knowledge, there is
no pending action, suit or proceeding, arbitration or governmental investigation against the Note B Holder, an adverse outcome
of which would materially and adversely affect its performance under this Agreement and (d) the acquisition and holding of Note
B will not result in a non-exempt violation of any applicable federal, state or local law that is materially similar to Section
406 of ERISA or Section 4975 of the Code.

 

The Note B Holder acknowledges
that the Note A Holder does not owe the Note B Holder any fiduciary duty with respect to any action taken under the Mortgage
Loan Documents and, except as provided herein, need not consult with the Note B Holder with respect to any action taken by the
Note A Holder in connection with the Mortgage Loan.

 

The Note B Holder expressly
and irrevocably waives for itself and any Person claiming through or under the Note B Holder any and all rights that it may have
under Section 1315 of the New York Real Property Actions and Proceedings Law or the provisions of

 

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any similar law which purports
to give a junior loan Noteholder the right to initiate any loan enforcement or foreclosure proceedings.

 

Section 14.           
Representations of the Initial Note A Holder. The Initial Note A 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 the Initial Note A Holder’s charter or any law or contractual restriction binding upon the
Initial Note A Holder, and that this Agreement is the legal, valid and binding obligation of the Initial Note A Holder enforceable
against the Initial Note A Holder in accordance with its terms. The Initial Note A Holder represents and warrants that it is duly
organized, validly existing, in good standing and possession of all licenses and authorizations necessary to carry on its business.
The Initial Note A Holder represents and warrants that (a) this Agreement has been duly executed and delivered by the Initial
Note A Holder, (b) to the Initial Note A Holder’s actual knowledge, all consents, approvals, authorizations, orders
or filings of or with any court or governmental agency or body, if any, required for the execution, delivery and performance of
this Agreement by the Initial Note A Holder has been obtained or made and (c) to the Initial Note A Holder’s actual
knowledge, there is no pending action, suit or proceeding, arbitration or governmental investigation against the Initial Note A
Holder, an adverse outcome of which would materially and adversely affect its performance under this Agreement.

 

Section 15.           
Independent Analysis of the Note B Holder. The Note B Holder acknowledges that it has, independently and without
reliance upon the Note A Holder, except with respect to the representations and warranties provided by the Note A Holder herein,
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to purchase
Note B and the Note B Holder accepts responsibility therefor. The Note B Holder hereby acknowledges that, other than the representations
and warranties provided herein, the Note A Holder has made no representations or warranties with respect to the Mortgage Loan,
subject to such representations and warranties as provided by the Note A Holder herein, and that the Note A Holder shall have no
responsibility for (i) the collectibility of the Mortgage Loan, (ii) the validity, enforceability or legal effect of any of the
Mortgage Loan Documents or the title insurance policy or policies or any survey furnished or to be furnished to the Note A Holder
in connection with the origination of the Mortgage Loan, (iii) the validity, sufficiency or effectiveness of the lien created or
to be created by the Mortgage Loan Documents, or (iv) the financial condition of the Mortgage Loan Borrower. The Note A Holder
assumes all risk of loss in connection with Note A except as specifically set forth herein. The Note B Holder assumes all risk
of loss in connection with Note B except as specifically set forth herein.

 

Section 16.           
No Creation of a Partnership or Exclusive Purchase Right. Nothing contained in this Agreement, and no action taken
pursuant hereto shall be deemed to constitute the relationship created hereby among any of the Noteholders as a partnership, association,
joint venture or other entity. The Note A Holder shall have no obligation whatsoever to offer to the Note B Holder the opportunity
to purchase a Note interest in any future loans originated by the Note A Holder or its Affiliates and if the Note A Holder chooses
to offer to the Note B Holder the opportunity to purchase a Note interest in any future mortgage loans originated by the Note A
Holder or its Affiliates, such offer shall be at such purchase price and interest rate as the Note A Holder chooses, in its sole
and absolute discretion. The Note B

 

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Holder shall not have any obligation whatsoever to purchase from the Note A Holder a Note interest
in any future loans originated by the Note A Holder or its Affiliates.

 

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

 

Section 18.           
Other Business Activities of the Noteholders. Each Noteholder acknowledges that any Noteholder or its Affiliates
may make loans or otherwise extend credit to, and generally engage in any kind of business with, any Affiliate of the Mortgage
Loan Borrower Related Party, and receive payments on such other loans or extensions of credit to Mortgage Loan Borrower Related
Parties and otherwise act with respect thereto freely and without accountability in the same manner as if this Agreement and the
transactions contemplated hereby were not in effect.

 

Section 19.           
Sale of Note A and Note B.

 

(a)          
The Note B Holder agrees that it will not Transfer all or any portion of Note B except that the Note B Holder shall have
the right to Transfer its respective Note, or any portion thereof, without the consent of the Note A Holder or any other Person
(i) to a Qualified Transferee, or (ii) to an entity that is not a Qualified Transferee; provided that:

 

(A) in the
case of both clauses (i) and (ii) such transfer would not cause Note B to be directly held by more than five (5) Persons, and

 

(B) in the
case of clause (ii) the Note B Holder obtains (1) prior to a Securitization, the consent of the Note A Holder, which shall not
be unreasonably withheld, delayed or conditioned and (2) after a Securitization, Rating Agency Confirmation (and for avoidance
of doubt, no consent of the Note A Holder shall be required after a Securitization).

 

If Note B is held by
more than one Note B Holder at any time, the holders of a majority of the Note B Principal Balance shall immediately appoint a
representative to exercise all rights of Note B hereunder.

 

Notwithstanding the foregoing,
without the Note A Holder’s prior consent, which may be withheld in the Note A Holder’s sole discretion, the Note B
Holder shall not Transfer all or any portion of Note B to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party
and any such Transfer shall be absolutely null and void and shall vest no rights in the purported transferee. The Note B Holder
agrees it will pay the reasonable documented expenses of the Note A Holder (including all expenses of the Master Servicer and the
Special Servicer) in connection with any such Transfer by the Note B Holder. The Agent shall provide two (2) Business Days prior
written notice to each Rating Agency of any Transfer of Note B.

 

(b)         
Notwithstanding the foregoing, the Note B Holder shall have the right, without the need to obtain the consent of the Note
A Holder or any other Person, to Transfer 49% or less (in the aggregate) of its interest in Note B to any Person; provided
that any such Transfer shall be made in accordance with the other terms of this Section 19.

 

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(c)          
All Transfers of Note B, other than transfer of a participation interest in Note B, under Sections 19(a) and (b) shall be
made upon written notice to the Note A Holder not later than the date of such Transfer, and each transferee shall (i) execute
an assignment and assumption agreement whereby such transferee represents that it is a Qualified Transferee (except in the case
of a transfer of less than 49% of Note B) or that the applicable consent and/or confirmation described in Section 19(a) has been
obtained and assumes all or a ratable portion, as the case may be, of the obligations of the Note B Holder hereunder with respect
to Note B from and after the date of such assignment (or, in the case, of a pledge, collateral assignment or other encumbrance
made in accordance with Section 19(g) by the Note B Holder of Note B solely as security for a loan to the Note B Holder made by
a third-party lender whereby the Note B Holder remains fully liable under this Agreement, on or before the date on which such
lender succeeds to the rights of the Note B Holder by foreclosure or otherwise, such third-party lender executes an agreement that
such lender shall be bound by the terms and provisions of this Agreement and the obligations of the Note B Holder hereunder) and
(ii) agree in writing to be bound by the Servicing Agreement.

 

(d)         
Upon the consummation of a Transfer of all or any portion of Note B in accordance with this Agreement, the transferring
Person shall be released from all liability arising under this Agreement with respect to Note B (or the portion thereof that was
the subject of such Transfer), for the period after the effective date of such Transfer (it being understood and agreed that the
foregoing release shall not apply in the case of a sale, assignment, transfer or other disposition of a participation interest
in Note B as described in clause (e) below). In connection with any such permitted transfer of a portion of Note B and for
all purposes of this Agreement, the Note A Holder need only recognize the majority holder of Note B for purposes of notices, consents
and other communications between the Note A Holder and such majority holder of Note B shall be the only Person authorized hereunder
to exercise any rights of the Note B Holder under this Agreement; provided, however, the majority holder of
Note B may from time to time designate any other Person as an additional party entitled to receive notices, consents and other
communications and/or to exercise rights on behalf of the Note B Holder hereunder by delivering written notice thereof to the Note
A Holder, and, from and after delivery of such notice, such designee shall be so authorized hereunder and shall be the only party
entitled to receive such notices, consents and such other communications and/or to exercise such rights.

 

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

 

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(f)          
The Note A Holder shall have the right to Transfer all or any portion of Note A without the prior consent of any Noteholder
except that, the Note A Holder shall not Transfer all or any portion of Note A to the Mortgage Loan Borrower or a Mortgage Loan
Borrower Related Party and any such Transfer to the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party shall be absolutely
null and void and shall vest no rights in the purported transferee.

 

(g)         
Notwithstanding anything to the contrary contained herein, each Noteholder may pledge or transfer (a “Pledge”)
its Note to any entity (other than the Mortgage Loan Borrower or any Affiliate thereof) that has either extended a credit or repurchase
facility to, or is involved in the facilitation of a securities issuance program for, such Noteholder 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 19(g), it being further agreed that
a financing provided by a Note Pledgee to a Noteholder or any Affiliate that Controls such Noteholder that is secured by such Noteholder’s
interest in its respective Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder;
provided that a Note Pledgee that is not a Qualified Transferee may not take title to the pledged Note without (a) prior
to Securitization, the consent of each other Noteholder and (b) after Securitization, Rating Agency Confirmation. Upon written
notice, if any, by the pledging Noteholder to the other Noteholder and the Servicer that a Pledge has been effected (including
the name and address of the applicable Note Pledgee), the other Noteholder agrees to acknowledge receipt of such notice and thereafter
agrees: (i) to give such Note Pledgee written notice of any default by the pledging Noteholder in respect of its obligations
under this Agreement of which default such Noteholder has actual knowledge and which shall be given simultaneously with the giving
of such notice to the pledging Noteholder; (ii) to allow such Note Pledgee a period of ten (10) Business Days to cure
a default by the pledging Noteholder in respect of its obligations to the other Noteholder hereunder, but such Note Pledgee shall
not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement
shall be effective against such Note Pledgee without the written consent of such Note Pledgee, which consent shall not be unreasonably
withheld, conditioned or delayed 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 Business Days after request thereof; (iv) that
the other Noteholder shall accept any cure by such Note Pledgee of any default of the pledging Noteholder which such pledging Noteholder
has the right to effect hereunder, as if such cure were made by such pledging Noteholder; (v) that the other Noteholder or
any 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 Noteholder; and (vi) that, upon written
notice (a “Redirection Notice”) to the other Noteholder and any Servicer by such Note Pledgee that the pledging
Noteholder is in default, beyond any applicable cure periods with respect to the pledging Noteholder’s obligations to such
Note Pledgee pursuant to the applicable credit agreement or other agreement relating to the Pledge between the pledging Noteholder
and such Note Pledgee (which notice need not be joined in or confirmed by the pledging Noteholder), and until such Redirection
Notice is withdrawn or rescinded by such Note Pledgee, Note Pledgee (or at any time that the pledging Noteholder otherwise directs
that such payments be made to Note Pledgee pursuant to a separate notice)

 

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shall be entitled to receive any payments that any Noteholder
or Servicer would otherwise be obligated to pay to the pledging Noteholder from time to time pursuant to this Agreement or any
Servicing Agreement. Any pledging Noteholder hereby unconditionally and absolutely releases the other Noteholder and any Servicer
from any liability to the pledging Noteholder on account of any Noteholder’s or Servicer’s compliance with any Redirection
Notice believed by any Servicer or other Noteholder 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 Noteholder (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 Noteholder and the Note Pledgee and this Agreement. In such event, or if the pledging Noteholder otherwise assigns
its interests to the Note Pledgee, the other Noteholder and any Servicer shall recognize such Note Pledgee (and any transferee
other than the Mortgage Loan Borrower or any Affiliate thereof 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 its successor and assigns, as the successor to the
pledging Noteholder’s rights, remedies and obligations under this Agreement, and any such Note Pledgee or Qualified Transferee
shall assume in writing the obligations of the pledging Noteholder hereunder accruing from and after such Transfer (i.e., realization
upon the collateral by such Note Pledgee) and agrees to be bound by the terms and provisions of this Agreement. The rights of a
Note Pledgee under this Section 19(g) shall remain effective as to any Noteholder (and any Servicer) unless and until such
Note Pledgee shall have notified any such Noteholder (and any Servicer, as applicable) in writing that its interest in the pledged
Note has terminated.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 21.           
Registration of Note A and Note B. 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, the principal amount (and stated interest)
of the Notes owing to each Noteholder 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 Section 19(c), shall be registered in the
Note Register. The Person in whose name a Note is so registered shall be deemed and treated as the sole owner and holder thereof
for all purposes of this Agreement, except in the case of the Initial Note A Holder and the Initial Note B Holder who may hold
their Notes through a nominee. Upon request of a Noteholder, the Agent shall provide such party with the names and addresses of
the Noteholders. To the extent another party is appointed as Agent hereunder, the Note A Holder and the Note B Holder hereby designate
such person as its agent under this Section 21 solely for purposes of maintaining the Note Register.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 26.           
Modifications; Amendment. This Agreement shall not be modified, cancelled or terminated except by an instrument in
writing signed by the parties hereto (other than as set forth in Section 5(c)) and, after Securitization, any modification that
materially affects the rights of the Note A Holder shall be subject to Rating Agency Confirmation, except that no Rating Agency
Confirmation shall be required in connection with a modification to cure any ambiguity or to correct or supplement any provision
herein that may be defective or inconsistent with any other provisions herein or with the Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

Section 32.           
Withholding Taxes.

 

(a)          
If the Note A Holder or the Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest,
fees or other amounts payable to the Note B Holder with respect to the Mortgage Loan as a result of the Note B Holder constituting
a Non-Exempt Person, the Note A Holder, in its capacity as servicer, shall be entitled to do so with respect to the Note B Holder’s
interest in such payment (all withheld amounts being deemed paid

 

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to the Note B Holder); provided that the Note A Holder
shall furnish the Note B Holder with a statement setting forth the amount of Taxes withheld, the applicable rate and other information
which may reasonably be requested for purposes of assisting the Note B Holder to seek any allowable credits or deductions for the
Taxes so withheld in each jurisdiction in which the Note B Holder is subject to tax.

 

(b)         
The Note B Holder shall and hereby agrees to indemnify the Note A Holder against and hold the Note A Holder harmless from
and against any Taxes, interest, penalties and reasonable attorneys’ fees and disbursements arising or resulting from any
failure of the Note A Holder (or the Servicer on its behalf) to withhold Taxes from payment made to the Note B Holder in reliance
upon any representation, certificate, statement, document or instrument made or provided by the Note B Holder to the Note A Holder
in connection with the obligation of the Note A Holder to withhold Taxes from payments made to the Note B Holder, it being expressly
understood and agreed that the Note A 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.

 

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

 

Section 33.           
Custody of Mortgage Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note B) shall
be held by the Note A Holder (or a custodian acting on behalf of the Note A Holder) on behalf of the registered holders of the
Notes. Notwithstanding anything to the contrary in this Agreement, upon a Securitization of Note A, the originals of all of the
Mortgage Loan Documents (other than Note B) shall be held by the custodian for the Securitization.

 

    -42-

     

    

 

Section 34.           
Notices. All notices required hereunder shall be given by (i) telephone (confirmed promptly in writing) or shall
be in writing and personally delivered, (ii) sent by facsimile transmission (during business hours) if 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.

 

All notices and reports
(including, without limitation, Asset Status Reports) required to be delivered hereunder by the Note A Holder (or the Servicer
on its behalf) to the Controlling Noteholder (or its Controlling Noteholder Representative), or by the Controlling Noteholder (or
its Controlling Noteholder Representative) to the Note A Holder (or the Servicer on its behalf), shall also be delivered by the
applicable party to the Note B Holder.

 

Section 35.           
Broker. The Note A Holder and the Note B Holder represent to each other that no broker was responsible for bringing
about this transaction.

 

Section 36.           
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 20;

 

(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 of the Noteholders 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 20; and

 

(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.

 

    -43-

     

    

 

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

 

The Agent may resign
at any time upon notice, so long as a successor Agent, reasonably satisfactory to the Noteholders, has agreed to be bound by this
Agreement and perform the duties of the Agent hereunder. Natixis, as Initial Agent, may transfer its rights and obligations to
the Servicer, as successor Agent, at any time without the consent of any Noteholder. Natixis, as Initial Agent, shall promptly
and diligently attempt to cause such Servicer to act as successor Agent, and, if such Servicer declines to act in such capacity,
shall promptly and diligently attempt to cause a similar servicer to act as successor Agent. The termination or resignation of
such Servicer, as Servicer under the Servicing Agreement, shall be deemed a termination or resignation of such Servicer as Agent
under this Agreement.

 

Upon a Securitization
of Note A, the Certificate Administrator shall automatically become and be the Agent.

 

Section 38.           
Servicing of the Loan. Pursuant to the Servicing Agreement, the Master Servicer (whose identity may change from time
to time as provided in the Servicing Agreement) will be appointed as the servicer of the Mortgage Loan and the Special Servicer
(whose identity may change from time to time as provided in the Servicing Agreement) will be appointed as the special servicer
of the Mortgage Loan, and the parties agree that the Master Servicer and Special Servicer will service the Mortgage Loan on behalf
of each Noteholder pursuant to the Servicing Agreement and subject to the terms hereof. The Note A Holder shall not enter into
any amendment to any Servicing Agreement that would materially and adversely affect the rights or interests of the Note B Holder
without obtaining the Note B Holder’s prior written consent which shall not be unreasonably withheld, conditioned or delayed.

 

Section 39.           
Conflict. To the extent of any inconsistency between the Servicing Agreement, on one hand, and this Agreement (without
regard to any references in this Agreement to the effect that a given defined term shall have the meaning of such defined term
or an analogous term in the Servicing Agreement), on the other, this Agreement shall control.

 

Section 40.           
Resizing. Notwithstanding any other provision of this Agreement, for so long as Natixis or an Affiliate of Natixis
(collectively, an “Original Entity”) is the owner of any Note (the “Owned Note”), such Original
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 and/or
interest 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) immediately after giving effect to such amendment, the weighted average interest
rate of the Notes will be equal to the initial weighted average interest rate of the Notes immediately prior to such amendment,
(iii) such reallocated or

 

    -44-

     

    

 

component notes shall be automatically subject to the terms of this Agreement, and (iv) the Original
Entity holding the New Notes shall notify the other Noteholder, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee in writing of such modified allocations and principal amounts. A New Note may be structured as a pari passu
or senior/subordinate note. If the other Noteholder so requests, the Original 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 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 other Noteholder. In connection with
the foregoing (provided the conditions set forth in (i) through (iv), as certified by the Original 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 Noteholders, as applicable, solely for the purpose of
reflecting such reallocation of principal and/or interest. If a New Note is created out of Note A, the Original Entity shall designate
which Note will be eligible for “control” during a Control Appraisal Period and the holders of all other New Notes
will be treated as “Non-Controlling Senior Noteholders.” 

 

[SIGNATURE PAGE FOLLOWS]

 

    -45-

     

    

 

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

 

	 	NATIXIS REAL ESTATE CAPITAL LLC, as Initial Note A Holder and Initial Agent
	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name: Andrew Taylor
	 	 	Title: Managing Director, Head of CMBS Americas
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title: Vice President
	 	 	 
	 	NATIXIS REAL ESTATE CAPITAL LLC, as Initial Note B Holder
	 	 	 
	 	By:	/s/ Andrew Taylor
	 	 	Name: Andrew Taylor
	 	 	Title: Managing Director, Head of CMBS Americas
	 	 	 
	 	By:	/s/ Matthew McGowan
	 	 	Name: Matthew McGowan
	 	 	Title: Vice President

 

7105-7115 37th
Avenue – Co-Lender (A/B)

     

     

    

 

EXHIBIT A

MORTGAGE LOAN SCHEDULE

 

A.       Description of
Mortgage Loan:

 

	Mortgage Loan:	7105-7115 37th Avenue
	Mortgage Loan Borrower:	590-600 One Realty Corp.
	Date of the Mortgage Loan and the Mortgage: 	August 9, 2019
	Initial Principal Amount of Mortgage Loan:	$16,500,000.00
	Location of Mortgaged Property:	Jackson Heights, NY
	Initial Maturity Date:	September 5, 2029

 

B.       Description of
Notes:

 

	Initial Note A Principal Balance:	$14,500,000.00
	Initial Note B Principal Balance:	$2,000,000.00
	Initial Note A Percentage Interest: 	87.878788%
	Initial Note B Percentage Interest:	12.121212%
	Note A Rate:	4.60%
	Note B Rate:	4.60%

 

    A-1

     

    

 

EXHIBIT B

 

Initial Note A Holder and Initial Note B Holder:

NATIXIS REAL ESTATE CAPITAL LLC

Notice Address:

Natixis Real Estate Capital LLC

1251 Avenue of the Americas

New York, New York 10020

Attention: Real Estate Administration

Facsimile: (212) 891-5777

Email: USCIBSAFAssetManagementTeam@natixis.com

 

with a copy to:

Natixis North America LLC

Office of the General Counsel

1251 Avenue of the Americas

New York, New York 10020

 

for legal notices, with a copy to:

CMBSlegal.notices@natixis.com

 

    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.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    C-1Exhibit 4.22

 

EXECUTION COPY

	 

 

Shoppes at Parma

 

CO-LENDER AGREEMENT

 

Dated as of November 27, 2019

 

between

 

TUEBOR TRS II LLC

(Initial Note A-1-A Holder)

 

and

 

TUEBOR TRS II LLC

(Initial Note A-2-A Holder)

 

and

 

TUEBOR TRS II LLC

(Initial Note A-3-A Holder)

	 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	1.   	Definitions; Conflicts	2
	2.   	Servicing of the Mortgage Loan	14
	3.   	Priority of  Notes	16
	4.   	Workout	17
	5.   	Accounts; Payment Procedure	17
	6.   	Limitation on Liability	18
	7.   	Representations of the Holders	18
	8.   	Independent Analyses of each Holder	19
	9.   	No Creation of a Partnership or Exclusive Purchase Right	19
	10.   	Not a Security	19
	11.   	Other Business Activities of the Holders	19
	12.   	Transfer of Notes	20
	13.   	Exercise of Remedies by the Servicer	22
	14.   	Rights of the Directing Holder	24
	15.   	Appointment of Special Servicer	25
	16.   	Rights of the Non-Directing Holders	26
	17.   	Advances; Reimbursement of Advances	27
	18.   	Provisions Relating to Securitization	28
	19.   	Governing Law; Waiver of Jury Trial	34
	20.   	Modifications	34
	21.   	Successors and Assigns; Third Party Beneficiaries	34
	22.   	Counterparts	34
	23.   	Captions	35
	24.   	Notices	35
	25.   	Custody of Mortgage Loan Documents	35

 

    -i-

     

    

 

THIS CO-LENDER AGREEMENT
(the “Agreement”), dated as of November 27, 2019, is between TUEBOR TRS II LLC, a Michigan limited liability
company (“TTRS”), having an address at 345 Park Avenue, 8th Floor, New York, New York 10154, as the holder of
Note A-1-A (“Initial Note A-1-A Holder”), TTRS, as the holder of Note A-2-A (“Initial Note
A-2-A Holder”) and TTRS, as the holder of Note A-3-A (“Initial Note A-3-A Holder”).

 

W I T N E S S E T H:

 

WHEREAS, Ladder Capital
Finance LLC (“LCF”) has made a mortgage loan in the original principal amount of $57,075,000 (the “Mortgage
Loan”) to Allied Development of Parma, LLC (the “Borrower”) pursuant to a loan agreement between the
Borrower, as borrower, and LCF, as lender, dated as of November 15, 2019 (the “Loan Agreement”);

 

WHEREAS, the Mortgage
Loan was originally evidenced, inter alia, by three promissory notes, each dated November 15, 2019: a note in the original
principal amount of $30,000,000 (“Original Note A-1”) made by the Borrower in favor of LCF, a note in the original
principal amount of $22,075,000 (“Original Note A-2”) made by the Borrower in favor of LCF and a note in the
original principal amount of $5,000,000 (“Original Note A-3,” together with Original Note A-1 and Original Note
A-2, the “Original Notes”) made by the Borrower in favor of LCF;

 

WHEREAS, on November
19, 2019 LCF transferred its right, title and interest in Original Note A-1, Original Note A-2 and Original Note A-3 to TTRS;

 

WHEREAS, pursuant to
a Note Reallocation and Modification Agreement dated as of November 27, 2019, the Original Notes were replaced with the following
three promissory notes: a note in the original principal amount of $35,000,000 (as amended, modified or supplemented, “Note
A-1-A”) made by the Borrower in favor of TTRS, a note in the original principal amount of $14,000,000 (as amended, modified
or supplemented, “Note A-2-A”) made by the Borrower in favor of TTRS and a note in the original principal amount
of $8,075,000 (as amended, modified or supplemented, “Note A-3-A”, and together with Note A-1-A and Note A-2-A,
collectively, as amended, modified or supplemented, the “Notes”) made by the Borrower in favor of TTRS.;

 

WHEREAS, the Mortgage
Loan is secured by a first mortgage lien (the “Mortgage”) on the Borrower’s fee interest in the property
known as The Shoppes at Parma located at 7401-8659 W. Ridgewood Drive, Parma, OH 44129 (the “Mortgaged Property”);

 

WHEREAS, TTRS intends,
but is not bound, to sell, transfer and assign all of its right, title and interest in and to Note A-1-A to Citigroup Commercial
Mortgage Securities, Inc. (“Citi”), as depositor, pursuant to a mortgage loan purchase agreement to be dated
on or about December 23, 2019, by and between Citi, as purchaser, and TTRS, as seller, and Citi, as purchaser, intends to transfer
its right, title and interest in and to Note A-1-A to Citigroup Commercial Mortgage Trust 2019-C7;

 

     

     

    

 

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, 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-A PSA, the Note A-2-A PSA or the Note A-3-A 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.

 

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

 

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

 

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

 

“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.

 

“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

 

    -2-

     

    

 

(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-A Securitization, the Note A-2-A Securitization or the Note A-3-A
Securitization.

 

“Citi”
shall mean Citigroup Commercial Mortgage Securities, Inc. and its successors in interest.

 

“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.

 

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

 

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

 

“CREFC®
Investor Reporting Package®” shall have the meaning assigned to such term or an analogous term in the Servicing 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-A Securitization, the depositor under the Note A-1-A PSA, (ii) with respect
to the Note A-2-A Securitization, the depositor under the Note A-2-A PSA, and (iii) with respect to the Note A-3-A Securitization,
Citi.

 

“Directing Holder”
shall mean (i) during the period prior to the Note A-1-A Securitization Date, the Note A-1-A Holder or such other party
that the Note A-1-A Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement and (ii) after
the Note A-1-A Securitization Date, the holders of Certificates representing the specified interest in the class of Certificates
designated as the “controlling class” under the Note A-1-A Securitization or the duly appointed representative of the
holders of such Certificates; provided, that no Borrower Party, as defined in the applicable Servicing Agreement, thereof
shall be entitled to act as Directing Holder.

 

    -3-

     

    

 

“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, if 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.

 

“Holder”
shall mean the Note A-1-A Holder, the Note A-2-A Holder and/or the Note A-3-A Holder, as the context indicates.

 

“Initial Note
A-1-A Holder” shall mean TTRS.

 

“Initial Note
A-2-A Holder” shall mean TTRS.

 

“Initial Note
A-3-A Holder” shall mean TTRS.

 

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

 

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

 

“LCF”
shall mean Ladder Capital Finance LLC and its successors in interest.

 

“Lead Note”
shall mean the Note or Notes included in the Lead Securitization.

 

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

 

    -4-

     

    

 

“Lead Note Seller”
shall mean the entity that sells the Lead Note into the Lead Securitization.

 

“Lead PSA”
shall mean (a) during the period from and after the Note A-2-A Securitization Date and prior to the Note A-1-A Securitization Date,
the Note A-2-A PSA and (b) from and after the Note A-1-A Securitization Date, the Note A-1-A PSA.

 

“Lead Securitization”
shall mean (a) during the period from and after the Note A-2-A Securitization Date and prior to the Note A-1-A Securitization
Date, the Note A-2-A Securitization and (b) from and after the Note A-1-A Securitization Date, the Note A-1-A Securitization.

 

“Lead Securitization
Trust” shall mean (a) during the period from and after the Note A-2-A Securitization Date and prior to the Note
A-1-A Securitization Date, the trust established under the Note A-2-A PSA in connection with the Note A-2-A Securitization and,
(b) from and after the Note A-1-A Securitization Date, the trust established under the Note A-1-A PSA in connection with the
Note A-1-A Securitization.

 

“Lead Servicer”
shall mean (a) during the period from and after the Note A-2-A Securitization Date and prior to the Note A-1-A Securitization
Date, the servicer and/or special servicer designated under the Note A-2-A PSA and, (b) from and after the Note A-1-A Securitization
Date, the servicer and/or special servicer designated under the Note A-1-A PSA.

 

“Lead Trustee”
shall mean (a) during the period from and after the Note A-2-A Securitization Date and prior to the Note A-1-A Securitization
Date, the Note A-2-A Trustee and, (b) from and after the Note A-1-A Securitization Date, the trustee designated under the
Note A-1-A Securitization.

 

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

 

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

 

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

 

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

 

“Master Servicer
Remittance Date” shall mean:

 

(a)        during
the period after the Note A-2-A Securitization Date but prior to the Note A-1-A Securitization Date:

 

(i)         with respect to Note A-3-A, (1) if such Note is not included in a Securitization, one Business Day after the Determination
Date (as defined in the Note A-2-A PSA), (2) if such Note is included in a Securitization (other than the Note A-1-A Securitization),
two Business Days prior to the Master Servicer Remittance Date (or

 

    -5-

     

    

 

analogous term) as defined in the Note A-3-A PSA (as long as
such date is at least one Business Day after receipt of the Monthly Payment) and (3) if such Note is included in the Note A-1-A
Securitization, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note A-1-A PSA;

 

(ii)        with respect to Note A-2-A, the “Master Servicer Remittance Date” (or analogous term) as defined in the Note
A-2-A PSA; and

 

(iii)       with respect to Note A-1-A, one Business Day after the Determination Date (as defined in the Note A-2-A PSA) (as long as
such date is at least two Business Days after receipt of properly identified and available funds constituting the Monthly Payment)

 

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

 

(i)         with
respect to Note A-3-A, (1) if such Note is not included in a Securitization, one Business Day after the Determination Date (as
defined in the Note A-1-A PSA) and (2) if such Note is included in a Securitization (other than the Note A-1-A Securitization),
two Business Days prior to the Master Servicer Remittance Date (or analogous term) as defined in the Note A-3-A PSA (as long as
such date is at least two Business Days after receipt of properly identified and available funds constituting the Monthly Payment)
and (3) if such Note is included in the Note A-1-A Securitization, the “Master Servicer Remittance Date” (or analogous
term) as defined in the Note A-1-A PSA;

 

(ii)        with respect to Note A-2-A, two Business Days prior to the Master Servicer Remittance Date (or analogous term) as defined
in the Note A-2-A PSA (as long as such date is at least one Business Day after receipt of the Monthly Payment); and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    -6-

     

    

 

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

 

“Mortgage Loan
Documents” shall mean the Mortgage, the Loan Agreement, the Notes, and all other documents now or hereafter evidencing
or securing or guaranteeing 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 to such term in the recitals.

 

“Non-Directing
Holders” shall mean the holders of any Note other than Note A-1-A or, if any of such Notes have been included in a Securitization
(other than the Note A-1-A Securitization), the holders of Certificates representing the specified interest in the class of Certificates
designated as the “controlling class” or the duly appointed representative of the holders of such Certificates or such
other party otherwise entitled under the Note A-2-A PSA and the Note A-3-A PSA to exercise the rights granted to the Non-Directing
Holders in this Agreement. If Note A-2-A or Note A-3-A is no longer 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-3-A, from and after the Note A-1-A Securitization Date, the master
servicer designated under the Note A-3-A PSA and (ii) with respect to Note A-2-A, the master servicer designated under the Note
A-2-A PSA.

 

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

 

“Non-Lead Note
Holder” shall mean a holder of a Non-Lead Note.

 

“Non-Lead Servicing
Agreements” shall mean (i) from and after the Note A-1-A Securitization Date, the Note A-3-A PSA and (ii) the Note A-2-A
PSA.

 

“Non-Lead Special
Servicer” shall mean, (i) from and after the Note A-1-A Securitization Date, the special servicer designated under
the Note A-2-A PSA and (ii) the special servicer designated under the Note A-3-A PSA.

 

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

 

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

 

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

 

    -7-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-2-A
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2-A Securitization;
provided, however, that if Note A-2-A is included in the Note A-1-A PSA, all references to the Note A-2-A PSA herein
shall be disregarded.

 

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

 

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

 

    -8-

     

    

 

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

 

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

 

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

 

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

 

“Note A-3-A
Master Servicer” shall mean the master servicer under the Note A-3-A PSA.

 

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

 

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

 

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

 

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

 

“Note A-3-A
Special Servicer” shall mean the special servicer for the Mortgage Loan under the Note A-3-A PSA.

 

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

 

“Note A-3-A
Trust Fund” shall mean the trust formed pursuant to the Note A-3-A PSA.

 

“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-A PSA, the Note A-2-A PSA or the Note A-3-A 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

 

    -9-

     

    

 

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

 

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

 

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

 

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

 

“PSA”
shall mean the Note A-1-A PSA, the Note A-2-A PSA, and the Note A-3-A PSA, as the context requires.

 

“Qualified Servicer”
shall mean any nationally recognized commercial mortgage loan servicer (1) rated at least “CSS3,” in the case
of a special servicer, or at least “CMS2,” in the case of a master servicer, by Fitch, (2) on the S&P Select
Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, (3) as
to which neither Moody’s nor KBRA has cited servicing concerns of such servicer as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities in any CMBS transaction rated by Moody’s or KBRA, as applicable, and serviced by such servicer prior to the
time of determination, (4) 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) in
the case of DBRS, that within the twelve (12) month period prior to the date of determination such servicer was acting as servicer
or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by DBRS and DBRS has not downgraded
or withdrawn the then current rating on any class of commercial mortgage securities or placed any class of commercial mortgage
securities on watch citing the continuation of such servicer as servicer or special servicer, as applicable, of such commercial
mortgage securities as a material reason for such downgrade or withdrawal. For

 

    -10-

     

    

 

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 LCF, TTRS or an Affiliate of the Initial Note A-1-A Holder, the Initial Note A-2-A Holder or the Initial Note A-3-A
Holder, or one or more of the following (other than the Borrower or any entity that 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

 

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

 

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

 

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

 

(v)         a Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges
its interest in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized
loan (or 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
nationally recognized credit rating agencies; (2)  the special servicer for the Securitization Vehicle is a Qualified Servicer
at the time of transfer; or (3) in the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable,
each Intervening Trust Vehicle that is not administered and managed by a CLO Asset Manager that is a Qualified Transferee, is a
Qualified Transferee under clause (i), (ii), (iii) or (iv) of this definition; or

 

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

 

which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has at least $400,000,000 in total assets (in name or under management) and (except with respect
to a pension advisory

 

    -11-

     

    

 

firm or similar fiduciary) at least $200,000,000 in capital/statutory surplus or shareholders’ equity,
and is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar to the Mortgage
Loan.

 

“Qualified Trustee”
shall mean (i) a corporation, national bank, national banking association or a trust company, organized and doing business
under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and
to accept the trust conferred, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination
by federal or state authority, (ii) an institution insured by the Federal Deposit Insurance Corporation or (iii) an institution
whose long-term senior unsecured debt is then rated in one of the top two rating categories of each of the applicable 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 for each Securitization 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 none of the Notes are included in a Securitization, any action
that would otherwise require a Rating Agency Confirmation shall require the consent of the Note A-1-A 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 the Servicing Agreement and the Non-Lead
Servicing Agreements, as applicable, have been satisfied, then for such request only, the condition that such confirmation by such
Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes of clarity, any such
waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed
a waiver, declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder
and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless
of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

    -12-

     

    

 

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

 

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

 

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

 

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

 

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

 

“Servicing Agreement”
shall mean (a) during the period from and after the Note A-3-A Securitization Date and prior to the Note A-1-A Securitization
Date, the Note A-3-A PSA and, (b) after the Note A-1-A Securitization Date, the Note A-1-A 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 File”
shall have the meaning assigned to such term or an analogous term in 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.

 

    -13-

     

    

 

“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 and hereunder.

 

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

 

“TTRS”
shall mean Tuebor TRS II LLC and its successors in interest.

 

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 as follows:

 

(i)         from and after the Note A-2-A Securitization Date, but prior to the Note A-1-A Securitization Date, by the Note A-2-A Master
Servicer and the Note A-2-A Special Servicer pursuant to the terms of this Agreement and the Note A-2-A PSA; and

 

(ii)        from and after the Note A-1-A Securitization Date, by the Note A-1-A Master Servicer and the Note A-1-A Special Servicer
pursuant to the terms of this Agreement and the Note A-1-A 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)        The Note A-1-A PSA, Note A-2-A PSA and Note A-3-A 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-A Trust Fund, the Note A-2-A Trust Fund and the Note A-3-A 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-A Securitization,
the Note A-2-A Securitization or the Note A-3-A Securitization. In addition, the Note A-1-A PSA, Note A-2-A PSA and Note A-3-A
PSA shall have such additional provisions as are set forth in Section 18. The Note A-1-A Holder shall have the right
to designate the Master Servicer and Special Servicer for the Note A-1-A Securitization as long as each such party is a Qualified
Servicer.

 

(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

 

    -14-

     

    

 

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-A 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, subject to receipt of 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-A 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-A 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 the Borrower or an Affiliate of the Borrower
shall be deemed a third-party beneficiary of such provisions of the Servicing Agreement that run to the benefit of such Holder.
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.

 

(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

 

    -15-

     

    

 

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-A, Note A-2-A and Note A-3-A shall be of equal priority, and no portion of any of Note
A-1-A, Note A-2-A or Note A-3-A shall have priority or preference over any portion of the other Notes 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 Note A-1-A, Note A-2-A and Note A-3-A 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, (ii) to pay the parties to any Securitization
for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan
and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for
so long as any Note is not included in a Securitization, any Penalty Charges allocated to such Note 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-A, Note A-2-A or Note A-3-A 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

 

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modification of the Mortgage
Loan Documents shall be structured to preserve, the equal priorities of Note A-1-A, Note A-2-A and Note A-3-A 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-A Holder, the Note A-2-A Holder and the
Note A-3-A 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-A, Note A-2-A and Note A-3-A by wire transfer to accounts maintained by the Note A-1-A Holder, the
Note A-2-A Holder and the Note A-3-A 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-A, Note A-2-A or Note A-3-A determines, or a court
of competent jurisdiction orders, at any time that any amount received or collected in respect of Note A-1-A, Note A-2-A or Note
A-3-A must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrower
or paid to the Note A-1-A Holder, the Note A-2-A Holder, the Note A-3-A 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-A Holder, the Note A-2-A Holder or the Note A-3-A Holder, as applicable, and such Note A-1-A Holder, Note
A-2-A Holder or Note A-3-A Holder, as applicable, shall promptly on demand repay to such Servicer the portion that has been distributed
to the Note A-1-A Holder, the Note A-2-A Holder or the Note A-3-A 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-A Holder, the Note A-2-A
Holder, the Note A-3-A Holder, any Servicer or such other person or entity with respect thereto. Each of the Note A-1-A Holder,
the Note A-2-A Holder and the Note A-3-A 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 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-A Holder, the Note
A-2-A Holder or the Note A-3-A Holder, as applicable, with respect to the Mortgage Loan against any future payments due to the
Note A-1-A Holder, the Note A-2-A Holder or the Note A-3-A Holder, as applicable, under the Mortgage Loan, provided,
that the obligations of the Note A-1-A Holder, the Note A-2-A Holder and the Note A-3-A 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-A Holder, the Note A-2-A Holder and the Note A-3-A Holder under
this Section 5 constitute absolute, unconditional and continuing obligations and each Servicer shall be deemed a third-party
beneficiary of these provisions.

 

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

 

(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.

 

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

 

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 Holders 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-A, Note A-2-A or Note A-3-A 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 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% (in the aggregate) of its beneficial interest in its Note whether
or not the related transferee is a Qualified Transferee without a Rating Agency Confirmation. Each Holder shall not Transfer more
than 49% (in the aggregate) of its beneficial interest in its Note unless (i) prior to a Securitization of any Note, the
other Holders have 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,

 

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(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, (iii) such Transfer
is to a Qualified Transferee, or (iv) such Transfer is in connection with a sale by a Securitization trust. 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 Holders’ prior consent (which will not be unreasonably
withheld), and, if any 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 the 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 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

 

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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 pay 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 Holder 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 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.

 

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,

 

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

 

(b)        The Lead Servicer and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with
the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their
respective obligation under 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., the Lead Note and Non-Lead Notes). Any such sale of the entire Defaulted Mortgage Loan is subject to the satisfaction
of the following:

 

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

 

(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;

 

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

 

The authority of the
Lead Note Holder to sell the Non-Lead Notes, and the obligations of the Non-Lead Note Holders to execute and deliver instruments
or deliver the Non-Lead Notes upon request of the Lead Note Holder, shall terminate and cease to be of any further force or effect
upon the date, if any, upon which the Lead Note is repurchased by the Lead Note Seller from the trust fund established under the
Servicing Agreement in connection with a material breach of representation or warranty made by the Lead Note Seller with respect
to the Lead Note or material document defect with respect to the documents delivered by the Lead Note Seller with respect to the
Lead Note upon the consummation of the Lead Securitization.

 

(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.

 

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

 

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

 

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

 

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

 

(e)           The
Directing Holder shall have no liability to the other Holders or any other Person for any action taken, or for refraining from
the taking of any action or the giving of any

 

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

 

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

 

15.        Appointment of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have
the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to
the Mortgage Loan and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall
designate a Person to serve as Special Servicer by delivering to the other Holders and the parties to the Note A-1-A PSA, the Note
A-2-A PSA and the Note A-3-A 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.

 

The Directing Holder
agrees and acknowledges that prior to the Note A-1-A Securitization, the Special Servicer could be terminated under the Note A-3-A
PSA in connection with a “servicer termination event” thereunder, or otherwise based on a recommendation by the operating
advisor under the Note A-3-A PSA if (1) the operating advisor determines, in its sole discretion exercised in good faith, that
(a) the Special Servicer has failed to comply with the Servicing Standard and (b) a replacement of the Special Servicer would be
in the best interest of the holders of Certificates issued under the Note A-3-A PSA (as a collective whole) and (2) the affirmative
vote of the requisite certificate holders is obtained. The Directing Holder will retain its right to remove and replace the Special
Servicer, but the Directing Holder may not restore a Special Servicer that has been removed in accordance with the preceding sentence.

 

16.        Rights of the Non-Directing Holders. (a)  The Servicer shall be required (and the Servicing Agreement shall
require the Servicer):

 

(i)         to provide copies of the same notices, information and reports that it is required to provide to the Directing Holder pursuant
to the Servicing Agreement with respect to any Major Actions or the implementation of any recommended actions outlined

 

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in an Asset
Status Report relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder
actually has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time
frame as specified with respect to the Directing Holder (but without regard to whether or not the Directing Holder actually has
lost any rights to receive such information as a result of a Consultation Termination Event); provided, however,
that if a Non-Lead Note has been included in a Securitization, then for any information for which the Special Servicer would be
required to provide to the related 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.

 

(f)         The Servicing Agreement shall contain a provision requiring that, if a Servicer Termination Event on the part of the Special
Servicer occurs and is continuing that

 

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affects the Non-Directing Holders, and the Special Servicer is not otherwise terminated,
then the Non-Directing Holders shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the Mortgage
Loan.

 

17.        Advances; Reimbursement of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing
Agreement, the Lead Servicer and/or the related Trustee may be obligated to make (1) Property Advances with respect to the
Mortgage Loan or the Mortgaged Property and (2) P&I Advances with respect to the Lead Note and (ii) pursuant to the
terms of a Non-Lead Servicing Agreement, the related Non-Lead Master Servicer and/or the related Trustee may be obligated to make
P&I Advances with respect to a Non-Lead Note. The Lead Servicer and/or the related Trustee will not be required to make any
P&I Advance with respect to any Non-Lead Note and the related Non-Lead Master Servicer and/or the related Trustee will not
be required to make any P&I Advance with respect to any Lead Note 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-A PSA, the Note A-2-A PSA or the Note A-3-A 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-A PSA, the Note A-2-A PSA and the Note A-3-A 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-A PSA, the Note A-2-A PSA or the Note A-3-A 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,

 

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the
Lead Servicer or the related Trustee shall also defer its reimbursement of each Non-Lead Note share from the Non-Lead Note Holders.

 

18.        Provisions Relating to Securitization. 

 

(a)        New Notes. For so long as LCF, TTRS or an Affiliate (an “Initial Note Holder”) is the owner of
any Notes, such Initial Note Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower
to execute amended and restated notes (“Amended Notes”) or additional notes (“New Notes”)
reallocating the principal of the Note or Notes that it owns (but in no case any Note that it does not then own) among Amended
Notes and New Notes or severing a Note into one or more further “component” notes in the aggregate principal amount
equal to the then outstanding principal balance of the Note or Notes being amended or created, provided that (i) the aggregate
principal balance of the Amended Notes and New Notes following such amendments is no greater than the principal balance of the
Amended Notes and New Notes prior to such amendments, (ii) all New Notes continue to have the same interest rate as the Amended
Note of which it was a part prior to such amendments, (iii) all New Notes pay pro rata and on a pari passu basis
with the Amended Notes and such reallocated or component notes shall be automatically subject to the terms of this Agreement and
(iv) the Initial Note Holder holding the New Notes shall notify each other Holder, as applicable, and, if any other Note has been
included in a securitization, the parties under each applicable pooling and servicing agreement, 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 or such severing of a Note, (2) if a Note is severed
into “component” notes, such component notes shall each have their same rights as the respective original Note 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 Notes. Rating Agency Confirmation shall not be required for any amendments to this Agreement
required to facilitate the terms of this Section 18(a). The Initial Note Holder whose Note is being reallocated or split
pursuant to this Section 18(a) shall reimburse the other Holders for all costs and expenses incurred by the other Holders
in connection with the reallocation or split. If a New Note is created out of the Lead Note, the Initial Note A-1-A Holder shall
designate which Note will be the Lead Note hereunder.

 

(b)        Each Non-Lead Note Holder agrees that (if the related Non-Lead Note is included in a Securitization other than the Lead
Securitization) it shall cause the related Non-Lead Servicing Agreement to provide as follows:

 

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

 

(ii)        if the applicable master servicer, special servicer or trustee determines that a proposed P&I Advance, if made, or any
outstanding P&I Advance previously made, would be, or is, as applicable, a nonrecoverable advance, the master servicer shall

 

    -28-

     

    

 

provide the other servicers written notice of such determination within 2 Business Days after such determination was made;

 

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

 

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

 

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

 

(c)        The Note A-2-A Holder shall provide the Depositor, the Servicer and the Special Servicer under the Lead PSA (as of the Note
A-2-A Securitization Date) (provided such party is not also a party to the Note A-2-A PSA) notice of the Note A-2-A Securitization
in writing (which may be by email) prior to or promptly following the Note A-2-A Securitization Date. Unless accompanied by the
Note A-2-A PSA, such notice shall contain contact information for each of the parties to the Note A-2-A PSA and the identity of
the Controlling Class Representative under the Note A-2-A PSA. In addition, if such notice is not accompanied by the Note A-2-A
PSA, after the closing date of the related Securitization, the Note A-2-A Holder shall send a copy of the Note A-2-A PSA to the
Depositor, the Servicer and the Special Servicer under the Lead PSA (as of the Note A-2-A Securitization Date) provided such party
is not also a party to the Note A-2-A PSA.

 

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

 

(e)        The Lead 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 2 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 such
Non-Lead Note Holder on the applicable Master Servicer Remittance Date;

 

(iv)       the Master Servicer agrees to make available to each master servicer under the Non-Lead Servicing Agreements the CREFC®
Investor Reporting Package® pursuant

 

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to the terms of the Servicing Agreement on a monthly basis on the applicable
Master Servicer Remittance Date;

 

(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 the related 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, and Form 8K), and other materials specified in a Non-Lead Servicing Agreement
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-A), as amended, and Regulation AB, and any other applicable
law. Without limiting the generality of the foregoing, the 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 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 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. §§ 229.1100-229.1125, as such may be amended from
time to time, and subject to such clarification and interpretation as have been provided by the United States Securities and Exchange
Commission (the “Commission”) or by the staff of the Commission, or as may be provided by the Commission or
its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein. The Master
Servicer, any primary servicer and the Special Servicer, upon prior written request, shall each be required to provide certification
and indemnification to each Certifying Person with respect to the Sarbanes-Oxley Certification (or analogous terms) as such terms
are defined in the related Non-Lead Servicing Agreements;

 

(vi)       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, the Servicing Agreement and the Servicing Standard;

 

(vii)      with respect to any Non-Lead Note, the Master Servicer shall withdraw from the related Collection Account and remit to the
Holder of the applicable Non-Lead Note, within one (1) Business Day of receipt of properly identified funds, any amounts that represent
late collections or principal prepayments on such Non-Lead Note or any

 

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successor REO Property with respect thereto (exclusive of
any portion of such amount payable or reimbursable to any third party in accordance with this Agreement), unless such amount would
otherwise be included in the monthly remittance to the Holder of such Non-Lead Note for the month of receipt; provided,
however, that to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master
Servicer shall use commercially reasonable efforts to remit such late collections or principal prepayments to the related Non-Lead
Master Servicer within one Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit
such amounts within two (2) Business Days of receipt of properly identified funds;

 

(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;

 

(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;

 

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

 

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

 

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

 

(xiii)      provide that “servicer termination events” (or any analogous term under the Servicing Agreement) include customary
market termination events with respect to failure to make advances, failure to remit payments to the Non-Lead Note Holders as required,
failure to deliver (or cause to be delivered) materials or information required in order for the Non-Lead Note Holders or the depositor
under a Non-Lead Servicing Agreement to timely comply with its obligations under the Exchange Act, the Securities

 

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Act or Form SF-3,
and for rating agency triggers with respect to any Certificates, subject to customary grace periods (provided that, in the case
of failures related to the securities laws, such grace periods will not cause a depositor under a Non-Lead Servicing Agreement
to fail to comply with the applicable provisions of such securities laws);

 

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

 

(xv)      any conflict between the Lead PSA and this Agreement will be resolved in favor of this Agreement; and

 

(xvi)     in the case of the Note A-1-A PSA, have provisions materially consistent with those set forth in the Note A-3-A PSA with
respect to:

 

(A) servicing
transfer events that would result in the transfer of the Mortgage Loan to special servicing status;

 

(B) 
 the authority of the servicers in the Note A-3-A Securitization to grant or agree or consent to material modifications,
waivers and amendments to the Mortgage Loan, or to approve material assignments and assumptions or material additional indebtedness
in connection with the Mortgage Loan;

 

(C) 
 requirements to obtain an appraisal or appraisal update following a transfer of the Mortgage Loan to special servicing
status and periodic updates thereof;

 

(D) duties
of the special servicer in respect of foreclosure and the management of REO property; and

 

(E) 
 subject to various adjustments and caps provided for in the Note A-1-A PSA (which shall be substantially similar to those
set forth in the Note A-3-A PSA), primary servicing, special servicing, workout and liquidation fees (and, in any event, the fees
at which such compensation accrue or are determined shall not exceed 0.0025% per annum, 0.25% per annum, 1.00% and
1.00%, respectively),

 

provided, however,
that (1) this clause (xvi) shall not be construed to prohibit differences in timing, control or consultation triggers or thresholds,
terminology, allocation of ministerial duties between multiple servicers or other service providers or certificate holder or investor
voting or consent thresholds, or to prohibit or restrict additional approval, consent, consultation, notice or rating agency confirmation
requirements; and

 

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(2) in the event of any conflict between this sentence and any other provision of this Agreement, such other
provision of this Agreement shall control.

 

(f)         If any provision required to be included in the Note A-1-A PSA, the Note A-2-A PSA or the Note A-3-A PSA is not included
therein as required in this Agreement, each Holder agrees that each such provision shall be deemed to be incorporated as a provision
of and made a part of the Note A-1-A PSA, the Note A-2-A PSA or the Note A-3-A PSA, as the case may be.

 

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), (b) and (c), this Agreement may not be modified unless a Rating Agency Confirmation has been delivered
with respect to each Securitization, except that no Rating Agency Confirmation shall be required in connection with a modification
to cure any ambiguity or to correct or supplement any provision herein that may be defective or inconsistent with any other provisions
herein or with the Servicing Agreement.

 

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, Special Servicer, Non-Lead Master
Servicers, Non-Lead Special Servicers and related Trustees 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

 

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

 

24.        Notices. Unless otherwise expressly provided herein in the case of any specific notice, 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-1-A and
Note A-3-A) will be held by the Note A-2-A Trustee (or by a custodian on its behalf) under the terms of the Note A-2-A PSA on behalf
of all of the Holders until the Note A-1-A Securitization Date, at which time the originals of all of the Mortgage Loan Documents
(other than Note A-2-A and Note A-3-A) will be transferred to and held by the Note A-1-A Trustee (or by a custodian on its behalf)
on behalf of all of the Holders.

 

[NO FURTHER TEXT ON THIS PAGE]

 

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

 

	 	Initial Note A-1-A Holder:
	 	 
	 	TUEBOR TRS II LLC,

a Michigan limited liability company
	 	 
	 	By:	Tuebor Captive Insurance Company LLC, a Michigan limited liability company, its member
	 	 	 
	 	By:	/s/ David M. Traitel
	 	 	Name:  David M. Traitel

Title:    Managing Director

 

	 	Initial Note A-2-A Holder:
	 	 
	 	TUEBOR TRS II LLC,

a Michigan limited liability company
	 	 
	 	By:	Tuebor Captive Insurance Company LLC, a Michigan limited liability company, its member
	 	 	 
	 	By:	/s/ David M. Traitel
	 	 	Name:  David M. Traitel

Title:    Managing Director

 

	 	Initial Note A-3-A Holder:
	 	 
	 	TUEBOR TRS II LLC,

a Michigan limited liability company
	 	 
	 	By:	Tuebor Captive Insurance Company LLC, a Michigan limited liability company, its member
	 	 	 
	 	By:	/s/ David M. Traitel
	 	 	Name:  David M. Traitel

Title:    Managing Director

 

Signature Page

The Shoppes at Parma Co-Lender Agreement

 

     

     

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.          Description of Mortgage
Loan

 

	Borrower:	Allied Development of Parma, LLC
	Mortgage Loan Origination Date:  	November 15, 2019
	Initial Principal Amount of Mortgage Loan:	$57,075,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$57,075,000
	Location of Mortgaged Property:	8303 W. Ridgewood Drive, Parma, OH 44129
	Current Use of Mortgaged Property:	Retail
	Mortgage Interest Rate:	4.180% per annum
	Maturity Date:	December 6, 2029

 

    A-1

     

    

 

B.          Description of Notes

 

	Mortgage Loan Origination Date:	November 15, 2019
	Initial Note A-1-A Principal Balance:	$35,000,000
	Initial Note A-2-A Principal Balance:	$14,000,000
	Initial Note A-3-A Principal Balance:	$8,075,000
	Initial Note A-1-A Percentage Interest:	61.32%
	Initial Note A-2-A Percentage Interest:	24.53%
	Initial Note A-3-A Percentage Interest:	14.15%
	Note A-1-A Interest Rate:	4.180% per annum
	Note A-2-A Interest Rate:	4.180% per annum
	Note A-3-A Interest Rate:	4.180% per annum
	Note A-1-A Default Interest Rate:	
        Lesser of (i) the maximum rate permitted by applicable
law, or (ii) five percent (5%) above the Note A-1-A Interest Rate, compounded monthly.

	Note A-2-A Default Interest Rate:	
        Lesser of (i) the maximum rate permitted by applicable
law, or (ii) five percent (5%) above the Note A-2-A Interest Rate, compounded monthly.

	Note A-3-A Default Interest Rate:  	
        Lesser of (i) the maximum rate permitted by applicable
law, or (ii) five percent (5%) above the Note A-3-A Interest Rate, compounded monthly.

 

    A-2

     

    

 

EXHIBIT B

 

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

 

Ladder Capital Finance LLC

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: David Traitel

 

with a copy to:

 

Ladder Capital Finance LLC

345 Park Avenue, 8th Floor

New York, New York 10154

Attention: Kelly Porcella

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Jeffrey Rotblat

 

Wells Fargo Bank National Association

Commercial Mortgage Servicing

MAC D1050-084

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: Asset Management

 

    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.

Rialto Capital Management, LLC

Rialto Capital Advisors, LLC

Raith Capital Partners, LLC

 

    C-1

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